Cape Shipping secures attractive price in fresh container vessel S&P deal

According to shipbroking and market sources, the Greece-based shipping company has sold 2015-built, 2,190-TEU Cape Monterey. Cape Shipping confirmed the sale when contacted by Riviera but did not disclose further details.

In its latest weekly report, MB Shipbrokers noted the vessel changed hands for US$35M, adding French liner giant CMA CGM has been reported as the buyer. Shipbroking sources estimate the owner likely paid around US$27M for the vessel at the time of placing the order.

Cape Shipping is well known for executing profitable vessel sales during strong market conditions. Amid the last container vessel market rally in 2021, the company sold a 2015-built, 6,969-TEU ship for over US$130M, according to shipbroking reports at the time.

Fleet overview and tanker market return

Cape Monterey was among the oldest container vessels in Cape Shipping’s fleet, alongside Cape Syros. According to Equasis, the company currently owns 18 ships, including seven bulk carriers and 11 container vessels.

After signing significant newbuilding deals in the container sector, Cape Shipping shifted its focus to dry bulk acquisitions from 2020 onward, particularly in the Capesize segment. 

Notably, shipbrokers have linked the company to a return to the tanker market, with reports of newbuilding orders for Suezmax, LR2 and LR1 vessels in the past year.

Increased S&P activity 

MB Shipbrokers highlighted “some interesting transactions” in the last week of January within the container vessel sale and purchase (S&P) market, particularly in the feeder segment, despite the ongoing Lunar New Year.

CMA CGM has reportedly been involved in additional S&P transactions, specifically for 1,900-TEU vessels. The French liner appears to be expanding aggressively, following its recent 12-ship newbuilding deal for LNG-fuelled vessels.