Containerships may be sold at auction

Markets

Wednesday, January 23, 2013

A German shipping fund plans to auction 14 containerships because of an inability to charter them profitably. MPC Offen Flote, a fund organized by MPC Capital, bought the ships for $630 million five years ago, but charter rates have dropped so much that the fund is losing $56 million annually, according to Reuters . The ships , nine of which have capacity for 1,800 TEUs and five 2,800 TEUs are part of the fleet managed by Claus-Peter Offen . Offen told Reu...

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