Concord Maritime, LLC is pleased to announce that Emarat Maritime will place its 2010-built, 115k-dwt ‘Dubai Charm’ into the Dakota Tankers Aframax Pool in December.  This follows the recent deliveries of the LR2 ‘Free Spirit’, 2008-built, 113,000 dwt, chartered in by Concord Maritime in November, and Atlas Maritime’s – ‘Aspasia Lemos’, 2009-built, 105,187 dwt; the 2003-built, 115,000 dwt sisters ‘Lady M’, ‘Texas Star’ and ‘Atlas Voyager’; and the 2007 Sumitomo built ‘Mitera Marigo’, 105,495 dwt.

The Dakota Tankers pool was established earlier this year to manage third party Aframaxes and LR2s in the global spot markets; focused exclusively on commercial performance and the bottom line results of its partners – 100% of the Pool’s bunkers and services are sourced from unrelated third-party providers.  The Pool manages voyage cash requirements with a working capital facility provided by Macquarie Bank Ltd.  Partners have real time access to operational and financial performance through a proprietary online reporting platform with results audited by a major accounting firm.

Atlas Maritime Founder and CEO, Leon Patitsas, commented “We are pleased to be participating in the Dakota Tankers pool with our fleet of Aframaxes.  We know and trust the team very well and have a high degree of confidence in their ability to consistently outperform the markets.  They have been very commercial and supportive with creative solutions that we have found highly productive especially considering the historical lows we have just emerged from.”

Emarat Maritime CEO Captain Jitendra Misra added, “We feel very comfortable with our ‘Dubai Charm’ in Concord’s hands based upon the relationship we have had with the team over the past several years.  Shipping is a people business, it requires partners who respond to requirements with thoughtful and creative ideas with a mutually beneficial common goal.  We are confident that the team will continue to apply that same approach as we embark upon a new journey together.”

Ben Ognibene, CEO of Concord Maritime, commented “We are immensely honored that Atlas Maritime and Emarat Maritime have selected to participate in our Dakota Tankers Aframax pool with their quality vessels.  We have worked with both companies for more than a decade in the past and we place immense value upon their leadership, ability to provide high caliber operations, and superior technical performance.  They are first class owners in every sense of the term.”

About Atlas Maritime

Atlas Maritime is an international shipping company that manages a fleet of seven oil tankers and two dry bulk vessels.  A member of the historic Lemos family, with more than a century of ship owning and operating lineage in the family history, Leon Patitsas founded Atlas Maritime in 2004.  The Company maintains an excellent reputation among major oil companies as a preferred quality operator.

About Emarat

Formed in 1990, today Emarat is an important player in the global shipping markets operating a fleet of modern, well maintained, and efficient vessels.  Headquartered in Dubai, with a multinational team of skilled professionals, Emarat is among the most highly diversified, successful and prominent ship operating companies in the Middle East.

About Concord Maritime

Concord Maritime was established earlier this year to meet the growing need for an independent, reliable manager of third-party crude tanker pools focused exclusively on operational excellence, commercial performance and the bottom line results for its partners.  Based in Stamford, Connecticut, the Company employs a highly experienced team of executives with proven results developing leading tanker pools.

For further information contact:

Ben Ognibene, CEO, Concord Maritime

Tel: [1] 203-951-9390