Sale of the P-MAX vessel, in accordance with the bank agreement
Concordia Maritime has concluded a contract for the sale of the P-MAX vessel Stena Perros (65,000 dwt, built in 2007). The buyer is an oil company operating in Africa and delivery is scheduled for the end of January.
GOTHENBURG, Sweden, January 15, 2022 /PRNewswire/ — The sale is expected to have a positive liquidity effect of approximately $1.4 million. The surplus will be used for accelerated amortization of bank debt, improving the company’s long-term prospects. However, the agreed price is lower than the book value of the vessel and the previous valuation. The price was affected by the sale of the vessel in an unmoored condition and a still weak cash market. Stena Perros is to have her special 5-year visit (drydock) scheduled for the fourth quarter of 2022.
“Despite existing charter arrangements, continued weakness in the tanker market poses challenges for Concordia Maritime. The sale of Stena Perros aims to improve the financial situation of the Company and is in line with the banking agreement signed in the fall of 2021. Further sales cannot be excluded in the future, unless we see a rapid recovery in the transport market by tank”, says Concordia Maritime CEO Erik Lewenhaupt.
For more information please contact:
CEO, Concordia Maritime AB
+46 704 855 188
This information is information that Concordia Maritime Aktiebolag (publ) is required to publish in accordance with the EU Market Abuse Regulation. The information has been provided by the above contact person for publication on January 15, 2022 at 4:30 p.m. CET.
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