Intra-Asian liner operator TS Lines continues to build up its shipowning interests in a perceived hedge against rising charter rates.

The Hong Kong-based container line has emerged as the buyer of the 2,500-teu Qingdao (built 2007) from Japanese owner Doun Kisen.

The Nakai 2500-design vessel has been acquired for close to $11m, reflecting a steep rise in price for geared containerships of this vintage.

Values of 10-year-old, 2,750-teu boxships have shot up by 73% since the end of 2016, according to Clarksons estimates.

The vessels are fetching in the region of $10m today, up from only $5.75m at the end of 2016.

TS Lines operates around 30 vessels, most of which are chartered.

Its latest acquisition has been renamed TS Taichung. It is deployed on a service operated with three vessels supplied by South Korean operator KMTC on a Korea-China-Indonesia service.

TS Lines is believed to be in talks to pick up additional secondhand tonnage of between 4,000 teu and 6,000 teu.

As TradeWinds reported in August, it is also eyeing newbuildings and has been in discussion with Asian yards for another four 1,000-teu and 2,800-teu newbuildings.

These will add to a pair of recently delivered, 1,808-teu wide-beam containerships — the TS Tokyo and TS Bangkok (both built 2017).

Those vessels, which were ordered at Taiwanese shipyard CSBC in 2015, are replacing chartered vessels on services connecting Japan, Taiwan, Hong Kong and Thailand.

TS Lines is making a move into ownership at a time when charter rates continue to improve, to the benefit of owners of modern sub-panamax designs.

That is borne out by fixtures by another Hong Kong owner, Mandarin Shipping, which has secured a firm rate for its latest bangkokmax newbuilding.

The 1,756-teu Mount Nicholson (built 2017) will be taken by Hyundai Merchant Marine (HMM) for five to seven months at $9,250 per day. The vessel will be delivered from Zhejiang Ouhua Shipbuilding at the end of October.

Mandarin has also fixed the sistership Mount Gough (built 2016) to X-Press Feeders for $9,500 per day for three to six months, compared with a rate of $8,100 per day for a similar fixture a year ago.

Larger sub-panamax containerships are also getting better rates, with the 2,742-teu Stadt Dresden (built 2006) fixed for five to seven months with Sinokor at $9,500 per day.

Brokers report values for traditional panamax designs as holding firm, with the 4,250-teu Queens Quay (built 2003) reported sold to an Indian buyer for $8.5m.