The buyer is a shipping company based in Greece. Delivery is scheduled in March 2022.
The sale is expected to have a positive liquidity effect of approximately USD 0.6 million. The surplus will be used for accelerated amortization of bank debt. The price has been affected by the vessel being sold in an undocked condition and by a continuing low spot market. Stena President is due to have its scheduled 15-year special survey (drydock) in the third quarter of 2022.
“The weak tanker market during Q1 poses continued challenges for Concordia Maritime. The sale of Stena President is made to avoid docking costs and strengthen the company's financial position. Further sales cannot be ruled out unless we see a lasting recovery in the tanker transport market", says Concordia Maritime CEO Erik Lewenhaupt.