Avelios and Crestline JV moves into boxship sector 

UK-based asset management firm Avelios, mostly focused on European real estate, and its US counterpart, Crestline Investors, have recently joined forces to acquire two scrubbe- fitted, 2,500 teu container feeder vessels from London-listed Tufton Oceanic Assets.

The 2004-built Cindy, worth just shy of $51m, and the 2003-built Elizabeth, estimated at $49.6m, have been purchased for $21m, according to VesselsValue data. Both ships are on long-term charters to Maersk.

“For Avelios and Crestline, the two vessels form part of an asset backed investment strategy, which focuses on downside protection via an attractive entry price and contracted cash flows while allowing for upside convexity through re-chartering optionality,” the two companies said.

The German-built feeder vessels will be operated by Hamburg-based technical manager Hammonia Reederei.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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