Concordia Maritime offloads another tanker in challenging market

Stena-backed Concordia Maritime has struck a deal with an undisclosed Greek-based buyer for the 2007-built post-panamax (P-Max) tanker Stena President. The 65,200 dwt ship is scheduled for delivery in March 2022, with the sale expected to have a positive liquidity effect of around $0.6m. 

Concordia Maritime said the surplus will be used for accelerated amortisation of bank debt and that the price has been affected by the vessel being sold in an undocked condition and by a continuing low spot market. The vessel is due to have its scheduled 15-year special survey 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,” said Concordia Maritime CEO Erik Lewenhaupt, adding that “Further sales cannot be ruled out unless we see a lasting recovery in the tanker transport market.”

In January this year, Concordia offloaded the 2007-built P-Max Stena Perros, which is expected to have a positive liquidity effect of about $1.4m.

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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