Concordia says 2011 to remain weak in product tanker market
(Aug 19 2011)
Leading Swedish tanker operator Concordia Maritime reported a result after tax of SEK17.9 mill for the second quarter of this year, compared with SEK20.9 mill in 2Q10.
EBITDA came in at $8.5 mill, compared with $7.7 mill in 2Q10. This figure was down on the 1Q11 EBITDA, due to three vessels being drydocked during the period, including two for conversion to IMO III class, Concordia said.
For the first six months of the year, the result after tax was SEK38.8 mill, compared with SEK43.8 mill in 1H10. EBITDA was $17.4 mill, compared with $14.8 mill in 1H10.
President Hans Noren said that the freight rates for Concordia's timecharter contracts for the P-MAX and Panamax tankers continued to be much higher than the open market rates, generating an average of just over $20,000 per day.
In 2Q11, Concordia took delivery of the 10th and last of the P-MAX types - 'Stena Premium'. In addition, the last of the company's chartered Suezmaxes, operated together with Stena Bulk, was handed back to her owner, although the company is due to take delivery of another Stena Bulk Suezmax early next year.
Noren said that he stood by his earlier predictions of a slow but gradual improvement in the product tanker sector. This year will probably prove to be another weak year, but 2012 and in particular 2013, the prospects for a balanced market are good, he said.
"Our own financial position continues to be stable, with capacity for further investments if the right business opportunities arise," Noren said in a statement.
He also said that the company was on course to achieve a result before tax of $10-$13 mill for the full year, depending on how the market develops.
http://www.tankeroperator.com/news/todisplaynews.asp?NewsID=2895
Concordia Maritime website
http://www.concordiamaritime.com/
(Aug 19 2011)
Leading Swedish tanker operator Concordia Maritime reported a result after tax of SEK17.9 mill for the second quarter of this year, compared with SEK20.9 mill in 2Q10.
EBITDA came in at $8.5 mill, compared with $7.7 mill in 2Q10. This figure was down on the 1Q11 EBITDA, due to three vessels being drydocked during the period, including two for conversion to IMO III class, Concordia said.
For the first six months of the year, the result after tax was SEK38.8 mill, compared with SEK43.8 mill in 1H10. EBITDA was $17.4 mill, compared with $14.8 mill in 1H10.
President Hans Noren said that the freight rates for Concordia's timecharter contracts for the P-MAX and Panamax tankers continued to be much higher than the open market rates, generating an average of just over $20,000 per day.
In 2Q11, Concordia took delivery of the 10th and last of the P-MAX types - 'Stena Premium'. In addition, the last of the company's chartered Suezmaxes, operated together with Stena Bulk, was handed back to her owner, although the company is due to take delivery of another Stena Bulk Suezmax early next year.
Noren said that he stood by his earlier predictions of a slow but gradual improvement in the product tanker sector. This year will probably prove to be another weak year, but 2012 and in particular 2013, the prospects for a balanced market are good, he said.
"Our own financial position continues to be stable, with capacity for further investments if the right business opportunities arise," Noren said in a statement.
He also said that the company was on course to achieve a result before tax of $10-$13 mill for the full year, depending on how the market develops.
http://www.tankeroperator.com/news/todisplaynews.asp?NewsID=2895
Concordia Maritime website
http://www.concordiamaritime.com/
