Concordia Maritime

Quarterly Report • Aug 16, 2011

INTERIM REPORT 1 JANUARY–30 JUNE2011

• • Business operations proceeding according to plan. Three ships were taken in for scheduled drydock in the second quarter.
• • The tenth P-MAX tanker was delivered during the second quarter. The newbuilding program nowconsists of one suezmax tanker.
• • Continuing good availability of liquid funds, SEK636.3 (709.7) million.
• • Forecast for 2011: result before tax of USD 10–13 million, approx. SEK 65–85 million, depending on howthe open market develops in 2011.

	(A ) Q2 Jun pr–		hs ( 6 m Jan ont	Ful l ye ar
	201 1	201 0	201 1	201 0	201 0
Ne ale t s s, SE K ill. m	117 .1	132 .7	27 6.1	240 .0	513 .4
Re lt fte ta su a r x, SE K ill. m	17. 9	20 .9	38 .8	43 .8	80 .4
Re lt sha su p er re, SE K	0.3 8	0.4 4	0.8 1	0.9 2	1.6 8
EB ITD A, US D m ill.	8.5	7.7	17. 4	14. 8	30 .5
Av ail ab le l iqu id ), fun ds1 SE K m ill.	63 6.3	70 9.7	63 6.3	709 .7	698 .0

1) Including unutilised credit facilities.

PRESIDENT HANS NORÉNPRESENTS THEREPORT

By scanning in the QR code on the left, you can watch Hans Norén presen^t the Q2 repor^t on your mobile. Read more about QR codes and how they are used onthe last page.

CONCORDIA MARITIME IN60 SECONDS

Concordia Maritime is an international tanker shipping company. Our focus is on cost-effective and safe transportation of refined petroleum products such as gasoline, diesel and jet fuel. The company's Bshares were admitted to trading on Nasdaq OMX Stockholm in 1984.

BUSINESSCONCEPT

To provide our customers with safe and cost-efficient tanker transportation based on innovation and performance.

VISION

To be our customers' first choice for safe, innovative and efficient tanker transportation, which will result in good profitability, steady growth and financial stability.

STRATEGY

• • To continue to develop our position as ^a partner of choice inthe transportation of oil and petroleum products.
• • To continue to identify the market's need for efficient transportation and thereafter develop vessels and logistic solutions based on transport economy, flexibility and ^a well-developed safety and environmental philosophy.
• • To continue to utilise our strong financial position to do newbusiness with the right timing.
• • To continue to take advantage of the unique competence existing in the Stena Sphere with respect to market knowhow, shipbuilding and ship operation.

CUSTOMERS

Our customers include some of the world's largest oil and energy companies. Customer relations are characterised by partnership, cooperation and ^a long-term perspective.

WHAT WETRANSPORT

Our main focus is on the transportation of refined petroleum products such as gasoline, diesel and jet fuel. As ^a complement to this focus, we are also active in the transportation of crude oil.

BUSINESSMODEL

Our business and income model consists of providing vessels to customers in need of safe and cost-efficient transportation of oil and petroleum products. Income is generated mainly by chartering out vessels (spot market or time charters), profitsharing clauses in charters and the sale of ships.

FINANCIAL OBJECTIVESGROWTH >10%per year while maintaining profitability PROFITABILITY >12%return on equity EQUITY RATIO >50%over onebusiness cycle

CONTENTS

Pr i de 's iew nt es v s	3
Bu ine iv it ies ct s ss a	4
T he ke t m ar	6
F ina ia l nc s um ma ry	8
Ot he in fo ion at r rm	1 0
F ina ia l ta te nt nc s me s	1 1

PRESIDENT'SVIEWS

The company's business operations and the market developed in line with expectations during the second quarter. Concordia Maritime's result after tax amounted to SEK 17.9 (20.9) million, while EBITDA was USD 8.5 (7.7) million. The slightly lower EBITDA figure compared with the first quarter is ^a consequence of threeships in the fleet having undergone planned docking.

Comments onthe result

"e second quarter of ²⁰¹¹ continued largely as expected. "e market remained generally weak and this was particularly noticeable towards the end of the quarter, when freight rates in all tanker market segments fell sharply. "is was largely due to the continuing imbalance between supply and demand, ^a decline in American imports and general uncertainty regarding ^global economic development.

"e freight rates for our own time-charter contracts for the P-MAX and panamax tankers continued to be much higher than the rates in the open market and generated an average of just over USD 20,000 per day.

During the quarter, three vessels, Stena Primorsk, Stena Performance and Stena Premium, were taken in for scheduled docking. "is included five-year drydocking and upgrading of the latter two vessels to IMO III tankers. "e conversion means the vessels are now able to transport vegetable oils. "is will increase their flexibility in the market, which in turn may increase earnings potential. Transportation of vegetable oils is currently ^a niche segment of the tanker market, but may increase in importance as demand increases.

