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

Sweden-based Concordia Maritime has moved to delist from Nasdaq Stockholm and its largest shareholder, Stena Sessan, which holds more than 90 per cent of the shares and votes in Concordia Maritime, has requested that a compulsory buy-out of the remaining shares in Concordia Maritime be initiated.

Concordia led-by Erik Lewenhaupt said its board of directors has decided to apply for delisting of Concordia Maritime’s class B shares from Nasdaq Stockholm.

The last day of trading in the class B share will be announced after Concordia Maritime has submitted the application and received a decision from Nasdaq Stockholm.

The company has also revealed in a regulatory release that its board of directors has furthermore, at the request of Stena Sessan, decided to convene an extraordinary general meeting to be held on 22 February 2024 for resolutions on, inter alia, election of new members of the board of directors.

Concordia’s B shares were first listed on Nasdaq Stockholm in 1984.

Stena Sessan, as Shipping Telegraph reported in December, announced a public offer to acquire all class B shares in Sweden-based Concordia Maritime for SEK 9.80 in cash per share. The offer values all shares in Concordia Maritime at approximately SEK 468 million.

Concordia Maritime’s fleet currently consists of one vessel, the product tanker Stena Polaris, which was built in 2010 and has a deadweight of 62,500 tons.

Since early 2022, Stena Polaris has been chartered out on bareboat charter to Crowley Government Services, USA.

The contract with the charterer includes options which give the charterer the right to extend the bareboat charter until the end of 2026 or, until at the latest when the vessel reaches 20 years of age in 2030.