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Concordia Maritime News

04 Aug 2023

Concordia Maritime Sells Two Product Tankers

(Photo: Christian Badenfelt / Concordia Maritime)

Concordia Maritime on Friday announced it has entered into an agreement to sell two of its product tankers. The vessels are the 65,200 dwt Stena Progress and the 65,200 dwt Stena Premium, built in 2009 and 2011 respectively.After repayment of loans and liabilities to related parties, the transaction generates a liquidity supplement of approx. SEK 100 million (approximately US$9.5 million), Concordia Maritime said. The remaining debts are current operating liabilities.“With the sale, we continue to take advantage of the strong market and the high prices for older vessels.

03 May 2023

Concordia Maritime Sells 13-year-old Product Tanker

Stena Penguin (Photo: Concordia Maritime)

Concordia Maritime announced Wednesday it has entered into an agreement to sell its 13-year-old product tanker Stena Penguin to an unnamed European buyer.The 65,200 dwt Stena Penguin is scheduled to be delivered to its new owner during the second quarter of 2023.Overall, the sale is expected to have a positive liquidity effect of approximately SEK 215 million (about $20.9 million) after repayment of the remaining bank debt to Svenska Skeppshypotek, Concordia said.Concordia Maritime CEO, Erik Lewenhaupt, said, “We are now divesting another vessel with a good margin.

16 Sep 2022

Concordia Maritime Sells Three Tankers

(Photo: Oddway / Concordia Maritime)

Sweden-based shipowner Concordia Maritime announced it has sold three product tankers to a European buyer for above-market prices.The company said Friday that it has entered into an agreement for the sale of the 65,200 dwt vessels Stena Primorsk, Stena Performance and Stena Provence, all built in 2006 at Croatia's Brodosplit Shipyard. The ships are expected to be delivered to their new owner during the fourth quarter of 2022."The agreed price is significantly above the market valuations made mid 2022…

16 Sep 2022

Concordia Maritime CEO: "We are getting paid very well for our oldest ships."

P-MAX vessel Stena Provence Credit: Concordia Maritime - Photo: M. Cooper

Sweden-based shipowner Concordia Maritime has agreed to sell three product tankers, Stena Primorsk, Stena Performance and Stena Provence, all built in 2006 and of 65,200 dwt, to an unnamed European buyer.Concordia Maritime said Friday that the delivery is expected to take place during the fourth quarter of 2022."The sale is expected to have a positive liquidity effect of approximately USD 30 million. The surplus will be used for repayment of loans," the company said.According to Concordia Maritime…

05 Jul 2022

Concordia Sells Product Tanker Stena Paris

Concordia Maritime said it has entered into an agreement to sell the 2005-built product tanker Stena Paris to a Greek buyer.The 65,000 dwt vessel is scheduled to be handed over at the end of July."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 Maritime said. "The sale is expected to have a positive liquidity effect of approximately $5 million."Erik Lewenhaupt, CEO of Concordia Maritime, 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. The Stena Paris was the first ship to be delivered in the P-MAX series.

11 May 2022

Concordia Maritime Sells Suezmax Tanker Stena Supreme

Concordia Maritime announced on Wednesday it has entered into an agreement for the sale of the 158,000 dwt Suezmax tanker Stena Supreme. Delivery is expected in June 2022.The 2012-built Stena Supreme has been bareboat chartered in by Concordia Maritime since 2016, under a sale and leaseback arrangement, from "one of Japan’s largest shipping companies", Concordia Maritime said. The contract contains annual purchase options, which Concordia Maritime has now elected to exercise.The vessel has been employed in the spot market through the Stena Sonangol Suezmax Pool, and its sale will have a positive liquidity effect of approximately $4 million…

03 Mar 2022

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 2022Concordia 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.

08 Feb 2022

Concordia Explores Converting Tankers to Container Carriers

P-MAX vessel Stena Polaris. Photo: Michael Cooper

As the tanker market languishes and the containershipping sector drives full speed ahead, Concordia Maritime announced it has embarked on a technical design study on the feasibility of converting several of its tankers to container carriers.Concordia Maritime launched the study together with Stena Teknik and a German consulting company specializing in ship design. The aim is to investigate the feasibility of converting and adapting a P-MAX vessel for container transportation.