During the quarter we took delivery of Stena Premium, the tenth and last in the series of ordered P-MAX vessels. "e redelivery of the suezmax tanker, which had been chartered together with Stena Bulk since May 2010, means that weare only active in the MR segment at present.

In July, an agreement was reached with our customer Total for theearly redelivery of one of the four vessels they charter from us, in return for compensation. We expect the vessel in question, Stena Provence, to be employed on the open market from August. Planning is underway to alsoupgrade this vessel to IMO III in autumn.

Futureprospects

We stand by our earlier assessment that we can expect ^a slow and gradual improvement for the product tanker market from current levels. ²⁰¹¹ will probably be yet another weak year, while in ²⁰¹² and, in particular, 2013, the prospects for a market inbalance are good.

"e big challenge for the market as ^a whole remains to achieve a better balance between supply and demand for the transportation of oil and petroleum products. In very simple terms, it could be said that demand for oil transport is high, but the supply of new tonnage has been even higher so far. Growth in the world tanker fleet is expected to decline during thecurrent year, particularly in the area of product tankers.

Our own financial position continues to be stable, with capacity for further investments if the right business opportunitiesarise.

Forecast for2011

Our assessment is that Concordia Maritime will achieve a result before tax of USD 10–13 million, equivalent to SEK 65–85 million, in the ²⁰¹¹ financial year, depending on howthe market develops.

Ke ati y r os	6 m (Ja	hs ont un) n–J
	201 1	201 0	201 0
Res ult af x, M SE K ter ta	38 .8	43 .8	80. 4
EB ITD A, MS EK	110 .8	109 .3	219 .5
Ava ilab le l iqu id f und s, i ncl udi ng tili sed red it fa cili ties , M SE K unu c	63 6.3	709 .7	698 .0
Res ult sha fte x, S EK r ta p er re a	0.8 1	0.9 2	1.6 8
EB ITD A sha SE K p er re,	2.3 2	2.2 9	4.6 0
Equ ity sha SE K per re,	34 .36	38 .48	35. 94
% Equ ity io, rat	48	50	50
Equ ity h, % wt gro	–4	5	–4
Ret ity, % urn o n e qu	5	5	5

BUSINESSACTIVITIES

The fleet has operated according to plan in the first half of 2011. At the mid-year point, all the tankers apart from one were signed to charters. Current charter coverage means that freight rates are well in excess of those onthe spot market.

P-MAX

"e P-MAX tankers operate in different geographic markets around the world, transporting both light and heavy petroleumproducts as well as crude oil.

During the second quarter, Stena Primorsk and Stena Performance were taken in for 5-year drydock according to ^plan. Stena Performance and Stena Premium were upgraded to IMO III tanker. "e IMO III classification means the vessels are now also able to transport vegetable oils, thereby increasing their flexibility. "e docking and conversions have resulted in a lower EBITDAin the second quarter than in the first.

During the quarter, Stena Performance was re-delivered after her five-year time charter with Hess. "e vessel is now employed on the open market.

In July, an agreement on the early re-delivery of Stena Provence was reached with Total. "e vessel will be employed in the open with effect from August and ^plans are underway toalso upgrade her to IMO III in autumn.

Panamax

"e two panamax tankers Stena Poseidon and Palva, which are owned in ^a joint venture with Neste Shipping, have continuedtheir transatlantic traffic for Neste Oil.

Suezmax

In the first half of the year, the company's presence in the large tanker market comprised the suezmax tanker Yasa Scorpion, which had been chartered together with Stena Bulk since May 2010. "e vessel was re-delivered inMay 2011.

Newbuilding program

"e tenth and last unit in the series of P-MAX tankers, Stena Premium, was delivered in June. "e suezmax tanker, which was ordered in early 2010, is scheduled for delivery inthe second quarter of 2012.

EBITDAper quarter

US D illio m ns	Q2 201 1	Q1 201 1	Q4 201 0	Q3 201 0	Q2 201 0	Q1 201 0
P- MA X	8.3	8.8	8.6	8.1	7.6	6.9
Pa na ma x	1.4	1.2	1.2	0.7	1.2	1.3
Afr am ax	0.0	0.0	0.1
Su ezm ax	0.0	0.0	–0 .2	0.1	0.1
Ad mi nd the n. a o rs	–1. 2	–1. 1	–1. 4	–1. 5	–1. 2	–1. 1
To tal	8.5	8.9	8.3	7.4	7.7	7.1

Incomeby geographical segment

	(Ja un) 6 hs n–J ont m
SE K illio m ns	201 1	201 0
EU	194 .2	152 .2
Re f w orl d st o	81. 9	87. 8
To tal in co me	27 6.1	24 0.0

VESSELTYPES

CRUDEOIL TANKERS

Segments in which we were active at 30 June 2011.

