Vessel values written down by SEK 268 million

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Feb 02, 2022, 19:59 ET

Concordia Maritime writes down book value of fleet vessels by SEK 268 million.

GÖTEBORG, Sweden, Feb. 2, 2022 /PRNewswire/ -- An impairment loss has been recognised after an overall assessment of the vessels' market value and their value in use. As a consequence of the prolonged tanker market weakness, these values are estimated to have declined. This assessment is also confirmed by the recent sale of the P-MAX vessel Stena Perros. Overall, this gives rise to a total impairment loss of SEK 268 million on vessel values. The book value of Concordia Maritime's vessels after the impairment amounts to SEK 1 973 million.

The impairment does not have any other impact on cash flows or loan agreements.

Concordia Maritime carries out an impairment analysis every six months. An impairment loss is recognised when the book value of an asset or cash-generating unit exceeds its recoverable amount. The recoverable amount is the higher of fair market value (based on external valuations) and value in use (estimated future discounted cash flows).

For more information, please contact:

Erik Lewenhaupt
CEO, Concordia Maritime AB
[email protected]

This information is information that Concordia Maritime Aktiebolag (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 2 February, 2022 at 22:30 CET.

Concordia Maritime is an international shipping company founded in 1887. Our focus is on safe, sustainable and reliable transportation of refined oil products, chemicals and vegetable oils. The company's B shares were first listed on Nasdaq Stockholm in 1984.

www.concordiamaritime.com

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Concordia Maritime - Press release - 20220202

SOURCE Concordia Maritime