Concordia Maritime

Quarterly Report • Apr 27, 2010

INTERIM REPORT 1 JANUARY–31 MARCH 2010

• Net turnover: SEK 107.3 (178.3) million
• Result after tax SEK 22.9 (0.4) million
• Result per share after tax: SEK 0.48 (0.01)
• EBITDA of USD 7.1 (5.9) million
• Available liquid funds (including un utilised credit facilities) SEK 672.8 (712.5) million
• Forecast for 2010: A result before tax of USD 9.5 million (approx. SEK 70.0 million)
• Order of new Suezmax tanker
• Naming and delivery of Stena Polaris
• Continuing weak market

This information is provided in accordance with the Swedish Securities Exchange and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was made public on 27 April 2010 at about 14:30.

THIS IS CONCORDIA MARITIME

Concordia Maritime is an international tanker shipping company, which develops, builds, mans and charters vessels to customers with exacting demands on transport economy, fl exibility and safety. The company's focus is on cost-effective and safe transportation of refi ned petroleum products such as petrol, diesel fuel and aviation fuel.

Concordia Maritime was established in 1984 and its Series B share is listed on the NASDAQ OMX Nordic Exchange in Stockholm. Its head offi ce is located in Gothenburg, Sweden.

BUSINESS CONCEPT

To provide the customers with safe and cost-e! cient tanker transportation based on innovation and performance.

VISION

To be the customers' " rst choice for safe, innovative and e! cient tanker transportation, which will result in good pro" tability, steady growth and " nancial stability.

OUR CUSTOMERS

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

OUR COOPERATION PARTNERS

Concordia Maritime conducts its business activities in close cooperation with several companies in the Stena Sphere. # is means that the company's business activities can be conducted cost-e\$ ectively at the same time as its customers have access to the Stena Sphere's knowledge base.

WHAT WE TRANSPORT

e change in business activities implemented in recent years has resulted in a shift in focus from the transportation of crude oil to the transportation of re" ned petroleum products. # e 12 tankers ordered and delivered in the last few years, as well as in the process of being delivered, are all designed primarily to transport re" ned petroleum products such as petrol, diesel fuel and aviation fuel.

FINANCIAL OBJECTIVES

Growth At least 10% per year, while maintaining pro" tability Profi tability Return on equity of at least 12% Equity ratio At least 50% over a business cycle

CONTENTS

Pr i de 's V iew nt es s	3
Bu ine iv it ies t s ss ac	4
T he ke t m ar	6
F ina ia l s nc um ma ry	8
fo Ot he in ion at r rm	1 0
F ina ia l r ts nc ep or	1 3

PRESIDENT'S VIEWS

During the fi rst quarter, Concordia Maritime's business activities continued to develop according to plan. Turnover amounted to SEK 107.3 (178.3) million and the result after tax was SEK 20.7 (–2.1) million.

Comments on the result

e tanker market during the " rst quarter was weak and, as expected, the upswing in December 2009 and January 2010 was temporary. In February, the freight rates in the product tanker market once again fell to about USD 7,000–8,000 per day. # e freight rates on the time-charter markets increased somewhat.

e fact that Concordia Maritime currently has all its & eet signed to long-term charters means that despite this, we are doing well. # e trend of the turnover and result during the " rst quarter was in line with our forecast.

Order of Suezmax tanker

During the period, an order for one new Suezmax tanker was placed with Samsung Heavy Industries in South Korea with delivery set for the second quarter of 2012. # e investment amounts to just under SEK 500 million, the largest part of which will be paid on delivery. # e intention is to employ the tanker in the open market.

is tanker, which will be named Stena Supreme, is part of a series of six units developed by Stena Bulk and designed by Stena Teknik. During its design, the focus was on energy e! ciency. # e vessel's technical equipment and design will enable fuel consumption to be reduced by up to 10–15 percent compared with standard tonnage.

is order " ts in very well with Concordia Maritime's strategy and will be an interesting complement to our

involvement in the product tanker market. # e transport pattern for crude oil is changing, resulting in, among other things, longer transport distances. In this context, the Suezmax size is more & exible than e.g. VLCCs. We feel that the timing is right as the price is competitive and re& ects the 35–40 percent drop in ship prices since their peak 1.5–2 years ago.

Participation in charter of Suezmax tanker

During the period, it was also decided that Concordia Maritime would participate with 50 percent of Stena Bulk's charter of a newly built Suzemax tanker. # is charter will run for 12 months following delivery from the shipyard, which is set for May this year. # e freight rate is USD 23,000 per day. # e tanker will be employed on the open market in the Stena Sonangol Suezmax Pool.

Future prospects

e large growth of the tanker & eet will probably result in a continuing weak market for some time. Even with an anticipated increase in scrapping, delayed deliveries and cancellations in 2010, the net growth of the & eet will be substantial.

e market situation is challenging, but we are in a good position. # e whole product tanker & eet is signed to longterm charters, which means that we have secured our cash & ows for some years to come. # is, in combination with a strong " nancial position, means that we have the capacity for further investments if the right business opportunities arise.

