Concordia Maritime Inks Sale and Leaseback for Stena Image

Image Courtesy: Concordia Maritime

Swedish tanker shipping company Concordia Maritime has entered a sale and leaseback agreement for the IMOIIMAX tanker Stena Image with a Japanese financial institution.

The tanker will be chartered back to Concordia Maritime on a bareboat basis for eight years, with annual purchase options from year four onwards.

Concordia Maritime said that the sale price is USD 37.5 million and delivery to the buyer is scheduled for mid-October.

“Through this transaction, we have simultaneously accomplished goals of strategic and financial importance to the company. It is a step on the way to preparing ourselves for a potentially subdued market situation and at the same time positioning the company to be able to act on good business opportunities that may arise thereof,” Kim Ullman, CEO of Concordia Maritime, said, adding that the agreement allows the company to continue employing the vessel in the Stena Weco Pool “for many years to come,”

Concordia Maritime is currently reviewing the possibility of entering into similar arrangements for a further one or more vessels in its fleet.

Stena Image, delivered to Concordia Maritime in April 2015, was the company’s first chemical and product tanker based on the IMOIIMAX concept.

Built by Chinese shipyard Guangzhou Shipbuilding International (GSI), the 50,000 dwt MR tanker is equipped with 18 tanks of the same size, each with a capacity of 3,000 m3, able to load vegetable oils and chemicals as well as petroleum products.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

DSM17

Donsö Shipping Meet 2017 is an all inclusive exhibition. Meals, electricity, meeting schedule and banquette dinner is included…

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference.

With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and technology solution providers. Get in-depth and detailed market insights from experts who are taking the decisions, assess peer strategies and give shape to your own in this unrivalled gathering of shipping and marine fuel industry leaders.

Key Highlights for 2017:

* 3 Co-located Conferences

* 12+ Hours of Networking Time

* In-depth Review of Shipping Markets by Segment

* Ship Owner Positions on Emissions Compliance Scenarios

* Pricing Differentials and Availability across Different Fuels

* Technology and Analytics in Fuel Management and Emissions MRV

More info

read more >