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Container Ships: Not all ships make money

As newer and more efficient container ships enter service, older and less efficient vessels are being displaced, one such being the 1996-built Spinel (ex-APL Spinel), which has been sold for scrap by Diana Containerships of Greece.

Although the 18-year-old ship brought in $9.65 million from breakers, she had been purchased from APL by Diana for $30 million under a sale-lease back deal less than two years ago. It is thought that the Greek company suffered a loss of nearly $10.5 million on the transaction after figuring in the ship’s daily gross charter rate of $24,750 over a near two-year period.

Diana had previously sold three other ships following their redelivery from sale-lease-back agreements– Maersk Madrid, Maersk Malacca and Maersk Merlion – all of which have since gone for scrap, and at an estimated loss of nearly $37 million for Diana. JS

Ships Montly - January 2024

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