Concordia Maritime sells suezmax tanker Stena Supreme
Concordia Maritime is selling the Suezmax tanker Stena Supreme. The counterpart is one of Japan’s largest ship owning companies and senior debt funding will be provided by one of Japan’s “Mega Banks”. This is another sale & leaseback transaction, which in this case means that Stena Supreme will be chartered back on a bareboat basis (i.e., without crew) for 12 years, with annual purchase options from year three onwards, the company said in its press release.
The sale gives rise to an accounting profit of approx. USD 1.8 million and a positive liquidity effect of approx. USD 22 million. The transaction is scheduled for late November.