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Tough tanker market pulled Concordia Maritime into the red

2018 brought three "record-weak" quarters, which were replaced by a strong finish to the year for Swedish tanker operator Concordia Maritime. 2019 is off to a strong start, but the first half of the year will be challenged by, among other factors, new ships hitting the water, says CEO Kim Ullman.

Photo: Concordia Maritime

The first nine months of the year were record-weak for Sweden's Concordia Maritime, but there were signs of improvements in the market toward the end of the year, writes the shipping company in its annual report for 2018.

For the full year, Concordia – whose primary business is product tanker – achieved a revenue of SEK 1 billion (USD 110.8 million), compared to SEK 827.5 million in 2017. The operating profit (EBITDA) came to SEK 56.8 million, a slight improvement from SEK 51.3 million in 2017.

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