EuropeFinance and InsuranceTankers

Concordia Maritime sells and leases back tanker

Sweden’s Concordia Maritime has signed a $37.5m sale and leaseback deal for its MR chemical/product tanker Stena Image with “large Japanese financial institution”, and may enter into similar deals for other vessels in its fleet.

The IMOIIMAX tanker will be bareboated back for a period of eight years, with annual purchase options from the fourth year onwards.

The vessel will remain employed in the Stena Weco Pool “for many years to come”, Kim Ullman, CEO of Concordia Maritime, said in a release.

“Through this transaction, we have simultaneously accomplished goals of strategic and financial importance to the company. It is a step on the way to preparing ourselves for a potentially subdued market situation and at the same time positioning the company to be able to act on good business opportunities that may arise thereof,” said Ullman.

Ola Helgesson, Concordia’s CFO, said the transaction marks the company’s entrance into a competitive financing market in Japan as alternative source of funding.

“We are currently reviewing the possibility of entering into similar arrangements for a further one or more vessels in our fleet,” Helgesson added.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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