Brief: Concordia Maritime Enters Into Contract For Sale Of P-MAX-vessel Stena President

Concordia Maritime AB

02/03/2022 14:17

March 2 (Reuters) - 
    * SALE OF P-MAX TANKER STENA PRESIDENT
    * BUYER IS A SHIPPING COMPANY BASED IN GREECE
    * SALE IS EXPECTED TO HAVE A POSITIVE LIQUIDITY EFFECT OF
APPROXIMATELY USD 0.6 MILLION
    * SURPLUS WILL BE USED FOR ACCELERATED AMORTIZATION OF BANK
DEBT
    * PRICE HAS BEEN AFFECTED BY VESSEL BEING SOLD IN AN
UNDOCKED
CONDITION AND BY A CONTINUING LOW SPOT MARKET
    * WEAK TANKER MARKET DURING Q1 POSES CONTINUED CHALLENGES
FOR
CONCORDIA MARITIME
    * FURTHER SALES CANNOT BE RULED OUT UNLESS WE SEE A LASTING
RECOVERY IN TANKER TRANSPORT MARKET

Source text for Eikon:  ID:nWkr9c3VYN 
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