Concordia Maritime refinances entire MR tanker fleet

Concordia Maritime refinances entire MR tanker fleet

Sweden’s Concordia Maritime says it has signed two agreements to refinance its fleet of ten P-Max MR tankers.

The two agreements, totalling $189m, will replace an existing facility which is due to expire in June 2017.

The first finance facility is for eight ships, with a group of banks made up of Svenska Handelsbanken, BNP Paribas, DNB, Nordea, SEB and Swedbank. The facility has a final maturity of five years. The other facility is with Svenska Skeppshypotek and will refinance two of the ships , also with a maturity of five years.

“We are happy to have finalized the refinancing of the P-Max ships at very competitive terms with relationship banks. This refinancing for the P-MAX ships in combination with the sale lease back deals for Stena Image and Stena Supreme give the company a solid financial platform to develop its business from,” commented Ola Helgesson, CFO of Concordia Maritime.

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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