Concordia Maritime concludes time charter contracts for three P-MAX vessel new buildings

Concordia Maritime concludes time charter contracts for three P-MAX vessel new
buildings

Today Concordia Maritime have entered into time charter contracts for three of
their 
P-MAX new buildings with ST Shipping and Transport, a subsidiary of Glencore.
The contract period is three years for each vessel upon delivery from the
shipyard.


In total Concordia Maritime´s P-MAX fleet consists of ten vessels, of which six
have been delivered and the four remaining will be delivered in 2009 and 2010.
With the conclusion of the above three contracts for vessels to be delivered in
2009 and 2010 the entire fleet is committed to time charter contracts. ST
Shipping and Transport is the shipping arm of Glencore, one of the world´s
largest companies in the area of oil trading and other commodities.

“We are very pleased to have concluded this transaction with ST Shipping and
Transport. They have a large shipping operation and we view them as being an
innovative and solid provider of oil transportation - a good and interesting
customer for long term business” says Concordia Maritime President Hans Norén.  

”Since the sale of the V-MAX vessels in 2004 we have had a solid and strong
financial position, which is further strengthened by this transaction. The
purpose of securing the vessels in our new building program on long term
charters is twofold. Steady and solid cash flows of course but it also helps us
in our efforts to develop a deeper customer relationship, such as with ST
Shipping now. Another example is the oil- and energy major TOTAL which since
before has four of our P-MAX on long term contracts” says Financial Manager
Göran Hermansson.

“These contracts mean that Concordia Maritime will have yet more stability and
ability. 
Stability in terms of a really good solid financial base with steady cash flows
and a strong balance sheet. Ability to react and act swiftly when it comes to
business opportunities and the further growth and development of the company.
This is particularly relevant for the next couple of years when we believe the
market will be weak” concludes President Hans Norén.

The transaction in this announcement does not affect the result in 2008. Out of
the three vessels in question one will be delivered in 2009 and the other two in
2010.
The company has not given any forecast for 2009 and 2010. Furthermore, the
company does not comment on individual contracts but give annual forecasts of
EBITDA on an aggregated level (Earnings Before Interest Tax Depreciation and
Amortization) as well as pre tax profit. 


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 is an international tanker shipping company listed on the OMX
Nordic Exchange in Stockholm. The company has ordered ten tankers, which are
being built in accordance with the MAX concept. 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