Ships & Contract Cover
Built: 2008
Yard: Daewoo
TEU - Nominal: 11,040
TEU - 14 mt: 7,990
Reefers: 700
LWT: 38,577
Flag: Malta
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q07
Earliest Expiry: 4Q25
Latest Expiry: 1Q26
Additional Information
Bulbous bow optimized for fuel efficiency at low operating speeds. Ship has sufficient onboard power to support significant up-sizing of reefer capacity
Built: 2015
Yard: Hanjin
TEU - Nominal: 9,115
TEU - 14 mt: 7,578
Reefers: 1500
LWT: 31,764
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 1Q19
Earliest Expiry: 1Q22
Latest Expiry: 2Q22
Additional Information
Ship has sufficient onboard power to support significant up-sizing of reefer capacity
Built: 2015
Yard: Hanjin
TEU - Nominal: 9,115
TEU - 14 mt: 7,578
Reefers: 1,500
LWT: 31,890
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q20
Earliest Expiry: 3Q23
Latest Expiry: 4Q23
Additional Information
Ship has sufficient onboard power to support significant upsizing of reefer capacity.
Built: 2015
Yard: Hanjin
TEU - Nominal: 9,115
TEU - 14 mt: 7,578
Reefers: 1,500
LWT: 31,820
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q20
Earliest Expiry: 2Q22
Latest Expiry: 3Q22
Additional Information
Ship has sufficient onboard power to support significant upsizing of reefer capacity. Charter rate of $24,990 per day to 1Q21; thereafter $31,650 per day.
Built: 2005
Yard: Samsung
TEU - Nominal: 8603
TEU - 14 mt: 6590
Reefers: 710
LWT: 34,325
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q19
Earliest Expiry: 2Q24
Latest Expiry: 3Q24
Additional Information
Charter rate of $23,000 per day through 1Q2021. Thereafter $19,000 per day, due to cancellation of scrubber installation. Ship has sufficient onboard power to support significant up-sizing of reefer capacity.
Built: 2004
Yard: Samsung
TEU - Nominal: 8,603
TEU - 14 mt: 6,590
Reefers: 710
LWT: 34,305
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q19
Earliest Expiry: 2Q24
Latest Expiry: 3Q24
Additional Information
Ship has sufficient onboard power to support significant up-sizing of reefer capacity.
Built: 2004
Yard: Samsung
TEU - Nominal: 8,603
TEU - 14 mt: 6,590
Reefers: 710
LWT: 34,340
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q20
Earliest Expiry: 1Q23
Latest Expiry: 3Q23
Additional Information
Charter with Maersk at $18,000 per day until early November 2020. Thereafter a 28 – 32 months charter with MSC at $22,500 per day.
Built: 2004
Yard: Hyundai
TEU - Nominal: 7,849
TEU - 14 mt: 6,038
Reefers: 814
LWT: 29,261
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q19
Earliest Expiry: 3Q24
Latest Expiry: 4Q24
Additional Information
Approximately $14.1 million of Adjusted EBITDA is expected to be generated for the median period remaining on the charter from June 30, 2020
Built: 2004
Yard: Hyundai
TEU - Nominal: 7,849
TEU - 14 mt: 6,038
Reefers: 814
LWT: 29,105
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q19
Earliest Expiry: 4Q22
Latest Expiry: 4Q24
Additional Information
Charter rate for the firm period is $14,500 per day. Charter rate for option period is $18,900 per day.
Built: 2004
Yard: Hyundai
TEU - Nominal: 7,849
TEU - 14 mt: 6,038
Reefers: 814
LWT: 29,190
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q19
Earliest Expiry: 4Q22
Latest Expiry: 4Q24
Additional Information
Charter rate for the firm period is $14,500 per day. Charter rate for option period is $17,750 per day.
