Technical design study on conversion launched

GÖTEBORG,Sweden,Feb. 8,2022 -- Concordia Maritime has launched a technical design study together with Stena Teknik and a German consulting company specialising in ship design. The aim is to investigate the feasibility of converting and adapting a P-MAX vessel for container transportation. The assignment also includes preparation for"basic design" class approval.

The container segment has shown strong growth in recent years,driven by disruptions to international logistics as well as more structural factors.

According to initial assessments,the P-MAX vessels' two engines,with full redundancy,and other dimensions make them possible to convert to container vessels with a capacity of approximately 2,100 TEU. It should be stressed that there are a number of technical and market challenges to convert and adapt P-MAX tankers to container ships and there is therefore a risk that the study will lead to that the project will not be concluded.

The technical design study is expected to be completed by the end of Q2 2022 and - if the result is positive - it will be followed by discussions with shipyards and possible charterers to explore potential interest. A full conversion is expected to take approximately 3-5 months.

Concordia Maritime owns a total of 9 P-MAX vessels.

For more information,please contact:

Erik Lewenhaupt

CEO,Concordia Maritime AB

+46704 855 188

erik.lewenhaupt@concordiamaritime.com

This information is information that Concordia Maritime Aktiebolag (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 8 February 2022 at 08:45 CET.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/concordia-maritime/r/technical-design-study-on-conversion-launched,c3500531

The following files are available for download:

https://mb.cision.com/Main/1948/3500531/1531199.pdf

Concordia Maritime - Press release - 20220208