Concordia Maritime writes down book value of fleet vessels by
SEK 268 million.
GÖTEBORG, Sweden, Feb. 2, 2022 /PRNewswire/ -- An impairment loss
has been recognised after an overall assessment of the vessels'
market value and their value in use. As a consequence of the
prolonged tanker market weakness, these values are estimated to
have declined. This assessment is also confirmed by the recent sale
of the P-MAX vessel Stena Perros.
Overall, this gives rise to a total impairment loss of SEK 268 million on vessel values. The book value
of Concordia Maritime's vessels after the impairment amounts to SEK
1 973 million.
The impairment does not have any other impact on cash flows or
loan agreements.
Concordia Maritime carries out an impairment analysis every six
months. An impairment loss is recognised when the book value of an
asset or cash-generating unit exceeds its recoverable amount. The
recoverable amount is the higher of fair market value (based on
external valuations) and value in use (estimated future discounted
cash flows).
For more information, please contact:
Erik Lewenhaupt
CEO, Concordia Maritime AB
erik.lewenhaupt@concordiamaritime.com
This information is information that Concordia Maritime
Aktiebolag (publ) is obliged to publish in accordance with the EU
Market Abuse Regulation. The information was provided by the
contact person above for publication on 2
February, 2022 at 22:30
CET.
Concordia Maritime is an international shipping
company founded in 1887. Our focus is on safe, sustainable
and reliable transportation of refined oil products, chemicals and
vegetable oils. The company's B shares were first listed on Nasdaq
Stockholm in 1984.
www.concordiamaritime.com
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