Built: 2013
Yard: Hyundai
TEU - Nominal: 6,927
TEU - 14 mt: 5,120
Reefers: 1,200
LWT: 23,424
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q18
Earliest Expiry: 3Q23
Latest Expiry: 4Q23
Additional Information
Ship has sufficient onboard power to support significant up-sizing of reefer capacity
Built: 2013
Yard: Hyundai
TEU - Nominal: 6,927
TEU - 14 mt: 5,120
Reefers: 1,600
LWT: 23,421
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q18
Earliest Expiry: 2Q24
Latest Expiry: 3Q24
Additional Information
Built: 2013
Yard: Hyundai
TEU - Nominal: 6,927
TEU - 14 mt: 5,120
Reefers: 1,600
LWT: 23,403
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q18
Earliest Expiry: 1Q24
Latest Expiry: 2Q24
Additional Information
Built: 2013
Yard: Hyundai
TEU - Nominal: 6,927
TEU - 14 mt: 5,120
Reefers: 1,600
LWT: 23,348
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q18
Earliest Expiry: 1Q24
Latest Expiry: 2Q24
Additional Information
Built: 2015
Yard: Hanjin
TEU - Nominal: 6,882
TEU - 14 mt: 5,105
Reefers: 1,600
LWT: 23,919
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q18
Earliest Expiry: 1Q24
Latest Expiry: 2Q24
Additional Information
Built: 2015
Yard: Hanjin
TEU - Nominal: 6,882
TEU - 14 mt: 5,105
Reefers: 1,600
LWT: 23,864
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q18
Earliest Expiry: 1Q24
Latest Expiry: 2Q24
Additional Information
Built: 2002
Yard: Samsung
TEU - Nominal: 6,840
TEU - 14 mt: 4,990
Reefers: 600
LWT: 27,954
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q20
Earliest Expiry: 3Q23
Latest Expiry: 4Q23
Additional Information
Escalating charter rate, with average rate (assuming median charter term) of $12,830 per day through May 2021. On expiry of the existing charter GSL Christen will be chartered to Maersk at a rate of $35,000 per day.
Built: 2002
Yard: Samsung
TEU - Nominal: 6,840
TEU - 14 mt: 4,990
Reefers: 600
LWT: 28,070
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q20
Earliest Expiry: 3Q24
Latest Expiry: 4Q24
Additional Information
Chartered to MSC at $13,500 per day to 2Q/3Q2021. On expiry of the existing charter GSL Nicoletta will be chartered to Maersk at a rate of $35,750 per day.
Built: 2001
Yard: Hanjin
TEU - Nominal: 6,621
TEU - 14 mt: 4,555
Reefers: 500
LWT: 26,776
Flag: Bahamas
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q09
Earliest Expiry: 4Q25
Latest Expiry: 1Q26
Additional Information
Chartered to CMA CGM at a rate of $34,000 per day through 4Q2021; thereafter, extended at a rate of $37,750 per dayBuilt: 2011
Yard: Hanjin
TEU - Nominal: 6,572
TEU - 14 mt: 5,002
Reefers: 500
LWT: 24,746
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q19
Earliest Expiry: 4Q23
Latest Expiry: 1Q24
Built: 2004
Yard: Samsung
TEU - Nominal: 6,080
TEU - 14 mt: 4,527
Reefers: 500
LWT: 23,737
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q19
Earliest Expiry: 2Q24
Latest Expiry: 1Q25
Built: 2004
Yard: Samsung
TEU - Nominal: 6,080
TEU - 14 mt: 4,527
Reefers: 500
LWT: 23,745
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q19
Earliest Expiry: 2Q24
Latest Expiry: 1Q25
Built: 2001
Yard: Samsung
TEU - Nominal: 6,008
TEU - 14 mt: 4,138
Reefers: 650
LWT: 24,414
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q21
Earliest Expiry: 3Q24
Latest Expiry: 2Q27
Additional Information
The ship was delivered late-April 2021. Initial short charter to ONE, until 3Q/4Q21; thereafter a charter to Maersk to 3Q/4Q24, with options for the charterer to subsequently extend the charter up until the ship’s next scheduled special survey & drydocking. During the initial firm charter period (pre-options) the ship is contracted at a rate expected to generate annualized EBITDA of approximately $4.1 million.
Built: 2000
Yard: Samsung
TEU - Nominal: 6,008
TEU - 14 mt: 4,193
Reefers: 800
LWT: 24,873
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q21
Earliest Expiry: 4Q24
Latest Expiry: 4Q25
Additional Information
The ship was delivered late-April 2021. Initial short charter to Wan Hai, until 3Q/4Q21; thereafter a charter to Maersk to 3Q/4Q24, with options for the charterer to subsequently extend the charter up until the ship’s next scheduled special survey & drydocking. During the initial firm charter period (pre-options) the ship is contracted at a rate expected to generate annualized EBITDA of approximately $4.1 million.
Built: 2000
Yard: Samsung
TEU - Nominal: 6,008
TEU - 14 mt: 4,194
Reefers: 800
LWT: 24,859
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q21
Earliest Expiry: 2Q24
Latest Expiry: 1Q26
Additional Information
The ship was delivered late-April 2021. Chartered to Maersk to 2Q/3Q24, with options for the charterer to subsequently extend the charter up until the ship’s next scheduled special survey & drydocking. During the initial firm charter period (pre-options) the ship is contracted at a rate expected to generate annualized EBITDA of approximately $4.1 million.
