Concordia Maritime Reveals Successful Ship Sales while Looking at New Transactions by Shipping Telegraph

Sweden-based Concordia Maritime strikes sales deals for two of its product tankers that will generate a liquidity supplement of approximately 100 million Swedish kroner (about 8,6m euros), after repayment of loans and liabilities to related parties.

The company will sell its 2009-built Stena Progress of 65,200 dwt and the 2011-built ship Stena Premium having the same deadweight of 65,200 dwt.

The remaining debts are current operating liabilities, as the company said.

Both vessels since 2021 have been on a five-year charter to Stena Bulk, which in turn has chartered out the vessels on a combination of short and medium-term contracts.

“On the sale date, both product tankers were on contracts that run until autumn/winter 2024. Concordia Maritime said the transaction means that the buyer takes over responsibility for these contracts from Stena Bulk,” said Concordia Maritime.

The company also mentioned that the sale price is affected by the buyer’s expected earnings for the vessels during the remaining contract period.

CEO Erik Lewenhaupt expects with the sale to take advantage of the strong market and the high prices for older vessels.

“As previously announced, we are working intensively to chart the company’s future direction and business. The work is progressing, and we have high hopes of being able to present more information during H2 2023,” said Lewenhaupt.

After the sale, the Concordia Maritime fleet will consist of one vessel, Stena Polaris, which has been chartered out on a bareboat contract to US Crowley Government Services since early 2022.

Crowley has in turn chartered the vessel to US Military Sealift Command. The contract with Crowley includes extension options until the end of 2026.