Concordia Maritime Sells Oil Tanker to Greek Buyer

Shipowner Concordia Maritime announced it has entered into a contract to sell the 2007-built oil tanker Stena President to a Greece-based shipping company.

The 65,200 dwt P-MAX-vessel is scheduled to be handed over to its new owner in March 2022

Concordia Maritime said the sale is expected to have a positive liquidity effect of approximately $0.6 million. The surplus will be used for accelerated amortization of bank debt. The price has been affected by the vessel being sold in an undocked condition and by a continuing low spot market. Stena President is due to have its scheduled 15-year special survey (drydock) in the third quarter of 2022.

"The weak tanker market during Q1 poses continued challenges for Concordia Maritime. The sale of Stena President is made to avoid docking costs and strengthen the company's financial position. Further sales cannot be ruled out unless we see a lasting recovery in the tanker transport market," said Concordia Maritime CEO Erik Lewenhaupt.