Concordia Maritime - Oil should always travel first class

Euro notes and coins will replace the currencies of 11 countries on the opening day of the New Year. Some people consider that the date may have some significance for the shipping industry which has the dollar as the unit of account. The introduction of the Euro means there will be two major currencies. Some elements of the shipping industry, such as the tanker industry, will not be affected by the course of the Euro. Concordia in Sweden, for example, earns all of its revenues in dollars while 95 percent of its costs are in the US currency. The liner industry however will be more exposed to the Euro/dollar nexus.