Stena AB is plotting to broaden investor interest in Concordia Maritime by moving its listing to Oslo.

The plan is down to a lack of shipping interest in Sweden, according to Stena AB CEO Dan Sten Olsson.

He told local media that the move could attract more interest in its 52.5%-owned product tanker company.

No decision yet

Concordia Maritime CEO Kim Ullman told TradeWinds: "First of all – there is no board decision about this.

"The board is of course aware of other potential listings for a shipping company like ours. My personal guess is that if we would implement an alternative listing it would probably be in 2020 – but up the board to make a decision on this."

He added: "Concordia Maritime is the only shipping company on the entire exchange in Stockholm. We believe we could achieve better interest and coverage in general by being on the Oslo bourse."

Ullman said there were no immediate plans to raise new money through a listing and it was too early to say whether the Stockholm listing would be retained.

Concordia is currently listed on the Nasdaq Stockholm exchange.

It has a market capitalisation of SEK 616.59m ($64.51m).

The exchange shows 40 trades concluded on Monday, involving 37,956 shares.

The stock was trading down 1.4% at SEK 14.1 per share on Monday.

The Concordia fleet consists of ten P-MAX product tankers, two newly built IMOIIMAX chemical and product tankers and shares in one contracted MR vessel, plus a long-term chartered Stena suezmax.

Tanker upturn

The company has been contacted for comment.

Concordia said in its third quarter result that it had "finally" seen a long-expected upturn in tanker rates despite posting another loss.

In a "challenging" market, the company reported a net deficit of SEK 35.6m, against a loss of SEK 67m in the same period of 2018.

Revenue from its 14 ships edged up to SEK 259.2m from SEK 258.6m a year ago.

CEO Kim Ullman said: "After essentially several years of weak markets, we saw a clear strengthening of the tanker market towards the end of the third quarter."

Tankers

Ullman: no decision yet on Concordia's Oslo listing