Sunday, March 26, 2023
HomeHeadlinesConcordia Maritime: Sale of P-MAX vessel, in line with bank agreement

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Concordia Maritime: Sale of P-MAX vessel, in line with bank agreement

Concordia Maritime has entered into a contract for the sale of the P-MAX vessel Stena Perros (65,000 dwt, built in 2007). The buyer is an oil company with operations in Africa and delivery is scheduled for the end of January.

The sale is expected to have a positive liquidity effect of about USD 1.4 million. The surplus will be used for accelerated amortization of bank debt, improving the long-term prospects of the company. However, the agreed price is below the vessel’s book value and previous valuation. The price has been affected by the vessel being sold in an undocked condition and by a continuing low spot market. Stena Perros is due to have its scheduled 5-year special survey (drydock) in the fourth quarter of 2022.

“Despite existing charter agreements, the continued weak tanker market poses challenges for Concordia Maritime. The sale of Stena Perros is aimed at improving the Company’s financial position and is in line with the bank agreement signed in autumn 2021. Further sales cannot be ruled out in the future unless we see a rapid recovery in the tanker transport market”, says Concordia Maritime CEO Erik Lewenhaupt.

Related Posts

Video

Finance & Economy
Shipping News
Ports

Eva Birgitte Bisgaard steps down as chief commercial officer at Maersk Tankers

Eva Birgitte Bisgaard is stepping down from her role as chief commercial officer at Maersk Tankers. Christian M. Ingerslev, chief executive officer of Maersk Tankers,...

Frontline’s Fredriksen appointed to Euronav supervisory board

Belgium’s Euronav said its shareholders had overwhelmingly voted to elect John Fredriksen of peer Frontline, a major investor that pulled out of a merger...

UBS Likely to Shrink Credit Suisse’s $10 Billion Shipping Portfolio – Report

UBS Group AG will likely shrink Credit Suisse Group’s $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday,...

Braemar: Record revenue & profitability

Braemar Plc., a provider of expert investment, chartering, and risk management advice to the shipping and energy markets, announced an update on trading...

Oldendorff Carriers announces change of leadership

Effective today, the board of OLDENDORFF CARRIERS has appointed Patrick Hutchins as the new President and CEO of the company. Patrick succeeds Peter Twiss, who...

Global Goods Trade Softening from 2022’s Record Level

International commerce soared to a record of $32 trillion in 2022, but goods trade...

New Hybrid Ferry ‘P&O Pioneer’ Docks At DP World Limassol For Bunkering

P&O Ferries’ newly commissioned Fusion Class vessel ‘P&O Pioneer’ has docked at DP World...

Baltic index gains as capesize rates rebound

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Minerva puts cost of fuel theft as high as $5.2 bil/year

The bunkering industry is losing as much $5.2 billion of fuel annually to quantity...

Baltic index logs worst day in five weeks on tepid demand for larger vessels

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Drewry: Port Throughput Index Down 4.5% Year-on-Year

The Drewry Container Port Throughput Indices are a series of calendar adjusted volume growth/decline indices based on monthly throughput data for a sample of...

Port of Los Angeles moves 487,846 container units in February

The Port of Los Angeles processed 487,846 Twenty-Foot Equivalent Units (TEUs) in February, a 43% decrease from the previous February’s all-time record. “February declines were...

Piraeus Port Authority: Strong growth in 2022

PPA S.A. announced Full Year 2022 financial results, marking a consecutive year of growth with a turnover of €194.6 million compared to €154.2 million...

WLP welcomes 14 strategic Vietnamese partners to its growing network of international traders

World Logistics Passport (WLP), a Dubai-led global initiative designed to smooth the flow of world trade, has welcomed 14 Vietnamese partners to its global...

Port of Hedland February Iron Ore Exports 2% Down

Pilbara Ports Authority has delivered a total monthly throughput of 54.8 million tonnes (Mt) for February 2023. This throughput was a five per cent increase...