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November 2, 2010

Concordia secures financing for Suezmax

Concordia Maritime (STO:CCORB) has now secured financing for the newly ordered Suezmax tanker Stena Supreme. The vessel is set for delivery in the second quarter of 2012 from Korean shipbuilder Samsung Heavy Industries. The financing, which will be jointly provided by the banks SEB and DnB NOR, amounts to approx. 70 percent of the investment and has a currency of seven years.

"In our view, the timing of the financing of this vessel is right. It is also gratifying that we have been able to secure financing with two of the good banks with which we have excellent relations", says Concordia Maritime CFO Göran Hermansson,.

The vessel is part of a series of seven tankers designed by Stena Bulk and ordered in March 2010. The intention is to employ the tankers on the open market via the Stena Sonangol Suezmax Pool.

"Concordia Maritime is in good financial shape. This means that we are well prepared and have the capacity to invest in both new projects and interesting business opportunities that may emerge as a result of the challenging shipping markets", says Hans Norén, President.


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