GÖTEBORG, Sweden, Dec. 18, 2018 /PRNewswire/ -- Concordia
Maritime is selling the positions previously taken in four
chartered-in Suezmax vessels. The economic value corresponds to an
EBITDA of USD 5.3 million.
As part of the fleet positioning ahead of the gradually stronger
market that was expected, Concordia Maritime participated in period
charters of four Suezmax tankers. Concordia Maritime's share was 50
percent. Stena Bulk accounted for the remaining 50 percent and the
owner of the ships also had a profit-sharing entitlement.
As anticipated, the stronger market has now materialised and the
positions have a clear economic value. Concordia Maritime has today
agreed with Stena Bulk to sell the shares in the above-mentioned
period charters January 1 2019 to the
end of the charter period. This means that the economic value of
the positions, USD 5.3 million, will
be realised during Q4 2018. The valuation is based on the
companies' share of the difference between the cost of the period
charter and the estimated income from these positions.
"It is very pleasing that our exposure to the Suezmax market
turned out so well. The value of the chartered Suezmax vessels has
risen considerably since the contracts were signed. It is therefore
our assessment that the level and timing are now right to realise
the value. Our main focus is product tankers, where we still have
considerable exposure to the sport market, with both owned and
chartered tonnage. However, conducting business with Suezmax
vessels is an important complement that can offer good
opportunities, as shown by this particular deal," says
Kim Ullman.
Contact:
Kim Ullman
CEO
Concordia Maritime AB
Tel: 46-31855003
Mobile: 46-704855003
Email kim.ullman@concordiamaritime.com
Ola Helgesson
CFO
Concordia Maritime AB
Tel: 46-31-855009
Mobile: 46-704-855009
Email ola.helgesson@concordiamaritime.com
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SOURCE Concordia Maritime