Concordia Maritime AB
Concordia Maritime AB is a Swedish tanker shipping company, now a wholly-owned subsidiary of Stena Sessan AB following its 2024 delisting, operating a single product tanker bareboat-chartered to Crowley Government Services.
- Company typePublic
- Founded2005
- HeadquartersGöteborg, Sweden
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Concordia Maritime AB does
Concordia Maritime AB is a Swedish tanker shipping company headquartered in Gothenburg, historically operating a fleet of purpose-built product tankers, chemical carriers, and Suezmax crude carriers including the P-MAX series (Stena Paris, Stena Provence, Stena Primorsk, Stena Performance, Stena Progress, Stena Premium, Stena Perros, Stena Polaris), IMOIIMAX tankers (Stena Image, Stena Important), and Suezmax vessels (Stena Supreme, Stena Penguin). Its core technology is its tanker vessel platform — IMO 2020-compliant hulls optimized for efficient cargo handling — delivered through shipbuilding partnerships with Samsung Heavy Industries and Brodosplit. The business model combines direct charter contracts with major oil and gas companies, including bareboat and time charter agreements with ExxonMobil, Shell, Total, Neste Oil, and Crowley Government Services, alongside participation in joint shipping pools with Stena Bulk and a 50/50 ECO MR joint venture with Stena Weco.
Following severe financial distress during 2017–2021 in which the equity ratio fell to approximately 14%, Concordia Maritime executed an extensive fleet divestiture program, selling most P-MAX, IMOIIMAX, and Suezmax vessels to generate over 30 MUSD in liquidity, repay debt, and lift the equity ratio to 91%. The company was then acquired by its majority shareholder Stena Sessan AB in a public offer at 9.80 SEK per share, valuing the firm at approximately 468 MSEK, and was delisted from Nasdaq Stockholm on February 6, 2024. As of the most recent disclosures, operating activity is reduced to a single product tanker — the 62,500 DWT Stena Polaris (built 2010) — generating roughly 8.3 MSEK per quarter under a bareboat charter to Crowley Government Services, which holds extension options through 2026 or 2030.
Concordia Maritime AB firmographics
Firmographics- Name
- Concordia Maritime AB
- Legal name
- Concordia Maritime AB
- Website
- https://concordiamaritime.com
- Company type
- Public
- Founded year
- 2005
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Concordia Maritime AB is a Swedish tanker shipping company, now a wholly-owned subsidiary of Stena Sessan AB following its 2024 delisting, operating a single product tanker bareboat-chartered to Crowley Government Services.
- Ownership category
- akta.pro rank
Concordia Maritime AB industry classification
Industry- Product category
- Maritime Tanker Shipping
- NAICS
- Deep Sea, Coastal, and Great Lakes Water Transportation (48311)
- SIC
- Water Transportation (4400), Deep Sea Foreign Transportation Of Freight (4412)
- akta.pro primary industry
- Crude Oil & Petroleum Products Tanker Transport (TLADALAA)
Keywords
Where Concordia Maritime AB is headquartered
LocationHeadquarters
- HQ city
- Göteborg
- HQ country
- Sweden
- HQ region
- Europe
Offices1 record
Markets served
Concordia Maritime AB business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Supply Chain, Others
Revenue model
- Bareboat Charter Revenue: Revenue generated from bareboat charter contracts where vessels are leased to operators without crew. Stena Polaris generates approximately 8.3 MSEK net per quarter through 2026, increasing to approximately 9.1 MSEK net per quarter if extended.
- Vessel Sales: One-time proceeds from sale of vessels. Recent sales include Stena Penguin, Stena Premium, Stena Progress, Stena Provence, Stena Primorsk, Stena Performance, Stena Paris, and multiple P-MAX vessels generating approximately MUSD 30+ in liquidity from fleet reduction.
