This year’s AGM well attended as usual

Concordia Maritime’s Annual General Meeting was held on 24 April and some 100 shareholders had gathered at Elite Park Avenue in Gothenburg.

Board members Carl-Johan Hagman, Stefan Brocker, Mats Jansson, Helena Levander and Mikael G:son Löw were re-elected and Carl-Johan Hagman was elected as Chairman of the Board. Dan Sten Olsson and Morten Christian Mo had declined re-election. The meeting decided that there would be no dividend for 2017.

In his speech, Kim Ullman, CEO, also talked about Concordia Maritime’s on-going work on adapting and positioning the fleet, based partly on the weak market but also with an eye on the upswing expected to begin during the second half of 2018. Kim referred to this in part when he presented four specific reasons for investing in Concordia Maritime:

  • Large net asset value discount and good financial position
  • Increased exposure to anticipated market upswing
  • Improved market
  • Stena as principal owner and outsourcing partner

Erik Möller, Business Intelligence Manager at the sister company Stena Bulk, attended the meeting and presented Orbit, the digital platform developed by the company and used for more efficient and simpler operation planning. Ola Helgesson, CFO, noted that the company’s business activities had been spared any serious incidents or accidents. This is a result of single-minded work with considerable resources being invested in training and education, compliance with routines and following up processes. The safety of the crews on board must always come first and this has the highest priority regardless of the economic climate or market situation. Additionally, work on continuously reducing ship-related impact on the environment continues. Finally, Ola talked about several initiatives taken over the last six months to support the work on promoting cleaner seas.

The Interim Report for Q1, 2018 was presented during the annual general meeting and a conference call was also held that afternoon.

Concordia Maritime at ‘Stora Aktiedagen 2018’ in Stockholm

Kim Ullman, CEO, and Ola Helgesson, CFO, attended the Swedish Shareholders’ Association’s presentation day at the investor conference held at Operaterrassen in Stockholm where the company was one of many participants. Among other things, Stena’s ownership strategy, which makes possible access to world-leading expertise and competence, was highlighted. Several positive examples were given such as the collaboration with Stena Teknik, which is behind the cutting-edge technical development of ships, the joint pools together with Stena Bulk, Stena Sonangol and Suezmax and the collaboration with the ship management company Northern Marine Management in Scotland. The audience showed great interest and several informed questions were asked. The presentation can be viewed on Concordia Maritime’s website.

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