Borealis Maritime continues to hive off sub-panamax boxships. The London-based owner has sold the 2,478-teu Strauss (built 2005) for about $8.2m, brokers said.
It is the second containership in this category sold by Borealis this year. In May, the 2,490-teu Puccini (renamed SL Tweety, built 2003) was bought by Marshal Shipping of Dubai for a reported $7.1m.
Both vessels formed part of a portfolio of 18 boxships and bulkers that Borealis acquired enbloc from Commerzbank in 2015.
Soft rates
The sale of the sub-panamaxes comes after charter rates in this segment have languished in the doldrums.
The Strauss was fixed to Maersk Line in February for $9,250 per day, and deployed on its Mediterranean and West Africa service.
But rates for 2,500-teu containerships have trailed sideways this year and slipped to below $9,000 per day.
The sale of the sub-panamaxes comes after charter rates in this segment have languished in the doldrums
The charter of the 2,492-teu Oregon Trader (built 2006) — a sister vessel to the Puccini — has been extended by Maersk Line for two to four months at $8,500 per day.
Restructurings
Borealis obtained more for a slightly larger vessel on a short period charter. It fixed the 2,702-teu Bomar Aurora (built 2005) for two to four weeks at $9,250 per day with Hong Kong line SITC International Holdings.
The charter market for sub-panamax containerships has been bogged down by service restructurings in the Atlantic, which have left several vessels without work.
The New ConTex index lists 12-month charter rates for 2,500-teu vessels at $8,856 per day, down from more than $12,000 per day last year.
But extended dry-docking periods required for scrubber installations have led to a positive shift in sentiment, according to a New ConTex comment. It expects rates could improve if demand continues at present healthy levels.
Separately, the 1,049-teu Lantau Beach and Lantau Bay (both built 2007) are said to have been sold for in excess of $6.5m each.
Insolvency
Their reported sale comes after their KG (limited partnership) owners were forced into insolvency in mid-2018. They also held the sisterships Lantau Breeze and Lantau Bridge (both built 2008).
The four vessels belong to a series of six ships delivered in 2008 from Dae Sun Shipbuilding & Engineering in South Korea to Lantau Shipping Co, a joint venture between German shipowner Jorg Kopping and Hong Kong-based investors.
