Concordia Maritime - Oil should always travel first class

The vessels now have three-year charters with ST Shipping and Transport, a subsidiary of Glencore. The vessels have been designed with demanding conditions in mind: they have ice class design and twin propulsion units that provide backup redundancy. Hans Norén, president of Concordia, says that the new contracts mean Concordia will have additional stability and ability. Steady cash flow and the ability to respond and take action quickly when opportunities arise will help Concordia deal with the coming weak market, he says. Previously, Hans Norén had said that Concordia might be able to gain new tonnage by making acquisitions.