Forecast for 2010

Our assessment is that in the " nancial year 2010, Concordia Maritime will reach a result before tax of approx. USD 9.5 million, corresponding to approx. SEK 70 million.

Ke ati y r os	Fir st q uar	Ful l ye ar
	201 0	200 9	200 9
Re sul t b efo , SE K m illio tax re n	22 .9	0.4	–8 1.1
SE EB ITD A, K m illio n	51. 2	49 .2	160 .8
Ava ilab le l iqu id f und s inc lud ing uti lise d c red it fa cili tie un s, SE K m illio n	672 .8	71 2.5	53 6.0
Re sul sha t p er re aft , SE K tax er	0.4 8	0.0 1	–1. 70
EB ITD A p sha SE K er re,	1.0 7	1.0 3	3.3 7
Div ide nd sh , SE K per are			1.0 0
Eq uity har pe r s e, inc lud ing div ide nd, SE K	37. 69	39 .99	37. 47
Eq uity tio , % ra	52	56	53
Eq uity th, inc lud ing div ide nd, % gr ow	1	–3	–9
Ret uity urn on eq , inc lud ing div ide nd, %	5	0	–4

BUSINESS ACTIVITIES

Business activities in the fi rst quarter proceeded according to plan. All the vessels in the fl eet performed well and generated revenues well exceeding the freight rates on the spot market.

Product tankers

During the period, Concordia Maritime's product tanker & eet consisted of eight wholly owned P-MAX tankers and two part-owned Panamax tankers. All the vessels were signed to charters of between three and ten years on delivery. # e P-MAX tankers operate in di\$ erent geographical markets all over the world, transporting both light (e.g. petrol) and heavy petroleum products (e.g. heavy oil) as well as crude oil.

e two Panamax tankers Stena Poseidon and Palva, which are owned by Concordia Maritime via a joint venture with Neste Shipping, continued to sail for Neste Oil in transatlantic tra! c.

Result for the period

e segment reports an EBITDA of USD 7.6 (7.2) million for the " rst quarter of 2010.

Large tankers

In the fourth quarter of 2009, the two V-MAX tankers Stena Vision and Stena Victory were redelivered to General Maritime, which means that Concordia Maritime was not active in this segment during this quarter. After it has been delivered in the second quarter of 2012, the newly ordered Stena Supreme will operate in this segment. As will the Suezmax tanker, which will be chartered for one year, together with Stena Bulk, from May 2010.

Result for the period

e segment reports an EBITDA of USD –0.1 (–1.0) million for the " rst quarter of 2010.

Newbuilding program

Concordia Maritime's newbuilding program is proceeding according to plan. # e Stena Polaris, the eighth tanker in the P-MAX & eet, was named and delivered at the beginning of March. # e remaining two product tankers in the program will be delivered at the end of 2010 and in the " rst quarter of 2011, respectively. # e Suezmax tanker ordered during the period will be delivered in the second quarter of 2012.

IFRS 8 regarding operating segments has been applied as of 1 January 2009. IFRS 8 is a disclosure standard that defi nes what an operating segment is. The transition has not resulted in any changes; the same operating segment is presented as previously and it is based on the parts of the business that the board follows up: Product tankers and Large tankers. In the Product tanker segment, the P-MAX tankers and the Panamax tankers have been merged as they have similar economic attributes. This section contains a short description of the segments, what is included and the economic trend during the period.

The product fl eet's average freight rate per vessel and day

All the vessels in the fl eet are signed to long-term charter contracts. The graph illustrates the trend of the spot market, the base hire for Concordia Maritime's fl eet and the actual freight rates. The fi gures for the fl eet are based on full employment, i.e. the base hire for the fl eet is adjusted downwards to refl ect any off hire.

CLOSE CUSTOMER RELATIONS AND LONG-TERM CHARTER CONTRACTS

Concordia Maritime's strategy is based on long-term charter contracts. All the vessels in the fl eet are currently signed to long-term charters, which provide fi nancial stability thus making possible long-term investments.

Segment reporting, Q1, 2010

As ts se	3, 29 1.5	10 8.8	37 .3	3, 43 7.6
EB ITD A	54 .5	–1 .0	–2 .3	51 .2
H3) Dis trib uti of O on	–3 .9	–0 .4	–2 .3	–6 .6
2) Co sts	–4 8.9	–0 .6		–49 .5
1) Tu rno ver	107 .3			107 .3
SE K m illio n	Pro duc t ker tan	Lar ge ker tan	Oth ers	Tot al

1) Approx. 1% of the accumulated turnover in the product tanker segment is related to profi t-sharing clauses.

• 2) The company reports depreciation of periodic maintenance (drydocking) as operating costs related to ships. For 2010, these costs amounted to SEK 2.3 million. For more information, see the annual report for 2009.
• 3) The distribution of the portion of personnel costs and other external costs not directly related to ship operation, so-called overhead costs.

