Write-down of value of investment in Weavering Capital's Macro Fixed Income fund

Write-down of value of investment in Weavering Capital's Macro Fixed Income fund

Affects the forecast for 2009

Concordia Maritime will write down the value of its fund share in the British
hedge fund company Weavering Capital UK. On 31 December 2008, its share in the
funds amounted to USD 3.6 million. The write-down is the result of recent events
related to the fund and means that the forecast for 2009 will be adjusted
downwards by the same amount.


On 11 March, the British hedge fund company Weavering Capital UK decided to
close its Macro Fixed Income fund due to liquidity problems. The auditing firm
PricewaterhouseCoopers has been appointed as liquidators of the fund. 

To date, no clear picture has emerged of what actually happened. Based on what
Concordia Maritime has learned from the liquidator this week, it is felt that
there is little chance of the company recouping the major part of its
investment. Accordingly, the whole investment will be written down.

“We invested a small portion of our surplus cash in Weavering Capital as the
fund had a pronounced low risk profile and had performed well historically. An
investigation is being made into the cause of the acute liquidity shortfall in
the fund. We are following developments closely but with the situation as it is
at present, we have little hope of recouping the capital we invested”, says Hans
Norén, President of Concordia Maritime. 

The write-down of the holding in the fund, USD 3.6 million, will be charged to
the profit for 2009. This means that the new forecast for 2009 is for a profit
before tax of SEK 45 million corresponding to SEK 0.94 per share (previous
forecast: SEK 70 million corresponding to SEK 1.47 per share).

“It is important to emphasise that this does not affect the company's financial
position, nor does it affect the newbuilding program or our short-term and
long-term capacity to act. Our investment in the fund accounted for approx. 5
per cent of the company's total portfolio at the end of last year, a portfolio
that has generated an average return of 7 to 8 percent per year”, says Göran
Hermansson, Financial Manager at Concordia Maritime. 


Hans Norén	
President	
Telefon +46 31 855101	
Mobil +46 704 855101

Göran Hermansson
Financial Manager
Tel +46 31 855046
Mobil +46 704 855046

Concordia Maritime AB (publ) is an international tanker shipping company listed
on the Nasdaq OMX Stockholm. The company has ordered ten tankers, which are
being built in accordance with the MAX concept. Six P-MAX-vessels have been
delivered and four will be delivered during 2009/2010. These vessels, P-MAX, are
product tankers of about 65,200 dwt. The MAX concept means that the vessels are
designed for maximum loading capacity in shallow waters. They have been designed
according to a new 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. www.concordia-maritime.se