Swedish Concordia Maritime increased its profit after tax to SEK 61.5 million for the first nine months of 2010, compared to –111.3 millionfor the corresponding period last year. The interim report also shows that the net turnover decreased, from SEK 488.1 million to SEK 367.9 million. The result per share is SEK 1.29, compared to –2.33 last year. The operating result ends at SEK 74,5 million, compared to 51 million a year ago.
The operating result for the third quarter amounted to SEK 23.4 million, up from SEK 4.5 million. The result after tax was SEK 17.7 million, a great improvement from last year’s -135.2 million. CEO Hans Norén comments on the Q3 market:
”Generally speaking, the tanker markets continued to be weak in all the segments. Once again, it can be noted that although the demand for transportation of oil is growing, the growth in the number of tankers doing the transporting is greater ... The whole of our owned product tanker fleet is signed to long-term charters, which means that despite the market situation, we are doing well. The freight rates in the charters for the P-max and panamax tankers continued to be far higher than on the open market. On average, the charters have generated just over USD 20,000 per day, which can be compared to around USD 8,000 per day for MR tankers on the open market.”
Concordia expects a full-year result of SEK 70 million.
The operating result for the third quarter amounted to SEK 23.4 million, up from SEK 4.5 million. The result after tax was SEK 17.7 million, a great improvement from last year’s -135.2 million. CEO Hans Norén comments on the Q3 market:
”Generally speaking, the tanker markets continued to be weak in all the segments. Once again, it can be noted that although the demand for transportation of oil is growing, the growth in the number of tankers doing the transporting is greater ... The whole of our owned product tanker fleet is signed to long-term charters, which means that despite the market situation, we are doing well. The freight rates in the charters for the P-max and panamax tankers continued to be far higher than on the open market. On average, the charters have generated just over USD 20,000 per day, which can be compared to around USD 8,000 per day for MR tankers on the open market.”
Concordia expects a full-year result of SEK 70 million.