Revenues by geographical segment

Tot al rev en ue s	107 .4	17 8.3
Re of w orl d st	45 .0	12 2.6
Fra nce	47. 9	38 .7
US A	14. 5	17. 0
SE K m illio n	201 0	200 9
	Fir	st q ter uar

THE MARKET

The freight rates in the product tanker markets continued to be low during the fi rst quarter, although somewhat higher compared with the previous quarter.

How the freight market developed

‹ First quarter, 2010

Product tanker market (MR)

e average freight rates on the spot market during the quarter were around USD 9,000 per day, about 30 percent lower compared with the corresponding period in 2009. On the time-charter market, 3-year charter contracts were signed at levels of around USD 14,000 per day at the end of the period, also substantially lower than in 2009.

Large tanker market (Suezmax)

e trend in the Suezmax segment was in many respects similar to the trend in the MR segment with freight rates falling sharply in 2009. However, the recovery during the " rst quarter of 2010 was much stronger, in part due to an increased demand of crude oil. # e average freight rates on the spot market during the quarter were around USD 35,000 per day, about 35 percent higher than the average for 2009.

How the shipbuilding market and the world fl eet developed # e world tanker & eet continued to grow during the " rst quarter. # e number of newbuilding contracts in the shipbuilding market continued to be very limited and prices remained at the same level as at the end of 2009. In March 2010, a standard MR tanker was priced at about USD 35 million and a Suexmax tanker at about USD 65 million. A similar trend could be observed in the second-hand market.

‹ Quarterly summary – Product tanker market (MR) Fourth quarter, 2009

e average freight rate on the spot market during the quarter was around USD 8,000 per day, which can be compared with freight rates of around USD 25,000 per day during the same period in 2008. On the time-charter market, 3-year charter contracts were signed at levels of around USD 11,000 per day, about 50 percent lower than in 2008.

Third quarter, 2009 ‹

e average freight rate on the spot market during the quarter was around USD 4,500 per day, which can be compared with freight rates of around USD 28,000 per day during the same period in 2008. On the time-charter market, 3-year charter contracts were signed at levels of around USD 13,500 per day, about 40 percent lower than in 2008.

Second quarter, 2009

During the quarter, freight rates fell to new record-low levels, averaging just over USD 5,000 per day, which can be compared with freight rates of around USD 20,000 per day during the same period in 2008. On the time-charter market, 3-year charter contracts were signed for about USD 16,000 per day.

First quarter, 2009 ‹ ‹

During the " rst quarter, there was continued downward pressure on freight rates. At the end of the period, freight rates on the spot market were in the region of USD 13,500 per day, about 50 percent lower than during the same period in 2008. # e relatively low freight rates also a\$ ected the time-charter market, where 3-year charter contracts were signed for about USD 18,000 per day.

In the fi rst quarter, the freight rates on the spot market were substantially lower than in the corresponding period in 2009. In the time-charter market, however, the freight rates rose somewhat.

Market trend, time charter – MR

In the Suezmax segment, the freight rates rose during the fi rst quarter, mainly driven by an increase in demand for crude oil.

Market trend, time charter – Suezmax

in principle, unchanged during the period. However, the number of sales continued to be very limited.

the average value per month.

Prices of new tankers remained, Newbuilding prices, Product tanker (MR) Newbuilding prices – Suezmax

Market trend, spot – Suezmax

FINANCIAL SUMMARY

Turnover and result

First quarter, 2009

Turnover during the fourth quarter amounted to SEK 107.3 (178.3) million. # e result after " nancial items was SEK 20.7 (–2.1) million. Result after tax was SEK 22.9 (0.4), which corresponds to a result per share of SEK 0.48 (0.01).

Equity

Equity per share is SEK 37.69 (39.99). # e group's equity is denominated in US dollars and has during the " rst quarter of 2010 increased due to the SEK/USD exchange rate having risen from 7.15 at the beginning of the year to 7.20 at the end of the period. # e increase has been countered by an equity hedge, which generated a result of SEK –7.9 (55.5) million. Totally, equity has increased by SEK 5.0 (142.2) million, corresponding to SEK 0.10 (2.98) per share. # e accumulated exchange rate di\$ erences, including the e\$ ects of hedging, recorded directly to equity, amount to SEK 119.8 (271.3) million. # e changes are reported in equity via "total comprehensive income".

Changes in translation and hedging reserves

e Group's functional currency is the US dollar, i.e. the majority of the income and costs as well as the balance sheet are nominally in USD. # e company's result is generated in USD, which means that the result in SEK is a direct function of the trend of the SEK/USD exchange rate. In February 2009, the company re-entered into a so-called equity hedge amounting to about 50 percent of the equity in its foreign subsidiaries, corresponding to USD 125 million (see also the report on total comprehensive income).

is equity hedge resulted in a negative result of SEK –7.9 million after tax during the " rst quarter of 2010.

