Borealis Maritime has taken over a small boxship fleet from private equity-backed Soundview Maritime.

Borealis managing director Christoph Toepfer has confirmed six vessels of between 2,700 teu and 3,500 teu have either been bought or taken under management.

London-based Borealis acquired two of vessels — the 2,824-teu Chiloe Island (built 2006) and Louds Island (built 2005) for $9.6m and $8.7m, respectively — in December last year.

Since then, the remaining four vessels — the 2,824-teu Hayling Island (built 2005), 3,500-teu Hope Island, 2,826-teu Moen Island and 2,720-teu Jeju Island (all built 2006) — have found their way into the Borealis fleet.

VesselsValue estimates the six Soundview vessels are worth around $62m.

End of an era

The move appears to mark the end of an era for Soundview, which was formed eight years ago with the backing of US private equity firms Littlejohn & Co and Northern Shipping Funds.

Sources in Germany told TradeWinds that the private equity firms were no longer willing to invest in the sector, but suggested that another shareholder remained, Los Angeles-based FPA Funds.

Soundview emerged on the shipping scene in March 2011, when it acquired four small vessels between 1,100 teu and 2,702 teu from German owners.

At its height, it ran a fleet of around 11 feeder containerships, some of which were sold last year to German and Asian buyers.

Toepfer also confirmed that Borealis had bought another boxship, the 3,405-teu HS Rossini (built 2006). Brokers reported that the HS Rossini fetched $11.2m.

Borealis, which is backed by US private equity giant KKR, has around 40 containerships in its fleet, and that will be bolstered next month with the delivery of the HS Rossini.

Borealis has also been successful at tapping the bond market for additional funds, where it has taken the amount raised to $200m.

In February, its subsidiary — Borealis Finance — raised another $50m in a bond placement secured on a fleet of 19 feeder boxships and four medium-size bulkers.

That will add to $150m raised in November last year, when Borealis made its first move into the Norwegian bond market.