Arne Blystad-led Songa Container has flipped its first-quarter results into the black as the shipowner pocketed asset sale profits.

The Norwegian company, which has a fleet of 14 boxships, reported a pre-tax profit of $19.1m, up from a $8.5m loss in the same period of last year.

Klaveness Marine boosts equity as shipping portfolio drags profits
 Read more
OHT seals $135m loan for giant new wind-farm installation vessel
 Read more

Much of the profit came from the sale of the 4,957-teu Songa Toscana (built 2013), which went to TS Lines for $42.3m in February. Blystad booked a gain of $19.1m from the sale.

The containership company is expected to post a further jump in profits during the second quarter.

Songa Container chief executive James Buck said the company looks to benefit from five ships coming off charter in the next few months "in the hottest container market of all time".

Sources said the 3,534-teu Songa Haydn (built 2010) comes open in June, and a sistership is earning $34,000 for a three-year charter.

Songa Container logged a book equity of $81.6m at the end of the first quarter.

In the quarterly report, the company's board said it has no plans of increasing the fleet further from the current size. The directors said the company is well positioned to take part in the market recovery that is currently under way.

Songa's ships are employed in a mix of pools and charters, and it is expected to move more towards more charters.

At the end of the first quarter this year the company had a fleet of 14 containerships, of which 12 vessels had scrubbers installed.

In February, Blystad reportedly bought the 2,872-teu Algarrobo (built 2009) from Interunity for $15m.

UK-based VesselsValue says this ship, renamed Robin 1, is now worth $24.4m. The Robin 1 is not yet included in Songa Container's fleet list.

Songa's 2,015-teu Songa Iridium (built 2008) is currently up for sale. VesselsValue says it is worth $16.8m. Songa Container bought the vessel in January 2018 for $9.75m.

This vessel does not have scrubbers.

Arne Blystad is chairman of Blystad Container and owns 37.6% of the shares. Magnus Roth has an equal stake, and Tom Erik Klaveness-owned Klaveness Invest owns 19.4%.

.