Contract extension for P-MAX tanker Stena Provence

Concordia Maritime has signed a contract to charter out the P-MAX tanker Stena Provence. The contract is for one year and runs from September 2018. One again, the contractual partner is one of the world’s largest oil and gas companies.

The vessel has been used by the same customer since 2014 for consecutive niche transportation of refined petroleum products, mainly in the Asia Pacific region.  

“It’s always pleasing to be given a renewal of confidence. This customer has a specific transport need, for which the large load capacity of our P-MAX vessels are well suited. For our part, the contract is fully in line with our efforts to concentrate employment on niche trades where the P-MAX vessels’ unique properties are most beneficial,” says Kim Ullman, CEO of Concordia Maritime. 

This is Concordia Maritime’s second contract extension in the recent period. In July, a similar contract was signed with the same customer for the P-MAX vessel Stena Paris.  

“Given the weak market, we are still pleased with the level of the contract. Having part of the fleet signed to longer-term contracts is strategically important for us. Long-standing customer relationships are one of the cornerstones of our strategy,” concludes Kim Ullman.