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New tanker launched at Brodosplit

Sun, 01 Mar 2009 15:29:00 GMT

Concordia Maritime´s new tanker for navigation and transporting oil products in icy regions was launched at a ceremony at the Brodosplit shipyard January 24. The tanker has a 65,056 tonne capacity and it is built in accordance with the MAX concept. The wessel can load about 30 percent more cargo without its draught been affected. The ship is the first of four in a handymax fleet building programme which Concordia contracted Brodosplit for.

Long term charters boost Concordia's profits

Tue, 17 Feb 2009 13:30:00 GMT

CONCORDIA Maritime, the Oslo-listed Swedish tanker operator, has recorded a profit after tax for 2008 of Skr95.8m ($11m), up Skr32.9m from 2007. Earnings before interest, taxes, depreciation and amortization for 2008 were up $11.2m to $24.7m. The company, which is majority owned by the Gothenburg-based Stena Group, has cited its strategy of signing vessels on long term charters with oil majors...

First newbuild order for variable turbocharger technology

Sun, 01 Feb 2009 12:55:00 GMT

Concordia Maritime and energy company Total have taken the jointly decision to install MAN Diesel turbochargers with VTA technology aboard the new tanker Stena Progress . The MAN turbochargers are expected to reduce fuel consumption up to 2-3 percent with parallel reductions in exhaust emissions. The VTA technology has already been tested onboard Stena President with good results. VTA technolog...

VTA Turbocharger boosts tanker's energy savings

Mon, 01 Dec 2008 13:16:00 GMT

Turbochargers with VTA technology will equip the MAN B&W low-speed engines aboard the new P-MAX tanker Stena Progress , which is to be delivered in June 2009. The turbochargers are expected to reduce fuel consumption by around 2 to 3 percent with parallel reductions in exhaust emissions. "We are always interested in new energy-saving technologies," says Hans Norén , CEO of Concordia Maritime.

Unhedged

Mon, 22 Sep 2008 10:22:00 GMT

Concordia Maritime said Friday that it has ended an equity hedge aimed at guarding against exchange rate moves.

Shipping company bid starts new wave of acquisitions

Thu, 28 Aug 2008 16:39:00 GMT

AP Möller Maersk’s bid for the shipping company Broström could trigger a new wave of bids for companies with a high net worth. During the last wave of acquisitions, when the stock market was at its peak between 2000 and 2003, 20 of the companies with a high net worth on the Stockholm Stock Exchange were bought up. The odds on the next acquisition being a shipping company are high as only...

Strong first quarter puts Concordia in position to buy

Fri, 18 Jul 2008 15:35:00 GMT

Concordia Maritime has reported a strong first quarter, but is preparing for a continued drop in freight rates as new building tonnage increases.

Concordia sees value in securing its P-MAX vessels on long term charters

Fri, 18 Jul 2008 14:10:00 GMT

Concordia has obtained time charter contracts for its last three newbuilding orders for the P-MAX.

Concordia forecast hit by court verdict

Thu, 18 Jan 2007 11:48:00 GMT

Concordia Maritime has cut its 2006 earnings forecast by more than 25 percent. A London court ruled that Concordia must pay USD3.6 million to a Halliburton subsidiary. This is compensation for repair and steel replacement work done on a vessel Halliburton bought in 2000. According to Göran Hermansson, financial manager at Concordia, they will probably make a decision on whether to appeal the...

Green ships fly the flag for swedish ambitions

Fri, 03 Aug 2007 11:48:00 GMT

In June, Stena Group sailed one of its new P-MAX product tankers into the centre of Stockholm to show how precise and safe today's navigation techniques are. In addition, Stena made a point about where Sweden's maritime power is now based, writes Jerry Frank. The Stena group understands that its future is in quality modern tonnage that focuses on safety. It has been a major player in the...