10 July (Lloyd's List) - CONTAINERSHIP sales in the first half of the year were up 57% compared with the second half of 2023, as vessel diversions from the Red Sea pushed up demand for capacity.
More than 0.5m teu of container tonnage changed hands in the first six months of 2024, according to Alphaliner.
“Carriers sought every available ship to meet the demands of the extended trip around the Cape of Good Hope and maintain lucrative service schedules,” it said.
Alphaliner reports that 141 containerships with a combined capacity of 572,600 teu were sold between January and June compared to 90 ships in the second half of 2023.
Despite an increase in freight rates from September 2023 onwards, there was no immediate reaction in the secondhand market, as many carriers believed the crisis would be short.
“Realisation that there was no quick solution saw a change of heart from January onwards,” Alphaliner said.
“Despite the influx of a massive 1.6m teu in newbuilding capacity in the first half of 2024, carriers sought even more tonnage in the secondhand market in order to plug schedule holes and capitalise on firm rates.”
Mediterranean Shipping Co bought the most secondhand ships, with 33 in the first half of 2024.
The biggest sellers were Maersk and V Ships Hamburg, with eight each. German non-operating owner NSB Niederelbe sold seven vessels, Greece’s Marinakis Group six and Japan’s Shoei Kisen five.
While the market appears to have slowed for lack of ships for sale, Alphaliner said a number of negotiations were underway and prices still firming.
Shipbroker Braemar said the secondhand market remained “robust” despite the charter market showing signs of stabilising in the past two weeks.
“The paucity in the supply of charter free vessels of above 2,500 teu continues to drive buyers to look at ever more forward deliveries,” it said.
“We are fast heading toward a market where many buyers will simply look at any container vessel that is for sale almost irrespective of size, age, construction, or charter position.”
Notable deals reported by brokers in the past week included two neo-panamax containership newbuildings which have been taken over by MSC in a resale deal.
The 14,700 teu pair were ordered by China’s BAL Container Line in 2022 from Jiangnan Shipyard for $140m each, with delivery in the second half of 2025. Reflecting the increase in newbuilding prices in the past two years, MSC is set to pay $165m each to take over the new vessels.
MSC has also emerged as the buyer of Lomar Shipping’s 2,800 teu New Jersey Trader (IMO: 9571301), which the UK-based shipowner sold in June.
With this transaction, MSC has bought 371 secondhand containerships since August 2020, according to Alphaliner data.
Meanwhile, Taiwan’s Wan Hai Lines is reported to have sold the 22-year-old, 2,500 teu Wan Hai 303 (IMO: 9238179) to Chinese buyers for circa $13m.
Since Wan Hai Lines has taken delivery of numerous newbuildings in the past two years and sold 25 ageing containerships, including 10 for recycling.
Other sales reported in the past week include the 1,732 teu, 2007-built Hansa Wolfsburg (IMO: 9373498) by Germany’s Leonhardt & Blumberg for $14m. No buyer has yet been disclosed.
