The Embiricos family — renowned asset players who made some highly lucrative boxship sales during the Covid pandemic — are making their first container ship sale in 16 months.
It comes as asset prices are rising again in the wake of Red Sea disruption.
International Maritime Enterprises (IME), the family’s Monaco-based entity, has sold one of its oldest ships, the 5,576-teu post-panamax Ikaria (renamed MSC Ikaria VI, built 2002).
The buyer is MSC Mediterranean Shipping Company, which has acquired more than 30 container ships on the secondhand market this year under the stewardship of chief dealmaker Gianluigi Aponte. The Sanoyas-built ship is already trading in MSC’s fleet.
The deal extends a giant fleet expansion that has seen MSC scoop up more than 370 ships since August 2020.
According to VesselsValue, IME and MSC agreed on the transaction at the end of May.
Brokers did not pick up the deal at the time and still do not know the price the ship fetched.
VesselsValue suggests the Embiricos outfit received about the same amount as it paid for the ship 14 years ago — unadjusted for inflation.
IME acquired the Ikaria in early 2010 from K Line for $20m. VesselsValue calculates the ship was worth about $19.5m when Embiricos sold it on to MSC two months ago.
As the Red Sea crisis worsens and sailing diversions around Africa become the norm, the Ikaria has continued to appreciate. VesselsValue estimates it is currently worth about $23.3m.
As long as buying interest for vintage container ship tonnage persists, Embiricos could cash in on another old boxship it bought from K Line in 2010 and is still trading with IME — the 5,576-teu Folegandros (built 2001).
Muted container ship selling
Greek boxship players have been generally reluctant to sell vessels this year.
There are two notable exceptions — Lomar and Capital Product Partners — which have divested 11 container ships between them so far this year as part of a long-term policy to exit the sector.
Other Greek boxship sellers have been few and far between.
As TradeWinds has reported, Nikolas Pateras-controlled Contships Management offloaded the 966-teu Contship Eve (built 2008) for more than $8m.
The ship has since emerged with Germany’s Klingenberg Bereederungs and is now trading as the Scarletta.
Greek tonnage provider Conbulk has also divested the 1,221-teu Presidio (renamed Medkon Ankara, built 2003) to clients of Turkish liner Medkon.
Another Turkish player, Akkon Lines, has emerged as the new owner of a sub-panamax container ship sold in April for $10m by Aristides Pittas-controlled Euroseas — the 2,788-teu EM Astoria (renamed Tor, built 2004).
Another couple of Greek boxship sales reported by brokers this year have not yet been confirmed — the vessels are still trading with previous owners Navios Maritime Partners and Cosmoship.
