Concordia Maritime posts financial results for H1 2010

Concordia Maritime reports a result after tax on SEK 43.8 million for the first six months of 2010, compared to 23.9 million the corresponding period last year. The company’s net turnover went down from 340 million to 240 million. EBITDA increased to 14.8 million, up from 11.4 million. Available liquid funds stand at SEK 709,7 million, up from 532,7 million.

"The tanker market during the second quarter continued to be weak. Freight rates in the product tanker segment were lower than during the first quarter. The large-tanker market was stronger during the year but weakened somewhat during the second quarter", writes CEO Hans Norén in the financial summary and continues:"Concordia Maritime’s product tanker fleet is signed to long-term charters, which means that despite the market situation, we are doing well. The freight rates in these charters continued to be far higher than on the open market. The trend of the turnover and result is in line with our forecast."

Concordia Maritime expects an all-year result of SEK 70 million.
(Source:www.shipgaz.com)