Michael Bodouroglou’s Box Ships has splashed $55m on the acquisition of a containership controlled by liner giant Mediterranean Shipping Company (MSC).
The New York-listed owner says it will not have to issue additional equity to pay for the 5,060-teu MSC Emma (built 2004).
When the vessel changes hands next month, it will be chartered back to MSC for three years at a gross daily rate of $28,500 per day.
The deal includes an option for an additional 12 months at the same price.
“We remain alert to identify the proper expansion opportunities to take advantage of the attractive fundamentals in the containership sector and in a manner that increases our free cash flow and dividends to shareholders,” Bodouroglou told investors in a statement.
Following today’s transaction, the Paragon Shipping spin-off will control a fleet of seven containerships that boasts a total carrying capacity of 33,237 teu.