Concordia Maritime

Capital/Financing Update • May 20, 2008

Press release 20 May 2008

Concordia Maritime concludes time charter contracts for three P-MAX vessel new buildings

Today Concordia Maritime have entered into time charter contracts for three of their P-MAX new buildings with ST Shipping and Transport, a subsidiary of Glencore. The contract period is three years for each vessel upon delivery from the shipyard.

In total Concordia Maritime´s P-MAX fleet consists of ten vessels, of which six have been delivered and the four remaining will be delivered in 2009 and 2010. With the conclusion of the above three contracts for vessels to be delivered in 2009 and 2010 the entire fleet is committed to time charter contracts. ST Shipping and Transport is the shipping arm of Glencore, one of the world´s largest companies in the area of oil trading and other commodities.

"We are very pleased to have concluded this transaction with ST Shipping and Transport. They have a large shipping operation and we view them as being an innovative and solid provider of oil transportation – a good and interesting customer for long term business" says Concordia Maritime President Hans Norén.

"Since the sale of the V-MAX vessels in 2004 we have had a solid and strong financial position, which is further strengthened by this transaction. The purpose of securing the vessels in our new building program on long term charters is twofold. Steady and solid cash flows of course but it also helps us in our efforts to develop a deeper customer relationship, such as with ST Shipping now. Another example is the oil- and energy major TOTAL which since before has four of our P-MAX on long term contracts" says Financial Manager Göran Hermansson.

"These contracts mean that Concordia Maritime will have yet more stability and ability. Stability in terms of a really good solid financial base with steady cash flows and a strong balance sheet. Ability to react and act swiftly when it comes to business opportunities and the further growth and development of the company. This is particularly relevant for the next couple of years when we believe the market will be weak" concludes President Hans Norén.

The transaction in this announcement does not affect the result in 2008. Out of the three vessels in question one will be delivered in 2009 and the other two in 2010. The company has not given any forecast for 2009 and 2010. Furthermore, the company does not comment on individual contracts but give annual forecasts of EBITDA on an aggregated level (Earnings Before Interest Tax Depreciation and Amortization) as well as pre tax profit.

Concordia Maritime AB (publ)

For more information please contact: President, Hans Norén, +46 31 85 51 01 / +46 704 855101 eller Financial manager, Göran Hermansson, +46 31 85 50 46 / +46 704 855046

Concordia Maritime is an international tanker shipping company listed on the OMX Nordic Exchange in Stockholm. The company has ordered ten tankers, which are being built in accordance with the MAX concept. These vessels, P-MAX, are product tankers of about 65,200 dwt. The MAX concept means that the vessels are designed for maximum loading capacity in shallow waters. They have been designed according to a new concept for safer oil transportation with double main engines in two completely separate engine rooms, double rudders and steering gear, two propellers and double control systems. www.concordia-maritime.se