Built: 2001
Yard: Samsung
TEU - Nominal: 5,992
TEU - 14 mt: 4,221
Reefers: 668
LWT: 24,243
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q21
Earliest Expiry: 2Q24
Latest Expiry: 3Q26
Additional Information
The ship was delivered late-April 2021. Chartered to Maersk to 2Q/3Q24, with options for the charterer to subsequently extend the charter up until the ship’s next scheduled special survey & drydocking. During the initial firm charter period (pre-options) the ship is contracted at a rate expected to generate annualized EBITDA of approximately $4.1 million.
Built: 2001
Yard: Samsung
TEU - Nominal: 6,008
TEU - 14 mt: 4,194
Reefers: 632
LWT: 24,848
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q21
Earliest Expiry: 2Q24
Latest Expiry: 4Q26
Additional Information
The ship was delivered mid-May 2021. Chartered to Maersk to 2Q/3Q24, with options for the charterer to subsequently extend the charter up until the ship’s next scheduled special survey & drydocking. During the initial firm charter period (pre-options) the ship is contracted at a rate expected to generate annualized EBITDA of approximately $4.1 million.
Built: 2001
Yard: Samsung
TEU - Nominal: 5,992
TEU - 14 mt: 4,185
Reefers: 500
LWT: 24,308
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q21
Earliest Expiry: 2Q24
Latest Expiry: 4Q26
Additional Information
The ship was delivered mid-May 2021. Chartered to Maersk to 2Q/3Q24, with options for the charterer to subsequently extend the charter up until the ship’s next scheduled special survey & drydocking. During the initial firm charter period (pre-options) the ship is contracted at a rate expected to generate annualized EBITDA of approximately $4.1 million.
Built: 2000
Yard: Samsung
TEU - Nominal: 6,008
TEU - 14 mt: 4,193
Reefers: 632
LWT: 24,876
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q21
Earliest Expiry: 3Q24
Latest Expiry: 3Q25
Additional Information
The ship is scheduled to deliver in 3Q21. Chartered to Maersk to 3Q/4Q24, with options for the charterer to subsequently extend the charter up until the ship’s next scheduled special survey & drydocking. During the initial firm charter period (pre-options) the ship is contracted at a rate expected to generate annualized EBITDA of approximately $4.1 million.
Built: 2000
Yard: Kvaerner
TEU - Nominal: 5,936
TEU - 14 mt: 4,312
Reefers: 500
LWT: 25,010
Flag: MI
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q19
Earliest Expiry: 1Q22
Latest Expiry: 3Q23
Rate Details
Charter rate of $12,500 per day to 2Q22, followed by 12 months at option of charterer at $20,000 per day. Hull optimized for fuel efficiency at lower operating speeds.
Built: 2000
Yard: Kvaerner
TEU - Nominal: 5,936
TEU - 14 mt: 4,312
Reefers: 500
LWT: 25,010
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q19
Earliest Expiry: 1Q24
Latest Expiry: 2Q24
Additional Information
Hull optimized for fuel efficiency at lower operating speeds. Chartered at a rate of $14,500 per day to May 2022; thereafter at a rate of $24,250 per day.
Built: 2000
Yard: Kvaerner
TEU - Nominal: 5,936
TEU - 14 mt: 4,312
Reefers: 500
LWT: 25,128
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q19
Earliest Expiry: 2Q24
Latest Expiry: 3Q24
Additional Information
Hull optimized for fuel efficiency at lower operating speeds. Chartered at a rate of $14,500 per day to May 2021; thereafter $32,500 per day.
Built: 2007
Yard: Hyundai
TEU - Nominal: 5,095
TEU - 14 mt: 3,434
Reefers: 330
LWT: 20,596
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q20
Earliest Expiry: 1Q22
Latest Expiry: 2Q22
Additional Information
Charter with Sea-Lead at rate of $7,000 per day through December 2020. Thereafter, new charter with OOCL to 1Q22 (assuming median delivery) at a new rate of $24,500 per day
Built: 2006
Yard: Hyundai
TEU - Nominal: 5,095
TEU - 14 mt: 3,434
Reefers: 330
LWT: 20,633
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q19
Earliest Expiry: 2Q24
Latest Expiry: 3Q25
Additional Information
Chartered to Maersk at a rate of $10,000 per day through April 2021. On expiry of the existing charter Orca I will be chartered to Maersk at a rate of $21,000 per day until 2Q24 (assuming median expiry). Thereafter the charterer has the option to extend the charter by a further 12 – 14 months.
