Concordia Maritime, Neste Oil Sell Jointly Owned Tankers

Concordia Maritime and Finnish Neste Oil have reached an agreement on the sale of the two jointly owned Ice Class 1A panamax tankers, Stena Poseidon and Palva. The buyer is Transport Maritime St-Laurent Inc. and the tankers are expected to be delivered in April/May 2014.

Stena Poseidon and Palva are panamax tankers with a deadweight of 75,000 tons and were delivered from Brodosplit Shipyard in Split in 2007. They are jointly owned by Concordia Maritime and Neste Oil. Both tankers have been signed to time charters with Neste Oil since 2007.

“We are content to see this sale go through as it suits our strategic objective of focusing on our spot operated P-MAX fleet. The sale will have a positive result for Concordia Maritime and will be realized in the 2ndquarter”, says Kim Ullman, CEO, Concordia Maritime.

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Concordia Maritime, March 19, 2014