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 2017 >>
MTWTFSS
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 4

3RD ANNUAL WRECK REMOVAL CONTRACTS AND OPERATIONS SEMINAR

A comprehensive guide to legal and operational aspects of wreck removal incidents…

read more >

BARI-SHIP2017

At Bari-Ship you will meet not only the owners and leaders of these companies, but also the entire spectrum of managerial, operational and production staff…

read more >

Nor-Shipping 2017

Nor-Shipping is the leading maritime event week. Their top-quality exhibition, high-level conferences and prime networking opportunities…

read more >

2ND ANNUAL PORTS AND TERMINALS INSURANCE SEMINAR

DETAILED GUIDANCE ON HOW THE INSURANCE MARKET IS CHANGING, HOW RISKS ARE ASSESSED AND WHAT…

read more >