Mediterranean Shipping Co (MSC) has snapped up another brace of post-panamax container ships for about $140m en bloc.
The liner operator is acquiring the 6,000-teu sisterships Long Beach Trader and Los Angeles Trader (both built 2007) for a little less than $70m each, according to European brokers.
The vessels will not be delivered until the third and fourth quarter of next year.
But MSC is prepared to pay top dollar as long-term charter rates for traditional panamax and post-panamax vessels remain extraordinarily strong.
MSC has acquired 124 boxships since August 2020, according to Alphaliner.
The two latest acquisitions are the largest vessels in the fleet of UK-based Lomar Shipping, which obtained them from Taiwanese liner boxship operator Wan Hai Lines in 2015.
They figure among about 20 container ships of 1,000 teu up to 6,000 teu that Lomar has sold during the container shipping boom.
TradeWinds reported last week that MSC has also recently acquired two 5,000-teu vessels for close to a record price.
The 4,896-teu X-Press Jersey (built 2014) and 5,000-teu X-Press Guernsey (built 2015), to be renamed MSC Jersey and MSC Guernsey, have been sold to the Aponte-owned company for about $105m each.
Alphaliner lists the two vessels as controlled jointly by Singapore-based Sea Consortium and Israeli owner XT Shipping, which appear to be selling them for a hefty profit.
The X-Press Guernsey was acquired for $43m in June 2014, while the X-Press Jersey and two sisterships were purchased in July 2019 for just $27m each.
Liner operators from Europe and Asian continue to dominate the sale-and-purchase boxship market where there are few sales candidates.
"The panamax and post-panamax size segments would certainly see more sales activity if the vessels supply was available, but with so few candidates coming open in the next six-to-nine months sales volumes remains low," according to shipbroker Clarksons.
From $200,000 to $130,000 per day
The shortage of container ships mean that lines still have to pay top dollar from the charter market
Up to three vessels of 6,000 teu are reported to have been taken for periods of up to five years at rates of about $50,000 per day, with delivery in the second and third quarter of 2022, said brokers.
That amounts to close to $90m for a single five-year fixture, enough to justify today's expensive asset values.
However, there are signs that owners are looking to fix on longer charters rather than sell vessels as short-term rates begin to cool.
Euroseas' 4,250-teu Synergy Oakland (built 2009) has been fixed for three months with Germany's Hapag-Lloyd at $130,000 per day, said brokers.
While that remains a historically strong fixture, it pales with a rate of $202,000 per day that the vessel secured in September for a 60 to 85-day fixture with Singapore-based Vasi Shipping.
Aristides Pittas-led Euroseas is one of a handful of tonnage providers prepared to compete with the greater financial firepower of liner operators.
In November, the company paid $40m to purchase the 6,400-teu Leo Paramount (built 2005).
The vessel was acquired with a time charter back to Maersk at $42,200 per day for 36 months with an option for a further 12 months.
