MSC Mediterranean Shipping Company continues to pick up large secondhand container ship tonnage — albeit at a discounted price.
The Geneva-based operator has bought the 8,814-teu Northern Justice (built 2010) for about $49m, according to European broking sources.
That marks a remarkable fall in prices since the sale of a pair of sister ships in the second half of last year.
In July 2022, the 8,814-teu sistership Northern Jupiter (built 2010) was sold for about $134m to AP Moller-Maersk, for whom it operates as the Maersk Shekou.
MSC followed with the purchase of the 8,814-teu Northern Jasper (renamed MSC Jasper VIII, built 2009) in October last year for $85m.
The Northern Justice is the fourth in the series of Northern-J-type vessels that the Swiss-liner giant purchased from V.Ships Hamburg.
The vessel is being acquired by MSC following the end of a two-and-a-half-year fixture where it has been making around $28,000 per day.
Two sisterships — the MSC Mumbai VIII (ex-Northern Jade) and MSC Mundra VIII (ex-Northern Julie, both built 2005) — were acquired in 2021 for $85m each.
The latest acquisition takes the number of secondhand vessels that MSC has purchased since August 2020 to about 300.
Seamax sales?
Charter rates for this ship size remain firm given a shortage of prompt vessels.
France’s CMA CGM is said to be paying about $44,250 per day to take the 9,500-teu Santa Laetitia (built 2008) on extension for a further two years.
The vessel belongs to the fleet of Hamburg-based Offen Group and operates for the French liner operator as the CMA CGM Orfeo.
Two other ships on long-term charter to CMA CGM from US-based Seamax Capital Management are also subject to sales speculation.
Brokers report the 9,443-teu Seamax Rowayton (built 2015) and Seamax Mystic (built 2016) as being sold, but no details have emerged.
The vessels were taken on charter by CMA CGM in August 2021 for five years at $65,000 per day.
SeaLead takes biggie
SeaLead Shipping — another growing liner operator — has entered the charter market to take its largest-ever vessel.
The 10,114-teu Express Berlin (built 2011) has been fixed to the Singapore-based liner operator for $33,250 per day for a three-year contract starting in June.
The vessel is owned by Greece’s Danaos Shipping, which is looking to diversify its portfolio of charterers.
While charter rates for larger boxships remain firm, these too have plummeted from the stratospheric levels of the past two years.
In October 2021, the Express Berlin was sublet by Yang Ming — its then charterer — to competitor Maersk for a year at between $108,000 and $149,000 per day.
That relet raised eyebrows since such deals are rare between rival alliance members.
In the smaller vessel sizes, serial asset player Lomar Shipping is selling two feeder vessels, although the tonnage provider was unable to comment.
Brokers said the UK-based company is reportedly offloading the 2,220-teu Elefteria Express (built 2014) to South Korean operator HMM.
It is also selling the 2,220-teu Kalomoti Trader (built 2017) to German tonnage provider Peter Dohle Schiffahrts, with a time charter until the end of 2024.
