By George Georgiou

 

Greek shipowners are lately targeting the container shipping market, claiming tonnage with guaranteed charters that offer flexibility in today's weak conditions.

 

The significant correction of values from the high levels of the past three years, as a result of the decline in freight rates, offers opportunities for deals at attractive levels.

 

According to VesselsValue's monthly report for September, the values of container ships of all ages and sizes declined by 0.2% to as much as 12.4% compared to August.

 

The interest of the "Greeks" is currently focused on smaller container ships. This category presents a better picture, at the order book level, compared to the other market sizes.

 

According to data from Clarksons, the order book in container ships corresponds to 25.3% of the fleet, based on tonnage (dwt); in vessels 100-2,999 TEUs, the percentage is 11.6%.

 

In one of the deals that stood out, Contships Management acquired the feeder "As Rosalia" (capacity 1,500 TEUs and built in 2009), for about 10 million dollars.

 

According to Braemar, the vessel is chartered to COSCO until mid-2024, for about 15,000 dollars per day.

 

Based on the Maersk Broker, a one-year charter for a feeder, with a capacity of 1,700 TEUs, is valued at approximately 12,250 dollars per day, indicating that the price for "As Rosalia" is at satisfactory levels. This is the second vessel acquired by the Greek shipping company in 2023, after the "Gsl Amstel" (capacity 1,100 TEUs and built in 2008), which has been renamed "Contship Luv".

 

The company is the world's leading provider of 900 1,500 TEUs container ships, constantly strengthening the fleet with tonnage from the secondary market.

 

In another deal, the largest "Thorstar" (with a capacity of 2,824 TEUs and built in 2003) also ended up in Greek hands.

 

A newly built feeder (with a capacity of 1,800 TEUs) was acquired in the summer by Thanasis Martinou's Eastern Mediterranean Maritime Limited. The ship has already been renamed "Elona II".

 

The market for smaller container ships is also attractive for shipowners who traditionally operate in other shipping industries.

 

In the last two years, Minerva Marine and Latsco Marine have expanded into container ships, acquiring two modern ships (with a capacity of 1,750-2,000 TEUs) each.