Concordia Maritime has entered into an agreement for the sale of the Suezmax tanker Stena Supreme (158,000 dwt, built in 2012). Delivery is expected in June 2022, according to the company's release.
Stena Supreme has been chartered in by Concordia Maritime since 2016, under a sale and leaseback arrangement, from one of Japan’s largest shipping companies. The contract contains annual purchase options, which Concordia Maritime has now elected to exercise.
The sale will have a positive liquidity effect of approximately USD 4 million. The vessel has been employed in the spot market through the Stena Sonangol Suezmax Pool.
Unlike the P-MAX vessels, the transaction and proceeds from the sale of Stena Supreme are not subject to any special conditions from the lending banks. The surplus will therefore strengthen Concordia Maritime’s cash position.
The price has been slightly affected by the vessel being sold in an undocked condition. Stena Supreme was due for a scheduled 10-year docking during 2022 at the latest.