Contract Extension for Tanker Stena Provence

Concordia Maritime said it has signed a contract to charter out the P-MAX tanker Stena Provence for another year from September 2018.

The contractual partner is one of the world’s largest oil and gas companies, who has used the vessel since 2014 for niche transportation of refined petroleum products, mainly in the Asia Pacific region.

“This customer has a specific transport need, for which the large load capacity of our P-MAX vessels are well suited,” said says Kim Ullman, CEO of Concordia Maritime. “For our part, the contract is fully in line with our efforts to concentrate employment on niche trades where the P-MAX vessels’ unique properties are most beneficial.”

This is Concordia Maritime’s second contract extension in the recent period. In July, a similar contract was signed with the same customer for the P-MAX vessel Stena Paris.  

Ullman said, “Given the weak market, we are still pleased with the level of the contract. Having part of the fleet signed to longer-term contracts is strategically important for us. Long-standing customer relationships are one of the cornerstones of our strategy.”