Concordia Maritime Shares Gain on New Charter Contract with Shell

Concordia Maritime (STO:CCORB) announced on Friday a signed agreement with Shell Tankers Singapore Pte Ltd for the charter of the 65,200 dwt P-MAX tankers Stena Penguin and Stena Progress.

“Generally speaking, the product tanker market is developing well and in accordance with our planned fleet disposition. We are of course happy to have concluded this business,” commented Kim Ullman, CEO of Concordia Maritime in a statement on his company’s website.

The Stena Penguin (built in 2010) and the Stena Progress (built in 2009) are two of the ten P-MAX tankers in Concordia Maritime’s fleet. The vessels have a double hull, two engine rooms with full water and fire integrity and two separate propulsion systems.

This news follows the recent announcement of the 1+1 year charter for Concordia Maritime’s Stena Paris by Total.  She will be operated on the Southeast Asia –  Polynesia route, a circuit she was specifically designed for.

On Friday, Concordia Maritime’s shares were up over 5 percent on the Nasdaq OMX Stockholm exchange.

Technical data for the P-MAX tankers:

• Length: 183 m
• Beam: 40 m
• Draft (design): 11.3 m