TYPES OFCONTRACT

Spot market (open market) Where ^a ship is contracted for each individualvoyage.

Timecharter

The hire of ^a ship for ^a specified period at a fixedfreight rate.

BUSINESSACTIVITIES, CONT'D

Product fleet'saverage freight rate per vessel and day The grap^h shows the trend of the

spo^t market, the base hire for Concordia Maritime's product tanker fleet and the actual income. The figures for the fleet are based on full employment, i.e. the base hire for the fleet is adjusted downwards to reflect any off hire.

Market (Timecharter, 3 years)

Closecustomer relations

FREIGHTMARKET DEVELOPMENT

Theperiod was dominated by falling rates on the spot market. However, the time-charter market was more stable.

Thegraph shows the average value per month. Source: Fearnleys

NEWBUILDINGPRICES

Unchanged newbuilding prices

The price of ^a newly built standard MR tanker was approx. USD 35 million at the end of the period, while in the suezmax segment, prices were inthe region of USD 65 million.

The graphs show the average value per month. Source:Fearnleys

FINANCIALSUMMARY

Equity

Equity per share was SEK 34.36 (38.48). "e Group's equity, which is denominated in US dollars, declined during the second quarter of 2011. "is was due to the SEK/USD exchange rate having fallen from SEK 6.73 at the beginning of the year to SEK 6.31 at the end of the period. "e decline has been partly covered by the parent company's equity hedge which generated ^a surplus of SEK 49.8 (–56.8) million.

Changes in translation and hedging reserves

"e parent company's functional currency is SEK, although the majority of the transactions in the Group are in USD. "e Group's result is generated in USD, which means the result in SEK is ^a direct function of the SEK/USD exchange ratetrend.

In February 2009, Concordia Maritime re-entered into an equity hedge amounting to approx. 50 percent of the equity in its foreign subsidiaries, corresponding to USD 125 million. "e equity hedge resulted in ^a profit after tax of SEK 49.8 (–56.8), corresponding to SEK 1.04 (–1.19) per share, during the first six months of 2011, which is recognised in "Othercomprehensive income".

Accumulated exchange differences including the effects of forward contracts, which are recognised in equity, amounted to SEK –17.6 (208.3) million. "e changes are recognised in equity via "Other comprehensive income".

In connection with the order of four P-MAX tankers, a USD–EUR cash flow hedge was entered into for future payments to the shipyard. Now that the last vessel has been delivered, the gain of SEK 0.4 (1.3) million is reported under "Ships and equipment".

In 2009, the company entered into additional interest hedges corresponding to USD ¹⁰⁰ million in order to protect itself against interest fluctuations. At the end of the second quarter of 2011, the interest hedges amounted to ^a total of USD 140 million. "ey are structured in such ^a way as to cover approx. 60 percent of anticipated future borrowing within existing credit facilities and expire in2015. At the end of the second quarter, the value of these contracts was SEK –37.7 (–30.1) million, which is recognised in the "Hedging reservevia "Other comprehensive income". At the end of the period, the total hedging reserve amounted to SEK –37.7 (–34.2) million.

Group's sales and earnings

	Q2		6 m ont	hs
SE K illio m ns	201 1	201 0	201 1	201 0
Ne ale t s s	117 .1	132 .7	276 .1	24 0.0
Re lt fte su a r fin cia l et an n	16. 2	19. 5	35 .2	40 .2
Re lt fte ta su a r x	17. 9	20 .9	38 .8	43 .8
Re lt sh su p er are	0.3 8	0.4 4	0.8 1	0.9 2

Liquidity and financial position

SE K illio m ns	30 J une 201 1	30 J une 201 0
1) Av ail ab le l iqu id f ds un	63 6.3	709 .7
Int bea rin lia bil itie st- ere g s	1, 619 .8	1, 68 8.1
Eq uit y	1, 63 9.9	1, 83 6.8
Eq uit ati % y r o,	48	50

1) Including unutilised credit facilities.

FINANCIAL SUMMARY, CONT'D

Investments

Investments during the first half of 2011 amounted to SEK 243.9 (323.1) million and related to deliveries of ships, advance payments and project costs.

Seasonal variations

The fact that all Concordia Maritime's vessels apart from two are chartered out counteracts the seasonal variations that otherwise characterise tanker shipping.

Employees and option programs

The number of employees in the Group at 31 December 2010 was 359,353 of whom were seagoing employees. There are no option programs in place.

