Concordia Maritime Confirms Order for Two Additional P-MAX-Vessels.

STOCKHOLM, Sweden -- Concordia Maritime's and Brodosplit shipyard's boards have issued final approval of the newbuilding contract for vessels number seven and eight in Concordia Maritimes P-MAX-series. Estimated time for delivery is the 4th quarter 2009.

Concordia Maritime (STO:CCORB)is an international tanker shipping company listed on the O List on the Stockholm Stock Exchange.

In 2003, six vessels, which are being built in accordance with the MAX concept, were ordered. 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. In addition to having mandatory double hulls, 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.

In 2004, two Panamax tankers of about 75,000 dwt, in which the company has a 50 per cent share, were ordered.

All the six vessels on order will be delivered over a 2-year period from the end of 2005.

Concordia Maritime also has two VLCCs, each 313,000 dwt, on time charter for five years. These vessels, V-MAX, which were taken into service in 2001, were originally built for Concordia and are the first vessels built in accordance with the MAX concept.

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