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Home News PT Meratus Line charters boxship to Maersk for nearly 400% profit

PT Meratus Line charters boxship to Maersk for nearly 400% profit

Indonesian feeder operator PT Meratus Line has chartered one of its vessels to Maersk Line for a four-fold profit from the purchase price of the ship.

The 2007-built 2,700 TEU vessel, Meratus Tomini, has been chartered to Maersk Line for 40 to 45 months at US$45,000/day.

Assuming Maersk has had the ship for 40 months, this works out to total revenue of US$54 million, nearly five-fold of the US$11 million that Meratus Line paid to purchase the ship in September 2017.

Established by Bapak Hen Menaro in 1957, Meratus Line operates 28 regular independent liner services within the Indonesian archipelago, using the ports of Tanjung Perak and Tanjung Priok as hubs. Meratus Line operates around 60 owned Indonesian-flagged vessels comprising container ships and multi-purpose ships.

Liner operators have been paying sky-high charter rates as owners cash in on tight vessel availability in the current freight environment. Some operators have profited from rising charter rates by letting out excess vessels to their competitors. Prior to being fixed to Maersk Line, Meratus Tomini was chartered to SITC Container Lines for US$9,200/day for three months in October 2017.

It is not the first time that Maersk Line has turned to other operators for tonnage.

Last October, Taiwanese operator Yang Ming Marine Transport relet one of its chartered ships, the 10,114 TEU Express Berlin, to the Danish giant for 12 to 15 months at a daily rate of US$126,000.

Martina Li
Asia Correspondent

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