Investments

Part of the company's bond portfolio was sold during the first quarter. As a result, the bond portfolio is classified as "for sale" and is recognised at its market value in "Other comprehensive income". Other holdings (primarily mutual funds) are measured at their market value on each reporting date. Total short-term investments corresponded to SEK 77.8 (22.5) million.

Parent company

The parent company's sales amounted to SEK 34.6 (1.8) million, with intragroup invoicing representing SEK 0.0 (0.0) million of this amount. The parent company's result after financial items amounted to SEK 53.3 (–98.0) million.

The parent company's available liquid funds, including unutilised credit facilities amounted to SEK 1,833.7 (1,918.1) million.

As a result of the trend of the SEK/USD exchange ratein 2011, the company's profit expressed in SEK has changed, yet remains unchanged in USD. More information about how the company protects itself against currency and interest rate fluctuations can be found in "Changes in translation and hedging reserves".

OTHERINFORMATION

Relatedparty transactions

Concordia Maritime has ^a small organisation, and purchases services from companies in the Stena Sphere, including Stena Bulk. "e latter company conducts tanker business which competes with Concordia Maritime in some respects. Accordingly, there is an agreement, entered into many years ago, which regulates the relationship between the two companies with respect to new business. Under the terms of this agreement, Concordia Maritime has the right to opt for 0, 50 or ¹⁰⁰ percent participation in each new transaction.

At the beginning of April, Stena Bulk started ^a joint venture together with Danish Weco, in the form of ^a newly established company, Stena Weco, with Stena Bulk and Weco each owning 50 percent. Weco specialises mainly inthetransportation of vegetable oils.

Under a new agreement with Stena Bulk, Concordia Maritime is entitled to the financial result arising from vessels that may from time to time be chartered in by Stena Weco for ^a period of more than one year, should Concordia Maritime decide to participate in such charters. Other business generated by Stena Weco is not available to Concordia Maritime.

Concordia Maritime purchases services on ^a regular basis fromthe the Stena Sphere in the following areas:

• • Vessel charter. Payment is based on ^a commission of 1.25 percent on freight rates.
• • Commission on the purchase and sale of vessels. Payment is based on^a commission of ¹ percent.
• • Operation and manning of the Group's vessels, also referred to as ship management. Payment is based on a fixedprice per year and vessel.
• • Purchases of bunker oil. Payment is based on ^a fixed commissionper ton purchased.
• • Administration, marketing, insurance, technical monitoring and development of Concordia Maritime's fleet. Payment is based on ^a fixed price per month and vessel. With regard to technical consulting services for construction projects, an hourly rate is applied on ^a cost^plus basis, which is then charged to the project.
• • Office rent and office services. A fixed price per year is charged.

All related party transactions take place on commercial terms andat market-related prices.

Risks anduncertainties

Concordia Maritime is exposed to ^a number of risks of various types. "e main market-related factors affecting the company include the general economy, freight rates, oil prices and political factors. Risks related to operational activities include ship management, insurance and employees. Concordia Maritime is also exposed to credit and financialrisks.

"e management and the board work actively to minimise risk exposure and to minimise the consequences and effects of a risknevertheless materialising.

Further information can be found in the 2010 annual report.

	Typ f ri sk e o
1. C ris ks te orp ora	A Bra nd
	B Em plo yee s
	C Liq uid ity
	D Fin ing risk anc
2. M ark et	A Eco ic t ds nom ren
rel d ate ris ks	B Fre igh t ra tes
	C Oil pri ce
	D Pol itic al r isk
	E Wa nd ins tab ility r a
3. O ati l per ona	A Shi and ins ent p m ana gem ura nce
ris ks	B Env iro ent nm
4. C red it ri sks	A Cou risk nte rty tom rpa s – cus er
	B Cou risk shi rds and nte rty tne rpa s – pya par rs

