The product tanker owner in the Gothenburg-based Stena sphere of companies, Concordia Maritime, has extended the charters of two P-Max vessels with an undisclosed oil company by 12 months and added a third vessel in the deal for six months.

The renewed contract relates to three P-MAX vessels: STENA PARISSTENA PROVENCE and STENA POLARIS.

 Concordia Maritime renews contract for P-MAX vessels

Image: Concordia Maritime

Kim Ullman, CEO of Concordia Maritime commented:

"It's obviously very positive to achieve the renewed confidence of this customer, which has specific transport requirements that suits the high cargo capacity of our P-MAX vessels, which results in a lower actual cost per unit. The contract is fully in line with our efforts to steer employment towards niche trades that can optimally utilise the P-MAX vessel's unique characteristics.”

On Concordia Maritime’s outlook for the quarter, Kim Ullman also said:

"Just as previously predicted, we can now see a seasonal slowdown in the second half of the third quarter. This is from high levels, however, and we do not think the decline will be as deep and prolonged as seen in recent years. Our basic market outlook as from the fourth quarter is therefore still positive.”