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Concordia Maritime marked by weak quarter

Product tank carrier Concordia Maritime experienced a weaker 2013 market than expected, and the company's annual report was especially weighed down by the year's final quarter.

Swedish product tank carrier Concordia Maritime, which recently made a deal with Shell Tankers Singapore concerning two of the carrier's ships, Stena Penguin and Stena Progress, has published an annual report heavily characterized by a weak market in the fourth quarter 2013.

Ahead of the 4th quarter, the three previous quarters showed signs of improvement, all three finishing better than the previous year. But the final quarter of the year was painful, and Concordia Maritime's combined result for the year came to USD 86.2 million, compared to USD 100.1 million in 2012. The operating result (EBITDA) was almost halved in 2013, compared to the year before, from USD 42 million to USD 26.6 million. The carrier's result after taxes was USD 5.3 million.

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