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Concordia Maritime

Concordia Maritime

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Concordia Maritime exercises purchase options and sells IMOIIMAX vessels

15:00 / 31 August 2021 Concordia Maritime Press release

Concordia Maritime strengthens its liquidity by selling the two IMOIIMAX vessels Stena Image and Stena Important. The buyer is a Chinese leasing company. The net liquidity surplus from the transactions amounts to approximately SEK 45 million.

The two vessels were sold to a large Japanese financial services company in 2016 and 2017 under sale-leaseback agreements. The agreements also included annual purchase options, which have now been exercised. The net liquidity surplus from the transactions amounts to approximately SEK 45 million and will be added to Concordia Maritime in connection with the delivery of the vessels to the buyer.

"The sale of the vessels is in line with the continuing ambition to strengthen the Company's financial position and liquidity", says Kim Ullman, CEO of Concordia Maritime.

Delivery of the vessels to the buyer is expected to take place during September 2021. Following the divestments, Concordia Maritime's fleet consists of ten wholly-owned P-MAX vessels (product tankers), one suezmax tanker (sale-leaseback with purchase option) chartered in on a long-term contract and shares in a further three chartered suezmax vessels.

This information is information that Concordia Maritime Aktiebolag (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below for publication on 31 August 2021 at 15.00 CEST.

Concordia Maritime is an international tanker shipping company. We focus on safe, sustainable, and reliable transportation of refined oil products, chemicals, and vegetable oils. The Company's B shares were first listed on Nasdaq Stockholm in 1984.

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