International Maritime Enterprises is set for a hefty profit on the sale of an 18-year-old containership it acquired barely a year ago.
The Monaco-based, Embiricos family-controlled company is selling the 5,551-teu Naxos (built 2003) for an extremely firm price of $25.5m, according to UK brokers.
That is more than double the $11.1m that it paid South Korean operator HMM in January 2020 — a profit of more than $14m.
The Naxos was the oldest vessel in HMM's fleet and the smallest of International Maritime Enterprises' fleet, which now comprises 14 ships from 5,570 teu to 9,000 teu.
Managers at Embiricos group companies could not be contacted for comment.
The Naxos is the second boxship to have been acquired by intra-Asian liner operator TS Lines this year.
The Taiwan and Hong Kong-managed company paid $42.3m to buy the 4,957-teu Songa Toscana (built 2013) from Arne Blystad’s Songa Container.
The sale is understood to have landed Songa a $19.3m profit.
Liner operators have been acquiring their own tonnage as an alternative to taking expensive ships at surging charter rates.
The Naxos is nearing the end of a 12-month, $16,500-per-day charter with Taiwanese operator Wan Hai Lines.
But liner operators would today be expected to take the vessel for longer periods at rates that could be $10,000 per day higher.
Brokers said shipowners are also asking charterers to take ships for a minimum of two years.
Typical fixtures include the 5,117-teu Shiling (built 2005), taken for two years by Simatech Shipping of Dubai at $24,500 per day.
Slightly larger and wide-beam boxships command an even greater premium.
The Zodiac Maritime-controlled, 6,350-teu Brighton (built 2008) has been reported fixed for two years to Wan Hai Lines at $35,250 per day.
Three-year fixtures
Brokers reported that few traditional post-panamax boxships are available in the market, and owners are holding out for three-year fixtures.
That has led several liner operators, headed by Mediterranean Shipping Co and Wan Hai Lines, to opt for buying their own tonnage.
“There is now a complex dynamic at play between the appetite among owners for time charters of more than two years, and the relative merits for operators purchasing such tonnage,” shipbroker Clarksons said in a weekly report.
“This is very much a moving picture and a lot will depend on values going forward.”
In another deal, the 4,506-teu CO Osaka (built 2008) has been reported sold to a Greek owner for $20.5m.