Exchange rate difference recorded in other total comprehensive income

In conjunction with the order for the last four P-MAX tankers, a cash & ow hedge, USD against EUR, was entered into for future payments to the shipyard. # e realised result is reported as "Ships under construction". # e changes in value of existing contracts are recorded directly to equity under "Hedge reserve" via "Total comprehensive income".

Exchange rate difference recorded in other total comprehensive income

As a result of the change in the SEK/USD exchange rate in 2010, the company's profi t in SEK has changed although in USD it remains unchanged. Read more in the section Changes in translation and hedging reserves about how the company protects itself from exchange rate and interest rate fl uctuations.

FINANCIAL SUMMARY (CONT.)

e change in value during the period, including exchange rate changes, amounts to SEK –5.2 (–22.2) million. At the end of the period, the position was valued at SEK 2.3 (11.6) million.

In 2009, the company entered into additional interest hedges corresponding to USD 100 million in order to protect itself against interest & uctuations. At the end of the " rst quarter 2010, the interest hedges amounted to a total of USD 140 million. # ese interest hedges are structured in such a way as to cover about 60 percent of anticipated future borrowing within existing credit facilities and expire in 2015. At the end of the " rst quarter, these contracts were valued at SEK –8.3 (–5.6) million, which is recorded to equity under "Hedge reserve". On 31-03-2010, the hedge reserve amounted to SEK –10.6 (6.0) million.

Liquidity and fi nancial position

e Group's disposable liquid funds, including unutilised credit facilities, amounted to SEK 672.8 (712.5) million on 31-03-2010. Interest-bearing liabilities during the period increased from SEK 1,458.5 million to SEK 1,535.6 million. On the accounting date, equity amounted to SEK 1,798.7 (1,908.7) million and the equity ratio was 52 (56) percent.

Bond holdings

(MU ) Hol din SD g	No min al val ue	Boo k val ue	Ma rke t val ue
DD I H old ing	9.8	9.1	9.5

Investments

Accumulated investments during the period amounted to SEK 298.0 (99.0) million and are related to deliveries of ships, advance payments and project costs.

Seasonal variations

e fact that Concordia Maritime's vessels are chartered out on long-term contracts counteracts the seasonal variations that otherwise characterise tanker shipping.

Employees and option programs

On 31-12-2009, the Group had 234 (175) employees, including 229 (170) seagoing employees. # ere are no option programs.

Investments

For accounting purposes, Concordia Maritime's investments of excess liquidity are divided into two categories: investments "to be held until maturity" and investments "held for trading". # e " rst category consists mainly of corporate bonds. Here, excess liquidity has been invested in a portfolio with a due-date structure that corresponds well with the investment program. # ese securities provide a return of 7–8 percent (also called purchase yield). # e nominal and market values of the di\$ erent bond holdings are shown in the table on the left.

Other holdings (primarily mutual funds) are valued at their market value on each accounting date and their value at the end of the period amounted to SEK 37.6 (73.3) million.

Parent company

e Parent Company's turnover totalled SEK 0.0 (15.8) million. Intergroup invoicing accounted for SEK 0.0 (0.0) million of this amount. # e result after " nancial items was SEK –9.0 (26.2) million. # e Parent Company's available liquid funds, including unutilised credit facilities, amounted to SEK 1,819.1 (790.5) million.

Other events

e Board of Directors proposes that the Annual General Meeting in 2010 approve a dividend of SEK 1.00 (1.00) per share.

OTHER INFORMATION

Related company transactions

Concordia Maritime has a small organisation and purchases services from companies in the Stena Sphere, including Stena Bulk, which conducts similar tanker business. Accordingly, there is an agreement, which regulates the relationship between the two companies with respect to new business. According to the terms of this agreement, Concordia Maritime has the right to choose whether it wishes to participate 0 percent, 50 percent or 100 percent in the deal in question. Concordia Maritime purchases services on a regular basis from the 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, so-called ship management. Payment is based on a " xed price per year and vessel.
• Purchases of bunker oil. Payment is based on a " xed commission per ton purchased.
• Administration, marketing, insurance, technical follow-up and development of Concordia Maritime's & eet. Payment is based on a " xed price per month and vessel. In the case of technical consulting services for newbuilding projects, an hourly rate is charged on current account, which is then charged to the project.
• O! ce rent and o! ce services. A " xed price per year is charged.

All related company transactions take place on commercial terms and at market-related prices.

OTHER INFORMATION (CONT.)

Risks and uncertainty factors

Concordia Maritime is exposed to a number of di\$ erent risks. # e foremost market-related risks that a\$ ect Concordia Maritime include the general economic climate, freight rates, the price of oil and political factors. Risks related to operational activities include ship management and insurance questions and employees. Additionally, Concordia Maritime is also exposed to credit and " nancial risks.

e management and board work actively to both minimise riskexposure and minimise the consequences and e\$ ects if a risk should nevertheless arise. Please refer to the annual report of 2009 for further information.

