Concordia - Interim report

10/30/2003 8:27 AM EST

OUR POSITION

INTERIM REPORT FOR CONCORDIA MARITIME AB (publ)
1.1 - 30.9 2003

· Result after financial net SEK 35.0 (-124.8) million - SEK 0.88
(-2.68) per share

· Cash flow from operations SEK 213.0 (-9.0) million

· Forecast for full year after financial net: SEK 25 million (SEK
0.52 per share) including ship sales to date. An operating loss is
expected for the fourth quarter.

· Good level of disposable liquid funds and equity ratio of 70%

· Equity per share SEK 21.78. Share price SEK 13.30.

· Concordia building up world's most modern tanker fleet

Further information may be obtained from:

Lars Carlsson, President tel.+46 31 85 50 03 or +46 704 85 50 03
Hans Norén, Executive Vice tel.+46 31 85 51 01 or +46 704 85 51 01
President
Jonas Kamstedt tel.+46 31 85 50 80 or +46 704 85 50 80


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 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 June, 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 and
beginning of 2006. 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 generate profit by providing our customers
with safe, cost-efficient tanker transportation based on innovation and
performance