Annual report 2021

2021 in brief

Particularly challenging market

2021 was a particularly tough year – both for the market and for Concordia Maritime. Continued production cuts, stock reductions and the consequences of the pandemic resulted in low rates in all tanker market segments.

Key figures

704.8

Net sales

SEK million

-658.2

Result before tax

SEK million

Equity ratio

0.0

Proposed dividend per share

SEK

Extensive docking programme completed

During the year, five of the fleet vessels went into drydock for periodic maintenance and installation of ballast water treatment systems.

Time charter contract for P-MAX vessels

A five-year time charter contract for all P-MAX vessels was signed with Stena Bulk in August.

Revised loan terms for P-MAX vessels

An agreement on new loan terms was entered into with lending banks in September. Overall, the new terms include a lower repayment rate, new levels of covenants and a stipulation that the Company may not pay dividends before the end of the loan agreement in December 2024 without the consent of the lending banks.

Erik Lewenhaupt new CEO

Erik Lewenhaupt was appointed new CEO during the year. Erik has a long track record in tanker shipping, including roles at Nordström & Thulin and Stena Bulk, where he was Tanker Chartering Manager in both Gothenburg and Singapore. His most recent position was Head of Sustainability at Stena Line.

Sale of IMOIIMAX vessels

The two IMOIIMAX vessels Stena Image and Stena Important were sold at the end of August. The buyer was a Chinese leasing company. The net liquidity surplus from the transactions amounted to approximately SEK 45 million.

Impairment of vessel values

After an overall assessment of the vessels' market value and their value in use, vessel values were written down by SEK 268 million in Q4. The carrying amount of Concordia Maritime's vessels after the impairment amounts to SEK 1,973 million.

Events after the end of the financial year

Updated financial terms for P-MAX vessels
Stena Polaris chartered out
Technical container design study launched Sale of two vessels

The CEO comments

We can look back on a tough year in which Concordia Maritime slimmed down but also secured important long-term charter contracts.

Erik Lewenhaupt, CEO Concordia Maritime

Sustainability

Safety, care for the environmental 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.

Regard for people and the environment

Concordia Maritime's overall goal is to ensure a level of profitability that allows continuous investments and a good return for shareholders. Operations must be conducted with the utmost regard for both people and the environment.

Our fleet

Flexible vessels

At the end of March 2022, Concordia Maritime's product tanker fleet consisted of eight P-MAX class vessels. The presence in the crude oil segment consisted of the Suezmax vessel Stena Supreme.