GOTHENBURG, Sweden, June 20, 2005 (PRIMEZONE) -- Concordia Maritime has entered a five-year time charter agreement for a P-MAX tanker with the US oil company Amerada Hess Corporation. The charter rate will be USD23,000 per day.
The vessel, which is expected to be delivered around mid-2006, will mainly run between the Caribbean and US East Coast.
Amerada Hess Corporation is a global integrated energy company engaged in the exploration for and the production of crude oil and natural gas, the refining of crude oil and the sale of refined products, natural gas and electricity. Almost 70% of the capital is deployed in Exploration and Production. The stock trades on the New York Stock Exchange under the ticker symbol AHC.
The design of P-MAX vessels, which permits a larger freight load than corresponding standard vessels of the same draught, is advantageous in many ports, particularly on the US east coast, and offers customers excellent freight economy. Thanks to the dual propulsion system, with two engine rooms, two rudders and two propellers, these vessels offer excellent levels of safety and maneuverability. The navigation systems and bridge layout have also been developed to facilitate better control, especially in confined and heavily trafficked passages. The bridge has a 360-degree field of view and dual command centres for maneuvering.
Today's agreement means that Concordia has now secured employment for five of the six P-MAX vessels on order, which will be delivered over a two-year period starting November 2005. Five-year time charter agreements have already been signed for two of the vessels with the French oil company TOTAL, and ten-year time charter agreements for two vessels have been signed with the Russian logistics company Progretra.
Gothenburg, 17 June 2005 CONCORDIA MARITIME AB (publ) Hans Noren President
Contacts:
Hans Noren, President, tel. +46 31-85 51 01, +46 704-85 51 01
Goran Hermansson, Financial Manager, tel. +46 31-85 50 46, +46 704-85 50 46
Concordia Maritime is an international tanker shipping company listed on the Attract-40 list of the Stockholm Stock Exchange.
In 2003 six tankers were ordered which will be built in accordance with the MAX concept. The P-MAX vessels are product tankers of about 49,000 dwt.
The MAX concept means that the ships are designed for the maximum possible freight capacity in shallow waters. In addition to legal requirements for double hull construction these vessels feature an entirely new concept for safer oil transport, with two engines in two entirely separate engine rooms, two rudders and steering gear, two propellers and redundant control systems.
In 2004 an order was placed for two Panamax tankers of approximately 75,000 dwt, in which the company has fifty per cent ownership.
All the vessels ordered will be delivered within a two-year period, starting 2005/2006.
Concordia Maritime has also chartered two very large crude carriers (VLCC), each of around 313,000 dwt, for a period of five years. The V-MAX vessels, which were commissioned in 2001, were originally built for Concordia and are the first to be built to the MAX concept.
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