Concordia Maritime buys back and offloads tanker pair

Stena-backed Concordia Maritime has sold two of its 2015-built IMOIIMAX tankers, Stena Image and Stena Important, to a Chinese leasing company. The net liquidity surplus from the transactions amounts to around SEK45m ($5.2m), the Stockholm-listed firm said.

The two vessels were sold to Tokyo Century Corporation, according to VesselsValue, in 2016 and 2017 under sale-leaseback deals. The deals also included annual purchase options, which have now been exercised.

“The sale of the vessels is in line with the continuing ambition to strengthen the company’s financial position and liquidity,” said Kim Ullman, CEO of cash-strapped Concordia Maritime.

Delivery of the vessels is expected to take place next month. Following the sale, Concordia Maritime will have ten wholly-owned P-MAX product tankers, one suezmax tanker on sale and leaseback with a purchase option, and a stake in a further three chartered suezmaxes.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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