Concordia Maritime has reportedly sold its three oldest vessels in one fell swoop.
If confirmed, the deal would boost to nine the number of ships divested by the Stockholm-listed product tanker owner since a refinancing last year.
The $60m transaction would also suggest increasing sale-and-purchase activity for LRs — a tanker category in which secondhand activity was hitherto lagging compared with larger aframaxes or smaller MRs.
According to Athens brokers, the 65,100-dwt sisterships Stena Primorsk, Stena Performance and Stena Provence (all built 2006) have gone to undisclosed buyers for about $20m each.
Contacted by TradeWinds, Concordia chief executive Erik Lewenhaupt said he was unable to comment on market rumours.
“As a listed entity, we will communicate to the market if or when we have something to report,” he added.
Other brokers confirmed that Concordia circulated the vessels for sale, inviting offers on 31 August.
“Tankers are so hot right now that it’s probably safe to assume that they’ve achieved the price levels they desired,” one broker said.
A deal at about $20m apiece would far exceed the $17m that VesselsValue estimates each of the three Croatian-built vessels to be worth. The vessels are on long-term charters to Stena AB until 2026.
Analysts are not surprised to see owners such as Concordia put their ships up for sale.
“We are noticing that some more risk-averse owners, particularly those operating older LR1 tonnage, have now started to market their respective vessels in the S&P market,” said Eva Tzima, head of research at Athens-based Seaborne Shipbrokers.
Rather than trading the ships at the currently lucrative freight rates, Tzima said these owners prefer cashing in on the asset premiums available to them.
Concordia has been in divestment mode anyway. It has six confirmed ship sales under its belt since its 2021 refinancing by lenders and Stena, the Swedish group controlling Concordia.
Concordia currently lists seven ships on its website — all P-Max product tankers on long-term time charters to Stena.
It sold another three younger tankers earlier this year.
That included its last suezmax, the 159,000-dwt Stena Supreme (renamed Delta Supreme, built 2012), which went to Diamantis Diamantides-controlled Delta Tankers.
Greek interests picked up another of Concordia’s P-Max tankers as well.
The 65,100-dwt Stena President (built 2007) is now trading as President I in the fleet of Sea Trade Marine — an Athens company that brokers are linking to Greek owner Panagis Zissimatos.
The P-Max sistership Stena Perros (built 2007) is with US owner Crowley Maritime and is now trading as Mosunmola.
