Greek owner Minerva linked to fresh container vessel S&P deal

According to Alphaliner, the Greek shipping company is believed to be the new owner of 2,433-TEU, 2023-built CUL Qingdao. Minerva Dry has been contacted for comment.

The same source noted the vessel was divested by its former owner, China United Lines (CULines), for a price in the low US$40M range. CUL Qingdao is also reported to have been chartered to German liner company Hapag-Lloyd for two years.

The vessel was delivered to CULines in November 2023 by Yangzijiang Shipbuilding, a shipbuilder based in China.

Fast growth

If confirmed, the acquisition of CUL Qingdao would mark Minerva’s fifth addition to its container fleet, and the largest to date. The company’s other four vessels have an average carrying capacity of 1,800 TEU.

Minerva Dry entered the container sector in October 2023 with the delivery of Little Emma. The company continued its expansion with the addition of Little Warrior in December 2023 and Little Athina in February 2024, completing the first phase of its growth in this market. In November 2024, Minerva received Little Dolphin, a 2023-built vessel formerly known as Lecangs Dolphin.

All these vessels are managed by Minerva Dry, the container vessel and bulk carrier division of the Minerva Group.

Recently, Riviera reported Minerva has also signed a significant newbuilding deal with Japan’s Oshima Shipbuilding for three 64,000-dwt Handymax vessels, further expanding its portfolio.

Vibrant S&P market

The reported sale of CUL Qingdao takes place amid an active sale and purchase (S&P) market, with industry players such as MSC and Chinese buyers pursuing attractive deals.

Alphaliner reported that MSC, the world’s largest liner company, recently acquired a 6,000-TEU vessel built in 2000 and a 1,730-TEU vessel built in 1999. Meanwhile, Chinese buyers have been particularly active, purchasing vessels ranging from 700 to 5,000 TEU, and analysts suggest they have a strong appetite for more tonnage in the future.

On the selling side, Greek owner Contships has continued divesting vessels, with two more 1,100-TEU ships sold to US interests. Alphaliner data indicates that Contships has sold around 12 container vessels over the past year. At the same time, the Nikolas Pateras-led company has expanded its fleet with five vessel purchases in the last 14 months.