Concordia Maritime has seen its second quarter bottom line fall in the face of a weaker market.
Kim Ullman-led Concordia booked a profit of SEK 12.4m ($1.44m) in the three months to the end of June, down from SEK 44m at the same stage a year ago.
Ullman describes the company as enjoying “good income despite a declining market”.
He explains that the cost of a settlement relating to the grounding of the 65,125-dwt Stena Primorsk (built 2006) was largely offset by a currency hedges and other non-recurring income.
“Our view of the market is largely unchanged,” the chief executive said in a statement.
“In the long term, we expect the low price of oil and ongoing changes in the global refinery infrastructure to continue contributing to underlying stable demand for transportation of both oil and refined oil products.
“In a shorter perspective, we believe that the combination of continuing high inventory levels and an increasing number of deliveries of new ships will have a continuing negative effect, which we have already begun to see.”
Concordia has been growing its charter coverage and now has six of its 10 P-MAX tankers on period deals.
Its suezmax the 158,000-dwt Stena Supreme earned $33,300 per day in the Stena Sonangol pool, its quarterly report said.
It also has a 50% stake in a second chartered suezmax trading in the same pool, the contract for which has now ended.
