Concordia Maritime said it logged an impairment loss on the value of its tankers after the sale of a product carrier confirmed that prices have slumped.
The shipowner, a Stockholm-listed company within the umbrella of Sweden’s Stena AB, said it took a hit of SEK 268m ($29.1m) across its fleet, which is now made up of nine product carriers in addition to a bareboat-chartered suezmax crude tanker.
“An impairment loss has been recognised after an overall assessment of the vessels’ market value and their value in use,” the company said. “As a consequence of the prolonged tanker market weakness, these values are estimated to have declined.”
The outfit said the assessment was confirmed by the sale of the 65,200-dwt Stena Perros (built 2007), a P-Max product tanker.
TradeWinds reported on 17 January that the shipowner sold the vessel in a bid to pay down debt. No price tag was revealed at the time, but VesselsValue estimated a $10.3m value for the ice-classed ship while Maritime Strategies International put it at $12.4m for the first quarter.
Brokers have since reported that the tanker, built at Croatia’s Brodosplit, changed hands for just under $11.3m.
The Stena Perros is due to have its five-year special survey in the fourth quarter of 2022.
The buyer of the Stena Perros has not been revealed, but Concordia said it went to an oil company with operations in Africa.
Concordia, which carries out an impairment analysis every six months, said the current book value of its fleet stands at SEK 1.97bn.
