Concordia Maritime signs another sale & leaseback agreement – this time for the suezmax tanker Stena Supreme


Concordia Maritime is selling the Suezmax tanker Stena Supreme. The counterpart
is one of Japan’s largest ship owning companies and senior debt funding will be
provided by one of Japan’s “Mega Banks”. This is another sale & leaseback
transaction, which in this case means that Stena Supreme will be chartered back
on a bareboat basis (i.e., without crew) for 12 years, with annual purchase
options from year three onwards.
The sale gives rise to an accounting profit of approx. USD 1.8 million and a
positive liquidity effect of approx. USD 22 million. The transaction is
scheduled for late November.

“We are very happy with the agreement. It’s a good price, while the leaseback
arrangement means that we can continue employing Stena Supreme in the successful
Stena Sonangol Suezmax pool for many years to come. Just as with Stena Image,
the transaction is a way of preparing ourselves for a subdued market situation
and good business opportunities that may arise. We are not sitting still, but
are actively working on the fleet’s structure and disposition,” says Kim Ullman,
CEO of Concordia Maritime.

“With the agreement, we are taking a further step into the Japanese financing
market. Once again, the terms of the transaction are highly competitive and the
agreement will have a substantial positive cash effect for us. We have now
conducted two transactions in a short space of time and we are continuously
evaluating the possibility of similar arrangements,” says Ola Helgesson, CFO of
Concordia Maritime.

Fearnley Securities AS has acted as financial advisor to Concordia Maritime for
the transaction.
Kim Ullman
VD
Concordia Maritime AB

Tel 46 31 855003
Mobile 46 704 855003
Email kim.ullman@concordiamaritime.com

Ola Helgesson
CFO
Concordia Maritime AB

Tel 46 31 855009
Mobile 46 704 855009
Email ola.helgesson@concordiamaritime.com
Concordia Maritime is an international tanker shipping company. Our focus is on
cost-effective and safe transportation of refined petroleum products and
vegetable oils. The company’s B shares were admitted to trading on Nasdaq OMX
Stockholm in 1984. www.concordiamaritime.com

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