Concordia Maritime offloads P-MAX tanker

Sweden’s Concordia Maritime has sold 2007-built post-panamax (P-MAX) product tanker Stena Perros, as part of a plan previously agreed with its banks.

The vessel is scheduled for delivery to its new owners, an unnamed oil company with operations in Africa, later this month.

Concordia says the sale will have a positive liquidity effect of about $1.4m, although the sale price was less than previously expected due to the vessel being sold in an undocked condition and the current poor tanker market. The vessels is due for a five-year survey later this year.

Erik Lewenhaupt, recently installed as CEO of Concordia Maritime, commented: “Despite existing charter agreements, the continued weak tanker market poses challenges for Concordia Maritime. The sale of Stena Perros is aimed at improving the Company’s financial position and is in line with the bank agreement signed in autumn 2021. Further sales cannot be ruled out in the future unless we see a rapid recovery in the tanker transport market.”

Last October, Concordia entered into binding agreements with its banks regarding new loan terms and conditions for eight its ten P-MAX vessels. The agreement came after the company had earlier revealed that its liquidity had been substantially reduced putting it at risk of breaching covenants in its loan agreements.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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