Concordia Maritime Signs Time Charter Contract for P-MAX Tanker

January 26, 2016

Concordia Maritime signed a contract to charter out another P-MAX tanker. The contract, which comes into effect at the beginning of February 2016, is for one year with an option for a further year. The contract partner is a UK shipping company.

“We are continuing to take advantage of the strong market by chartering out another of our P-MAX tankers over a longer period. The contract is fully in line with our chartering strategy. We ensure a good level of income for the vessel over the coming year, while balancing the exposure to the spot market in a well-judged way. In a short time, we have now chartered out two of our ten P-MAX tankers over longer periods and we are evaluating the possibility of similar arrangements,” says Kim Ullman, CEO of Concordia Maritime.

The vessel will be mainly used for the transportation of light oil products to West Africa. With her shallow draft and high load capacity, the P-MAX tanker will allow efficient transportation of large volumes.