Final accounts 2002

2/20/2003 6:24 AM EST

Concordia Maritime is an international large-tanker shipping company,
which owns two new 314,000 dwt VLCCs delivered in 2001 and four 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. All the
vessels were 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 and
cost-efficient tanker transportation based on innovation and performance

REPORT ON FINAL ACCOUNTS, 2002

· Result after financial net SEK -142.4 (251.9) million
· Weak freight market, characterised by weak global economy and
political turbulence, during first ten months
· Dramatic improvement in freight market in November
· Continued safe and cost-efficient ship operation
· Strong first half of 2003 anticipated, but weaker second half
probable
· Forecast for full year: SEK 100 million profit
· Prestige accident will affect future of tanker shipping -
demands for increasingly safe transportation will grow

Further information may be obtained from:
Lars Carlsson, President Telephone +46 31 85 50 03 or +46 704 85 50 03
Hans Norén Telephone +46 31 85 51 01 or +46 704 85 51 01
Jonas Kamstedt Telephone +46 31 85 50 80 or +46 704 85 50 80

Gothenburg, 18 February, 2003

CONCORDIA MARITIME AB (publ)

Lars Carlsson
President