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GROUPINCOME STATEMENT, OTHER COMPREHENSIVE INCOME ANDPER-SHARE DATA

SE K illio m ns	Q2 201 1	Q2 201 0	6 m hs 201 1 ont	6 m hs 201 0 ont	Ful l ye ar 2 010
Co oli da ted I Sta tem t ns nco me en
K/ Av ha SE US D ate era ge exc ng e r	6.2 7	7.5 8	6.3 8	7.3 9	7.2 0
Ne ale t s s	117 .1	132 .7	276 .1	24 0.0	513 .4
To tal in co me	117 .1	132 .7	27 6.1	24 0.0	513 .4
Op tin hip ost era g c s, s s	–28 .7	–4 2.0	–9 3.4	–6 4.0	–15 5.4
Se oin l c ost ag g p ers on ne s	–25 .5	–2 2.7	–5 2.8	–49 .2	–10 1.9
Oth l c xte ost er e rna s	–6 .8	–7. 5	–13 .4	–12 .4	–25 .6
Pe el ost rso nn c s	–2 .8	–2 .4	–5 .7	–5 .1	–11 .0
De cia tio pre n	–3 0.6	–3 1.4	–6 2.2	–5 8.2	–11 9.3
To tal ing rat ts o pe cos	–94 .4	–10 6.0	–2 27. 5	–18 8.9	–4 13. 2
Op tin ult era g r es	22 .7	26 .7	48 .6	51. 1	100 .2
Div ide nd s	0.5	0.0	0.5	0.0	0.7
Int in nd im ila r it st ere co me a s em s	2.3	3.0	4.0	8.1	10. 6
Int nd sim ila r it st ere e xpe nse s a em s	–9. 3	–9. 8	–17 .9	–18 .6	–3 8.2
Exc ha e d iffe ng ren ces		–0 .4		–0 .4	3.6
Fin cia l et an n	–6 .5	–7. 2	–13 .4	–10 .9	–2 3.3
Re lt fte fi ial t su a r na nc ne	16. 2	19. 5	35 .2	40 .2	76 .9
Tax	1.7	1.4	3.6	3.6	3.5
fte Re lt t su a r ax	17. 9	20 .9	38 .8	43 .8	80 .4
Oth he ive inc er c om pre ns om e
Re lt fo he eri od t su r p	17. 9	20 .9	38 .8	43 .8	80 .4
Exc ha e d iffe aft et tax ng ren ces , n er	–3 .7	137 .4	–11 6.5	.3 150	–11 2.0
Eq uit he dg aft et tax y e, n er	12. 3	–4 8.9	49. 8	–5 6.8	46 .3
Av ail ab le- for le fi ial aft ets et tax -sa na nc ass , n er	–0 .2		0.0		4.8
Ca sh fl h ed rel d, aft ate net tax ow ge s, c urr en cy- er	0.0	6.5	0.4	1.3	–3 .3
Ca sh fl h ed int rel d, aft st- ate net tax ow ge s, ere er	–9. 6	–3 0.1	–0 .3	–4 2.4	–4 1.4
Co reh siv e i for the rio d mp en nco me pe	16. 7	85 .8	–2 7.8	96 .2	–2 5.2
SE Pe ha d ata K r-s re ,
Nu mb f s ha er o res	47, 729 798 ,	47, 729 798 ,	47, 729 798 ,	47, 729 798 ,	47, 729 798 ,
/af Re lt sh bef dil uti ter su p er are ore on ,	0.3 8	0.4 4	0.8 1	0.9 2	1.6 8
Eq uit sh SE K y p er are ,	34 .36	38 .48	34 .36	38 .48	35 .94

GROUPSUMMARY OF BALANCESHEET

SE K illio m ns	30 Jun e 2 011	30 Jun e 2 010	31 Dec 201 0
/U Clo sin xch e S EK SD rat g e an ge	6.3 1	7.7 5	6.7 3
As ts se
Sh ips d e ipm t an qu en	3, 06 6.8	2, 90 3.0	2, 919 .6
Sh ips de ion str uct un r c on	87. 5	494 .9	262 .0
Fin cia l ts an a sse	1.8	101 .5	2.1
To tal fi d ets xe a ss	3, 156 .1	3, 49 9.4	3, 183 .7
Cu cei ble nt rre re va s	100 .5	90 .4	124 .8
Sh inv ort -te est nts rm me	77. 8	22 .5	84 .0
Ca sh nd ba nk ba lan a ces	84 .2	79. 5	68 .3
To tal t ets c ur ren a ss	26 2.5	192 .4	27 7.1
To tal ets a ss	3, 418 .6	3, 69 1.8	3, 46 0.8
Eq uit nd lia bil itie y a s
Eq uit y	1, 63 9.9	1, 83 6.8	1, 715 .4
Lo lia bil itie -te ng rm s	1, 64 6.2	1, 676 .8	1, 60 8.8
Sh lia bil itie ort -te rm s	132 .5	178 .2	134 .0
Cr ed it fa cil ity			2.6
ity iab ilit ies To tal d l e qu an	3, 418 .6	3, 69 1.8	3, 0.8 46

