Concordia Maritime sells Suezmax Stena Supreme tanker

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Concordia Maritime announced on Wednesday that it has reached an agreement for the sale of the 158,000 dwt Suezmax Stena Supreme tanker. Delivery is scheduled for June 2022.

The Stena Supreme, built in 2012, has been chartered bareboat by Concordia Maritime since 2016, under a sale-leaseback agreement, from “one of Japan’s largest shipping companies”, Concordia Maritime said. The contract contains annual call options, which Concordia Maritime has now elected to exercise.

The vessel was used in the spot market through the Stena Sonangol Suezmax Pool, and its sale will have a positive liquidity effect of approximately $4 million, Concordia Maritime said.

Unlike the P-MAX ships, the transaction and the proceeds from the sale of Stena Supreme are not subject to any special conditions from the lending banks. The surplus will strengthen Concordia Maritime’s cash position, the company said.

According to Concordia Maritime, the price was slightly affected by the sale of the vessel in an unmoored state. Stena Supreme was to be moored for 10 years no later than 2022.

“The sale is part of the process of strengthening the company’s financial position, but the timing is also right. Tonnage prices increased in the first quarter of 2022, which is clearly reflected in the price. In addition, the record low yen also adds additional leverage. Overall we are happy with the transaction and the price. We are cautiously optimistic about our view of the market going forward, although we still cannot rule out further action unless we see a more sustained recovery in the tanker market,” said Concordia CEO Maritime, Erik Lewenhaupt.

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