17 Jan 2022

Concordia Maritime Sells Tanker Stena Perros

Concordia Maritime announced it has entered into a contract for the sale of the P-MAX vessel Stena Perros (65,000 dwt, built in 2007). The buyer is an oil company with operations in Africa and delivery is scheduled for the end of January.Concordia said the sale is expected to have a positive liquidity effect of about $1.4 million, which it will use for accelerated amortization of bank debt. The sale price is below the vessel’s book value and previous valuation, Concordia said, noting the price has been affected by the vessel being sold in an undocked condition and by a continuing low spot market. Stena Perros is due to have its scheduled five-year special survey (drydock) in the fourth quarter of 2022.Concordia Maritime CEO Erik Lewenhaupt…

15 Nov 2021

Industry Veteran Ullman to Retire; Lewenhaupt tapped for CEO spot at Concordia Maritime

Kim Ullman, CEO of Concordia Maritime. Photo courtesy Concordia Maritime

Erik Lewenhaupt will take over as CEO of Concordia Maritime on January 1, 2022, succeeding Kim Ullman, who informed the Board his wish to step down as CEO and retire.Lewenhaupt has a long track record in tanker shipping. He started his tanker career at Nordström & Thulin in 1996, and was later recruited to Stena Bulk, where he was tanker chartering manager in both Gothenburg and Singapore. His most recent position has been Head of Sustainability at Stena Line, where he has been…

31 Aug 2021

Concordia Maritime Sells Two Tankers

Tanker shipping company Concordia Maritime said it has sold two IMOIIMAX vessels Stena Image and Stena Important to a Chinese leasing company.The two ships were sold to a large Japanese financial services company in 2016 and 2017 under sale-leaseback agreements. The agreements also included annual purchase options, which have now been exercised. The net liquidity surplus from the transactions amounts to approximately SEK 45 million ($5.2 million) and will be added to Concordia Maritime in connection with the delivery of the vessels to the buyer.“The sale of the vessels is in line with the continuing ambition to strengthen the company’s financial position and liquidity…

11 Dec 2020

New CFO for Concordia Maritime

Concordia Maritime's Suezmax vessel Stena Supreme - Photo: Christian Badenfelt/via Concordia Maritime

Swedish tanker shipping company Concordia Maritime has named Martin Nerfeldt as the new CFO and member of Group management. He will replace the current CFO Ola Helgesson, who has decided to leave his position to take on new challenges.Nerfeldt holds an MSc (Economics) from the Gothenburg School of Business, Economics, and Law, and joins the Company from his role as CFO of Sail Racing International AB. He has over 20 years’ experience in finance, economics, and business development…

16 Aug 2019

Concordia Expects Stong Tanker Market

During the first half of 2019, the tanker markets produced voyage result per day levels that exceeded the corresponding period in the slump year 2018 by 50-100 percent, said Concordia Maritime.The Swedish international tanker shipping company's view of market development going forward is largely unchanged.Several factors still point to a gradually stronger market in autumn, it said. In addition to positive fundamentals in the form of sustained high demand for oil, seasonality and declining net tanker fleet growth, US exports of crude oil and oil products and the consequences of IMO 2020 are also helping to create exciting conditions."With regard to OPEC’s production, we had expected a decision on a gradual return to normal production rates at their July meeting.

27 Apr 2019

Volatility Hits Tanker Market: Concordia

The tanker shipping market continued to be volatile during the first quarter of 2019, but at a higher level than in the corresponding quarter the previous year, said Concordia Maritime.After the sharp rise at the end of 2018, some tanker market segments have now slowed down again, said the international tanker shipping company. The main reason for this is the decision by OPEC and other major oil producers to cut production at the end of 2018 and start of 2019, this time by a total of about 1.2 million barrels of oil per day.In addition to the large output reduction, the market has been adversely affected by refinery maintenance and deliveries of new vessels.

18 Dec 2018

Sale of Positions in Chartered-in Suezmax Vessels

Concordia Maritime is selling the positions previously taken in four chartered-in Suezmax vessels. The economic value corresponds to an EBITDA of  $5.3 million.As part of the fleet positioning ahead of the gradually stronger market that was expected, Concordia Maritime participated in period charters of four Suezmax tankers. Concordia Maritime’s share was 50 percent. Stena Bulk accounted for the remaining 50 percent and the owner of the ships also had a profit-sharing entitlement.As anticipated, the stronger market has now materialized and the positions have a clear economic value. Concordia Maritime has today agreed with Stena Bulk to sell the shares in the above-mentioned period charters January 1 2019 to the end of the charter period.

06 Sep 2018

Contract Extension for Tanker Stena Provence

Concordia Maritime said it has signed a contract to charter out the P-MAX tanker Stena Provence for another year from September 2018.The contractual partner is one of the world’s largest oil and gas companies, who has used the vessel since 2014 for niche transportation of refined petroleum products, mainly in the Asia Pacific region.“This customer has a specific transport need, for which the large load capacity of our P-MAX vessels are well suited,” said says Kim Ullman, CEO of Concordia Maritime. “For our part, the contract is fully in line with our efforts to concentrate employment on niche trades where the P-MAX vessels’ unique properties are most beneficial.”This is Concordia Maritime’s second contract extension in the recent period.

