Concordia Maritime re-enter into equity hedge
The company´s functional currency is the US Dollar., i e the majority of the income and costs as well as the balance sheet items are nominally in US Dollar. This means that changes in the exchange rate US Dollar/Swedish Krona has an effect on the result and to a larger degree an effect on the equity.
A strengthening of the US Dollar in relation to the Swedish Krona increases the equity, whilst a weaker US Dollar means a decrease in the equity.
An equity hedge reduces the effects of such currency exchange rate fluctuations.
During the period September 2008 to February 2009 the company did not have any equity hedge. During this period the US Dollar has strengthen towards the Swedish Krona with approx. 35%.
The decision has no effect on the forecasted result for the year.