Concordia Maritime settles arbitration

Concordia Maritime has entered into a settlement agreement regarding a dispute
associated with Stena Primorsk’s grounding in the Hudson River in December 2012.
According to the settlement agreement, Concordia Maritime will pay USD 9.25
million to the counterparty.
In July 2013, the company owning the vessel received a claim regarding the
damage the counterparty believes the company has caused them in connection with
the company’s decision to stop operating Stena Primorsk in the Hudson River
after the vessel’s grounding in the shipping channel in December 2012. The
counterparty initial claim amounted to approximately USD 21 million, which was
subsequently adjusted to USD 23 million, and the counterparty requested the
matter be settled by arbitration in the United States, in accordance with the
terms of the agreement. In connection with the arbitration proceedings,
Concordia Maritime asserted counterclaims in the amount of USD 6 million.

A discovery phase, in which both parties’ standpoints and demands were examined
carefully, was completed in the third quarter of 2015. After further
discussions, the parties have now entered into a settlement agreement according
to which Concordia Maritime will pay USD 9.25 million to the counterparty.
Payment will be made on Friday 13 May and will constitute a final settlement
between the parties with respect to the dispute.

Concordia Maritime Aktiebolag (publ) discloses the information provided herein
pursuant to the Securities Markets Act and/or the Financial Instruments Trading
Act. The information was submitted for publication on 13 May 2016, at 07:30 CET.
Kim Ullman
CEO
Concordia Maritime AB

Tel: 46 31 855003
Mobile: 46 704 855003
E-mail: kim.ullman@concordiamaritime.com
Concordia Maritime is an international tanker shipping company. Our focus is on
cost-effective and safe transportation of refined petroleum products and
vegetable oils. The company’s B shares were admitted to trading on Nasdaq OMX
Stockholm in 1984. www.concordiamaritime.com