Concordia Maritime Pens Sale-Leaseback for Stena Supreme

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>

<< Aug 2018 >>
MTWTFSS
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 31 1 2

TRANSTEC 2018

TRANSTEC 2018 welcomes participants to explore Russian Ports and Shipping development opportunities…

read more >

Europort 2018

From 15-17 May 2018, the 12th edition of Europort Romania willl take place in the IDU Hall in Constanta…

read more >

SMM 2018

This is a must-attend event – a unique opportunity to meet key players, display business strengths, establish new contacts and exchange…

read more >

Defence Safety Conference Supported by The Defence Safety Authority, UK MoD

The Defence Safety Conference is the first of its kind exclusively dedicated to safety across the defence domain…

read more >