For the sake of clarity, the risks are presented in the format below. Please note, however, that the description does not claim to be complete or exact since the risks and their degree vary over time.

	Typ e of ris k	ct ( ) Effe 1–5	(1– 5) Pro bab ility	Ris k st rat egy
1. C te orp ora ris ks	A Bra nd	4 (4 )	1 (1 )	Qu alit y at sta ev ery ge. ing ntiv Far ach ork -re pr eve e w A le ade r in fety sa
	B Em plo yee s	4 (3 )	2 (2 )	Clo col lab tion wi th s ral se ora eve ies in t he Ste Sph com pan na ere
	C Liq uid ity	4 (4 )	1 (1 )	Sta ble sh fl ow ult ca s a s a res of l cha -te rte ong rm rs. Goo d b ank ctio co nne ns.
	D Fin ing ris k anc	4 (4 )	2 (2 )	Sta fl ow ble sh s, h igh liq uid ity ca and uity tio, d g ood ba nk eq ra an tion con nec s.
2. M ark et rel ate d	A Eco ic t ds nom ren	4 (4 )	2 (3 )	Cu lati a la sto to ten t me r re ons rge ex bas ed lon ch g-t art on erm ers
ris ks	B Fre igh t ra tes	4 (4 )	3 (4 )	Cus ela tion a l tom s to xte nt er r arg e e bas ed lon ch g-t art on erm ers
	C Oil pri ce	4 (2 )	3 (5 )	The he t of sto ys t cu me r pa cos bun ker oil
	D Pol itic al r isk	3 (2 )	3 (2 )	A m ark et l ead hen it c to er w om es saf ety d e nvi nta l wo rk. an ron me
	E Wa d in bili sta ty r an	3 (2 )	3 (2 )	The ch ont t st rat ose n c rac egy in c bin atio ith tinu om n w con ous bus ine inte llig ss enc e.
3. O per a tio nal ris ks	A Shi ent p m ana gem and ins ura nce iss ues	5 (5 )	2 (2 )	Con tinu inte ork ous ma nan ce w in c bin atio ith hen siv om n w com pre e ins ura nce co ver
	B Env iro ent nm	5 (5 )	2 (1 )	Con tinu rk o ive ent ous wo n p rev me asu res
	C Hig her l pe rso nne ts cos	3 (3 )	3 (3 )	Eco ic in tive s in mb ina tion nom cen co wit h a itiv ork viro ent pos e w en nm and the ssi bili f lo ty o ter po ng- m plo ent em ym
4. C red it ris ks	A Co y ri sks unt art erp ust – c om er	4 (3 )	2 (2 )	Fin iall abl y st ust anc e c om ers Clo lon llab tion g-t se erm co ora
	B Cou nte rty rpa risk shi rds s – pya and rtn pa ers	4 (2 )	2 (3 )	Fin iall lay y st anc ron g p ers Ban k g d p lty ant uar ees an ena cla use s.

GROUPINCOME STATEMENT, TOTAL COMPREHENSIVE INCOME AND PER-SHARE DATA

SE K m illio n	Q1 201 0	Q1 200 9	Ful l ye ar 2 009
Gr inc tat t ou p om e s em en
K/ Av ha SE US D ate era ge exc ng e r	7.2 0	8.4 0	7.6 5
Ne ale t s s	107 .3	178 .3	599 .3
To tal in co me	107 .3	178 .3	59 9.3
Op tin hip ost era g c s, s s	–2 2.0	–10 0.9	–3 15. 5
Se oin l co sts ag g p ers on ne	–26 .5	–19 .5	–8 6.5
Oth al ext ts er ern cos	–4 .9	–6 .3	–2 7.7
Pe el c ost rso nn s	–2 .7	–2 .4	–8 .8
De cia tio pre n	–26 .8	–24 .0	–9 3.0
To tal tin ost op era g c s	–8 2.9	–15 3.1	–5 31 .5
Op tin ult era g r es	24 .4	25 .2	67. 8
Div ide nd		6.5	18. 8
Int inc nd sim ila r it st ere om e a em s	5.1	4.9	15. 0
Int d s im ila r it st ere exp en ses an em s	–8 .8	–4 3.1	–2 05 .2
Exc ha di ffe ate ng e r ren ces		4.4	12. 6
Fin cia l n et an	–3 .7	–2 7.3	–15 8.8
Re lt a fte r fi ial t su na nc ne	20 .7	–2 .1	–9 1.0
Tax	2.2	2.5	9.9
Ne lt a fte t re r ta su x	22 .9	0.4	–8 1.1
Co oli da ted l rt o n t ota ns re po reh siv e i co mp en nco me
Re lt f the rio d su or pe	22 .9	0.4	–8 1.1
Exc ha e d iffe fte t a r ta ng ren ces , ne x	12. 9	86 .7	–17 7.7
Eq uit he dg aft et tax y e, n er	–7. 9	55 .5	163 .4
Fin cia l as ila ble fo ale set an s a va r s		–19 0.0	–25 .6
Ca sh fl o w h ed rel d ate ge s, c urr en cy	–5 .2	–2 2.2	–3 0.9
Ca sh fl o w h ed int rel d st ate ge s, ere	–12 .3	11. 3	20 .9
To tal reh siv e i co mp en nco me	10. 4	–5 8.3	–13 1.0
Pe ha da SE K ta, r-s re
Sh nd of rio d t e are s a pe	47, 729 798 ,	47 729 798 , ,	47, 729 798 ,
e/a Re lt p sh be for fte r d ilu tio su er are n	0.4 8	0.0 1	–1. 70
Eq uit sh y p er are	37. 69	39. 99	37. 47

