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Remium CONCORDIA MARITIME AB (PUBL) 22 Augusti 2017

Stena is the main owner – in short ..

Ferries Offshore Drilling Property Adactum Shipping

Small company but part of a large network

Utvecklat över 100 nybyggen

Befraktning och kommersiell operation av

över 100 fartyg

Teknisk drift & bemanning av över 130 fartyg

Stena Teknik

Stena Bulk Stena Weco

Stena Sonangol Suezmax Pool

Northern Marine Management

Concordia Maritime

A fleet of 14,5 efficient and flexible ships

10 P-MAX

1 SUEZMAX

2 IMOIIMAX

3 x 0,5 ECO MR

P-MAX

Length 183 m

Breadth 40 m

Dwt 65,200

30% higher cargo intake

Concordia’s Next generation MR product tankers

Length 183 m

Breadth 32,3 m

Dwt 50 000

IMO2MAX – energy- and cargo efficiency

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Fleet and employment strategy

Spot CVC 50% charter in (spot) Time Charter Option Employment: 7

2017 2018 2019

Stena Supreme

ECO MR #3ECO MR #2ECO MR #1

Stena ImportantStena Image

Stena PresidentStena Perros

Stena PenguinStena PremiumStena Provence

Stena PolarisStena Paris

Stena ProgressStena Primorsk

Stena Performance

Suezmax

IMOIIMAX

P-MAX

Product tankers

Eco MR

Crude tankers

2017 2019 2018

Stena Weco Pool

Stena Sonangol Suezmax Pool

7

Challenging market – too many new ships and high oil/products inventories – but it is changing

MR Clean WW index Earnings 2014 - 2017

$/Day

Average MR Clean Earnings (Clarksons)

0

5 000

10 000

15 000

20 000

25 000

30 000

35 000

01-jan 01-feb 01-mar 01-apr 01-maj 01-jun 01-jul 01-aug 01-sep 01-okt 01-nov 01-dec

2014 2015 2016 2017

9

0

10 000

20 000

30 000

40 000

50 000

60 000

70 000

80 000

90 000

01-jan 01-feb 01-mar 01-apr 01-maj 01-jun 01-jul 01-aug 01-sep 01-okt 01-nov 01-dec

2014 2015 2016 2017

Suezmax WW index Earnings 2014 - 2017

Average Suezmax Long Run Historical Earnings (Clarksons)

$/Day

10

Income per type, spot Q2

*Clarksons Average MR Clean Earnings/Average Panamax Dirty Earnings

11

0

10 000

20 000

Q1 Q2 Q3 Q4 Q1 Q2

Clarkson av. MR Clean Earnings Concordia Maritime

Outperforming market: MR

USD/day

2016 2017

12

Outperforming market: Suezmax

0

20 000

40 000

Q1 Q2 Q3 Q4 Q1 Q2

Clarkson av. Suezmax index Concordia Maritime

USD/day

2016 2017

13

The second quarter in short

• Weak markets due to seasonality, high inventory levels, reductions in Opec's production and extensive ship deliveries

• Earnings all Product $ 13,000 (incl TC) • TCE spot earnings above average market earnings*

• Product: USD/day 11,700 vs 9,600 • Suezmax: USD/day 17,300 vs 15,200

Events in the second quarter

• Chartering of two ECO MR ships (50%) together with Stena Weco.

• Time charter contract for P-MAX tanker Stena Paris (1+1)

• Another quarter without a Lost Time Injury*

Q2 H1

2017

2016

2017 2016

Total income, MSEK 211,1 280,8 436,0 544,4

Result after tax, MSEK –43,9 12,4 –85,1 45,8

EBITDA, MSEK 10,0 57,2 39,3 160,6

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*An accident that results in an individual being unable to carry out his or her duties or return to work on a scheduled shift on the day after the injury, unless this is due to delays getting medical treatment ashore.