CHANGES INEQUITY

SE K illio m ns	Sha re ital cap	Oth pita l er ca trib d ute con	Tra nsl atio n res erv e	Hed gin g res erv e	Fai lue va r res erv e	Ret ain ed nin ear gs	Tot al
Ch s J –J e 2 01 1 an ge an un
Op ing ba lan 01- 01- 20 11 en ce	38 1.8	61. 9	49. 1	–3 7.8	4.8	1, 25 5.6	1, 715 .4
Div ide nd						–4 7.7	–4 7.7
Tot al he ive inc c om pre ns om e			–6 6.7	0.1	0.0	38 .8	–2 7.8
Clo sin ba lan 30 -06 -20 11 g ce	38 1.8	61. 9	–17 .6	–3 7.7	4.8	1, 24 6.7	1, 63 9.9
Ch e 2 010 s J –J an ge an un
Op ing ba lan 01- 01- 20 10 en ce	38 1.8	61. 9	114 .8	6.9	0.0	1, 22 2.9	1, 788 .3
Div ide nd						–4 7.7	–4 7.7
Tot al he ive inc c om pre ns om e			93 .5	–4 1.1	0.0	43 .8	96. 2
Clo sin ba lan 30 -06 -20 10 g ce	38 1.8	61. 9	20 8.3	–3 4.2	0.0	1, 219 .0	1, 83 6.8

GROUPSUMMARY OF CASH FLOWSTATEMENT

SE K illio m ns	Q2 201 1	Q2 201 0	6 m hs 201 1 ont	6 m hs 201 0 ont	Ful l ye ar 2 010
Op tin cti vit ies era g a
Re lt fte fi ial net su a r na nc	16. 2	19. 5	35 .2	40 .2	76. 9
Ad jus tm ts: en
De cia tio pre n	32 .6	33 .6	68 .4	62 .7	129 .9
Re lt, le o f fi ial ets su sa na nc ass		0.0			–1. 5
Re lt, le o f s uri tie su sa ec s	0.0		–0 .4
Oth it er em s	7.2	0.0	5.8		5.4
Ca sh fl fro tin cti vit ies ow m op era g a be for ha in w ork ing ita l c e ng es ca p	56 .0	53 .1	109 .0	102 .9	210 .7
Ch s i ork ing ita l an ge n w ca p	20 .2	12. 4	74. 1	106 .6	131 .3
Ca sh fl fro tin cti vit ies ow m op era g a	76 .2	65 .5	183 .1	20 9.5	34 2.0
Inv tin cti vit ies es g a
Sh ips de ion str uct un r c on	–18 7.3	–25 .1	–24 3.9	–3 23 .1	–6 38 .6
Inv in fi ial est nt ets me na nc ass	–6 .3		–6 .3
Sa le f fi ial ets o na nc ass	0.1	–0 .1	10. 7	53 .2	94 .7
fl fro Ca sh inv tin cti vit ies ow m es g a	–19 3.5	–2 5.2	–2 39 .5	–2 69. 9	–5 43 .9
Fin cin cti vit ies an g a
Ne l w oa ns	3, 376 .7	65 .2	2, 24 8.5	28 6.9	716 .9
Am isa tio f lo ort o n an s	–3 23 7.8 ,	–3 3.5	–2 128 .0 ,	–18 0.5	82 –4 .1
Div ide nd ha reh old t o s ers	–4 7.7	–4 7.7	–4 7.7	–4 7.7	–4 7.7
Ca sh fl fro fin cin cti vit ies ow m an g a	91 .2	–16 .0	72 .8	58 .7	187 .1
Ca sh fl f rio d ow or pe	–26 .1	24 .3	16. 4	–1. 7	.8 –14
(No 1) Ba lan t b inn ing of rio d te ce a eg pe	109 .2	50 .5	68 .3	82 .5	82 .5
(No 2) Exc ha e d iffe te ng ren ces	1.1	4.8	–0 .5	–1. 2	0.6
(No 1) Ba lan nd f p eri od t e te ce a o	84 .2	79. 5	84 .2	79. 5	68 .3
No 1 . B ala ist f c h, ba nk ba lan te nce co ns s o as ces d red it f ilit an c ac y
No 2 . E xch dif fer rib ble te att uta to: an ge en ces
Ba lan t b inn ing of y ce a eg ea r	0.0	4.4	–0 .3	–1. 0	0.4
Ca sh fl f the rio d ow or pe	1.1	0.4	–0 .2	–0 .2	0.2
	1.1	4.8	–0 .5	–1. 2	0.6