GROUPSUMMARY OF BALANCE SHEET

SE K m illio n	31 Ma rch 20 10	31 Ma rch 20 09	31 Dec 20 09
/U Clo sin xch e S EK SD rat g e an ge	7.2 0	8.2 5	7.1 5
As ts se
Sh ips d e ipm t an qu en	2, 73 0.5	2, 162 .8	2, 26 5.0
Sh ips de ion str uct un r c on	44 2.1	64 6.3	619 .0
Fin cia l as set an s	90 .5	29 5.2	141 .0
fi x To tal ed ts as se	3, 26 3.1	3, 104 .3	3, 02 5.0
Cu eiv ab les nt rre rec	86 .4	131 .6	22 6.8
Sh in ort te tm t rm ves en	37. 6	73 .3	37. 1
Ca sh d b k b ala an an nce s	50 .5	108 .9	82 .5
To tal nt ts cu rre as se	174 .5	313 .8	34 6.4
To tal ts as se	3, 43 7.6	3, 418 .1	3, 37 1.4
uit lia bil itie Eq nd y a s
Eq uit y	1, 798 .7	1, 90 8.7	1, 788 .3
Lo lia bil itie ter ng m s	1, 54 0.1	1, 33 9.5	1, 46 2.3
Sh ovi sio ort te rm pr ns		16. 1
Sh lia bil itie ort te rm s	98 .8	153 .8	118 .9
Cr ed it f ilit ac y			1.9
To tal uit nd lia bil itie eq y a s	3, 43 7.6	3, 418 .1	3, 37 1.4

GROUPSUMMARY OF CASH FLOW ANALYSIS

SE K m illio n	Q1 201 0	Q1 200 9	Ful l ye ar 2 009
Ca sh fl o w f tio rom op era ns
Re lt a fte r fi ial net su na nc	20 .7	–2 .1	–9 1.0
Ad jus t it tm en em s:
De cia tio pre n	29. 1	27. 3	110 .7
Re lt, le o f fi ial ets su sa na nc ass			169 .2
Oth ite er ms		31. 0	0.7
Ca sh fl o w f tin cti vit ies rom op era g a be for ha in w ork ing ita l e c ng es ca p	49. 8	56 .2	189 .6
Ch in w ork ing ita l an ge ca p	94 .2	–4 2.0	36 .1
Ca sh fl o ide d b ing tiv itie rat w p rov y o pe ac s	144 .0	14. 2	22 5.7
Ca sh fl o w f in sti ivit ies act rom ve ng
Sh ips de ion str uct un r c on	–2 98 .0	–9 9.0	–6 55 .8
Inv in fi n cia l as est nts set me an s		–0 .4	–0 .8
Sa le o f fi ial ets na nc ass	53 .3	23 7.7	34 6.0
Ca sh fl o ide d b inv tin cti vit ies w p rov y es g a	–2 44 .7	138 .3	–3 10. 6
Ca sh fl o w f fi n cin cti vit ies rom an g a
Ne w l oa n	22 1.7		45 8.5
Am iza tio f c red it f ilit ort n o ac y	–14 7.0	–7 1.5	–2 70 .2
Div ide nd	0.0		–4 7.7
Oth fi n cin er an g	0.0
Ca sh fl o ide d b fi n cin cti vit ies w p rov y an g a	74 .7	–7 1.5	140 .6
Ca sh fl o w f rio d or pe	–26 .0	81. 0	55 .7
d ( 1) Ba lan be inn ing of rio No at te ce g pe	82 .5	31. 3	31. 3
(N 2) Exc ha ate ote ng e r	–6 .0	–3 .4	–4 .5
(No 1) Ba lan d o f p eri od at te ce en	50 .5	108 .9	82 .5
No 1. B ala ist f c h, te nce co ns s o as ba nk ba lan d c red it f ilit ces an ac y
No 2. Exc ha di ffe rel te ate ate to ng e r ren ce :
Ba lan the be inn ing of at ce g ye ar	–5 .4	–0 .9	–2 .6
Ca sh fl o w f the rio d or pe	–0 .6	–2 .5	–1. 9
	–6 .0	–3 .4	–4 .5

