GÖTEBORG, Sweden, May 11, 2022 /PRNewswire/ -- Concordia
Maritime has entered into an agreement for the sale of the Suezmax
tanker Stena Supreme (158,000 dwt, built
in 2012). Delivery is expected in June
2022.
Stena Supreme has been chartered* in by Concordia
Maritime since 2016, under a sale and leaseback arrangement, from
one of Japan's largest shipping
companies. The contract contains annual purchase options, which
Concordia Maritime has now elected to exercise.
The sale will have a positive liquidity effect of approximately
USD 4 million. The vessel has
been employed in the spot market through the Stena Sonangol Suezmax
Pool.
Unlike the P-MAX vessels, the transaction and proceeds from the
sale of Stena Supreme are not subject to any special
conditions from the lending banks. The surplus will therefore
strengthen Concordia Maritime's cash position.
The price has been slightly affected by the vessel being sold in
an undocked condition. Stena Supreme was due for a scheduled
10-year docking during 2022 at the latest.
"The sale is part of the process of strengthening the
Company's financial position - but the timing is also spot on.
Tonnage prices have increased in the first quarter of 2022, which
is clearly reflected in the price. In addition, the record weakness
of the yen also adds further leverage. Overall, we are satisfied
with the transaction and the price. We are cautiously optimistic in
our view of the market going forward, although we still cannot rule
out further measures unless we see a more sustained recovery in the
tanker transport market," says Concordia Maritime CEO
Erik Lewenhaupt.
*bareboat charter agreement
For more information, please contact:
Erik Lewenhaupt
CEO, Concordia Maritime AB
+46 704 855 188
erik.lewenhaupt@concordiamaritime.com
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/concordia-maritime/r/sale-of-suezmax-tanker-stena-supreme,c3564779
The following files are available for download:
https://mb.cision.com/Main/1948/3564779/1578300.pdf
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PR Sale of Suezmax
tanker Stena Supreme (PDF)
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