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Concordia Maritime secures new agreement for repayment of eight vessels

Following this summer's rescue plan with Stena Group in a leading role, Concordia Maritime secures a better loan agreement for eight p-max vessels. The tanker company expects a similar agreement for two more p-max vessels.

Photo: PR/Concordia Maritime

Financially strained Swedish product tanker carrier Concordia Maritime has secured a new agreement allowing the company to repay eight ship financing loans over a longer period of time than initially agreed upon, writes Concordia in a press release.

The loan agreement follows a major rescue plan, which the company's shareholders voted for at an extraordinary general meeting in August. Concordia has long been performing poorly due to a weak market and high debt.

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