Implementation of IMO2020
Refinancing of eight P-MAX vessels
Sale of shares in contracted Suezmax vessels
Sale & lease back agreement signed regarding the IMOIIMAX vessel Stena Important. ECO MR vessels chartered in on a 50% basis with Stena Bulk.
Sale & leaseback agreements for the IMOIIMAX tanker Stena Image and the suezmax tanker Stena Supreme were signed during the year. In addition, two separate agreements for refinancing of the P-MAX tankers were signed at the end of the year. Total refinancing was USD 189 million, which, after financing costs, is in line with previous loan amount.
Stena Image, the first of two ordered IMO2MAX vessels were delivered from Chinese Guangzhou Shippingyard International in April. The other vessel, Stena Important, is scheduled for delivery during the fourth quarter, 2015.
Kim Ullman appointed as new CEO for Concordia Maritime. The Panamax vessels Stena Poseidon och Palva were sold to Transport Maritime St-Laurent Inc.
In September/October, the first P-MAX tanker the Stena Polaris completed the first voyage of naphta from the Gulf of Finland to South Korea through the Northern Sea Route.
The suezmax tanker Stena Supreme delivered from Samsung Heavy Industries in South Korea. Ordered two IMOIIMAX product and chemical MR-vessels, 50,000 dwt, from Guangzhou Shipyard in China, in cooperation with Stena Weco.
Concordia Maritime participates in a chartering contract of two Aframax tankers. Delivery of Stena Premium, which goes directly into in a 3 year contract. Two P-MAX vessels upgraded to IMO III classification.
Concordia Maritime places an order on new Suezmax vessel. Stena Penguin and Stena Polaris are delivered and both vessels start three-year contracts to transport refined products.
Concordia Maritime’s product tanker Stena Progress was named at Brodosplit Shipyard in Split. The vessel is set on five-year charter with the French energy company Total. Stena Progress is the seventh vessel in a series of ten P-MAX product tankers.
Four new vessels were delivered in 2007. Stena Poseidon and Palva, both Panamaxes, and Stena President and Stena Perros, both P-MAXs. All four vessels have entered long-term charters.
Two additional P-MAX tankers of dwt 65,200 are ordered from Brodosplit Shipyard in Croatia.
The Stena P-MAX Stena Paris were delivered and entered long-term charter to the french oil and gas company TOTAL.
The last two 1970s built Concordia Class VLCCs were sold to SBM for offshore conversion after 30 years of flawless operation.
New order of two ice-class 1A Panamax tankers, on 50/50 basis with Fortum, Finland, against 10 year time charter to Fortum.
Floated Arlington Tankers on the New York Stock Exchange and sold both V-MAXs with 5-8 years T/C back.
Six 65,200-dwt product tankers of Stena P-MAX design are ordered from Brodosplit Shipyard in Croatia.
The Stena V-MAXs Stena Vision and Stena Victory were delivered and entered long-term charters to Sunoco, Philadelphia.
The first MAX class tanker was ordered. Hyundai Heavy Industries was contracted to build two VLCCs of the new revolutionary V-MAX design of 313,000 dwt each.
Universe Tankships (Daniel K Ludwig) VLCC fleet of 6 vessels was purchased at MUSD 200 enbloc with long term charters to Messrs Texaco.
The world´s fifth and sixth largest ships Stena King and Stena Queen, 458,000 dwt each, were purchased and added to the fleet, now totalling 3.5 million dwt.
Concordia Maritime was formed and listed on the Stockholm Stock Exchange. One third of the shares was sold to the public.