Concordia Maritime has entered into a contract for the sale of the P-MAX vessel Stena Perros (65,000 dwt, built in 2007). The buyer is an oil company with operations in Africa and delivery is scheduled for the end of January.
The sale is expected to have a positive liquidity effect of about USD 1.4 million. The surplus will be used for accelerated amortization of bank debt, improving the long-term prospects of the company. However, the agreed price is below the vessel’s book value and previous valuation.
The price has been affected by the vessel being sold in an undocked condition and by a continuing low spot market. Stena Perros is due to have its scheduled 5-year special survey (drydock) in the fourth quarter of 2022.