Containerships may be sold at auction

Transportation

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...

You have requested access to content only available to Registered Users of American Shipper. You can become a registered user for FREE. You will not have access to premium content.

Your registration to American Shipper is FREE and will provide you access to much of the content on the American Shipper Web site. You will not have access to Premium Content.

SUBSCRIBE NOW
Access to premium content, original reporting, research, and feature stories require a paid subscription. Subscriptions to American Shipper costs $120 a year. Your subscription includes unlimited access to content on the American Shipper Website, early access to the digital edition of the monthly magazine, and the daily AS+ premium newsletter published each morning.