Concordia Maritime selling its last suezmax

Stena-backed Concordia Maritime is selling its last suezmax tanker, the 2012-built Stena Supreme, taking advantage of the yen’s tumble and buoyant asset prices.

The vessel has been on a bareboat charter from the Japanese shipowner Doun Kisen since 2016 under a contract with annual purchase options priced in yen.

“The recent weakness of the yen and stronger valuations for the suezmax vessel have prompted us to put the vessel on the market for sale,” Concordia said.

Brokers report that a deal has already been struck with Greek owner Marmaras Navigation for around $37.5m.

The 158,000 dwt vessel was employed in the spot market via the Stena Sonangol suezmax pool, controlled by Stena and the Angolan state oil company Sonangol, and had average earnings of $14,600 per day.

“The break-even level was too high to provide positive cash flow in the weak market we saw in 2021. A sale is expected to generate a positive cash flow and also save on the docking that was scheduled for the vessel in 2022,” the Swedish owner noted in its quarterly report.

Earlier this year, Concordia offloaded the 2007-built P-Max Stena Perros and Stena President.

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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