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SWISS-ITALIAN shipping giant Mediterraean Shipping Co's (MSC) buying spree has acquired 100 ships of 400,000 TEU within a year, according to Paris consultant Alphaliner.
MSC has by far the largest orderbook of all the liners, approaching one million TEU. With its current deployed capacity of 4.1 million TEU, it is just 120,000 TEU short of Maersk.
Its early recognition of changing market conditions has brought MSC a healthy boost to its balance sheet, due to skyrocketing vessel asset values.
The Paris consultant reported on the purchase in July of four vessels by the Geneva-based carrier: the 2,572-TEU Cosmos, for US$33 million; the 1,794-TEU Jennifer Schepers, for $21 million; the 1,740-TEU Okee Ann Mari, for $20 million; and the 3,739-TEU Xin Feng Yangzijiang, for $30 million.
The ships were sold to MSC for several times their last recorded value, but the carrier will achieve significant savings compared to the chartering alternative.
For example, for a 36-month charter of 20-year-old panamax Xin Feng Yangzijiang, its owner could be looking for up to $75,000 a day, which would commit MSC to around $80 million over the period - thus its acquisition has potentially saved the carrier $50 million.
Alphaliner said the 103 vessel acquisitions by MSC it had made since last August included 18 of between 1,100 TEU and 4,400 TEU that were on long-term charter and it apparently exercised its purchase options with the shipowner.
Nor is MSC done yet. "They are not put off by the age of any ship that comes on the market," a broker told London's Loadstar. "We have instructions to chase any ship, whatever the size or trading history."
Mathias Dobner, chairman and CEO of BOXBAY said: "For ports worldwide, this innovative and disruptive technology will not only increase their over-the-quay-wall handling volumes and container storage capacity but will also allow them to make a further step towards sustainability, as power regeneration and solar panels on the roof help reduce the CO2 footprint to a minimum."
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