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2016-05-13

Concordia Maritime: Concordia Maritime settles arbitration

Concordia Maritime has entered into a settlement agreement regarding a
dispute associated with Stena Primorsk's grounding in the Hudson
River in December 2012. According to the settlement agreement,
Concordia Maritime will pay USD 9.25 million to the counterparty.

In July 2013, the company owning the vessel received a claim regarding
the damage the counterparty believes the company has caused them in
connection with the company's decision to stop operating Stena
Primorsk in the Hudson River after the vessel's grounding in the
shipping channel in December 2012. The counterparty initial claim
amounted to approximately USD 21 million, which was subsequently
adjusted to USD 23 million, and the counterparty requested the matter
be settled by arbitration in the United States, in accordance with
the terms of the agreement. In connection with the arbitration
proceedings, Concordia Maritime asserted counterclaims in the amount
of USD 6 million.

A discovery phase, in which both parties' standpoints and demands were
examined carefully, was completed in the third quarter of 2015. After
further discussions, the parties have now entered into a settlement
agreement according to which Concordia Maritime will pay USD 9.25
million to the counterparty. Payment will be made on Friday 13 May
and will constitute a final settlement between the parties with
respect to the dispute.

Concordia Maritime Aktiebolag (publ) discloses the information
provided herein pursuant to the Securities Markets Act and/or the
Financial Instruments Trading Act. The information was submitted for
publication on 13 May 2016, at 07:30 CET.

Kim Ullman
CEO
Concordia Maritime AB

Tel: 46 31 855003
Mobile: 46 704 855003
E-mail: kim.ullman@concordiamaritime.com

Concordia Maritime is an international tanker shipping company. Our
focus is on cost-effective and safe transportation of refined
petroleum products and vegetable oils. The company's B shares were
admitted to trading on Nasdaq OMX Stockholm in 1984.
www.concordiamaritime.com

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http://news.cision.com/concordia-maritime/r/concordia-maritime-settles-a...
http://mb.cision.com/Main/1948/2008435/515298.pdf

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