The backbone of Concordia Maritime's fleet is the ten P-MAX tankers. The tankers combine transport economy and flexibility with safety of the highest class.
Behind the concept, which was developed together with leading oil and gas companies, is a need to operate in shallow waters and ports with more cargo than corresponding vessels of the same size class. To make this possible, the P-MAX tankers are considerably wider than traditional MR tankers. The increased volume means that they are able to transport up to 30 percent more cargo, allowing them to compete for cargo in both the MR and panamax segment.
The P-MAX concept takes safety into a new dimension. The vessels are built with double systems for propulsion and manoeuvring, engines, shafts, generators, control and fuel systems, rudders and propellers. The engine rooms are separated by fireproof and watertight bulkheads and the bridge is equipped with a co-pilot system.
Thanks to the design of the hull, the P-MAX tankers are able to transport about 30 percent more cargo on the same draft while maintaining the same fuel consumption.
Eight of the tankers in the P-MAX fleet are ice class 1B and two are ice class 1A. Three vessels have been converted to IMO3 class after delivery, which means that they can also carry vegetable oils and light chemicals.
The first P-MAX tanker in the series, Stena Paris, was delivered at the end of 2005. Since then, a further nine P-MAX tankers have been delivered and put into operation. The last vessel in the series, Stena Premium, was delivered in summer 2011. There are a number of considerable advantages in having ten sister vessels in the fleet. For customers, the ability to hire several vessels of the same type brings increased security, stability and flexibility. For us as a shipping company, it creates advantages related to development, operation and maintenance, classification and regulations. The common design also means that crew can quickly switch from one vessel to another.
After the P-MAX tankers were delivered, they were employed on profitable multi-annual time charter contracts. As these expired, the vessels moved instead to employment on the spot market. At the beginning of 2015, eight P-MAX tankers were employed on the spot market through agreements with Stena Bulk and Stena Weco. The other two tankers were employed on time charters within the framework of the pool established with Stena Bulk.