The Concordia Maritime-Stena Sphere cooperation
The close cooperation between Concordia Maritime and the related companies within the Stena Sphere provides access to world-leading expertise in all areas of shipping – from shipbuilding and technical operation to manning, chartering and commercial operation. It also creates the conditions for a costeffective internal organisation.
It is management's belief that this cooperation is one of Concordia Maritime's main strengths, even though the relationship is associated with some risk, as services are purchased from a small number of suppliers.
Ever since Concordia Maritime was established, there has been an agreement that regulates the relationship between the companies in terms of new business. Under the terms of this agreement, Concordia Maritime has the right to opt for 0, 50 or 100 percent participation in each new transaction that Stena Bulk develops. Some vessels are chartered through Stena Weco, of which Stena Bulk is a joint owner (50 percent) and the President of Concordia Maritime is a Board member. The agreement with Stena Weco is basically the same, with the exception of transactions under one year.
Concordia Maritime purchases services from Stena Sphere companies in the following areas:
Vessel charter: Stena Bulk and Stena Weco
Commercial operation (and administration): Stena Bulk and Stena Weco
Operation and manning of the Group's vessels: Northern Marine Management
Technical Support: Stena Teknik
Purchases of bunker oil: Stena Bulk
Insurance: Stena Rederi AB
Office rent and office services: Stena Rederi AB
All related party transactions are conducted on commercial terms and at market-related prices. The agreements between the parties are reviewed annually. As a complement to the agreements, there is a policy document which regulates areas such as practical management of business opportunities, information management and logging procedures.