GÖTEBORG, Sweden, March 2, 2022 /PRNewswire/ -- Concordia
Maritime has entered into a contract for the sale of the
P-MAX-vessel Stena
President (65,200 dwt, built in 2007). 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.
For more information, please contact:
Erik Lewenhaupt
CEO, Concordia Maritime AB
+46 704 855 188
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
March 2022 at 15:15
CET.
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/concordia-maritime/r/sale-of-p-max-tanker-stena-president,c3517580
The following files are available for download:
https://mb.cision.com/Main/1948/3517580/1543390.pdf
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Concordia Maritime -
Press release - 20220302
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SOURCE Concordia Maritime