Liner giant Mediterranean Shipping Co (MSC) is behind orders for four LNG-ready neo-panamax containership newbuildings split between Dalian Shipbuilding Industry Co (DSIC) and Guangzhou Shipyard International (GSI) in China.
The contracts bring to 17 the total number of 16,000-teu vessels being built by the two state-owned shipyards for the Geneva-based company.
MSC has declined to comment for this story.
Shipbuilding sources said Minsheng Financial Leasing (Minsheng FL) had booked two vessels at DSIC, and China Merchants Financial Leasing (CMB FL) had placed two at GSI.
The two Chinese leasing companies ordered the newbuildings two months ago, but the deals went unreported. They placed the orders against long-term charters from MSC.
TradeWinds understands that including the four vessels booked by Minsheng FL and CMB FL, MSC is scheduled to take delivery of 17 neo-panamax boxships from DSIC and GSI in 2023 and 2024.
The other 13 containerships were ordered in early April, with DSIC contracted to build seven ships and GSI six. Then, MSC was reported to be the owner of the vessels and was said to be paying between $120m and $125m per ship.
But shipbuilding sources said the boxships were officially placed by three separate companies against long-term charters to MSC.
“The 16,000-teu newbuildings were more of a financing deals for the leasing companies,” a shipbuilding source said. “The ships’ specs were requested by MSC and it discussed and negotiated the newbuildings directly with the shipyards. After securing berth slots for the ships, it then approached leasing companies and shipping companies to sign the newbuilding contracts.”
CSSC (Hong Kong) Shipping — the leasing arm of state-owned China State Shipbuilding Corp — was behind six vessels booked at GSI, Minsheng FL had four at DSIC and Japanese tonnage provider Doun Kisen ordered the remaining three at DSIC.
In May, Minsheng FL disclosed that it had ordered six 16,000-teu newbuildings at DSIC against charters from a liner operator. At that time, the sextet was reported to be optional slots that MSC novated to Minsheng FL.
A shipbuilding player familiar with Minsheng said the report was incorrect.
“MSC did not order any newbuildings with DSIC or hold any option vessels at the shipyard," they said. "It negotiated the newbuildings with the yard and got Minsheng to sign the contract.”
MSC is said to have bareboat chartered the six newbuildings from Minsheng FL for at least 15 years at more than $700m.
