Concordia Maritime Enters Agreement for Sale of Product Tanker Duo

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Concordia Maritime AB has entered into an agreement for the sale of the product tankers Stena Premium and Stena Progress, reports Xinde Marine News.

The sale will generate a liquidity supplement of approx. MSEK 100.

Sale of product tankers

Stena Progress (65,200 dwt) was built 2009 and Stena Premium (65,200 dwt) in 2011. After repayment of loans and liabilities to related parties, the transaction generates a liquidity supplement of approx. MSEK 100. The remaining debts are current operating liabilities.

“With the sale, we continue to take advantage of the strong market and the high prices for older vessels. As previously announced, we are working intensively to chart the Company’s future direction and business. The work is progressing and we have high hopes of being able to present more information during H2 2023,” says Concordia Maritime CEO Erik Lewenhaupt.

Since 2021, Stena Progress and Stena Premium have been on a five-year charter to Stena Bulk, which in turn has chartered out the vessels on a combination of short and medium-term contracts. On the sale date, both vessels were on contracts that run until autumn/winter 2024. The transaction means that the buyer takes over responsibility for these contracts from Stena Bulk. The sale price is affected by the buyer’s expected earnings for the vessels during the remaining contract period.

After the sale, the Concordia Maritime fleet will consist of one vessel, Stena Polaris, which has been chartered out on a bareboat contract to US Crowley Government Services Inc. since early 2022. Crowley has in turn chartered the vessel to US Military Sealift Command. The contract with Crowley includes extension options until the end of 2026.

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Source: Xinde Marine News

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