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CONCORDIA MARITIME ANNUAL REPORT 2004 SE-405 19 Gothenburg Phone 031-85 50 00 E-mail [email protected] www.concordia-maritime.se Site Gothenburg, Sweden ANNUAL REPORT 2004 CONCORDIA MARITIME ADDRESSES ANNUAL REPORT 2004 MISSION CRITICAL SUCCESS FACTORS For those shareholders who wish to talk to us, we can be To provide our customers with safe and cost- reached at the following phone numbers or via e-mail: efficient tanker transportation based on innovation ■ Timing – methodical analysis of our business environment and performance. Hans Norén, President ■ Prioritizing – identifying and selecting deals and projects Phone +46 31 85 51 01 or +46 704 85 51 01 VISION [email protected] To be our customers’ first choice for safety, innovation and ■ Relations to customers and other stakeholders – long term performance in tanker transportation which will result in and based on trust Göran Hermansson, Financial Manager good profitability, steady growth and financial stability. Phone +46 31 85 50 46 or +46 704 85 50 46 ■ Transport solutions – innovative and customized [email protected] STRATEGY We strive towards our vision by utilizing as much as possible ■ Ship operation – first class Concordia Maritime AB (publ) of the knowledge and unique competence that our major SE-405 19 Gothenburg, Sweden service providers can offer in the areas of marketing, ship ■ Sale/purchase of assets with the right timing in Phone +46 31 85 50 00, fax +46 31 12 06 51 building and ship operation and by constantly seeking the market cycles www.concordia-maritime.se improvement of our critical success factors. Corporate number: 556068-5819 Registered office: Gothenburg Concordia Maritime AG Bahnhofplatz CONCORDIA’S FLEET Delivery year Dwt Employment CH-6300 Zug Switzerland V-MAX Stena Vision* 2001 312,600 Time-chartered to Sunoco until 2007 Phone +41 41 728 81 21, fax +41 41 728 81 39 Stena Victory* 2001 312,600 Time-chartered to Sunoco until 2007 Panamax Stena Polaris (50%) 2006 74,500 Time-chartered to Fortum, 10 years Stena Poseidon (50%) 2007 74,500 Time-chartered to Fortum, 10 years P-MAX Stena Paris 2005 49,900 Time-chartered to TOTAL, 5 years Stena Provence 2006 49,900 Time-chartered to TOTAL, 5 years Stena Primorsk 2006 49,900 Time-chartered to Progetra, 10 years Stena Performance 2006 49,900 Open market Stena Progetra 2007 49,900 Time-chartered to Progetra, 10 years Stena Progress 2008 49,900 Open market MR Lyra Pioneer* 2003 45,900 Open market until July, 2005 1,119,500 *Chartered tonnage Cover Bob Hossack and Kurt Jensen, members of Concordia’s site team, at the Brodosplit shipyard with the Stena Paris in the background (The picture is a photomontage.) CONTENTS ANNUAL REPORT 2004 President’s Views .................................................... 2 Markets and Ships 6 Markets and ships Freight Market ........................................................ 6 Arlington Tankers .................................................. 9 Shipbuilding Market and Newbuildings Shipbuilding Market ............................................ 10 Newbuildings ........................................................... 12 P-MAX .......................................................................... 14 Quality, safety and environment Environmental Policy ........................................... 16 The MAX Concept ................................................. 17 10 Shipbuilding market and New buildings Ice Age ......................................................................... 18 Partners Northern Marine Management ..................... 20 Stena Teknik ............................................................. 21 Stena Bulk .................................................................. 22 1 A Global Presence .................................................. 23 Organisation Knowledge and Competence ........................... 24 16 Quality, safety and environment Concordia Personnel ............................................. 25 Corporate Governance ......................................... 26 Board of Directors and Auditors ..................... 27 The Concordia Share The Concordia Share ............................................. 28 Six-year Summary .................................................... 31 Key Ratios .................................................................... 32 Financial Account 20 Partners Board of Directors’ Report ................................. 33 Income Statements ................................................. 39 Balance Sheets ......................................................... 40 Summary – Change in Equity .......................... 42 Cash-flow Statements ........................................... 43 Accounting Principles ........................................... 