ContainersGreater China
Huxley’s Mandarin Shipping left with one ship following latest sales
Broking reports indicate Tim Huxley-led Mandarin Shipping is left with just one ship following its latest boxship sales.
Mandarin is understood to have sold the 2017-built, 1,756 teu Mount Kellett to CMA CGM for $45m with the one year older sister vessel, Mount Butler, sold for an undisclosed sum to the same French line.
The deal leaves Mandarin with just the 1,700 teu Mount Cameron. Huxley formed Mandarin with fellow former Clarksons broker Will Fairclough in 2006. All the company’s ships are named after mountains in Hong Kong.
Busy CMA CGM, meanwhile, is also reported to have bought two 12-year-old sister ships, the 4,250 teu ZIM Tarragona and ZIM Constanza, for $72m each.
Seems like the smart money for shipowners in the current climate is… not to be a shipowner. Fair play to them, prices are crazy high and there are lots or rich shipping lines looking to spend their profits. i’d bet they will be back with a bigger fleet in a few years time if we’re heading into a worldwide recession?