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Long-terms shield Concordia

Long-terms shield Concordia
GOTHENBURG-based Concordia Maritime has reported a net loss of SKr81.1m ($11.1m) for 2009, but said it was due to non-recurring items rather than the weak market.

Long-term charters shield Concordia.

GOTHENBURG-based Concordia Maritime has reported a net loss of SKr81.1m ($11.1m) for 2009, but said it was due to non-recurring items rather than the weak market.

Concordia president Hans Noren said that the company was burdened by capital losses on the sale of the company"s share in General Maritime and a write-down in a holding in a fund. These amounted to SKr175m off the balance sheet.

Stockholm-listed Concordia has its fleet of mostly panamax tankers secured on long-term contracts, which has shielded it from the worst of the market downturn, with net turnover being SKr39m higher than 2008 at SKr599.3m.

However, the company said that 2009 was the weakest year for a long time, with average freight rates on the open market falling to less than half the average of 2008. The time charter market also weakened considerably, although not quite as much.

For the fourth quarter, Mr Noren noted that the tanker markets saw some signs of revival in December, due mainly to a cold winter which has resulted in declining stock levels. This should be seen as a seasonal trend rather than a long-term improvement in the market, he said.

He described the fourth quarter as normal, with the group"s vessels all bringing in a basic level of income, albeit without any profit share due to the weak market.

The company, whose majority shareholder is the Stena Group, said the large growth of the tanker fleet would result in a continuing weak market for some time through to late 2011.

Even with an anticipated increase in scrapping, delayed deliveries and cancellations in 2010, the net growth of the fleet would be substantial and would offset any increases in demand.

Concordia Maritime is expecting the delivery of two 65,000 dwt vessels in 2010. Stena Polaris and Stena Penguin will enter long-term contract with ST Shipping.

www.turkishmaritime.com.tr

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