Concordia Maritime Secures New Deal for Its Stena Progress

first_imgzoom Swedish shipping company Concordia Maritime has signed a charter contract for its P-MAX tanker, Stena Progress. Signed with an unnamed national oil company, the contract comes into effect in April 2016 and will be valid for three years. “We have now chartered out three of our ten P-MAX tankers over longer periods and are continuously evaluating the possibility of similar arrangements. All contracts are fully in line with our chartering strategy. We ensure a good level of income for the vessel over the coming year, while balancing the exposure to the spot market in a well-judged way,” Kim Ullman, CEO of Concordia Maritime, points out.The vessel that sails under the flag of Bermuda is to be mainly used for niche trades in the Atlantic Basin, the company said.Built in 2009, the Stena Progress is one of the ten P-MAX tankers in Concordia Maritime’s fleet. Previously, the vessel had been chartered to Shell Tankers Singapore Private Ltd. (Shell) in 2014.The contract comes in less than two months since the company inked a contract to charter out an undisclosed P-MAX tanker to a UK shipping company for one year, a contract that came into effect at the beginning of February 2016.last_img read more

Modi and Ranil hold key talks on IndoLanka relations

“A partnership marked by historical linkages and deep rooted friendship. Sri Lankan Prime Minister @RW_UNP arrives in New Delhi to participate in the 5th Global Conference on Cyber Space 2017,” external affairs ministry spokesperson Raveesh Kumar tweeted.Meanwhile, the UNI news agency reported that while expressing India’s keenness to strengthen the economic pillar of its relationship with Sri Lanka, Indian President Ram Nath Kovind said that a lot can be achieved, given the synergy and economic complementarities between the two countries.Addressing Prime Minister Ranil Wickremesinghe , who called on him at Rashtrapati Bhawan, the President said, ”Development cooperation forms an important part of India-Sri Lanka bilateral engagement. India is keen to strengthen the economic pillar of its relationship with Sri Lanka. There is a lot that can be achieved, given the synergy and economic complementarities between the two countries.” Sri Lanka is already an important partner for India in the Indian Ocean region (IOR), where China is trying to increase its influence. The President iterated India’s firm commitment to partner with Sri Lanka on projects of mutual interest. (Colombo Gazette) With New Delhi expressing interest to run the Mattala Rajapaksa International Airport (MRIA) near Hambantota port developed by the Chinese, the meeting between the two leaders assumed further significance. Wickremesinghe arrived in India on Wednesday. He arrived at the national capital from Bengaluru, which was his first destination.He was received at the New Delhi airport by Indian high commissioner to Sri Lanka Taranjit Singh Sandhu. Indian Prime Minister Narendra Modi and his Sri Lankan counterpart Ranil Wickremesinghe today took stock of the bilateral ties amid India recently showing interest to run an airport close to a port developed by China in the island nation, the Hindustan Times reported.The visiting Prime Minister, who is in India primarily to attend the 5th Global Conference on Cyber Space, also called on President Ram Nath Kovind. <span data-mce-type=”bookmark” style=”display: inline-block; width: 0px; overflow: hidden; line-height: 0;” class=”mce_SELRES_start”></span> read more