Borealis Finance has returned to acquisition mode with the purchase of a trio of modern panamax containerships.

The most recent acquisition is the 4,249-teu Balthasar Schulte (built 2012) which was acquired for $10.9m, the owner confirmed.

VesselsValue, the on-line valuation website, said the former Schulte Thomas-owned vessel was worth around $15.5m.

The Christoph Toepfer-led company has also acquired the 4,363-teu Bomar Milione (built 2008) for $8.8m in late June 2019.

Borealis Finance said it has also signed an MOA for the acquisition of a 2012-built 4,249-teu containership with expected delivery in September 2019.

Details of the second and third acquisitions where given in a presentation given at the recent Pareto Oil & Offshore Conference in Oslo.

The company has raised around $25.7m from asset disposals in recent months including the 2,490-teu Puccini (built 2003) in June 2019 for $7.05m, the 2,478-teu Strauss (built 2005) in August for $8m and the 2,824-teu Verdi (built 2006) also in August for $10.68m.

The company, which is backed by private equity giant KKR, said its recent 4,250-teu containership acquisitions were “value accretive” from a relative value perspective, while also improve the age profile and scrap value of the fleet.

The Borealis Finance fleet now comprises 23 containerships of between 1,120-teu and 4,363-teu and three panamax bulkers.