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.

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%,”

“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.

Source: container-news

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