Tim Huxley-led Mandarin Shipping is cashing in on the sale of one of its five remaining container feederships.
The Hong Kong-based owner is selling the 1,756-teu Mount Gough (built 2016) to French carrier CMA CGM for in excess of $40m, according to European brokers.
The deal marks a significant profit for the boxship tonnage provider, which appears to have timed the sale close to the peak of the market.
The Mount Gough is one of six vessels that Mandarin ordered at Zhejiang Ouhua Shipbuilding in China in 2014.
The vessels are based on the CV Neptun 1700 design, with an extra wide beam and length of 170 metres that defines them as Bangkokmax.
While the newbuilding price of the ships was never formally disclosed, similar vessels were ordered at the time for around $25m.
The sale leaves Mandarin with four ships in the series.
However, Huxley, who founded Mandarin in 2006, would not be drawn into commenting on the likelihood that its four remaining vessels in the series would soon be sold.
"Returns to our shareholders are the only thing [that] matters, so we will be guided by that," Huxley noted.
Mandarin sold the first of the six ships in late 2016 to Compagnie Nationale Algerienne de Navigation (CNAN).
Then the Tamanrasset (ex-Mount Hallowes, built 2017) was sold for around $27.5m, a price which pales with today’s levels.
Further sales
High demand for feederships appears to have tempted owners of other vessels in this size to sell up.
Chinese liner operator StarOcean Marine is again said to be offloading two Bangkokmax designs under construction in China, according to European brokers.
The two 1,800-teu vessels are slated for delivery from Jiangsu Yanzijiang Shipbuilding in June and August this year.
The ships are reported sold to Taiwanese operators for slightly more than $40m. The deal follows the sale by StarOcean in November of the 1,762-teu Bremen Trader and 1,774-teu A Fuji (both built 2021) to Wan Hai Lines for a combined $85.5m.
TradeWinds reported this week that Mandarin's Hong Kong neighbour, Tribini Capital, has sold its last two small container ships to AP Moller-Maersk.
The 2,754-dwt Tribini Tai Hang and Tribini Tin Hau (both built 2016) have been sold for what is believed to be a record-breaking price.
The ships, which operate as the MCC Chittagong and MCC Ningbo, are to be delivered in the spring.
