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.