Concordia Maritime signs sale & leaseback agreement for the IMOIIMAX tanker Stena Image

Concordia Maritime is selling the IMOIIMAX tanker Stena Image to a large
Japanese financial institution. The transaction is a sale and leaseback
agreement, which in this case means that the vessel will be chartered back to
Concordia Maritime on a bareboat basis (i.e., without crew) for eight years,
with annual purchase options from year four onwards.
The sale price is USD 37.5 million and delivery to the buyer is scheduled for
mid-October.

“Through this transaction, we have simultaneously accomplished goals of
strategic and financial importance to the company. It is a step on the way to
preparing ourselves for a potentially subdued market situation and at the same
time positioning the company to be able to act on good business opportunities
that may arise thereof. We are very happy with the IMOIIMAX-concept and the
agreement now being signed allows us to continue employing the vessel in the
successful Stena Weco Pool for many years to come” says Kim Ullman, CEO of
Concordia Maritime.

“The terms of the transaction are competitive and will have a substantial
positive cash effect. Sale and purchase of vessels is an important element of
our business model and this transaction marks our entrance into a competitive
financing market in Japan as alternative source of funding going forward .We are
currently reviewing the possibility of entering into similar arrangements for a
further one or more vessels in our fleet” says the company’s CFO, Ola Helgesson.

Fearnley Securities AS has acted as sole arranger and financial advisor to the
company for the transaction.
Kim Ullman
CEO
Concordia Maritime AB

Tel: 46 31 855003
Mobile: 46 704 855003
E-mail: kim.ullman@concordiamaritime.com

Ola Helgesson
CFO
Concordia Maritime AB

Tel 46 31 855009
Mobile 46 704 855009
Email ola.helgesson@concordiamaritime.com
Concordia Maritime is an international tanker shipping company. Our focus is on
cost-effective and safe transportation of refined petroleum products and
vegetable oils. The Company's B shares were first listed on Nasdaq Stockholm in
1984. www.concordiamaritime.com

The information in this press release is information that Concordia Maritime
Aktiebolag (publ) is required to disclose in accordance with the Swedish
Securities Market Act and/or the Swedish Financial Instruments Trading Act. The
information was submitted for publication at 11.30 on 4th of October 2016.