A Vulture’s First Strike

In the first acquisition in 2009 by a German opportunity fund, Maritim Equity purchased two 1,700 TEU containerships built in 2008 from Asian owners. The vessels were purchased for $21.5 million each, which represents a reduction in price of over 50% from early 2008 when similar ships sold for $45 million. Both ships, the Ocean Emerald and Ocean Mermaid are time chartered to STX Pan Ocean at a rate of $16,400 per day, versus current market rates of $4,500 to $5,000 per day, until the summer of 2011.

The fund is premised on buying bargain vessels with reliable income

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