Annual report 2020
2020 in brief
Extremely volatile market
The tanker market was significantly affected by the global pandemic during the year. The market was extremely volatile and – looking at the full year – very weak.
Operational challenges due to coronavirus pandemic
The global pandemic brought operational challenges for Concordia Maritime during the year. This applies particularly to crew changes, with the pandemic resulting in longer working periods on board in many cases.
Majority of drydockings completed
During the year, five of the fleet vessels went into drydock for periodic maintenance and investments in ballast water treatment systems.
Position in crude oil segment
Four suezmax vessels were chartered in on short-term contracts during the year. These are joint charters with Stena Bulk, and Concordia Maritime’s share is 33 percent for two of the vessels and 50 percent for the other two.
2020 was a year, the like of which we had never experienced before – and hopefully will never have to again. For the tanker market, it was a year of major challenges. It is of course difficult to assess how the market will develop in the future as this is dependent on the course of the Covid-19 pandemic. However, our belief in a gradually stronger tanker market from summer 2021 stands firm.
Kim Ullman, CEO Concordia Maritime
EXTERNAL TRENDS & MARKET
Market development and fleet earnings 2020
The tanker market remained weak during much of 2020. The main reasons were reduced demand for oil, production cuts and continued stock withdrawals close to the consuming countries.Read more
Safety, care for the environment and employer responsibility
For Concordia Maritime, issues relating to care for the environment, safety, transport efficiency and employer responsibility are closely aligned with sound and stable financial development.Read more
GOALS AND STRATEGIES
Focus on niche trades and flexibility
We will use our unique understanding of market drivers and the individual customer's business to satisfy specific transportation and logistics needs. Collaboration with customers is based on long-term relationships, characterised by partnership and high ambitions – whether this applies to a voyage or the development of a brand new vessel concept.Read more
At the end of March 2021, Concordia Maritime’s fleet consisted of ten P-MAX class product tankers and two IMOIIMAX class tankers. The presence in the crude oil segment consisted of the suezmax vessel Stena Supreme and shares in four suezmax vessels on short-time charters.Read more