*Clarksons “Average MR Clean Earnings”/ “Suezmax Long Run Historical Earnings”

Result Second quarter 2017

SEK million Q2 2017 Q2 2016

Total income 211,1 280,8

Operating costs –137,3 –86,4

Seagoing personnel costs –50,3 –47,4

Personnel expenses –5,2 –4,8

Other external costs –8,3 –85,1

Depreciation –55,4 –56,5

Total operating costs –256,5 –280,2

Operating result –45,4 0,7

Interest and similar income 20,4 24,0

Interest and similar expense –18,8 –12,3

Financial net 1,6 11,7

Result before tax –43,9 12,4

Tax 0,0 0,0

Result after tax –43,9 12,4

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Key ratios Second quarter 2017

Q1 2017 Q1 2016

Total income, SEK m 211,1 280,8

EBITDA, SEK m 10,0 57,2

Operating result, SEK m –45,4 0,7

Result before tax, SEK m –43,9 12,4

Result after tax, SEK m –43,9 12,4

Equity ratio, % 49 44

Available liquid funds, SEK m 281,0 385,9

Return on equity, % –3 8

Result per share after tax, SEK –0,92 0,26

Equity per share, SEK 38,29 39,83

*including unutilised credit facilities but excluding investment in corporate bonds and USD deposits

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Cash, deposits, bonds and undrawn facilities

Cash on accounts and accessible cash + short inv. KSEK KUSD

Cash on accounts 186 696 22 141

Deposit – short inv. 252 966 30 000

Bonds 154 309 18 300 Shares Navios Containers 7 167 850 Sum 601 139 71 291

SHB facility London 84 322 10,000

SHB facility Gothenburg 10,000 1 186

Sum 695 461 82 477

• Amortering P-MAX MUSD -5,1 • Exit USD hedge MUSD 1,7 • Utdelning aktieägarna MUSD -2,7 • Investering dockning Stena Supreme MUSD -1,8 • Investering dockningar Stena President och Stena Perros MUSD -0,7 • Uppbyggandet av portföljen med företagsobligationer fortsätter

Earning days and off hire days

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• Oplanerad off hire Q2 2,3 dagar för Stena Performance - propellerreparation • Stena Supreme dockade (Odense - Danmark) under Q2 • Stena Perros och Stena President kommer att dock under 2H. Deras dockningar kommer

att bli dyrare än budgeterat pga större stålarbeten, en hel del jobb med tankarna + förstärkning Panamakanalen. Budget MUSD 2 – estimat MUSD 3

Earning Planned Unpl. Total Earning Planned Unpl. Totaldays off hire off hire days days off hire off hire days

Stena Paris 90,0 0 0,0 90 91,0 0 0,0 91Stena Provence 90,0 0 0,0 90 91,0 0 0,0 91Stena Primorsk 90,0 0 0,0 90 91,0 0 0,0 91Stena Performance 90,0 0 0,0 90 91,0 0 2,3 89Stena President 90,0 0 0,0 90 91,0 0 0,0 91Stena Perros 90,0 0 0,0 90 91,0 0 0,0 91Stena Progress 90,0 0 0,0 90 91,0 0 0,0 91Stena Polaris 88,0 0 2,0 90 91,0 0 0,0 91Stena Penguin 88,5 0 1,5 90 91,0 0 0,0 91Stena Premium 90,0 0 0,0 90 91,0 0 0,0 91Stena Image 90,0 0 0,0 90 91,0 0 0,0 91Stena Important 90,0 0 0,0 90 91,0 0 0,0 91Stena Supreme 90,0 0 0,0 90 91,0 25 0,0 66Total days 1 166,5 0 3,5 1 170,0 1 183,0 25 2,3 1 155,7

Q1 2017 Q2 2017

EBITDA per quarter

USD million Q2

2017 Q1

2017 Q4

2016 Q3

2016 Q2

2016 Q1

2016 Q4

2015

Product tank, time charter 3,6 4.0 5.6 5.4 4.5 2.4 1.3

Product tank, spot, owned or leased tonnage 0,0 0.7 –0.2 0.5 0.9 7.9 10.3

Product tank, spot, chartered tonnage –0,2 -0.2 –0.2 –0.2 0.1 0.1 0.0

Sale of vessels — – 2.9 – – – –

Product tanker total 3,4 4.5 8.1 5.7 5.5 10.5 11.6

Suezmax spot, owned or leased tonnage –1,4 -0,4 1.4 0.9 2.2 2.4 2.8

Suezmax spot, chartered tonnage — – 0.0 –0.2 0.3 0.3 0.9

Sale of vessels — – 3.5 – – – –

Suezmax total –1,4 -0,4 4.9 0.7 2.5 2.7 3.7

Admin. and others –0,9 -0,8 –0.6 –0.5 –1.0 –1.0 –1.4

Total 1,1 3.3 12.4 5.9 7.0 12.2 13.9 19

Sustainability report

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SAFETY FIRST Our overall objective is to conduct our vessel operations and business activities in a manner that protects both the vessels and the employees working under our control and supervision. Our goal is zero accidents, achieved by establishing a strong safety culture and a top quality approach at all levels within our organisation.

