Shipowners that bought sub-panamax boxships just a few months ago are doubling their money.
The latest to benefit is Norwegian owner Arne Blystad, who is profiting from the well-timed purchase of a sub-panamax boxship.
His private shipping interests picked up the 2,846-teu Robin 1 (ex-Algarroba, built 2009) barely one month ago for about $6m less than it is estimated to be worth today.
Blystad purchased the vessel in March for less than $15m, but it is thought to be worth $21m now, according to VesselsValue.
The appreciation mirrors sharp increases in values in the smaller handysize boxship sector.
Greek owner Thenamaris is understood to have sold the 1,732-teu Seaboxer 3 (built 2010) for about $15m.
That is about 25% more than 1,732-teu sistership Hansa Falkenburg (built 2008) went for a month ago, fetching $11.75m from TS Lines of Taiwan, according to brokers.
While the Blystad purchase is well timed, Lomar Shipping seems to have done even better.
The UK shipowner appears to have doubled its money on two sisterships to the Robin 1.
Lomar picked up the 2,872-teu Windermere (ex-Angeles) and Windswept (ex-Angol, both built 2010).
They were purchased from NSC Holding of Germany last October and November for about $10m each.
Similar ships are being sold for way more today. Conbulk Shipping of Greece is said to have sold the 2,824-teu Odysseus (ex-AS Catalania, built 2006) for in excess of $19m.
Sharp increase in charter rates and period lengths
Sources in Norway confirmed the purchase of the Robin 1 and two unnamed units by Blystad’s private shipping interests.
Most of his private boxship assets are held by Songa Container, which was established five years ago with investors Magnus Roth and Klaveness Marine.
The rise in boxship asset values follows a sharp increase in charter rates and period lengths.
Last month, Oslo-listed Songa Container fixed the 2,851-teu Songa Antofagasta (built 2008) — a sistership to the Robin 1 — for two years with Israeli operator Zim at $22,000 per day.
At the same time, Lomar fixed the Windermere for 16 to 18 months with Hong Kong liner operator Orient Overseas Container Line at $24,000 per day.
The market has strengthened since, with 2,800-teu vessels obtaining longer three-year periods. That enabled Nautical Carriers of Greece to fix the 2,824-teu Delos Wave (built 2007) for three years with Zim at $24,100 per day.
The stronger market should benefit Blystad, who is not expected to take delivery of the Robin 1 imminently.
The vessel is one of five former German KG (limited partnership)-owned ships that were auctioned off last year by Bank of America.
The other four are the 2,872-teu Robin 4 (ex-Arica) and Robin 2 (ex-Andes, both built 2007), Chiquita Passion (ex-Andino) and Chiquita Dream (ex-Austral, both built 2008).
The ships have since been managed by Interunity Management of Greece, with technical management provided by NSC.
