Concordia Maritime signs third sale and leaseback agreement

Concordia Maritime signs third sale and leaseback agreement

Concordia Maritime is selling the 2015-built product tanker Stena Important to what it describes as “a large Japanese financial institution” with naming the company. This is a sale and leaseback transaction – Concordia Maritime’s third in a short period of time. The sale price has been revealed as $36m.

Delivery to the purchaser will take place at the end of March. Under the agreement, the vessel will be chartered back on a bareboat basis for nine years, with a purchase obligation in year nine.

“Once again, we have successfully conducted a good transaction that creates significant values. Just as with the previous transactions in autumn, this is a way of preparing ourselves for a subdued market situation and the good business opportunities that may arise there. We are working actively on the fleet’s structure and disposition, and the leaseback arrangement enables us to continue employing the vessel in the successful Stena Weco pool,” said Kim Ullman, CEO of Concordia Maritime.

“The right timing of vessel purchases and sales is a key element of our business model. This is another transaction where the price and other terms are clearly competitive and bring us a significantly positive cash effect. With the agreement, we are taking a further step into the interesting Japanese financing market,” added Ola Helgesson, CFO of Concordia Maritime.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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