Greece’s Cosmoship Management is refunnelling proceeds from the sales of two boxship newbuildings into the secondhand market.
The Nikos Savvas-led company has emerged as the buyer of another two vessels from the secondhand market, taking its tally of boxship purchases this year to six.
Half of those have come from the fleet of Singapore-based Eastern Pacific Shipping (EPS), including the Greek owner’s latest acquisition of the 4,900-teu NYK Delphinus (built 2007).
The traditional panamax-sized vessel is said to be costing around $23m. It is the largest in the fleet with the price reflecting various upgrades, according to brokers.
Separately, the Greek owner has also acquired the 3,390-teu Noro (built 2007) from its Norwegian owners, Fearnley Business Management, with a charter to French liner operator CMA CGM until 2025.
The vessel is estimated to be worth around $15m, according to VesselsValue.
Cosmoship has already bought two boxships from the fleet of Singapore-based EPS this year. These are the 2,664-teu Maria C (ex-NYK Maria, built 2009) and 2,858-teu ACX Pearl (built 2008), which together are estimated to have cost the Greek owner in excess of $30m.
Earlier in January, Cosmoship also bought two vessels from shipping funds managed by UK-based Tufton Group. The 2,500-teu Sealand Guayaquil (built 2009) was bought for $13m and the 2,556-teu Hammonia Husum (built 2006) for a reported $9.74m.
Cosmoship has also emerged as a seller in the boxship market.
Two 1,500-teu newbuildings acquired in June by Indonesia’s Samudera Shipping Line are understood to have come from the order portfolio of the Greek owner.
Those vessels comprise the recently delivered 1,528-teu Antigoni C (built 2023) and a sister ship slated for delivery in the coming weeks from Guangzhou Wenchong Shipyard.
Singapore-listed Samudera said in June that it was paying $59.9m to acquire the Calcutta-max vessels.
The deals leave Cosmoship with six feeder newbuildings on order following three separate orders last year.
This includes two 1,180-teu feeder boxships that Savvas commissioned in August 2022 at China’s Wuchang Shipbuilding Industry Group.
A month earlier, the company ordered two 1,844-teu newbuildings at Yangzijiang Shipbuilding for a reported price of $32m each. It is slated to take delivery of the pair between the end of 2023 and the second quarter of 2024.
These added to orders placed in January 2022 for two 1,023-teu vessels with South Korea’s Dae Sun Shipbuilding & Engineering.
The feeder units, due for delivery also in 2023 and 2024, reportedly cost close to $22m each.
