Sweden’s Concordia Maritime has shrunk its fleet again as asset prices follow rates higher.
The Stena-controlled company said a deal has been struck to sell the 65,000-dwt P-Max product tanker Stena Paris (built 2005) to an unnamed Greek player.
Delivery is expected to take place at the end of July.
VesselValue assesses the clean tanker as worth $13m.
Concordia expects to add liquidity of $5m through the disposal.
This is the company’s sixth tanker sale since 2021 following its refinancing by lenders and Stena, which took the 10-ship P-Max fleet on bareboat charter.
In accordance with the existing bank agreement, surplus cash will be used for accelerated repayment of loans, thereby strengthening the company in the longer term, the owner said.
“Asset values for tankers have risen during the spring in line with the positive freight market. The agreed price is significantly above the market valuations made end-2021,” Concordia added.
Two other P-Maxes have been offloaded to Crowley Maritime in the US and an unknown Greek buyer, while a suezmax went to Delta Tankers in Greece and two MR2s to a Chinese leasing company.
Concordia chief executive Erik Lewenhaupt said: “The sale of Stena Paris is made primarily to take advantage of the increased ship valuations and improve the company’s financial position, but in addition there is also an age factor.”
Oldest tanker
“The Stena Paris was the first ship to be delivered in the P-Max series. It is now almost 17 years ago and in a strong secondhand market for mature quality tonnage, we are therefore now taking the opportunity to sell our oldest vessel,” he added.
The company has said it has a cautiously optimistic view of product tanker market development for the remainder of 2022.
The Concordia product fleet is employed on five-year charters to the tanker unit of parent Stena AB, Stena Bulk, at a base rate of $15,500 per day.
There is also the possibility of profit-sharing for rates exceeding that level.
Stena Bulk employs the vessels on a mix of short and medium-term contracts in both Asia and the Atlantic.
