GOTHENBURG, Sweden, July 2, 2003 (PRIMEZONE) -- The last of the two ULCCs, which were sold by Concordia Maritime with seller credit, has been sold to a third party by the buyer, Oceanic Trans Shipping, which will thus repay the seller credit for this vessel to Concordia.
Concordia Maritime's result and forecast will only be marginally affected by the transaction while cash flow will be positively affected, approx. SEK 100 million.
Concordia Maritime is an international large-tanker shipping company, which owns two new 314,000 dwt VLCCs delivered in 2001 and four VLCC of about 270,000 dwt built in the mid-1970s. The new vessels, Stena V-MAX, in addition to having mandatory double hulls, were built according to a completely new tanker concept for safer oil transportation with double main engines in two completely separate engine rooms, double rudders and steering gear, two propellers and double control systems. All the vessels were built to very high specifications as regards both customer satisfaction and lifespan. The quality of the vessels and the management and manning organisations is documented by quality certificates from Det Norske Veritas and the American Bureau of Shipping.
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