Built: 2007
Yard: Hanjin
TEU - Nominal: 5,089
TEU - 14 mt: 3,350
Reefers: 386
LWT: 20,087
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q20
Earliest Expiry: 3Q21
Latest Expiry: 4Q21
Additional Information
Original sale & leaseback charter (from 2008) with CMA CGM to October 2020 at a rate of $33,750 per day; thereafter a charter extension in direct continuation at a rate of $16,000 per day.
Built: 2007
Yard: Hanjin
TEU - Nominal: 5,089
TEU - 14 mt: 3,350
Reefers: 386
LWT: 19,994
Flag: Malta
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q20
Earliest Expiry: 4Q21
Latest Expiry: 4Q21
Additional Information
Original sale & leaseback charter (from 2008) with CMA CGM to October 2020 at a rate of $33,750 per day; thereafter a new charter to Hapag-Lloyd at a rate of $14,500 per day.
Built: 2006
Yard: Hyundai
TEU - Nominal: 4,298
TEU - 14 mt: 2,810
Reefers: 600
LWT: 17,272
Flag: Cyprus
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 1Q08
Earliest Expiry: 3Q22
Latest Expiry: 1Q23
Additional Information
Built: 2006
Yard: CSBC
TEU - Nominal: 4,045
TEU - 14 mt: 2,881
Reefers: 700
LWT: 17,429
Flag: Malta
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q08
Earliest Expiry: 3Q22
Latest Expiry: 1Q23
Additional Information
Built: 2006
Yard: CSBC
TEU - Nominal: 4,045
TEU - 14 mt: 2,881
Reefers: 700
LWT: 17,428
Flag: Malta
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 2Q08
Earliest Expiry: 3Q22
Latest Expiry: 1Q23
Additional Information
Built: 2005
Yard: Hyundai
TEU - Nominal: 2,824
TEU - 14 mt: 2,029
Reefers: 566
LWT: 11,971
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q20
Earliest Expiry: 3Q21
Latest Expiry: 1Q22
Built: 2003
Yard: Koyo
TEU - Nominal: 2,762
TEU - 14 mt: 2,330
Reefers: 300
LWT: 13,538
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 1Q19
Earliest Expiry: 2Q24
Latest Expiry: 2Q24
Additional Information
Chartered to MSC at a rate of $9,000 per day through April 2021; On expiry of the existing charter Athena will be chartered to Hapag-Lloyd at a rate of $21,500 per day.
Built: 2000
Yard: Samsung
TEU - Nominal: 2,506
TEU - 14 mt: 1,805
Reefers: 420
LWT: 11,453
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 1Q19
Earliest Expiry: 1Q23
Latest Expiry: 2Q23
Built: 2000
Yard: Samsung
TEU - Nominal: 2,506
TEU - 14 mt: 1,805
Reefers: 420
LWT: 11,370
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q19
Earliest Expiry: 1Q23
Latest Expiry: 2Q23
Built: 2001
Yard: Samsung
TEU - Nominal: 2,506
TEU - 14 mt: 1,805
Reefers: 420
LWT: 11,463
Flag: Panama
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 1Q19
Earliest Expiry: 1Q24
Latest Expiry: 2Q24
Additional Information
Chartered to MSC at a rate of $8,000 per day through 1Q2021; thereafter, on completion of drydocking in May 2021, Newyorker will be chartered to CMA CGM extended at a rate of $20,700 per day
Built: 2001
Yard: CSBC
TEU - Nominal: 2,272
TEU - 14 mt: 1,735
Reefers: 446
LWT: 11,742
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q19
Earliest Expiry: 2Q21
Latest Expiry: 2Q21
Additional Information
Charter extended in direct continuation. Previous rate of $8,800 applicable until October 30, 2020, after which rate becomes $7,250 per day
Built: 2001
Yard: CSBC
TEU - Nominal: 2,272
TEU - 14 mt: 1,735
Reefers: 446
LWT: 11,727
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q20
Earliest Expiry: 4Q20
Latest Expiry: 4Q21
Built: 2003
Yard: CSBC
TEU - Nominal: 2,207
TEU - 14 mt: 1,718
Reefers: 350
LWT: 11,731
Flag: Bahamas
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 4Q19
Earliest Expiry: 3Q21
Latest Expiry: 3Q21
Additional Information
Charter extended in direct continuation. Previous rate of $8,000 to applicable until October 10, 2020, after which rate increases to $9,400 per day.
