6 months report Concordia
8/15/2003 9:44 AM EST
INTERIM REPORT FOR CONCORDIA MARITIME AB (publ)
1 JANUARY-30 JUNE, 2003
* Result after financial net SEK 60.8 (-86.0) million - SEK 1.43 (-1.83)
per share
* A strong market at the beginning of the year weakened towards the end of
the period
* Continued safe and cost-efficient ship operation
* Operations are expected to generate a small loss during the second half
of the year. Forecast for the full year after financial net: SEK 50
million (SEK 1.05 per share)
* Equity per share: SEK 23.33. Share price: SEK 13.00.
* Order for four P-MAX product tankers placed in July. Delivery in
2005/2006.
* New Concordia created with a uniform fleet of new shallow-draught MAX
tankers
Further information may be obtained from:
Lars Carlsson, President tel.+46 31 85 50 03 or +46 704 85 50 03
Hans Norén, tel.+46 31 85 51 01 or +46 704 85 51 01
Executive Vice President
Jonas Kamstedt tel.+46 31 85 50 80 or +46 704 85 50 80
Gothenburg, 13 August 2003
CONCORDIA MARITIME AB
Lars Carlsson
VD
Concordia Maritime is an international large-tanker shipping company,
which owns two new 314,000 dwt VLCCs delivered in 2001 and two VLCCs of
about 270,000 dwt built in the mid-1970s. The new vessels, Stena V-MAX,
in addition to having mandatory double hulls, were built according to a
completely new tanker 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.
In July, this year, a further four vessels, which will be built in
accordance with the MAX concept, were ordered. These vessels, Stena P-
MAX, are product tankers of about 49,900 dwt and will be delivered
around the end of 2005. All the vessels are built to very high
specifications as regards both customer satisfaction and lifespan.
The quality of the vessels and the management and manning organisations
is documented by quality certificates from Det Norske Veritas and the
American Bureau of Shipping.
INNOVATION AND PERFORMANCE
Our business concept is to provide our customers with safe, cost-
effective tanker transportation based on innovation and performance