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. It is now almost 17 years ago and in a strong second-hand market for mature quality tonnage, we are therefore now taking the opportunity to sell our oldest vessel."