{"id":28330,"date":"2021-12-04T21:17:12","date_gmt":"2021-12-04T18:17:12","guid":{"rendered":"https:\/\/www.al-sindbad.net\/concordia-maritime-passes-key-hurdle-on-road-to-recovery\/28330\/"},"modified":"2021-12-04T21:17:12","modified_gmt":"2021-12-04T18:17:12","slug":"concordia-maritime-passes-key-hurdle-on-road-to-recovery","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/concordia-maritime-passes-key-hurdle-on-road-to-recovery\/28330\/","title":{"rendered":"Concordia Maritime passes key hurdle on road to recovery"},"content":{"rendered":"<p><\/p>\n<div class=\"entry-content entry clearfix\">\n<div class=\"mailmunch-forms-before-post\" style=\"display: none !important;\"><\/div>\n<p>Concordia Maritime has entered into binding agreements with lending banks regarding new loan terms and conditions for eight of the company\u2019s ten P-MAX vessels. The new terms and conditions are valid until the end of Q4 2024.<\/p>\n<p>Concordia, a Stena subsidiary, revealed over the summer that its <span style=\"text-decoration: underline;\"><a href=\"https:\/\/splash247.com\/stena-comes-to-the-rescue-of-subsidiary-concordia-maritime\/\" target=\"_blank\" rel=\"noreferrer noopener\">liquidity had been substantially reduced<\/a><\/span> putting it at risk of breaching covenants in its loan agreements. Stena Bulk stepped up to take many Concordia tankers on long term charters.<\/p>\n<p>The new agreements, announced today, have lower repayment rates and new covenant levels. Concordia intends shortly to enter into binding agreements with corresponding loan terms with the lender for the company\u2019s remaining two P-MAX vessels.<\/p>\n<div class=\"mailmunch-forms-in-post-middle\" style=\"display: none !important;\"><\/div>\n<p>\u201cIt is pleasing to have our new agreement finally in place. It has been a complex process with many parties involved \u2013 but we now have a financing solution for the next three and a quarter years. The new agreement and the chartering out of the P-MAX vessels are important jigsaw puzzle pieces in our efforts to improve the company\u2019s financial position. With these pieces in place, we now look forward to moving into the next phase,\u201d said Concordia\u2019s CEO Kim Ullman.<\/p>\n<div class=\"mailmunch-forms-after-post\" style=\"display: none !important;\"><\/div>\n<div class=\"stream-item stream-item-below-post-content\">\n<div id=\"div-gpt-ad-1_95_0_1_2\"> <script>googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); });<\/script> <\/div>\n<\/div>\n<div class=\"post-bottom-meta post-bottom-tags post-tags-modern\">\n<div class=\"post-bottom-meta-title\">\n<span class=\"tie-icon-tags\" aria-hidden=\"true\"><\/span> Tags<\/div>\n<p><span class=\"tagcloud\"><a href=\"https:\/\/splash247.com\/tag\/sweden\/\" rel=\"tag\">Sweden<\/a><\/span>\n<\/div>\n<\/div>\n<p>splash247<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Concordia Maritime has entered into binding agreements with lending banks regarding new loan terms and conditions for eight of the company\u2019s ten P-MAX vessels. The new terms and conditions are valid until the end of Q4 2024. Concordia, a Stena subsidiary, revealed over the summer that its liquidity had been substantially reduced putting it at &hellip;<\/p>\n","protected":false},"author":1,"featured_media":19722,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":["post-28330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tanker-news"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/28330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=28330"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/28330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/19722"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=28330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=28330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=28330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}