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Concordia Maritime announces Sale of P-MAX tanker Stena President

Concordia Maritime has entered into a contract for the sale of the P-MAX-vessel Stena President (65,200 dwt, built-in 2007). The buyer is a shipping company based in Greece. Delivery is scheduled for March 2022.

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The sale is expected to have a positive liquidity effect of approximately USD 0.6 million. The surplus will be used for the accelerated amortization of bank debt. The price has been affected by the vessel being sold in an undocked condition and by a continuing low spot market. Stena President is due to have its scheduled 15-year special survey (drydock) in the third quarter of 2022.

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“The weak tanker market during Q1 poses continued challenges for Concordia Maritime. The sale of Stena President is made to avoid docking costs and strengthen the company’s financial position. Further sales cannot be ruled out unless we see a lasting recovery in the tanker transport market”, says Concordia Maritime CEO Erik Lewenhaupt.

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Concordia Maritime is an international tanker company. We focus on safe, sustainable and reliable shipments of refined oil products, chemicals and vegetable oils. The B share has been listed on Nasdaq Stockholm since 1984

Concordia Maritime has a balanced and flexible fleet consisting of P-MAX-type product tankers and suezmax tankers.

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