QUARTERLY OVERVIEW

	SE K illio m ns	Q2 201 1	Q1 201 1	Q4 201 0	Q3 201 0	Q2 201 0	Q1 201 0	Q4 200 9	Q3 200 9
t/l Pr ofi oss ite ms	Ne ale t s s	117 .1	159 .0	145 .5	127 .9	132 .7	107 .3	.2 111	.3 147
	Op tin ost era g c s	–94 .4	–13 3.1	–11 9.8	–10 4.5	–10 6.0	–8 2.9	–94 .4	–14 2.8
	(EB IT) Op tin ult era g r es	22 .7	25 .9	25 .7	23 .4	26 .7	24 .4	16. 8	4.5
	t/l of hic h rofi sh ip s ale w p oss on s
	Fin cia l et an n	–6 .5	–6 .9	–7. 8	–4 .6	–7. 2	–3 .7	1.8	–13 9.5
	Re lt fte fi ial ite su a r na nc ms	16. 2	19. 0	17. 9	18. 8	19. 5	20 .7	18. 6	–13 5.0
	Re lt fte ta su a r x	17. 9	20 .9	18. 9	17. 7	20 .9	22 .9	30 .2	–13 5.2
	Ca sh fl f tin cti vit ies ow rom op era g a	56 .0	53 .0	54 .9	52 .9	53 .1	49. 8	44 .1	40 .7
	EB ITD A	53 .3	57. 5	56 .0	54 .2	58 .1	51. 2	41. 8	25 .8
Ba lan -sh t ce ee
ite ms	(nu s) Sh ips mb of s hip er	(11 ) 3, 06 6.8	(10 ) 2, 706 .5	(10 ) 2, 919 .6	(9 ) 2, 50 7.6	(9 ) 3.0 2, 90	(9 ) 73 2, 0.5	(8 ) 2, 26 5.0	(8 ) 23 3.3 2,
	(nu s) Sh ips de ion mb of s hip str uct un r c on er	(1 ) 87. 5	(2 ) 29 1.3	(2 ) 262 .0	(3 ) 48 2.1	(3 ) 494 .9	(3 ) 44 2.1	(3 ) 619 .0	(3 ) 493 .7
	Liq uid fun ds inc l. i stm ts nve en	162 .0	180 .4	152 .3	145 .3	102 .0	88 .1	119 .6	134 .2
	Oth ts er a sse	102 .3	105 .1	126 .9	150 .3	191 .9	.9 176	376 .8	2.2 44
	Int bea rin lia bil itie st- ere g s	1, 619 .8	1, 48 0.0	1, 596 .1	1, 43 0.0	1, 68 8.1	1, 53 5.6	1, 45 8.5	1, 36 9.5
	Oth li ab ilit ies nd isio er a p rov ns	158 .9	132 .4	149 .3	157 .0	166 .9	103 .3	124 .6	186 .5
	Eq uit y	1, 63 9.9	1, 670 .9	1, 715 .4	1, 698 .3	1, 83 6.8	1, 798 .7	1, 788 .3	1, 747 .9
	Tot al ts a sse	3, 418 .6	3, 28 3.3	3, 46 0.8	3, 28 5.3	3, 69 1.8	3, 43 7.6	3, 37 1.4	3, 30 3.9
Ke ati % y r os ,	Eq uit ati y r o	48	51	50	52	50	52	53	53
	Re l c ita l tur n t ota o n ap	3	3	2	2	3	3	3	3
	Re ita l e loy ed tur o n n c ap mp	3	3	2	2	3	4	3	3
	Re ity tur o n n e qu	5	5	5	3	5	5	–4	–8
	Op tin in era g m arg	19	16	18	18	20	23	15	3
Sh d ata are	Ne ale t s s	2.4 5	3.3 3	3.0 5	2.6 8	2.7 8	2.2 5	2.3 3	3.0 9
	Op tin ost era g c s	–1. 98	–2 .79	–2 .51	–2 .19	–2 .22	–1. 74	–1. 98	–2 .99
	Op tin ult era g r es	0.4 8	0.5 4	0.5 4	0.4 9	0.5 6	0.5 1	0.3 5	0.0 9
	Fin cia l et an n	–0 .14	–0 .14	–0 .16	–0 .10	–0 .15	–0 .08	0.0 4	–2 .92
	Re lt fte ta su a r x	0.3 8	0.4 4	0.4 0	0.3 7	0.4 4	0.4 8	0.6 3	–2 .83
	Ca sh fl ow	1.1 7	1.1 1	1.1 5	1.1 1	1.1 1	1.0 4	0.9 2	0.8 5
	EB ITD A	1.1 2	1.2 0	1.1 7	1.1 4	1.2 2	1.0 7	0.8 8	0.5 4
	Eq uit y	34 .36	35 .01	35 .94	35 .58	38 .48	37. 69	37. 47	36 .62

Please note that there has beenno dilution effect since 2002. Definitions: see page 16

