Term sheet with lending banks completed - Concordia Maritime signs agreements on new loan terms and conditions

GOTHENBURG,Sweden,Oct. 5,2021 -- Concordia Maritime has entered into binding agreements with lending banks regarding new loan terms and conditionsfor eight of the Company's ten P-MAX vessels. The new terms and conditions are valid until the end of Q4 2024.

The new agreements are fully in line with the term sheet that was announced on 12 July 2021. The main elements of the agreements are lower repayment rates and new covenant levels. Concordia Maritime intends shortly to enter into binding agreements with corresponding loan terms with the lender for the Company's remaining two P-MAX vessels.

"It is pleasing to have our new agreement finally in place. It has been a complex process with many parties involved - but we now have a financing solution for the next three and a quarter years. The new agreement and the chartering out of the P-MAX vessels are important jigsaw puzzle pieces in our efforts to improve the Company's financial position. With these pieces in place,we now look forward to moving into the next phase,"says Concordia Maritime CEO Kim Ullman.

For more information,please contact:

Kim Ullman

CEO,Concordia Maritime AB

Tel: +46 31 85 50 03

Mob: +46 704 85 50 03

Email: kim.ullman@concordiamaritime.com

Martin Nerfeldt

CFO,Concordia Maritime AB

Tel: +45 88 938 661

Mob: +46 704 85 50 07

Email: martin.nerfeldt@concordiamaritime.com

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https://news.cision.com/concordia-maritime/r/term-sheet-with-lending-banks-completed---concordia-maritime-signs-agreements-on-new-loan-terms-and-,c3427068

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https://mb.cision.com/Main/1948/3427068/1477001.pdf

Concordia Maritime - Press release - 20211005