Built: 2002
Yard: CSBC
TEU - Nominal: 2,207
TEU - 14 mt: 1,718
Reefers: 350
LWT: 11,731
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q20
Earliest Expiry: 4Q21
Latest Expiry: 4Q21
Additional Information
Charter extended with Sea Consortium from 1Q2021 on at a confidential rate and for a confidential term.
Built: 2002
Yard: CSBC
TEU - Nominal: 2,207
TEU - 14 mt: 1,718
Reefers: 350
LWT: 11,791
Flag: Bahamas
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q16
Earliest Expiry: 3Q21
Latest Expiry: 4Q21
Additional Information
Charter extended in direct continuation. Previous rate of $9,800 applicable until October 15, 2020, after which rate becomes $9,300 per day.Built: 2002
Yard: CSBC
TEU - Nominal: 2,207
TEU - 14 mt: 1,718
Reefers: 350
LWT: 11,731
Flag: Liberia
Post-Panamax
Geared
Wide Beam (New Design)
Eco
Scrubber-Fitted
Charter Start: 3Q16
Earliest Expiry: 3Q21
Latest Expiry: 4Q21
Additional Information
Charter extended in direct continuation. Previous rate of $9,800 applicable until October 25, 2020, after which rate becomes $9,300 per day.
Ships Contracted for Purchase
Acquisitions Announced June 8, 2021
As announced on June 8, 2021, we have agreed to purchase 12 containerships with an average size of approximately 3,000 TEU and a weighted average age of 11 years for an aggregate purchase price of $233.9 million. The ships are scheduled for delivery during 3Q2021 and are all on charter, with remaining charter durations of three to 25 months:
- 4,363 TEU: chartered at $22,000 per day to 4Q2022
- 3,421 TEU (Geared): chartered at $20,000 per day to 1Q2022
- 3,421 TEU (Geared): chartered at $21,500 per day to 1Q2023
- 3,404 TEU (Geared): chartered at $24,500 per day to 2Q2023
- 3,404 TEU (Geared): chartered at $12,000 per day to 3Q2021
- 2,824 TEU: chartered at $11,700 per day to 3Q2021
- 2,824 TEU: chartered at $20,250 per day to 2Q2022
- 2,824 TEU: chartered at $18,500 per day to 1Q2023
- 2,741 TEU: chartered at $18,500 per day to 1Q2023
- 2,546 TEU (Geared): chartered at $15,000 per day to 4Q2021
- 2,546 TEU (Geared): chartered at $19,250 per day to 1Q2023
- 1,118 TEU (Geared): chartered at $11,900 per day to 3Q2023
Based on the existing charters and assuming renewals at current market rates for the four charters that come open prior to mid-2022, the newly acquired ships are expected to contribute approximately $60.5 million of Adjusted EBITDA in the first 12 months. This represents an increase of approximately 36% on Adjusted EBITDA for the 12 months ended March 31, 2021 and implies a strongly accretive Purchase Price / Annual Adjusted EBITDA multiple of approximately 3.9 times.
Acquisitions Announced June 16, 2021
As announced on June 16, 2021, we have agreed to purchase four 5,470 TEU Panamax containerships with an average age of approximately 11 years for an aggregate purchase price of $148 million. The ships are scheduled to be delivered during 3Q2021, and are contracted to be chartered to a leading liner operator for a firm period of three years each, with a charterer’s option for a period of an additional three years. During the three-year firm period, the vessels are expected to generate aggregate Adjusted EBITDA of approximately $124.4 million, implying a strongly accretive average Purchase Price / Annual Adjusted EBITDA multiple of approximately 3.6x. If the options are exercised, the vessels are expected to generate approximately $42.2 million of additional Adjusted EBITDA.
Footnotes
Geared ships are equipped with onboard cranes, allowing them to load and discharge in ports where shoreside infrastructure is limited.
Wide beam improves vessel stability and reduces the need for ballast water, resulting in lower fuel consumption and higher cargo carrying capacity.
At standard operating speeds, fully laden eco-vessels consume 20 - 30 mt per day less fuel than non-eco tonnage, reducing daily running costs for charterers.
High reefer count allows charterers to carry high-margin refrigerated cargo.
Ships fitted with “scrubbers” (Exhaust Gas Cleaning Systems) are permitted to burn fuel with a higher Sulphur content, while still complying with IMO 2020 emission regulations