Concordia Maritime Sells 13-year-old Product Tanker

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. The sale is being made primarily in the context of the current record strong market for second-hand tonnage. The process of planning for the future is continuing in parallel to this. At present, we are working hard on a number of exciting options for new business.”

Stena Penguin has been on a five-year charter, including profit-sharing, to Stena Bulk since 2021. Stena Bulk has in turn has chartered out the vessel on a combination of short and medium-term contracts. The vessel has recently been redelivered to Stena Bulk after a 12-month time charter contract with Exxon.

After the sale, Concordia Maritime’s fleet consists of the three product tankers Stena Progress, Stena Premium and Stena Polaris. The first two are currently employed on medium-term contracts under the time charter agreement with Stena Bulk. Stena Polaris has been chartered out on a bareboat contract to U.S. Crowley Government Services Inc. since early 2022. Crowley has in turn chartered the vessel to U.S. Military Sealift Command. The contract with Crowley includes extension options until the end of 2026.