GROUPCHANGES IN EQUITY

		Oth er				No n
SE K m illio	Sha re ital	ital cap trib d	Tra nsl atio n	Hed gin g	Fai lue r va	tric ted res	Tot al
n	cap	ute con	res erv e	res erv e	res erv e	ity equ
Ch s J –M h 2 010 an ge an arc
Op 01- 01- 20 10 ing ba lan en ce	38 1.8	.9 61	.8 114	6.9	0.0	22 2.9 1,	788 .3 1,
Tot al reh siv e in co mp en co me			5.0	–17 .5	0.0	22 .9	10 .4
Div ide nd sh ho lde to are rs							0.0
Clo sin ba lan 31 -03 -20 10 g ce	38 1.8	61 .9	11 9.8	–1 0.6	0.0	1, 24 5.8	1, 79 8.7
Ch s J –M h 2 00 9 an ge an arc
Op ing ba lan 01- 01- 20 09 en ce	38 1.8	61 .9	12 9.1	16. 9	25 .6	1, 35 1.7	1, 967 .0
Tot al reh siv e in co mp en co me			142 .2	–10 .9	–19 0.0	0.4	–5 8.3
Div ide nd sh ho lde to are rs
Clo sin ba lan 31 -03 -20 09 g ce	38 1.8	61 .9	27 1.3	6.0	–1 64 .4	1, 35 2.1	1, 90 8.7

FIVE-YEAR SUMMARY

	SE K m illio n	Q1 201 0	Q1 200 9	200 9	200 8	200 7	200 6	200 5
t/l ofi Pr oss	Ne ale t s s	107 .3	178 .3	599 .3	56 0.0	45 7.2	38 1.2	254 .0
ite ms	Op tin ost era g c s	–8 2.9	–15 3.1	–5 31. 5	–4 73 .6	–4 23 .2	–3 76. 5	–3 12. 0
	(E ) Op tin ult BIT era g r es	24 .4	25 .2	67. 8	86 .4	34 .0	4.7	–1. 8
	t/ f w hic h p rofi los hip les – o s o n s sa							56 .2
	Fin cia l n et an	–3 .7	–2 7.3	–15 8.8	–8 .3	14. 0	47. 8	44 .5
	Re lt a fte r fi ial ite su na nc ms	20 .7	–2 .1	–9 1.0	78 .1	48 .0	52 .5	42 .7
	Re lt a fte r ta su x	22 .9	0.4	–8 1.1	95 .8	62 .9	51. 9	57. 2
	Ca sh fl o w f tin cti vit ies rom op era g a	49. 8	56 .2	189 .6	20 3.2	121 .1	100 .0	20 .4
	EB ITD A	2 51.	49. 2	160 .8	162 .6	91. 5	38 .7	3 –1.
Ba lan -sh t ce ee	(n s) Sh ips be f s hip um r o	(9 ) 2, 73 0.5	.7 ( 7) 2, 162	(8 ) 2, 26 5.0	.8 ( 7) 2, 059	.7 ( 7) 1, 769	(4 ) 1, 04 8.8	(1 ) 30 4.2
ite ms	(n s) Sh ips de ion be f s hip str uct un r c on um r o	(3 ) 44 2.1	(4 ) 64 6.3	.0 ( 3) 619	(4 ) 53 6.3	(4 ) 15 8.3	(7 ) 22 2.3	(6 ) 38 4.7
	Liq uid fu nd s in cl. inv est nts me	88 .1	182 .2	119 .6	769 .6	2.7 45	7.8 54	83 9.5
	Oth ets er ass	176 .9	42 6.9	36 7.8	120 .8	42 9.5	413 .7	36 8.9
	Int bea rin lia bil itie st- ere g s	1, 53 5.6	1, 35 3.1	1, 45 8.5	1, 36 9.3	1, 073 .1	50 6.2	0.0
	Oth lia bil itie nd vis ion er s a pro s	103 .3	156 .3	124 .6	150 .2	110 .6	99. 3	126 .4
	Eq uit y	1, 798 .7	1, 90 8.7	1, 788 .3	1, 967 .0	1, 626 .5	1, 62 7.0	1, 770 .9
	Tot al a ts sse	3, 43 7.6	3, 418 .1	3, 37 1.4	3, 48 6.5	2, 810 .2	2, 23 2.5	1, 89 7.3
Ke ati % y r os ,	Eq uit ati y r o	52	56	53	56	58	73	93
	Re l ca ita l tur n t ota n o p	3	5	3	3	4	4	5
	Re ita l em loy ed tur n o n c ap p	4	5	3	3	4	5	6
	Re ity tur n o n e qu	5	0	–4	5	3	3	3
	Op tin in era g m arg	23	14	11	15	7	1	–1
Sh da ta are	Ne ale t s s	2.2 5	3.7 4	12. 56	11. 73	9.5 8	7.9 9	5.3 2
	Op tin ost era g c s	–1. 74	–3 .21	–11 .14	–9. 92	–8 .87	7.8 9	6.5 4
	Op tin ult era g r es	0.5 1	0.5 3	1.4 2	1.8 1	0.7 1	0.1 0	–0 .04
	Fin cia l n et an	–0 .08	–0 .57	–3 .33	–0 .17	0.2 9	1.0 0	0.9 3
	Re lt a fte r ta su x	0.4 8	0.0 1	–1. 70	2.0 1	1.3 2	1.0 9	1.2 0
	Ca sh fl o w f tin cti vit ies rom op era g a	1.0 4	1.1 8	3.9 7	4.2 6	2.5 4	2.1 0	0.4 3
	EB ITD A	1.0 7	1.0 3	3.3 7	3.4 1	1.9 2	0.8 1	–0 .03
	Eq uit y	37. 69	39. 99	37. 47	21 41.	34 .08	34 .09	37. 10

