Marinakis' CCEC sells five container vessels, HMM linked as buyer 

The US-listed shipowner announced an agreement with an undisclosed third party for the sale of five 2013-built, 5,023-TEU vessels: Hyundai Prestige, Hyundai Premium, Hyundai Paramount, Hyundai Privilege and Hyundai Platinum.

Market sources and shipbrokers have linked HMM, the world’s eighth-largest liner company, to the transaction. This move makes sense given HMM’s current role as the vessels’ charterer, with contracts running until 2025.

The five ships are scheduled for delivery to their new owner between November 2024 and January 2025.

CCEC expects to realise a gain of US$118.4M from the sale, with proceeds earmarked for debt repayment and general corporate purposes.

Gas transport pivot

The sale of these container vessels is in line with CCEC’s strategy to shift focus towards gas transport, with planned investments totalling US$3.9Bn.

On 26 August, Capital Product Partners completed its rebranding to Capital Clean Energy Carriers. The company is transitioning its operations to focus on transporting various forms of natural gas for industrial customers, including LNG, while gradually phasing out its container vessel fleet.

“With 12 next-generation LNG carriers already in operation, plus six additional LNG carriers and 10 LPG/ammonia/LCO2 carriers scheduled for delivery between Q1 2026 and Q3 2027, we expect to become the largest US-listed LNG shipping company,” said CCEC chief executive Jerry Kalogiratos in the sale announcement.

Despite its strategic pivot, CCEC will retain a presence in the container sector. The company will keep three 13,300-TEU vessels – Manzanillo Express, Itajai Express and Buenaventura Express – which are chartered to Hapag-Lloyd until 2032, with renewal options included.

HMM’s expansion plans

HMM is also in growth mode, recently revealing ambitious targets for 2030. The South Korean liner plans to expand its container vessel fleet to 130 ships, with a total carrying capacity of 1.55M TEU. Currently, HMM operates 85 vessels with a combined capacity of 905,000 TEU, and its orderbook includes 14 new vessels, according to Alphaliner.

HMM’s strategy also involves expanding its bulk carrier fleet, growing its terminal and logistics businesses, and investing in eco-friendly technologies, with the goal of achieving net-zero emissions by 2045.