- Time Charter Revenue: Revenue from time charter contracts where vessels are leased with crew and provided to customers for specified periods at fixed rates.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Quarterly | Bareboat charter for product tanker Stena Polaris |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Concordia Maritime AB product offering
Product offeringCore offering
Concordia Maritime AB operates a fleet of modern product tankers (P-MAX, IMOIIMAX and MR Eco designs) and Suezmax tankers, providing global maritime transportation of refined petroleum products and crude oil. Vessels are deployed under time charter and bareboat charter contracts to oil majors (ExxonMobil, Shell, Total, Neste Oil) and to government services customers (Crowley Government Services for the Stena Polaris). Following the 2024 acquisition by Stena Sessan AB, the company has wound down active commercial operations, retaining minimal residual charter exposure.
Product overview
Concordia Maritime AB is a Swedish tanker shipping company that operates a fleet of product tankers, including P-MAX tankers, IMOIIMAX tankers, Suezmax tankers, and MR Eco vessels. The company provides safe, sustainable, and reliable tank transportation services. Following the acquisition by Stena Sessan AB and subsequent delisting from Nasdaq Stockholm in February 2024, the company operates with a reduced fleet primarily consisting of the product tanker Stena Polaris chartered to Crowley Government Services Inc.
Differentiator
Problem solved
Functional benefit
Products and services
- Product Tanker Charter Services Time charter of modern P-MAX, IMOIIMAX and MR Eco product tankers to integrated oil majors and refiners (ExxonMobil, Shell, Total, Neste Oil) for the global transportation of refined petroleum products.
- Suezmax Tanker Charter Services
- Bareboat Charter Services
Quantifiable outcome
- Fleet reduced to single vessel generating ~8.3 MSEK per quarter bareboat revenue
- +1 more outcomes
Companies that use Concordia Maritime AB
Customer profileNamed customers5 records
Segments1 record
Ideal customer profiles2 records
Concordia Maritime AB technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Concordia Maritime AB partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered minor, core and major.
- World Ocean CouncilminorMember of World Ocean Council for sustainable shipping, participating in industry collaboration for ocean conservation and sustainable maritime practices.
- Havsmiljöinstitutet (Institute of Marine Sciences)minorCollaboration for measurement of microplastics in the world's oceans, supporting environmental research initiatives.
- Håll Sverige RentminorPartnership for beach cleanup activities and environmental awareness campaigns in Sweden.
- Crowley Government Services Inc.coreBareboat charter of Stena Polaris (62,500 DWT product tanker) to US government services company. Contract provides options to extend through 2026 or 2030.
- Mercy ShipsminorConcordia Maritime supports Mercy Ships Cargo Day initiative, providing transportation assistance for humanitarian medical ship organization.
- ShellmajorCooperation agreement for maritime transportation services with major international oil company.
- TotalmajorCharter agreement for tanker vessel services with French energy company Total.
- ExxonMobilmajorExtended contract for product tanker transportation with major international oil company.
- Neste OilmajorJoint ownership of tankers Stena Poseidon and Palva with Finnish energy company Neste Oil. Jointly sold these vessels in 2014.
- Samsung Heavy IndustriesmajorShipbuilding partnerships for construction of Suezmax tankers (Stena Supreme, Stena Penguin) at Samsung shipyard in Korea.
- Stena BulkcoreLong-standing cooperation with Stena Bulk including joint shipping pools, co-ownership of vessels, and shared commercial management. Formed pool with four P-MAX vessels for combined operations.
- Stena WecocoreJoint venture partnership for ECO MR vessels at 50% ownership. Collaboration for product tanker segment expansion.
Scale indicators7 records
Recent moves6 records
Expansion highlights2 records
Concordia Maritime AB competitors and assessment
Company assessmentBroad incumbents
- DHT Holdings: Pure-play VLCC crude tanker operator. Comparable as a publicly-listed tanker company serving oil majors, though focused on a larger vessel class than Concordia's remaining product tanker.
