Stena-backed Swedish tanker player Concordia Maritime has sold its 2010-built post panamax products carrier Stena Penguin to a European buyer for delivery in the second quarter of 2023.
to a European buyer for delivery in the second quarter of 2023.The sale of the 65,200 dwt ship, VesselsValue estimates as worth $29.1m, is expected to have a positive liquidity effect of around SEK215m ($21m) after repayment of the remaining bank debt to Svenska Skeppshypotek.
The unit built at Brodosplit Shipyard in Croatia has been on a five-year charter, including profit-sharing, to Stena Bulk since 2021 and has recently been redelivered to Stena Bulk after a 12-month charter with ExxonMobil.
The move will see Concordia’s fleet down to three product tankers. Stena Progress and Stena Premium are currently employed on medium-term contracts under a time charter with Stena Bulk. Meanwhile, Stena Polaris is on a bareboat contract to US Crowley Government Services, with extension options until the end of 2026.
Concordia Maritime CEO Erik Lewenhaupt, commented: “We are now divesting another vessel with a good margin. The sale is being made primarily in the context of the current record strong market for secondhand tonnage. The process of planning for the future is continuing in parallel to this. At present, we are working hard on a number of exciting options for new business.”
Days of the P-MAX are gone. Although they were build with lots of futureproofing, it’s been proven to be extremely difficult to keep them in line with current regulations (BWTS, EEXI, CCI, Tier III, Sulphur and NOX caps). Double engine room with full redundancy implies almost double cost for upgrades. Insufficient versatility with fuel tanks also means you need to commit to a single grade of fuel.
Perfect timing to offload these tankers. Remaining P-MAX’s are sailing coastal Brazil as long as they will float for Stena.