ENVIRONMENTAL RESPONSIBILITY

FINANCIAL SUSTAINABILITY

We are committed to reducing the impacts of our vessel operations and business activities on the environment. We will work continuously to reduce emissions and increase energy efficiency.

Our goal is to ensure financial development that enables us to invest in our continuing development. In this way, we can create value for employees, shareholders and society – in the short and long term.

Targets and outcomes Q2 2017

Safety first Q2

2017 Q2

2016 H1

2017 H1

2016 Target

2017 FY

2016

LTI 0 0 0 0 0 0

LTIF 0 0 0 0 0 0

Number of inspections with more than five observations (owned vessels) 0 0 0 0 0 0

Average number of vetting observations (entire fleet) 3,0 1.9 2,3 2,3 <4 2,5

Number of port state controls resulting in detention 0 0 0 0 0 0

Number of piracy-related incidents 0 0 0 0 0 0

Damage to property 1 3 2 5 0 9

Medical treatment case 0 0 1 0 0 3

Restricted work case 0 1 0 1 0 2

High potential near miss 2 2 2 3 0 8

High risk observation 0 0 0 0 0 0

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Targets and outcomes Q2 2017

Environmental responsibility Q2

2017 Q2

2016 H1

2017 H1

2016 Target

2017 FY

2016

Oil spills, litres 0 0 0 0 0 0

Reduced fuel consumption, mt/day (owned vessels) 1,5 0.6 1,3 0,5 0,3 0,8

Reduced CO2, mt 2 700 960 4 707 1 828 2 800 5 215

Reduced SOx, mt 23,0 12 4 015 22,8 36 39

Reduced NOx, mt 76,0 27 131,0 53,8 80 145

Reduced emissions of particulates, mt. 0,9 0.3 1,6 0,6 0,9 1,7

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Market

Limited contracting of new vessels (MR 40’000-54’000 dwt)

0

50

100

150

200

250

2009 2010 2011 2012 2013 2014 2015 2016 2017

Nr of vessels

MR/Handysize, as of July.1

35 40 57100

124 113 118 136164 160

10974 55

81 100142

108

36

44

4217 9

4

27

11

-80-60-40-20

020406080

100120140160180

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

# of

ves

sels

Delivered Reported under constructionConstruction start not reported ScrappedScrap candidates, age 25+

OPEC output vs Call-on-OPEC

0,0

0,5

1,0

1,5

2,0

2,5

3,0

3,5

4,0

29,0

29,5

30,0

30,5

31,0

31,5

32,0

32,5

33,0

33,5

34,0Q

1'11

Q2'

11Q

3'11

Q4'

11Q

1'12

Q2'

12Q

3'12

Q4'

12Q

1'13

Q2'

13Q

3'13

Q4'

13Q

1'14

Q2'

14Q

3'14

Q4'

14Q

1'15

Q2'

15Q

3'15

Q4'

15Q

1'16

Q2'

16Q

3'16

Q4'

16Q

1'17

Q2'

17Q

3'17

Q4'

17Q

1'18

Q2'

18Q

3'18

Q4'

18

OPE

C sp

are

capa

city

(EIA

est

)

Mill

ion

barr

els p

er d

ay

Call-on-OPEC Call-on-OPEC Opec actual output OPEC spare capacity

Product Tanker cycle, – assumptions 3,5% WGDP and 1,4 mbd oil cons growth

2015 Fleet growth 6% Stockbuild

2019 Fleet growth 1-2% (so far) Stocks?

2016 Fleet growth 6% Stockbuild FH Stock draw SH

2017 Fleet growth 5% High stocks Min arbitrage

2018 Fleet growth 1-2% Stocks ”normalized” Tanker demand up 4-5%

$/day 20-25,000

29

$/day 10-12,000

Gradual improvement from next year

Q & A

Styrelsemöte januari 31, 2017