Borealis snaps up another boxship bargain

Christoph Toepfer’s Borealis Finance continues to wheel and deal in the secondhand boxship market with the acquisition of a geared feeder boxship from USC Group company Elbdeich Reederei.

Borealis has paid $11.6m for the 2012-built 3646 teu Elbsun and the vessel has already been delivered.

The deal appears to be a bargain with VesselsValue putting a market value of $16.05m on the Shanghai Shipyard-built ship, and MSI coming in with a valuation of $14.7m.

Last month, Borealis acquired the 2012-built 3,421 teu boxship Nordic Macau for $10.2m from Arne Blystad’s Songa Container. The deal was also seen as a bargain at the time with MSI placing a value of $13.4m on the ship. That valuation now stands at $15.3m.

Borealis has also been selling, and earlier this week brokers reported the sale of 2006-built 2,732 teu boxship pair Telemann and Bomar Spring to MSC for $15m.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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