GOTHENBURG, Sweden, Feb. 23, 2004 (PRIMEZONE) --
-- Full-year result after financial net SEK 35.1 (-142.4) million
-- Full-year result per share (after tax) SEK 1.62 (-3.15)
-- Break-even for fourth quarter
-- Six P-MAX tankers ordered -- an investment of approx. SEK 1,500
million. Two of these chartered for five years to the oil company
TOTAL
-- Proposed dividend: SEK 0.50 per share
-- Last Concordia vessels sold to offshore projects in January, 2004.
Estimated capital gain of SEK 60 million.
-- Forecast for 2004: SEK 135 million
Concordia Maritime is an international tanker shipping company, which owns two 314,000 dwt VLCCs delivered in 2001. The Stena V-MAX vessels, in addition to having mandatory double hulls, were built according to a completely 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.
In 2003, a further six vessels, which will be built in accordance with the MAX concept, were ordered.
These vessels, Stena P-MAX, are product tankers of about 49,900 dwt and will be delivered over a 12-month period from the end of 2005.
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 generate a profit by providing our customers with safe, cost-effective tanker transportation based on innovation and performance
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