Advertisement

MSC continues making ship purchases and recycling

Mediterranean Shipping Company (MSC) is leading the way both in ship demolitions and ship purchases.

MSC has scrapped 15 vessels so far this year, with the last two torched ships being the 1988-built 2,073TEU MSC Denisse and the 1989-built 2,918 TEU MSC Levina.

MSC Levina fetched US$7.26 million or US$565/ldt, with 400 tonnes of leftover bunkers included in the sale and basis a guaranteed resale to a limited 10 yards and for Hong Kong Convention-compliant recycling.

The cash buyer expects that with firm scrap steel demand in India, and the challenging container shipping, more old boxships will be sold for recycling.

MSC has already scrapped at least 40,000TEUs of vessels this year, exceeding the shipping capacity of the 37th largest liner operator, Yangpu Newnew Shipping.

Linerlytica said that MSC has recently acquired a 2003-built 6,976TEU ship, Northern Magnitude, which has been renamed MSC Magnitude VII.

The vessel was purchased from German tonnage provider Northern Shipping Holding for US$17.5 million.

The relatively old ship, built in 2003, has not deterred MSC who has been reported to be sitting on a cash pile of some €63 billion after record profits in the last three years.

MSC has also not been discouraged from making opportunistic vessel purchases despite idling eight ships with individual capacities ranging from 13,000 TEU To 24,000 TEU, including recently delivered newbuildings.

The Swiss-Italian liner giant has purchased more than 311 ships since August 2020, when freight rates began soaring amid Covid-19-induced logjams.

 

MSC continues making ship purchases and recycling
MSC continues making ship purchases and recycling
Ships Montly - January 2024

Höegh Aurora maiden call at Amsterdam

Amsterdam recently welcomed the world’s largest eco-friendly Pure Car and Truck Carrier (PCTC) Höegh Aurora on her maiden call to the Dutch port. Operated by...
Advertisement

Related articles

Höegh Aurora maiden call at Amsterdam

Amsterdam recently welcomed the world’s largest eco-friendly Pure Car and Truck Carrier (PCTC) Höegh Aurora on her maiden...

Ice-breaking cruise ship reaches the North Pole

On 12 September 2024 the ice-breaking cruise ship Le Commandant Charcot, operated by Compagnie du Panont, became the...

Cargo vessel Ruby makes it to Great Yarmouth

The situation with the cargo vessel Ruby (see SM, Nov), which was refused entry by a number of...

Damen delivers first of three Combi Freighters to Reederei M. Lauterjung

Damen has delivered the first of three Combi Freighters (CF) 3850 that it is building for Reederei M....