Concordia Maritime Inks Sale, Leaseback for Stena Important

Image Courtesy: Concordia Maritime

Swedish tanker shipping company Concordia Maritime has decided to sell its 50,000 dwt IMOIIMAX tanker Stena Important to a Japanese financial institution through a sale and leaseback agreement.

Under the transaction the parties agreed to a sale price of USD 36 million. The 2015-built vessel will be chartered back on a bareboat basis for nine years, with a purchase obligation in year nine.

Featuring a length of 183 meters and a width of 32 meters, the tanker is scheduled to join its new owner at the end of March.

In October 2016, the company inked two sale and leaseback deals for the 158,000 dwt Suezmax tanker Stena Supreme and the IMOIIMAX tanker Stena Image.

Under the deal with a Japanese ship owning company, the Stena Supreme was chartered back on a bareboat basis for a period of 12 years, with annual purchase options from year three onwards.

While the company’s 50,000 dwt Stena Image was chartered back to Concordia Maritime on a bareboat basis for eight years, with annual purchase options from year four onwards.

“Once again, we have successfully conducted a good transaction that creates significant values. Just as with the previous transactions in autumn, this is a way of preparing ourselves for a subdued market situation and the good business opportunities that may arise there,” Kim Ullman, CEO of Concordia Maritime, said.

“We are working actively on the fleet’s structure and disposition, and the leaseback arrangement enables us to continue employing the vessel in the successful Stena Weco pool,” Ullman added.

With the agreement, the company said that it is taking a further step into “the interesting Japanese financing market.”

Fearnley Securities AS acted as broker and financial advisor to Concordia Maritime for the transaction.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2018 >>
MTWTFSS
30 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 3

The 27th World Gas Conference

The 27th World Gas Conference is the leading global industry event and is the definitive gathering of influential leaders, buyers and sellers, policy-makers and experts from around the world.

You will hear critical business insights and lively debates on the most topical issues facing the global gas industry today and in the future.

From 25-29 June 2018, Washington DC is expected to host 12,000 attendees, 500 speakers and 350 exhibitors representing, more than 600 companies from 100 countries.

Presented by the IGU, this is the largest and most high-profile gas event that is conducted by the industry for the industry.

Read More

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 >

BlueWeek2018

The BlueWeek2018 will be held on 28-29-30 May in Rotterdam, under the auspices of the Blue Forum…

read more >

Posidonia 2018

Posidonia, the international shipping exhibition, has long been established as one of the major calendar events…

read more >