Please note that there has been no dilution effect since 2002. Defi nitions: as in Annual Report 2009.

PARENT COMPANY INCOME STATEMENT AND BALANCE SHEET

SE K m illio n	Q1 201 0	Q1 200 9
Ne ale t s s		15. 8
Sh ips tin ost op era g c s		–4 .6
Se oin l co sts ag g p ers on ne		–4 .7
Oth al ext ts er ern cos	–2 .5	–3 .8
Pe el c ost rso nn s	–2 .1	–2 .0
De cia tio pre n		–4 .7
To tal tin ult op era g r es	–4 .6	–4 .0
t/ Int inc nd sim ila rofi los s it st ere om e a r p em s	10. 0	75 .1
t/ Int d s im ila rofi los s it st ere exp en ses an r p em s	–14 .4	–4 4.9
Fin cia l n et an	–9. 0	26 .2
Tax	2.3	–6 .8
Ne lt a fte t re r ta su x	–6 .7	19. 4

SE K m illio n	31 Ma rch 20 10	31 Ma rch 20 09
As ts se
Sh ips d e ipm t an qu en	0.1	410 .1
Fin cia l as set an s	56 .1	78 .4
Sh s in nie are gr ou p c om pa s	745 .8	745 .8
To tal fi x ed ts as se	80 2.0	1, 23 4.3
Cu eiv ab les nt rre rec	119 .8	30 .2
Sh in ort te tm ts rm ves en	34 .9	25 5.1
Ca sh d b k b ala an an nce s	1, 196 .8	186 .9
To tal nt ts cu rre as se	1, 35 1.5	47 2.2
To tal ts as se	2, 153 .5	1, 70 6.5
Eq uit nd lia bil itie y a s
Eq uit y	68 7.1	619 .7
Lo lia bil itie ter ng m s	1, 30 0.2	1, 05 3.8
Sh lia bil itie ort te rm s	166 .2	33 .0
Cr ed it f ilit ac y
To tal uit nd lia bil itie eq y a s	2, 153 .5	1, 70 6.5

e Concordia Maritime group applies the International Financial Reporting Standards (IFRS), which have been approved by the EU Commission. # e Group applies the same accounting principles and calculation methods in its interim reports as in the annual report for 2009 in addition to what is stated in this report.

e Group's Interim Report has been drawn up in accordance with IAS 34. # e report for the Parent Company has

been drawn up in accordance with the Swedish Annual Accounts Act and RFR 2.2. # is report presents a fair overview of the operations, " nancial position, and performance of the Parent Company and the Group and describes the essential risks and uncertainty factors faced by the Company and the Group.

is report has not been reviewed by the company's auditors.

Gothenburg, 27 April 2010 Concordia Maritime AB (publ)

Hans NorénPresident

Teleconference invitation

Concordia Maritime invites you to a teleconference on 28 April, 2010, 10:00 CEST.

The Interim Report for Q1 2010 (published 27 April 2010) will be presented and questions answered.

Attending

• Hans Norén, President • Göran Hermansson, Financial Manager

Phone

+44 (0)20 7162 0077 or +46 (0)8 5052 0110 Conference title: Concordia Maritime

Recorded conference

Recorded conference is available until 5 May 2010. Phone +44 (0)20 7031 4064 or +46 (0) 8 5052 0333 Code: 863933

Reports and information

Interim Report, Q2 18 August 2010 Interim Report, Q3 27 October 2010

IR contacts

Hans Norén, President +46 (0)31 855101 or +46 (0)704 855101 hans.noren@concordia-maritime.se

Göran Hermansson, Chief Financial Offi cer+46 (0)31 855046 or +46 (0)704 855046 goran.hermansson@ concordia-maritime.se

The Interim Report for the fi rst six months of 2010 will be published on 18 August and the 9-month Report on 27 October 2010. Historical and current reports, together with news and comments on the company and the tanker markets, can be found on our web site www.concordia-maritime.se.

Concordia Maritime 405 19 Gothenburg, Sweden Phone +46 31 85 50 00 Reg. no. 556068-5819 www.concordia-maritime.se