- Frontline: Major publicly-listed tanker operator with VLCC, Suezmax, and LR2 fleets. Overlaps with Concordia's Suezmax segment and serves similar oil major customers, but at much larger scale and broader vessel class coverage.
- Mitsui O.S.K. Lines: Japanese diversified shipping conglomerate operating tankers, LNG carriers, and dry bulk. Comparable as a broad-based shipping incumbent with tanker fleet operations and major oil company customer relationships.
- International Seaways: Diversified tanker operator with VLCC, Suezmax, Aframax, and MR product tanker exposure. Comparable across multiple vessel classes Concordia has historically operated, including Suezmax and MR product tankers.
- Euronav: Large crude tanker operator with VLCC and Suezmax fleet, historically overlapping with Concordia's Suezmax segment. Now merged with Frontline but relevant as a recent comparable peer.
Direct peers
- Torm: Danish product tanker operator with a fleet of MR and LR2 vessels. Comparable on vessel class focus, global oil major customer base, and chartering strategy including time and bareboat arrangements.
- Scorpio Tankers: Product tanker specialist operating a large fleet of MR and LR1 vessels. Directly comparable on vessel category, customer base (oil majors), and charter mix (time and bareboat).
- Hafnia: Product tanker pool operator (now part of Torm group) that historically operated one of the largest MR pools. Directly comparable on pool-based product tanker operations and blue-chip oil company customers.
- Stena Bulk: Sister company under the Stena group operating product and Suezmax tankers globally. Operates joint shipping pools and co-owned vessels with Concordia, making it the most direct operational and strategic peer.
- Ardmore Shipping: Product and chemical tanker operator with MR and chemical parcel tanker fleet. Comparable on product/chemical tanker focus and on serving similar refined product and chemical cargo customers.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks4 records
Key highlights5 records
Customer concentration
Concordia Maritime AB social profiles
Digital presenceConcordia Maritime AB financial estimates
Financial estimateRevenue estimate
Valuation estimate
Concordia Maritime AB leadership team
Management profileNumber of profiles
Profiles2 records
Concordia Maritime AB subsidiaries and ownership
Company hierarchySubsidiaries1 record
Concordia Maritime AB funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Concordia Maritime AB M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Concordia Maritime AB
What does Concordia Maritime AB do?
Concordia Maritime AB operates a fleet of modern product tankers (P-MAX, IMOIIMAX and MR Eco designs) and Suezmax tankers, providing global maritime transportation of refined petroleum products and crude oil. Vessels are deployed under time charter and bareboat charter contracts to oil majors (ExxonMobil, Shell, Total, Neste Oil) and to government services customers (Crowley Government Services for the Stena Polaris). Following the 2024 acquisition by Stena Sessan AB, the company has wound down active commercial operations, retaining minimal residual charter exposure.
Is Concordia Maritime AB a public or private company?
Concordia Maritime AB is a public company. It is classified as corporate owned and is currently operating.
When was Concordia Maritime AB founded?
Concordia Maritime AB was founded in 2005. It employs 101 to 250 people.
Where is Concordia Maritime AB based?
Concordia Maritime AB is headquartered in Göteborg, Sweden, in the Europe region.
How does Concordia Maritime AB make money?
Three revenue lines are on record. Bareboat Charter Revenue is the primary driver. The others are vessel Sales and time Charter Revenue.
Who are Concordia Maritime AB's main competitors?
Broad incumbents on record are DHT Holdings, Frontline, Mitsui O.S.K. Lines, International Seaways and Euronav. Direct peers are Torm, Scorpio Tankers, Hafnia, Stena Bulk and Ardmore Shipping.
Does Concordia Maritime AB have an API?
No public API is recorded for Concordia Maritime AB.
What industry is Concordia Maritime AB in?
Concordia Maritime AB's product category is Maritime Tanker Shipping. Its primary akta.pro industry code is TLADALAA, Crude Oil & Petroleum Products Tanker Transport. Its NAICS code is 48311 and its SIC code is 4400.