Concordia Maritime concludes time charter contracts for three P-MAX vessel new buildings

STOCKHOLM, Sweden--(Business Wire)--
Regulatory News:

Today Concordia Maritime (STO:CCORB) have entered into time
charter contracts for three of their P-MAX new buildings with ST
Shipping and Transport, a subsidiary of Glencore. The contract period
is three years for each vessel upon delivery from the shipyard.

In total Concordia Maritime's P-MAX fleet consists of ten vessels,
of which six have been delivered and the four remaining will be
delivered in 2009 and 2010. With the conclusion of the above three
contracts for vessels to be delivered in 2009 and 2010 the entire
fleet is committed to time charter contracts. ST Shipping and
Transport is the shipping arm of Glencore, one of the world's largest
companies in the area of oil trading and other commodities.

"We are very pleased to have concluded this transaction with ST
Shipping and Transport. They have a large shipping operation and we
view them as being an innovative and solid provider of oil
transportation - a good and interesting customer for long term
business" says Concordia Maritime President Hans Noren.

"Since the sale of the V-MAX vessels in 2004 we have had a solid
and strong financial position, which is further strengthened by this
transaction. The purpose of securing the vessels in our new building
program on long term charters is twofold. Steady and solid cash flows
of course but it also helps us in our efforts to develop a deeper
customer relationship, such as with ST Shipping now. Another example
is the oil- and energy major TOTAL which since before has four of our
P-MAX on long term contracts" says Financial Manager Goran Hermansson.

"These contracts mean that Concordia Maritime will have yet more
stability and ability. Stability in terms of a really good solid
financial base with steady cash flows and a strong balance sheet.
Ability to react and act swiftly when it comes to business
opportunities and the further growth and development of the company.
This is particularly relevant for the next couple of years when we
believe the market will be weak" concludes President Hans Noren.

The transaction in this announcement does not affect the result in
2008. Out of the three vessels in question one will be delivered in
2009 and the other two in 2010. The company has not given any forecast
for 2009 and 2010. Furthermore, the company does not comment on
individual contracts but give annual forecasts of EBITDA on an
aggregated level (Earnings Before Interest Tax Depreciation and
Amortization) as well as pre tax profit.

Concordia Maritime is an international tanker shipping company
listed on the OMX Nordic Exchange in Stockholm. The company has
ordered ten tankers, which are being built in accordance with the MAX
concept. These vessels, P-MAX, are product tankers of about 65,200
dwt. The MAX concept means that the vessels are designed for maximum
loading capacity in shallow waters. They have been designed according
to a new concept for safer oil transportation with double main engines
in two completely separate engine rooms, double rudders and steering
gear, two propellers and double control systems.
www.concordia-maritime.se

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Concordia Maritime
Hans Noren, President
Tel: +46 31 855101
Mobile: +46 704 855101
or
Goran Hermansson, Financial Manager
Tel: +46 31 855046
Mobile +46 704 855046

Copyright Business Wire 2008