Concordia Maritime Invests in Two More P-MAX Tankers (65,200 Deadweight Tons).

STOCKHOLM, Sweden -- Concordia Maritime has exercised existing options and placed an order with the Brodosplit shipyard in Croatia for a further two vessels in the P-MAX series, thus extending the series to ten units. Concordia Maritime has invested a total of more than SEK 3.5 billion in its new fleet, which currently consists of ten P-MAX tankers and two Panamax tankers. The two vessels now ordered are expected to be delivered in 2010.

"We are very satisfied with the MAX concept in general and the P-MAX model in particular. The concept is a commercial success for us and for the customers who have chartered these cost-effective and very safe vessels", says Hans Noren, President of Concordia Maritime.

The first six P-MAX tankers, either delivered or set for delivery by 2008, already have employment in the form of long-term time charters.

P-MAX series P-MAX no. 1 Stena Paris delivered in December, 2005 and chartered to French TOTAL P-MAX no.2 Stena Provence delivered at the beginning of 2006 and chartered to French TOTAL P-MAX no.3 Stena Primorsk delivered in May, 2006, and employed by a Russian charterer P-MAX no.4 Stena Performance delivered in June, 2006, and chartered to US Hess Corporation P-MAX no.5 Stena President delivery at the end of 2007 and employed by a Russian charterer P-MAX no.6 Stena Perros delivery at the beginning of 2008 and chartered to TOTAL P-MAX no.7 Stena Progress delivery in 2009 P-MAX no.8 Stena Prosperity delivery in 2009 P-MAX no.9 Stena Preference delivery in 2010 P-MAX no.10 Stena Premium delivery in 2010

Concordia Maritime is an international tanker shipping company listed on the O List on the Stockholm Stock Exchange. The company has ordered ten tankers, which will be built in accordance with the MAX concept. 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. 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, with highest ice class in which the company has a 50 per cent share, were ordered. 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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