Concordia Maritime sells IMOIIMAX duo

Swedish tanker shipping company Concordia Maritime has decided to strengthen its liquidity by selling two IMOIIMAX vessels — Stena Image and Stena Important.

Image Courtesy: Stena

As informed, the ship pair will be bought by a Chinese leasing company.

The net liquidity surplus from the transactions amounts to approximately SEK 45 million ($5.2 million).

The two vessels were sold to a large Japanese financial services company in 2016 and 2017 under sale-leaseback agreements. The agreements also included annual purchase options, which have now been exercised. The net liquidity surplus from the transactions amounts to approximately SEK 45 million and will be added to Concordia Maritime in connection with the delivery of the vessels to the buyer, according to the company.

“The sale of the vessels is in line with the continuing ambition to strengthen the company’s financial position and liquidity”, Kim Ullman, CEO of Concordia Maritime, commented.

In July 2021, Concordia Maritime received a helping hand from its parent company Stena as it was experiencing financial difficulties for some time.

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Delivery of the two abovementioned vessels to the buyer is expected to take place during September 2021.

Following the divestments, Concordia Maritime’s fleet comprises ten wholly-owned P-MAX vessels (product tankers), one Suezmax tanker (sale-leaseback with purchase option) chartered in on a long-term contract and shares in a further three chartered Suezmax vessels.