Mediterranean Shipping Co (MSC) has concluded another $146m spending spree to acquire five more secondhand containerships.

But the pace of the liner company's transactions is slowing due to a shortage of secondhand boxships available in the market.

MSC's latest acquisitions include a handful of smaller vessels snapped up by shipowners at low prices in 2017 and 2018 that are now being sold for a healthy profit.

They include the 2,474-teu Atlantic Flosta (built 2002), which Oslo-based Atlantica Shipping is selling for $25m, with delivery to MSC in March next year, according to European brokers.

That will provide a handsome profit for the Norwegian company, which acquired the vessel for $8m.

Atlantica already sold four smaller handysize boxships to the Geneva-based company earlier this year.

The liner giant is also acquiring two more feeder vessels from the German market, including the Zeaborn-managed, 1,728-teu Robert Rickmers (built 2003) sold for $20m, said European market sources.

The other vessel is the 1,496-teu AS Riccarda (built 2012), which MSC is buying for $26m, said the market sources.

The latter deal points to a tidy profit for Oslo-listed, Hamburg-managed MPC Container Ships, which bought the vessel in February 2018 for $11.8m.

Strong demand, but shortage of ships

Demand from liner operators for secondhand tonnage remains strong, although some owners are baulking at the asking price.

“Buyers are pushing back somewhat on pricing for older and smaller tonnage, which has caused a stand-off as sellers maintain their price ideas [are] in line with the firming charter market,” according to a weekly commentary by shipbroker Clarksons.

That has not dimmed what has been a spectacular buying spree by MSC, which has acquired 114 vessels since August 2020, according to Alphaliner figures.

MSC, which does not comment on ship purchases, has also acquired the 2,824-teu Aldi Wave (built 2008) for $40m, according to VesselsValue.

The vessel is one of two containerships in the fleet of Greek ship manager Nautical Carriers Inc.

In an earlier deal, the 2,796-teu GH Meltemi (built 2010) was sold to MSC by Celsius Shipping of Denmark for $35m.

MSC chief executive Soren Toft has presided over the largest acquisition of secondhand vessels of any liner operator. Photo: MSC website

MSC remained the top buyer of containerships in the third quarter of the year, when it bought 26 containerships of 111,000 teu, according to Alphaliner.

However, that is down from a tally of 40 ships of 161,150 teu acquired by the company in the second quarter.

The drop reflects the shortage of ships for sale as tonnage becomes scarcer, partly because so much of it is locked into long-term time charters, said Alphaliner.

It is also due to a shortage of larger containerships of over 7,500 teu.

Despite the decrease, the second quarter of 2021 "will still go down in the history books for volumes sold, unmatched by any previous period in the container ship market", Alphaliner said.

Total sales of secondhand containerships fell in the third quarter with 103 ships of 380,000 teu sold, the analyst said. That is down from 170 ships of 625,000 teu in the second quarter.