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Concordia Maritime AB has entered into an agreement for the sale of the product tanker Stena Penguin. The sale is expected to have a positive liquidity effect of approximately SEK 215 million.
Stena Penguin, 65,200 dwt, was built in 2010. The buyer is European and delivery is expected during the second quarter of 2023. Overall, the sale is expected to have a positive liquidity effect of approximately SEK 215 million after repayment of the remaining bank debt to Svenska Skeppshypotek.
After the sale of Stena Penguin, which makes the eighth vessel to leave the fleet, Concordia Maritime’s fleet will consist of the three product tankers, Stena Progress, Stena Premium, and Stena Polaris. As has been the company’s market approach, the vessels operate on mid- to longer-term charters which meant Concordia Maritime realized little yield improvement as the market strengthened.
Two of the remaining vessels, Stena Progress, Stena Premium, are currently employed on medium-term contracts under the time charter agreement with Stena Bulk. The third vessel, Stena Polaris, has been chartered out on a bareboat contract to US Crowley Government Services since early 2022. Crowley has in turn chartered the vessel to U.S. Military Sealift Command. The contract with Crowley includes extension options until the end of 2026. |
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