MSC Mediterranean Shipping Company has bagged three traditional panamax boxships in an ongoing purchasing spree that is helping to push asset values and charter rates higher.
The Gianluigi Aponte-controlled liner giant has reportedly acquired two vessels, the 4,250-teu Alexander Bay (built 2003) and Kilimanjaro (built 2006), from the fleet of XT Shipping Israel.
The two vessels are estimated to be worth $13m and $18m, respectively, although purchase prices have not been disclosed.
The ships figure among several deals in which MSC is being named as a buyer of secondhand container ships.
The Geneva-based company is also linked to the pending acquisition of another traditional panamax boxship that is committed to being sold by Singapore and Hamburg-managed Asiatic Lloyd & Atlantic Lloyd (AL&AL).
TradeWinds understands that the tonnage provider is in the process of selling the 4,250-teu ALS Apollo (built 2009) for a reported price of around $24m.
Dirty dozen
If confirmed, MSC’s acquisition of vessels from XT Shipping and AL&AL would mark the procurement of 12 secondhand container vessels this year alone.
These acquisitions add to the buying spree that has seen the world’s largest liner operator acquire over 300 secondhand ships since August 2020.
This surge in purchases is resulting in a decrease in available vessels for charter, leading to a steady rise in charter market rates throughout this year.
Charter rates for classic panamax vessels of 4,250 teu have risen to $26,000 per day for a 12-month charter.
That represents an approximate increase of 60%, equating to around $10,000 per day more than what the same vessels were earning at the beginning of the year.
However, the prospects for these workhorses of the charter market remain mixed, according to an annual review by BRS.
The shipbroker argues there will be little pressure from newbuildings, thanks to a low orderbook in the classic panamax sizes.
The vessels will, however, face increasing pressure from modern, energy-efficient newbuildings of 5,500 teu to 6,000 teu on certain high-volume routes, it suggests.
