Concordia Maritime Pens Sale-Leaseback for Stena Supreme

Image Courtesy: Concordia Maritime

Swedish tanker shipping company Concordia Maritime has entered into a sale and leaseback agreement for the 158,000 dwt Suezmax tanker Stena Supreme.

Under the deal with a Japanese ship owning company, the vessel will be chartered back on a bareboat basis for a period of 12 years, with annual purchase options from year three onwards. The company said that the senior debt funding will be provided by one of Japan’s ‘mega banks’.

Concordia Maritime said that the transaction, which is scheduled for late November, gives rise to an accounting profit of around USD 1.8 million and a positive liquidity effect of USD 22 million.

“The leaseback arrangement means that we can continue employing Stena Supreme in the successful Stena Sonangol Suezmax pool for many years to come,” Kim Ullman, CEO of Concordia Maritime, said.

Less than a month ago, the company entered a sale and leaseback agreement for the IMOIIMAX tanker Stena Image with a Japanese financial institution.

Ullman added that both of these transactions are a way of preparing the company “for a subdued market situation and good business opportunities that may arise. We are not sitting still, but are actively working on the fleet’s structure and disposition.”

With the transactions, the company said that it is taking a further step into the Japanese financing market, and added that it is “continuously evaluating the possibility of similar arrangements.”

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 >