Concordia Maritime has wound its fleet down to a single vessel.
The Stena-backed Swedish owner has sold the 65,200-dwt Stena Progress (built 2009) and the Stena Premium (built 2011) in a deal it said would add SEK 100m ($9.4m) to its coffers.
“With the sale, we continue to take advantage of the strong market and the high prices for older vessels,” chief executive Erik Lewenhaupt said.
“As previously announced, we are working intensively to chart the company’s future direction and business. The work is progressing and we have high hopes of being able to present more information during [the second half of 2023].”
The company did not specify a buyer but noted they would be taking over the two ships’ existing charters to Stena Bulk.
Those fixtures, which have Stena Bulk sub-chartering the vessels on short and medium-term deals, run out in late 2024.
Concordia said the sale price was affected by the buyer’s expected earnings for the remainder of the fixtures.
VesselsValue estimates the Stena Progress is worth $25.2m and the Stena Premium $28.4m.
Data from the valuation service shows both ships gaining value this summer, with the Stena Progress estimated at $14.2m and the Stena Premium worth $16.7m in mid-June.
A single ship
The sale leaves Concordia with just one ship — the 65,200-dwt Stena Polaris (built 2010), which the company fixed to the US government in May as part of its Tanker Security Program.
The deal sees US-based Crowley take over management of the vessel and the ship reflagged in the US.
The Tanker Security Program pays owners a stipend in exchange for the ship’s use in times of war or national security.
In May, Lewenhaupt said a fleet of just three ships was not ideal for the Gothenburg-based owner after selling the 65,000-dwt Stena Penguin (built 2010) to an unnamed European buyer.
He said the company was not committed to staying in the tanker space, and suggested dry bulk or offshore wind as potential opportunities.
