Sale of P-MAX vessel, in line with bank agreement

Jan 20 2022


Concordia Maritime has entered into a contract for the sale of the P-MAX vessel Stena Perros (65,000 dwt, built in 2007).

The buyer is an oil company with operations in Africa and delivery is scheduled for the end of January.

 

The sale is expected to have a positive liquidity effect of about USD 1.4 million. The surplus will be used for accelerated amortization of bank debt, improving the long-term prospects of the company. However, the agreed price is below the vessel’s book value and previous valuation. The price has been affected by the vessel being sold in an undocked condition and by a continuing low spot market. Stena Perros is due to have its scheduled 5-year special survey (drydock) in the fourth quarter of 2022.

 

“Despite existing charter agreements, the continued weak tanker market poses challenges for Concordia Maritime. The sale of Stena Perros is aimed at improving the Company’s financial position and is in line with the bank agreement signed in autumn 2021. Further sales cannot be ruled out in the future unless we see a rapid recovery in the tanker transport market”, says Concordia Maritime CEO Erik Lewenhaupt.

 



Related News

TEN Ltd. announces the sale of a 2006-built LR2 product tanker

(May 05 2022)

TEN, Ltd. (TEN) (the “Company”) announced the sale of a 2006-built LR2 aframax tanker, one of the largest product tankers in the world at the time of its construction, to unrelated entities.



Navios Partners announces acquisition of 4 newbuilding vessels and entry into two related charters

(May 05 2022)

Navios Maritime Partners L.P. (“Navios Partners”), an international owner and operator of dry cargo and tanker vessels, announced that it agreed to purchase four 115,000 dwt LR2 newbuilding vessels, for a purchase price of $58.5 million each (plus $4...



Supervisory Board letter to Euronav shareholders

(May 05 2022)

Euronav NV (“Euronav” or the “Company”) has issued the following letter from the Supervisory Board to Euronav shareholders ahead of the AGM on May 19th, 2022.



Poten's Weekly Opinion: VLCC Outlook Remains Foggy

(May 05 2022)

VLCC TonMiles increased in the first quarter of 2022.



Veson Nautical acquires Q88

(May 05 2022)

Veson Nautical (“Veson” or the “Company”), a leading provider in maritime freight software worldwide, announced its acquisition of Q88, an information management and software platform for the maritime transportation industry.



Apr-May 2022

Tanker Accident Database - speeding up port calls - causes of enclosed space problems - resolving BWMS problems - investor''s view on LNG fuelled ships