Concordia Maritime divests Stena Penguin in strong secondhand market

The sale is expected to result in a positive liquidity effect of approximately Skr215M (US$20.1M). The buyer, a European party, is expected to take delivery of the vessel Q2 2023.

According to Concordia Maritime chief executive Erik Lewenhaupt, the company is divesting another vessel with a good margin, while continuing to plan for the future and explore exciting options for new business opportunities.

Stena Penguin, which was built in 2010 with a capacity of 65,200 dwt, has been on a five-year charter, including profit-sharing, to Stena Bulk since 2021.

Stena Bulk, in turn, has chartered out the vessel on a combination of short and medium-term contracts, with the vessel being recently redelivered to Stena Bulk after a 12-month time charter contract with Exxon.

Following the sale, Concordia Maritime’s fleet will consist of three product tankers: Stena Progress, Stena Premium and Stena Polaris.

While the first two vessels are currently engaged in medium-term contracts under the time charter agreement with Stena Bulk, Stena Polaris has been chartered out on a bareboat contract to US Crowley Government Services since early 2022.

Crowley, in turn, has chartered the vessel to US Military Sealift Command, with extension options available until the end of 2026.