German shipowner Krey Schiffahrts has embarked on a renewal programme designed to increase its fleet to up to 16 multipurpose (MPP) vessels.
The Leer-based company has emerged as the owner of a pair of MPP vessels acquired for about $19m enbloc from Clipper Group of Denmark.
The 17,287-dwt/904-teu Stinnes Passat (ex-Clipper Newhaven) and Stinnes Zephir (ex-Clipper Newark, both built 2011) were acquired for about $9.5m each.
They belong to a series of four 17,000-dwt MPPs, each equipped with two 150-tonne cranes and one able to lift 80 tonnes, that were originally ordered by the Danish owner at Tongfang Shipyard, China.
The other two sisterships, the Condor Bilbao (ex-Clipper New York, built 2012) and Condor Valparaiso (ex-Clipper Nassau, built 2011) have been sold to Hamburg-based NSC Holding on similar terms.
The acquisition of the four MPP vessels comes at a time when some German owners are returning to the MPP market to pick up what they perceive as bargains.
Krey is doing so on the back of employment with Hugo Stinnes Schiffahrt with whom it has fixed out the two vessels for two years.
The charterer operates the Krey vessels on its Sanmex service between North Europe and the US Gulf, which was formed in November 2017 following the purchase of Hugo Stinnes Schiffahrt by Vineta Bereederungsgesellschaft, the holding company of Hamburg-based MPP operator MACS.
The two ships acquired by NSC are also operated on an own service, said managing director Roberto Echevarria. They are deployed on the monthly Marin Condor Service, operated by NSC and Volans Maritime between Spain and the West Coast of South America.
The MPP market is suffering, but at least there is light at the end of the tunnel, and we are looking at a brighter future.
Daniel Grensemann
Six purchases
The Clipper acquisitions leave Krey with 11 MPP ships and take to six the number of vessels it has acquired in the past year.
In May 2017, Krey took over four 12,700-dwt MPP vessels from W Bockstiegel Reederei. It reportedly paid about $20m enbloc in a bank-driven deal for the 12,700-dwt Pia (built 2007), Erik and Frieda (both built 2008) and Jannes (built 2009).
Krey managing director Daniel Grensemann said the plan is to expand the fleet further by picking up distressed secondhand vessels.
“We are trying to expand our business. We have successfully done that in the last 12 months,” he said.
“The MPP market is suffering, but at least there is light at the end of the tunnel, and we are looking at a brighter future.”
The family-owned business used to solely focus on new vessels and took delivery of a pair of Chinese-built newbuildings in 2016.
These were immediately sold to CNAN of Algeria, which operates them as the 12,500-dwt Tin Ziren and Timgad (both built 2016).
Grensemann said that the charter market today does not support newbuildings, but the secondhand market is extremely interesting and could lead to further acquisitions in the MPP sector.
“We’re not finished yet. We have the feeling things will be better but there are still a lot of MPP ships that have to find a new home," he said.
“My target is to grow the company to a minimum of 14 to 16 ships with modern MPP tonnage.”
Newbuilding options
Newbuilding options are not ruled out in the longer term.
The goal is to develop "a wider, longer cooperation", Grensemann said.
The sales by Clipper come as part of a reorganisation linked to a refinancing deal with lenders, which has taken it out of the MPP and heavylift sector.