25 Jul 2018

Concordia Maritime Charters in Suezmax Tanker

Tanker owner Concordia Maritime announced it has moved to strengthen its positions in the crude oil segment by chartering in another suezmax vessel.The 158,000 dwt suezmax vessel that has been chartered in was built in Korea in 2015. As with previous charters, this is a joint charter with Stena Bulk, and Concordia Maritime’s share amounts to 50 percent. The contract is for 12 months, and the vessel will be employed on the spot market through the Stena Sonangol Suezmax Pool from July.Kim Ullman, CEO of Concordia Maritime, said, “We continue to act based on our belief in a progressively stronger market from autumn 2018 onwards, and we have now brought in a total of four suezmax vessels on 50 percent charters.

28 May 2018

Concordia Maritime Charters Three Suezmax with Stena Bulk

As a further step in fleet positioning ahead of the gradually stronger market that is expected, Concordia Maritime has decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea in the period 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the successful Stena Sonangol Suezmax Pool. Concordia Maritime's share in the vessel charters is 50%. The contracts also include a profit-sharing clause with the contractual partner. "We continue to act based on our belief in a progressively stronger market from autumn 2018 onwards.

25 May 2018

Concordia Boosts Tanker Biz

To prepare for a gradually strenghthening tanker market, Concordia Maritime decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea between 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the Stena Sonangol Suezmax Pool. Concordia Maritime’s share in the vessel charters is 50%. The contracts also include a profit-sharing clause with the contractual partner. “We continue to act based on our belief in a progressively stronger market from autumn 2018 onwards.

01 Feb 2018

GSI Completes 13-vessel Series for Stena Bulk

The Stena Impero naming ceremony ended with confetti (Photo: Stena Bulk)

The final vessel has been named in a series of 13 chemical and product tankers ordered by Stena Bulk at the Guangzhou Shipbuilding International (GSI) shipyard. The 50,000 dwt MR tanker Stena Impero was named on Wednesday in Guangzhou, China, completing a series of newbuilds ordered at Chinese shipyard GSI in 2012 for SEK 4 billion ($508 million). Erik Hånell, president and CEO of Stena Bulk, said, “With the delivery of the Stena Impero, the IMOIIMAX fleet is now complete, in line with the order, and is a significant and competitive addition to our high-quality fleet.

10 Jan 2018

Concordia Maritime Charters Two More MR Vessels

Swedish tanker owner Concordia Maritime has chartered in two more MR (ECO) vessels, while also extending the contracts for two of the currently chartered MR (ECO) vessels by a further year. A contract to charter out the P-MAX tanker Stena Performance has also been signed. The contractual partner is a large global oil company and the vessel will be used primarily for niche traffic in the Middle East. As with previous charters, these latest contracts are joint charters with Stena Bulk, and Concordia Maritime’s share amounts to 50 percent. The vessels will be operated by the successful MR pool within Stena Bulk Product & Chemicals (formerly Stena Weco). The contract for Stena Performance is for six months, with an option for a further six months, and runs from January 2018.

12 Dec 2017

Concordia Eyes Growing Product Tanker Market

Kim Ullman, CEO of Concordia Maritime (Photo: Concordia Maritime)

Swedish tanker shipping company Concordia Maritime said it has signed a contract to charter in another IMO2/3 class MR tanker while also extending an expiring charter of another MR tanker. The new charter contract will run for two years from the time the newbuild is delivered in January 2018, with multiple options to extend. The other MR tanker charter contract, which expired in November, will be extended for a minimum of one year. Both are 50/50 joint charters with Stena Bulk to be operated by the MR pool within Stena Bulk Product & Chemicals.

11 Sep 2017

Concordia: Contract Signed for Tanker

Concordia Maritime signed a contract to charter out the P-MAX tanker Stena Provence. The contract is for one year, with an option for a further year, and runs from mid-September 2017. The contractual partner is one of the world’s largest oil and gas companies. The vessel has previously been used by the same customer for consecutive transportation of refined petroleum products, mainly in the Asia Pacific region. This is the second time charter contract for Concordia Maritime in recent months. A similar contract was signed with the same customer in June for the P-MAX vessel Stena Paris. “It’s always pleasing to be given a renewal of confidence. Long-standing customer relationships are one of the cornerstones of our strategy.

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