Releases - Concordia Maritime

Preliminary agreements have been signed for the construction of two large
tankers of VLCC type for subsidiaries of Concordia Maritime including fixed
options (the right but not obligation to build at a pre-determined price) for
a further six identical vessels. The shipyard is Hyundai Heavy Industries in
South Korea, the world's largest shipyard. The estimated delivery date of the
first two...

INTERIM REPORT CONCORDIA MARITIME AB


* Profit from ship operation was MSEK 112.3 (92.8)

* Very good freight rates for Concordia's large tankers so far this year: USD
28,100 (24,800) per day for its VLCCs and USD 37,400 (31,200) for its ULCCs

* Falling freight markets since September.

* The forecast full-year profit has thus been readjusted from MSEK 130 to

OUR POSITION


INTERIM REPORT CONCORDIA MARITIME AB (publ) 1.1 - 30.6 1998


Sharp profit increase for Concordia


Profit from ship operation rose to MSEK 78.7 (41.7)

Freight rates for Concordia's VLCCs were USD 27,700 (23,100) per day and USD
36,200 (27,600) for its ULCCs

The forecast full-year profit has been raised from MSEK 100 to 130