Cyprus Maritime seals the containership deal of the year

In a year where seemingly every last transaction sets a new container shipping S&P record, Cyprus Maritime has pulled off an extraordinary coup.

The Cypriot owner has sold the 2006-built, 5,060 teu S Santiago to fast growing OM Maritime for $58m with a forward delivery of March 2022. The forward delivery allows the sellers to capture the extremely lucrative short term charter market in the interim, Braemar ACM noted in a weekly report, adding that similar ships on the basis of prompt deliveries are said to have now seen closer to $70m.

Cyprus Maritime bought the S Santiago four years ago for $17.8m. The Cypriot owner recently clinched a highly lucrative 80-day charter for the ship at $120,000 per day from China’s BAL Container Line, giving it a stunning $9.6m extra revenue and still another six months of potential charter earnings before the ship gets handed over.

Singapore-based OM Maritime has had a busy year, buying six ships to date with another two due before the end of the summer, according to Alphaliner.

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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