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Home Most Visited Hapag-Lloyd pays US$55 million for boxship acquisition from Eastern Pacific

Hapag-Lloyd pays US$55 million for boxship acquisition from Eastern Pacific

Hapag-Lloyd has acquired the 4,253 TEU container ship, Chesapeake Bay, from Singapore-headquartered Eastern Pacific Shipping for US$55 million.

The transaction was completed on 6 January, according to data from the online valuation and data provider, VesselsValue.

A Hapag-Lloyd spokesman confirmed to Container News that the vessel will be delivered in the first three months of 2021 and will be deployed to the company's MIAX service.

The nearly 19-year-old vessel has seen an incredible increase in value over the past year, as in January 2020, the vessel was valued at US$9.36 million, according to Felix Mathes, Junior Cargo Analyst at VesselsValue, who told Container News that the ship's value "peaked at the end of October 2021 at US$58.92 mil, representing an increase of 530%,"

Source: VesselsValue

"Throughout the winter months, its value softened to US$46.24 million as a result of freight rates falling and the market slowing," he pointed out.

"However, as freight rates have started to climb again, so too have values. In general, though, the Sale & Purchase (S&P) market has had a quiet start to the year," commented Felix Mathes.

Antonis Karamalegkos
Managing Editor

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