CMA CGM and Sinokor in for Conti boxships

CMA CGM and Sinokor in for Conti boxships

With German banks finally getting around to clearing out the nation’s ailing lines a trio of Conti ships have gone on the market and been snapped up.

Earlier this month plans were announced by Hamburg-based Claus-Peter Offen to take over struggling Munich owner Conti Group.

It now emerges that France’s CMA CGM has paid $14.5m a piece for a brace of 12-year-old 7,471 teu ships – the Conti Le Havre and Conti Venice. The ships are on subs according to broking reports.

Also, Sinokor has stumped up $14m for another sistership, the Conti Savannah.

Conti has a fleet of 30 boxships, eight product carriers and 29 bulkers.

Commenting on the massive clearout of German tonnage seen in the first 12 weeks of the year, finance veteran and Splash columnist Dagfinn Lunde said: “The single most interesting development on the banking side of shipping has been watching the German banks come out of hibernation and start to gear up.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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