Concordia Maritime negotiates with banks and owner after new major loss

Tanker carrier Concordia Maritime had a double-digit million-dollar deficit in the first quarter of the year. The carrier is negotiating with lenders and owner Stena for a financial solution to strengthen liquidity. The financial report illustrates a very weak first quarter for the product tanker market.

Photo: Lars Ardarve / Concordia Maritime

Product tanker carrier Concordia Maritime is negotiating with lenders and owner Stena Group to reach a financial solution after the first quarter resulted in a large deficit.

In an announcement in the financial report, Concordia Maritime writes that the company's banks have granted a temporary covenant waiver – that is, a waiver of loan requirements – until the end of June.

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