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Concordia Maritime has successfully inked a charter agreement for the P-MAX tanker, Stena Performance. The contract is established with a leading global oil producer, and the vessel is set to facilitate specialized transport in the Middle East region. Continuing the trend from prior agreements, this charter arrangement is a collaborative effort with Stena Bulk, allowing Concordia Maritime to hold a 50 percent stake in the venture. The tanker will operate under the esteemed MR pool of Stena Bulk Product & Chemicals (previously recognized as Stena Weco). The initial charter period for Stena Performance is slated for six months, beginning in January 2018, with an option to extend for an additional six months.

Concordia Maritime has successfully completed the upgrade of two of its P-MAX tankers to meet the International Maritime Organization's IMO III classification. This significant advancement allows these vessels to transport not only refined petroleum products and crude oil but also vegetable oils, thus enhancing their market versatility. The two P-MAX tankers upgraded are the Stena Performance and the newly added Stena Premium. The Stena Performance was re-delivered after its time charter at the end of June, while the Stena Premium was recently delivered from the shipyard in June. With the IMO III classification, both vessels are set to increase their operational efficiency, enabling them to spend more time laden instead of being in ballast. Since July, the Stena Performance has been actively operating in the open market under the management of Stena Weco, a collaboration between Stena Bulk and the Danish company Weco, which specializes in the transport of vegetable oils. Meanwhile, the Stena Premium is currently on a three-year time charter with ST Shipping, a subsidiary of the energy giant Glencore. In addition to these upgrades, Concordia Maritime has negotiated an early re-delivery of the Stena Provence, one of four vessels chartered to the French energy company Total. This P-MAX vessel is set to join the open market from August, with plans for her IMO III upgrade anticipated this autumn.