Containership buyers are returning to the classic panamax sector, taking advantage of low prices in a segment that some had written off.
Traditional feedership players Elbdeich Reederei and Borealis Maritime have been picking up tonnage at a time when rates for the sector are showing signs of recovery.
Peter Frese-led Elbdeich has made its first move into the baby panamax sector by buying its largest containership to date.
The owner from north Germany acquired the 3,246-teu Primavera (built 2008) for a reported $8.3m.
Frese said the Primavera has been bought together with partners as a result of growing interest from investors in the segment.
He added that the Thyssen Nordseewerke-built vessel will be renamed Elbspirit and will be taken over in the coming months.
Unconfirmed reports suggest that the sistership, Quadriga (built 2008), has also been bought by German buyers.
Elbdeich, which up until now owned a handful of feeder containerships beneath 1,000 teu, has links with several small owners that collaborate in the technical management operation, USC Barnkrug.
Separately, it is understood that Borealis Maritime is also boosting its fleet of classic panamaxes.
The London-based owner is understood to have purchased a pair of handysize containerships — the 4,363-teu Ital Milione and Ital Moderna (both built 2008) — last month from BNP Paribas Lease Group for around $9.6m each.
The ships are high-reefer vessels fitted with 600 reefer plugs that are currently operated by Evergreen on its services between Asia, Australia and India.
Interest in larger boxships
The move adds to three "classic" panamax vessels over 4,000 teu that are currently among the largest of around 48 containerships in the Borealis fleet.
Separately, there are reports of interest among buyers of larger boxship tonnage.
Sources say German buyers have purchased the 5,642-teu Guang Dong Bridge (built 2006) for around $14m from its Japanese owner, Shunzan Kaiun.
The prices suggest that secondhand values have remained static for the traditional panamax containership segment, but there are signs that charter rates may be starting to recover.
Twelve-month charter rates for vessels of 3,500 teu and 4,250 teu are a shade under $9,000 per day, according to Germany’s ConTex Index.
Those low rates reflect the oversupply of vessels in Asia, where a tonnage backlog remains.
But Alphaliner reports that there are presently only six containerships in this segment that are looking for employment, compared with 40 in mid-March.
It adds that recent fixtures in the Atlantic point to a further strengthening of rates.
