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Press release today -

Tanker of the future named in centre of Stockholm

Concordia Maritime’s Swedish-flagged product tanker Stena Primorsk, the third P-MAX tankers in a series of eight, will be named on 9 June. The total investment for the eight vessels amounts to SEK 2.4 billion. Transport economy, flexibility and further raising the safety level have guided the development work involving the P-MAX concept. The Stena Primorsk will transport mainly refined petroleum products on the Baltic Sea.

The Stena Primorsk left the Brodosplit shipyard in Split, Croatia, on 10 May and arrived in Stockholm yesterday and is now moored in the Sound, below the Royal Palace, where she will stay until the afternoon of 10 June.

Activities in Stockholm on 9 and 10 June
A capital market day will be held at which Dan Sten Olsson and Hans Norén, Concordia Maritime’s chairman of the board and president, respectively, Dr. Martin Stopford and Ms Bianca Jagger, who will present their views on future global challenges concerning energy and the environment. The godmother will be Her Royual Majesty Queen Silvia of Sweden, who will name the vessel in the afternoon of the same day at a ceremony below the Royal Castle in the centre of Stockholm. On Saturday, there will be entertainment, with several popular Swedish artists, on Skeppsbrokajen for the general public.

Uniqueness of P-MAX concept
With its exceptionally wide hull, the vessel can transport about 30% more cargo than a conventional product tanker, and at practically no extra cost. Additionally, the vessel can transport both crude and refined oil and rapidly switch between the two types of cargo. In addition to having mandatory double hulls, the P-MAX tankers 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. All these double systems can be operated independently of each other, which results in safer oil transportation.

“Concordia Maritime has shifted its focus from raw materials to the transportation of refined petroleum products. We have done this with completely new vessels, built according to our own unique MAX concept, which has been developed for today’s – and tomorrow’s – demands for highly efficient and safe oil transportation. These vessels are a good example of the cutting-edge competence we have access to when it comes to shipbuilding”, says Hans Norén, President of Concordia Maritime.

Green Passport a guarantee of quality
All the P-MAX tankers are certified with a so-called Green Passport by the Norwegian classification society DNV. This means that all hazardous materials used in the construction of the vessel are identified and do***ented. With this certification, which is voluntary, the company is acting proactively prior to any future regulations and recommendations concerning ship recycling. The certification is the result of close collaboration with the shipyard in Croatia and DNV.

P-MAX series – 8 vessels so far
The Stena Paris and the Stena Provence have already been delivered, the Stena Primorsk together with yet another vessel will be delivered in 2006 and a further two will be delivered at the end of 2007/beginning of 2008. In addition, Concordia Maritime recently signed agreements with Brodosplit Shipyard for the construction of two P-MAX product tankers. These vessels – the Stena Progress and the Stena Prosperity – are expected to be delivered during the fourth quarter of 2009. Six of the P-MAX tankers are already signed to long-term charters. The Stena Paris and the Stena Provence, for example, have been signed to 5-year charters with French TOTAL, one of the world’s largest oil and chemical companies.

Vessel data
Length: 183 m Deadweight: 65,200 tons
Beam: 40 m No. of cargo tanks: 7
Draft: 11.3 m Cargo: Refined petroleum products

Swedish shipping and the Swedish flag
The Swedish merchant fleet consists of approx. 570 ships totalling 10 million deadweight tons*. 230 of these are Swedish flagged and the remainder are owned by foreign owners or are on long-term charters to Swedish shipping companies. When a ship is registered to the Swedish flag, it means that it has been approved by the Swedish Maritime Safety Inspectorate and that Swedish collective wage agreements are applied on board. The crew of 23 on board the Stena Primorsk consists of both Swedish and international seafarers. The latter work according to special collective wage agreements between the Swedish employers, the Swedish maritime unions and the international maritime unions.

*a ship’s deadweight is the total weight of the cargo the vessel is capable of carrying, together with the bunker oil the vessel needs for its machinery, stores, provisions and the crew.

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