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Second-hand ships command a premium

Wan Hai is paying $40.5 million to purchase the 2016-built, 1,700TEU Box Express, in comparison, a similar newbuilding is priced around US$35 million.
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Just days after unveiling an additional US$200 million budget to buy second-hand ships, Wan Hai Lines has acquired a vessel.

The company is paying US$40.5 million to purchase the 2016-built, 1,700TEU Box Express, which it had been chartering from Greek owner Allseas Marine since June 2020. In comparison, a similar newbuilding is priced around US$35 million, meaning that second-hand ships are now commanding a premium in the firming freight market.

Box Express was one of three feeder vessels commissioned by Allseas at CSSC Huangpu Wenchong Shipbuilding in 2014, for US$25 million each, meaning that the Greek owner has achieved a profit of over US$15 million on the ship sale.

Interestingly, Wan Hai also has the other two sister ships, Box Endurance and Box Endeavour, on charter, since January and April this year, respectively.

Considering the recent vessel acquisition budget, it remains to be seen if Wan Hai will snap up the other ships too. Liner operators have been expanding their owned fleets to manage rising charter costs. Daily charter rates of similar ships are now around US$36,500 and, in one year, the charter costs will be US$26.6 million.

Source : Container News

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