Concordia Maritime reports net sales of SEK 457.2 million (EUR 49 million) and a SEK 62.9 million (EUR 6.8 million) result after tax 2007, up by SEK 76 million (EUR 8.2 million) and SEK 11 million (EUR 1.2 million) respectively compared to 2006. The product tanker segment (the P-MAX tankers) contributed with a SEK 85.7 million (EUR 9.2 million) operating result, while the large tankers (the V-MAXes) posted a SEK 40.7 million (EUR 4.4 million) operating loss. The latter was hit by costs in connection with the damaged reduction gear on the Stena Vision, the vessel sale dispute with Halliburton and additonal insurance costs for calls in West African ports.
Concordia took delivery of two P-MAX tankers during 2007 but will not take delivery of any newbuildings this year. The remaing four units in the ten-vessel series of P-MAX tankers will be delivered during 2009 and 2010. The company expects a pre-tax result of around USD 11 million for 2008.