Selling ships may be the only option for Concordia Maritime to generate a decent return for investors, brokerage Kepler Cheuvreux believes.
The Stockholm-listed product tanker owner has addressed liquidity concerns through a time-charter agreement with parent Stena Bulk for its 10 P-Max vessels, amendments to loan agreements and a $10m guarantee from Stena Sessan.
Petter Haugen, head of shipping sector research at Kepler Cheuvreux, said the deals will keep the shipowner afloat, but he struggles to see any meaningful returns to shareholders, or any meaningful profit through operations.
