Concordia -- Interim report

GOTHENBURG, Sweden, Oct. 30, 2003 (PRIMEZONE) -- Concordia

Our Position

INTERIM REPORT FOR CONCORDIA MARITIME AB (publ)1.1 - 30.9 2003

- Result after financial net SEK 35.0 (-124.8) million - SEK 0.88(-2.68) per share

- Cash flow from operations SEK 213.0 (-9.0) million

- Forecast for full year after financial net: SEK 25 million (SEK 0.52 per share) including ship sales to date. An operating loss is expected for the fourth quarter.

- Good level of disposable liquid funds and equity ratio of 70%

- Equity per share SEK 21.78. Share price SEK 13.30.

- Concordia building up world's most modern tanker fleet

Further information may be obtained from:


 Lars Carlsson, President     tel.+46 31 85 50 03 or +46 704 85 50 03
 Hans Noren, Executive Vice   tel.+46 31 85 51 01 or +46 704 85 51 01
 President
 Jonas Kamstedt               tel.+46 31 85 50 80 or +46 704 85 50 80

Concordia Maritime is an international large-tanker shipping company, which owns two new 314,000 dwt VLCCs delivered in 2001 and two VLCCs of about 270,000 dwt built in the mid-1970s. The new vessels, Stena V-MAX, in addition to having double hulls, were built according to a completely new tanker concept for safer oil transportation with double main engines in two completely separate engine rooms, double rudders and steering gear, two propellers and double control systems. In June, this year, a further four vessels, which will be built in accordance with the MAX concept, were ordered. These vessels, Stena P-MAX, are product tankers of about 49,900 dwt and will be delivered around the end of 2005 and beginning of 2006. All the vessels are built to very high specifications as regards both customer satisfaction and lifespan. The quality of the vessels and the management and manning organisations is documented by quality certificates from Det Norske Veritas and the American Bureau of Shipping.

INNOVATION AND PERFORMANCE

Our business concept is to generate profit by providing our customers with safe, cost-efficient tanker transportation based on innovation and performance

Concordia -- Interim report

Mot-clé