PARENT COMPANYCONDENSEDINCOME STATEMENT AND BALANCE SHEET

SE K illio m ns	6 m hs 201 1 ont	6 m hs 201 0 ont
Ne ale t s s	34 .6	1.8
Op tin hip ost era g c s, s s	–3 4.5	–1. 4
Oth l c xte ost er e rna s	–8 .1	–7. 3
Pe el ost rso nn c s	–4 .1	–3 .9
Op tin ult era g r es	–12 .1	–10 .8
t/l Int in nd im ila rofi ite st ere co me a s r p oss ms	75 .9	14. 0
t/l Int nd sim ila rofi ite st ere e xpe nse s a r p oss ms	–10 .5	–10 1.2
Re lt fte fi ial t su a r na nc ne	53 .3	–9 8.0
Tax	–14 .0	24 .5
Re lt fo he iod t su r p er	39 .3	–7 3.5

SE K illio m ns	30 Jun e 2 011	30 Jun e 2 010
As ts se
Eq uip nt me	0.1	0.1
Fin cia l ts an a sse	40 .9	57. 6
Sh i nie are s g n rou p c om pa s	745 .8	745 .8
To tal fi d ets xe a ss	78 6.8	80 3.5
Cu cei ble nt rre re va s	40 .8	119 .1
Sh inv ort -te est nts rm me	37. 3	20 .3
Ca sh nd ba nk ba lan a ces	1, 28 1.7	1, 28 7.9
To tal t ets c ur ren a ss	1, 35 9.8	1, 42 7.3
To tal ets a ss	2, 146 .6	2, 23 0.8
Eq uit nd lia bil itie y a s
Eq uit y	66 4.8	55 0.4
Lo lia bil itie -te ng rm s	1, 45 5.7	1, 43 7.8
Sh lia bil itie ort -te rm s	26 .1	24 2.6
To tal ity d l iab ilit ies e qu an	2, 146 .6	2, 23 0.8

Gothenburg, 16 August ²⁰¹¹ Concordia Maritime AB(publ)

fan ke Ste Br oc r	Å ke kss Be Er i rt on	M Jan ats sso n
ka l v C. M M i tze e on en r C ha De irm pu ty an	hr M C M ort en o	Ha No rén ns de Pr esi nt
lss Da Ste O n n on ha C irm an	le Jen O Ha s nse n	J Lo rén örg en

"e Concordia Maritime Group applies International Financial Reporting Standards (IFRS) as adopted by the EU. "e Group applies the same accounting policies and calculation methods in the interim reports as in the annual report for 2010, in addition to those described inthis report.

"e Group's interim report has been prepared in accordance with IAS 34. "e report for the parent company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2. "is report ^gives ^a true and fair view of the operations, financial position and performance of the parent company and Group, and describes significant risks and uncertainties to whichthe Group is exposed.

"isreport has not been reviewed by the company's auditors.

ACCOUNTINGPRINCIPLES

IFRS 8, the standard which deals with segmen^t reporting, has been applied since 1 January 2009. IFRS 8 is ^a disclosure standard that defines what an operating segmen^t is. With effect from Q3 2010, Concordia Maritime follows up the economic performance of the fleet as one unit. Consequently, the two previous segments Product tankers and Large tankers have been merged into ^a single segmen^t – Tankers – inthe company's financial reporting.

This information in this repor^t is information that Concordia Maritime is required to disclose in accordance with the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. The information was made public on16 August 2011 at approx. 3 p.m.

DEFINITIONS

Cash flow from operating activities Result after net financial items ^plus depreciation minus tax paid (cash flow before change in working capital and investments andbefore effect of ship sales).

Return on total capital Result after net financial items plus financial expenses as ^a percentage of average total assets.

Return on capital employed Result after net financial items plus financial expenses as ^a percentage of average capital employed. Capital employed refers to total assets minus non-interest-bearing liabilities, including deferred taxliability.

Return on equity Result for the year as ^a percentage ofaverage equity.

Equity ratio Equity as ^a percentage of total assets.

INFORMATIONAND CONTACT

Reports and information, 2011

Interimreport, Q3 2 November 2011

Hans Norén, President +46 31 85 51 01 or +46 704 85 51 01 hans.noren@concordiamaritime.com

Göran Hermansson, CFO+46 31 85 50 46 or +46 704 85 50 46 goran.hermansson@ concordiamaritime.com

ABOUT QRCODES

QR codes are used to refer to more information on the Internet. The code in this repor^t links to ^a video. The video canalso be viewed on Concordia Maritime's website.

The QR code is scanned in with the help of ^a smartphone camera. You are then taken to the web page containing the information. To be able to use QR codes, your mobile must be equipped with ^a camera, ^a QR reader and an Internet connection.

If you do not already have ^a QR reader in your mobile, it can be downloaded free of charge. There are different readers for different types of mobile phones. Search for QR on sites where you download applications for your smartphone, e.g. App Store or Android Market.

Concordia MaritimeSE-405 19 Gothenburg, Sweden Tel +46 31 85 50 00 Reg. no. 556068-5819 www.concordiamaritime.com