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Cyprus Maritime seals the containership deal of the year

In a year where seemingly every last transaction sets a new container shipping S&P record, Cyprus Maritime has pulled off an extraordinary coup.

The Cypriot owner has sold the 2006-built, 5,060 teu S Santiago to fast growing OM Maritime for $58m with a forward delivery of March 2022. The forward delivery allows the sellers to capture the extremely lucrative short term charter market in the interim, Braemar ACM noted in a weekly report, adding that similar ships on the basis of prompt deliveries are said to have now seen closer to $70m.

Cyprus Maritime bought the S Santiago four years ago for $17.8m. The Cypriot owner recently clinched a highly lucrative 80-day charter for the ship at $120,000 per day from China’s BAL Container Line, giving it a stunning $9.6m extra revenue and still another six months of potential charter earnings before the ship gets handed over.

Singapore-based OM Maritime has had a busy year, buying six ships to date with another two due before the end of the summer, according to Alphaliner.

SOURCE READ THE FULL ARTICLE

Cyprus Maritime seals the containership deal of the year