Israeli liner operator Zim is forking out $240m to snap up four traditional panamax containerships.
It has purchased the 4,300-teu vessels from two different owners for about $60m each, according to European market sources.
The deal would mark the first move by the Haifa-based company into the secondhand market under the management of chief executive Eli Glickman.
It points to a subtle shift away from its reliance on an "asset-light" strategy based on chartering vessels.
Reliance on charter market
Zim has not yet confirmed the acquisitions or commented on the deal.
The company remains one of the few lines to have steered clear of the secondhand market.
A shortage of ships for Zim's expanding liner services coupled with rising charter rates is thought to have forced a rethink.
Zim's heavy reliance on chartering ships means virtually all its operational fleet of 77 containerships are not owned, according to Alphaliner data.
The company is listed as owner of only one vessel, the 4,992-teu Zim Virginia (built 2002).
But liner operators look set to continue buying vessels in the coming months while prices are likely to remain firm, said brokers.
The value of the Zim Virginia has risen from a scrap-related value of $7.5m a year ago to around $63m today, according to VesselsValue.
Although Zim has not bought secondhand tonnage for several years, it is behind some big newbuilding deals.
It is committed to taking 15 LNG-fuelled newbuildings of 7,000 teu and 10 ships of 15,000 teu under construction in China for leading tonnage provider Seaspan Corp.
Rates of $190,000 per day
Charter rates for classic panamax boxships remain at unprecedented levels on the back of strong demand for containerised goods.
The market has remained tight, with new players in the transpacific paying premium rates to secure containerships.
Chinese forwarder BAL Container Line has agreed to pay $190,000 per day to take the 4,250-teu X-Press Kilimanjaro (built 2006) for 25 to 35 days, according to brokers.
US liner operator Matson is reportedly forking out around $55,000 per day for the 36-month charter of the 4,252-teu Green Harmony (built 2008).
That will add up to around $20m over the charter period, which is roughly what the vessel might have cost one year ago.
End-to-end solutions
Zim uses classic panamax ships on several transpacific and transatlantic services.
It is poised to inaugurate a service between North Europe and the US east coast next month with the sailing from Antwerp of the 4,252-teu Seaspan Dalian (built 2002) on 1 November, according to Alphaliner.
Only one ship is being used in the initial phase but it is expected to be upgraded as soon as Zim finds additional tonnage, the analyst said.
Separately, Zim has unveiled plans to establish a digital freight forwarding company for end-to-end shipping solutions.
The new operation, Ship4wd, headed by Carmit Hoshen-Glick, will be based in Herzliya, Israel.
The new business goes live on 18 October, targeting American and Canadian small and medium-sized businesses importing and exporting from China, Vietnam and Israel.
