- October 11, 2022
- Posted by: Contships
- Categories: News, Press
By Nigel Lowry
The 1,100 teu units belong to a series of six ordered in China in 2012
Contships aims to renew fleet through secondhand acquisitions, not new orders, says founder
CONTSHIPS Management has agreed to acquire four boxships from Lomar Shipping in a move that underlines its confidence in the outlook for the feeder sector.
The four 1,100 teu capacity Lomar vessels are Taipei Trader (IMO: 9664275) and Tokyo Trader (IMO: 9664263), both built in 2014, the 2015-built Trinidad Trader (IMO: 9675808) and the 2016-built Toronto Trader (IMO: 9675822).
2The quartet is part of a six-vessel order placed by Lomar with China’s Jiangsu Yangzijiang shipyard in 2012.
Online valuer VesselsValue puts the market value of the four at an aggregate of about $94m. The deal will bring the Greece-based feeder specialist’s fleet to 46 feeders.
All four vessels are understood to be chartered out until the end of next year at rates of just below $20,000 per day.
“Even though the container shipping market is undergoing a correction, I believe the feeder sector is healthier because of the smaller orderbook,” said Contships Management founder Nikolaos Pateras. He also cited port congestion as a cause for optimism regarding the sector’s prospects.
“We don’t want to renew the fleet through newbuildings,” Mr Pateras said. “We prefer buying battle-hardened vessels. These are nice ships with modern engines and modern configuration.”
The quartet will be the most modern in the fleet which currently includes only one other 2014-built boxship, the 1,073 teu Contship Zen (IMO: 9683491).
The company has been gradually renewing, including the sale of eight older feeders during 2020 and 2021. It fleet includes one 18-year-old ship and one 17- year-old vessel, which appear to be among the next candidates for replacement.
Mr Pateras indicated that further immediate sales are unlikely.
Source: Lloyd’s List
