Investing in listed pure-play containership owners has not paid off this decade, new analysis from Alphaliner starkly shows.
A January 2014 investment of $100 in an equal weight portfolio of the seven publicly listed pure-play containership owners – Seaspan, Danaos, Global Ship Lease, Costamare, Diana Containerships, Box Ships Inc and Rickmers Maritime Trust – would only be worth $22 today, even after taking into account the cumulative dividends paid out over the past four years.
“Containership owners have continued to destroy value for their investors, with over $2.7bn written off since 2010 by the seven publicly listed pure-play containership owners,” Alphaliner noted in its most recent weekly report.
While Rickmers Maritime Trust and Box Ships Inc have both sold off all their ships, the five remaining companies’ share prices are down by an average of 34% since the beginning of this year. Worst hit among them is Diana Containerships, whose share price has fallen by 100% so far in 2017, after undertaking four reverse stock splits this year.