Concordia Maritime Selling Its Share in Chartered Suezmaxes

Swedish tanker owner Concordia Maritime is selling the positions previously taken in four chartered-in Suezmax vessels.

The company took part in period charters of four Suezmax tankers as part of the fleet positioning ahead of the gradually stronger market that was expected.

Concordia Maritime said that its share was 50 percent, and had a value corresponding to an EBITDA of USD 5.3 million. Stena Bulk is the holder of the remaining 50 percent, while the owner of the ships also has a profit-sharing entitlement.

On December 18, the shipping firm reached an agreement with Stena Bulk to sell the shares in the period charters from January 1, 2019 to the end of the charter period. This means that the economic value of the positions, USD 5.3 million, will be realised during the fourth quarter of 2018.

“The value of the chartered Suezmax vessels has risen considerably since the contracts were signed. It is therefore our assessment that the level and timing are now right to realise the value,” Kim Ullman, CEO at Concordia Maritime, said.