Greece's Navios Maritime Partners has lined up huge paydays with its latest container ship charter to Israeli line Zim.
Brokers have reported the group's 4,308-teu Bermuda (built 2010) fixed for 46 to 50 months at $42,000 per day.
With fixed operating expenses of about $6,400 per day, the owner is set to generate "super-profit" when the new contract begins in March or April, according to Fearnley Securities.
The investment bank estimates general and administrative costs of $1,300 per day, leaving annual Ebitda of $12.5m or $50m over the charter term.
Navios bought the ship for $12m in December 2018. VesselsValue assesses it as worth nearly $61m now.
Fearnleys analysts Peder Nicolai Jarlsby, Erik Gabriel Hovi and Ulrik Mannhart said the fixture is among the strongest they have seen for classic panamaxes so far in the boxship boom.
Consultancy Alphaliner is pegging five-year deals at $40,000 per day and in the mid-$50,000s for three-year fixes.
Fundamentals remain in place
This is due to a sold-out vessel supply side and demand remaining strong.
Including the most recent fixture, the analysts estimate a net asset value (NAV) of $1.1bn for Navios Maritime Partners' container ship fleet alone.
This easily exceeds the New York-listed company's market cap of $354m.
"This, combined with 54 dry bulk carriers and 45 tankers, with associated debt, adds up to a total NAV of $2.8bn," Fearnleys said.
The investment bank continues to highlight the equity as a "buy" because current pricing fails to reflect the company's intrinsic value.
TradeWinds has reported container ship charter markets entering 2022 on a strong footing with rates firming across the board.
Long-term deals in favour
Long-term charters remain the order of the day and a dearth of vessels coming open this year is forcing lines to fix several months ahead of delivery in order to secure tonnage.
Hapag-Lloyd and Maersk have also been busy locking into a number of high-paying, longer-term periods.
The fixtures come as Zim continues to expand its services in Asia using smaller vessels.
On Monday, the carrier announced the launch of a new service linking North China, South Korea and Australia that will deploy seven 1,350-teu vessels.
Zim also has recently fixed a number of smaller vessels for longer periods.
These include the 1,700-teu Ophelia (built 2018), taken for three years at $35,000 per day, and the 966-teu Contship Pep (built 2006), fixed for two years at $22,000 per day.
