Concordia Maritime - Oil should always travel first class

• Result after financial net SEK 60.8 (-86.0) million – SEK 1.43 (-1.83) per share
• A strong market at the beginning of the year weakened towards the end of the period
• Continued safe and cost-efficient ship operation
• Operations are expected to generate a small loss during the second half of the year. Forecast for the full year after financial net: SEK 50 million (SEK 1.05 per share)
• Equity per share: SEK 23.33. Share price: SEK 13.00.
• Order for four P-MAX product tankers placed in July. Delivery in 2005/2006.
• New Concordia created with a uniform fleet of new shallow-draught MAX tankers

Further information may be obtained from:

Lars Carlsson, President
tel.+46 31 85 50 03 or +46 704 85 50 03

Hans Norén, Executive Vice President
tel.+46 31 85 51 01 or +46 704 85 51 01

Jonas Kamstedt
tel.+46 31 85 50 80 or +46 704 85 50 80

Gothenburg, 13 August 2003
CONCORDIA MARITIME AB

Lars Carlsson
VD