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Concordia Maritime concludes new deal with oil and gas company for charter of two P-MAX product tankers

Concordia Maritime has just won a new contract with a major oil and gas company for a consecutive voyage charter arrangement for the P-MAX tankers Stena Provence and Stena Polaris. The agreement is for 6 months initially and will run until the end of 2014.

"We are very proud to have concluded this deal and we are looking forward to continuing to develop this growing trade with refined petroleum products into the Asia Pacific with our business partner,” says Kim Ullman, CEO of Concordia Maritime.

“Since January this year, we have adopted a more aggressive chartering strategy to maximize the vessels’ superior earnings capacity, which is also the case with this deal,” concludes Kim.

The P-MAX tankers are particularly well suited for this trade with their extremely shallow draft design. Their LOA is 183 meters, the same as conventional MR tankers, but they have a beam of 40 meters enabling them to lift approx. 50,000 mt on 11 meters. They also have a fully redundant propulsion system with two separate engines, steering machinery, rudders and propellers.

Technical data for Stena Provence and Stena Polaris:
Length: 183 m, beam 40 m, draft (design) 11.3 m, deadweight: 65,200 tons

Concordia Maritime owns a fleet of ten P-MAX and one Suezmax tanker and has two IMO2MAX MR product tankers on order for delivery in 2014-2015.
Source: Concordia Maritime