GOTHENBURG, Sweden, July 30, 2003 (PRIMEZONE) -- Concordia Maritime AB (publ):
Six months result
The result before sale of vessels for the first six months of 2003 is approx. SEK million 70. This is SEK million 30 lower than estimated in forecast. For some periods during the second quarter the market has been weak. In combination with the increased difficulties to find employment for older tonnage, this has resulted in very low earnings for the company's tonnage of this type.
During the period one vessel has been sold, Stena Convoy, and the involvement in the two ULCCs that were sold last year was finalized as the buyer paid the seller's credit. The sale and the winding up of these three vessels resulted in a loss of SEK million 10 which has been charged to the six months result.
Result after financial net for the first six months of 2003 is thus approx. SEK million 60.
Result per share after tax is approx. SEK 1.40.
Sale of vessel after the end of the six months reporting period Concordia Maritime has sold another VLCC built in the seventies, Stena Concept, after the end of the six months reporting period. The sale is estimated to generate a result close to breakeven. With this there are only two older VLCCs remaining in Concordia's fleet. They have both been committed to offshore projects; subject the buyers' confirmation at year-end. The company's direction continues to be towards vessels with very high safety margins, now also based on the concept of double engines, double rudders and double control systems. The fleet of this type of vessels consists of two new V-MAX vessels and newbuilding orders for 4-6 P-MAX product tankers.
Interim report
Full interim report for the six months period will be published on August 13th.
Questions can be directed to: Lars Carlsson, President +46 31 855003 or +46 704 855003 Hans Noren, Executive Vice President +46 31 855101 or +46 704 855101
Gothenburg July 30, 2003
Lars Carlsson President
Concordia Maritime is an international large-tanker shipping company, which owns two new 314,000 dwt VLCCs delivered in 2001 and two VLCCs 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. In June 2003 four new vessels were ordered. These vessels, Stena P-MAX, are to be built according to the MAX-design. The Stena P-MAX vessels are medium range (MR) product tankers at about 49,900 dwt and delivery is planned to the turn of the year 2005/2006. All the vessels are 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.
INNOVATION AND PERFORMANCE
Our business concept is to provide our customers with safe, cost- effective tanker transportation based on innovation and performance.
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