44 Notes to the Financial Statements ................. 46 Audit Report ............................................................. 55 Glossary ........................................................................ 56 24 Organisation CONCORDIA MARITIME » It is with great respect that I take over from Lars Carlsson who, until I took up the post as president in April, 2004, had led and developed Concordia for 20 years, that is, ever since the company’s share was listed in 1984.« 2 PRESIDENT’S VIEWS s a result of a number of business events in 2004, Concor- End of the Concordia Class era dia Maritime has undergone major changes as regards both 2004 signalled the end of 15 successful years with the Concor- A financial position and the direction of its business activities. dia Class, Concordia’s own brand name for high-quality VLCCs. In the autumn, a new company, Arlington Tankers, was formed The last tanker, the Stena Congress, was withdrawn from serv- together with Stena, which acquired Concordia’s two V-MAX VLCCs ice in November, a few days before her 30th birthday. Thanks to and four tankers from Stena. The company was successfully intro- the operative and maintenance philosophy consistently applied duced onto the New York Stock Exchange at the beginning of throughout the lifespan of the tankers, the Concordia Class ves- November. The pricing of the share, which then determined the sels were able to continue to sail much longer than their com- selling price of the ships, was very satisfactory and generated a petitors and four of six tankers could be sold for many years of large capital gain for Concordia. continued service in the offshore industry. This means that we are in a stronger financial position than ever before and that the company is currently free from debt and has P-MAX large liquid funds. At present, we do not own any vessels although The Stena Paris, the first vessel in the series of six P-MAX tankers we still have at our disposal the two V-MAX tankers via 5-year char- ordered in 2003, will be delivered at the end of 2005 and enter ter contracts. directly into its 5-year charter with the oil company TOTAL. Eight product tankers are on order and under construction, In addition to the 5-year charter contracts, which were signed in including two in which we have a 50% share. In the space of a few January with the French oil company TOTAL for the first two tank- years, Concordia will thus have a modern tanker fleet with a very ers, 10-year time-charter contracts were signed in September with low debt-equity ratio. the Russian logistics company Progetra for two vessels. These long- term contracts will secure a stable cash flow at the same time as the company is free to decide on the employment of the two remaining P-MAX tankers. CONCORDIA MARITIME President’s views Panamax tankers with ice class 1A Collaboration with Stena as supplier During the year, a joint project, involving the construction of two A shipping company of Concordia’s size is run most efficiently by Panamax product tankers with ice class 1A, was initiated together purchasing most of the services needed for its business operations. with the Finnish energy group Fortum. These vessels will be owned Through the years, Stena’s shipping organisation has been the com- by a joint venture, in which Fortum and Concordia each has a 50% pany’s main supplier of services. This gives us access to cutting-edge share, and they will be time-chartered to Fortum for ten years. shipbuilding competence and a unique marketing and global office The joint venture with Fortum is a good example of the type of network staffed by experienced businessmen and charterers. business aimed for co-operation between customer and supplier in order to create a long-term transport solution generating value for both parties. » The MAX concept represents everything we want to offer our Brodosplit shipyard All our new vessels will be built at the Brodosplit shipyard in Croatia, customers « which is one of the largest shipbuilding nations in Europe with a long tradition of producing well-built ships. Concordia’s techni- Optimum business utility for our customers cal director, Per Läbom, is stationed at the shipyard together with The objective of Concordia’s shipping business is to generate a team, consisting of experts in different areas such as steel and the optimum business utility for our customers. This goal will be coating, which is participating in and monitoring the construction achieved with a fleet that can offer the maximum added value in process on behalf of Concordia. terms of transport economy. The MAX concept represents every- 3 Our newbuilding team in one of the ballast tanks for the Stena Paris. CONCORDIA MARITIME thing we want to offer our customers.

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