To resolve its immediate lack of liquidity, CCOR, in agreement with its main shareholder, Stena, and some of its banks, has entered into a new term sheet, which will mature in Q4’24. Initially this will consist of new covenant waivers and part deferments of amortisation until the loans from the banks are finalised, whilst Stena will TC-in the entire 10-ship PMAX fleet and provide a USD 10m guarantee on behalf of CCOR.
The TC rate will be USD 15.5kpd for 5yrs, enough to cover opex, dry dock, and debt service, while any earnings in excess of this will be shared 50-50 with Stena. This explains our 2022e and 2023e estimate revisions. Any additional profit can only be used for the aforementioned uses during the term sheet’s tenure; however, CCOR retains the right to divest part or all of its fleet. CCOR will therefore now focus on amortising debt, but it also says it aims to sell vessels so that it can improve its liquidity and provide strategic flexibility. Any future dividends will also be conditional on the consent of the banks.
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