Swedish tanker owner Concordia Maritime expands its sale & leaseback activities with a newbuilding being sold – the third transaction of this kind within a short period of time.
The »Stena Important« of the so-called »IMOIIMAX« type is being sold to »a large Japanese financia[ds_preview]l institution«, Concordia announced without giving further details on the purchaser. The sale price is reported to be 36 mill. $.
According to Concordia, the vessel will be chartered back on a bareboat basis for nine years, with a purchase obligation in year nine. The sale price and the transaction’s other conditions bring both strategic and financial values, it was added.
»Just as with the previous transactions in autumn, this is a way of preparing ourselves for a subdued market situation and the good business opportunities that may arise there. We are working actively on the fleet’s structure and disposition, and the leaseback arrangement enables us to continue employing the vessel in the successful Stena Weco pool,« says Kim Ullman, CEO of Concordia Maritime.
In November 2016, the shipowner had announced new loans and sale & leaseback agreements for the vessels »Stena Image« and »Stena Supreme«. The full official fleet list of the comprises ten P-MAX product tankers, two newly built IMOIIMAX chemical and product tankers and one suezmax tanker. Concordia‘s focus is on transportation of refined petroleum products and vegetable oils.
According to Concordia‘s CFO Ola Helgesson, »the price and other terms are clearly competitive and bring us a significantly positive cash effect«. In addition, with the agreement, Concordia would be taking a further step into the Japanese financing market, which he called »interesting«.
