Concordia Maritime - Oil should always travel first class

REPORT ON FINAL ACCOUNTS, 2002

• Result after financial net SEK -142.4 (251.9) million
• Weak freight market, characterised by weak global economy and political turbulence, during first ten months
• Dramatic improvement in freight market in November
• Continued safe and cost-efficient ship operation
• Strong first half of 2003 anticipated, but weaker second half probable
• Forecast for full year: SEK 100 million profit
• Prestige accident will affect future of tanker shipping – demands for increasingly safe transportation will grow

Further information may be obtained from:

Lars Carlsson, President Telephone +46 31 85 50 03 or +46 704 85 50 03
Hans Norén Telephone +46 31 85 51 01 or +46 704 85 51 01
Jonas Kamstedt Telephone +46 31 85 50 80 or +46 704 85 50 80

Gothenburg, 18 February, 2003
CONCORDIA MARITIME AB (publ)

Lars Carlsson
President