China-US shuttle line TCC to buy 2,564-TEU geared ship
Transpacific start-up The Containership Company (TCC) has entered a loan agreement with DVB Bank to allow options to purchase the 2,564-TEU Taicang Dragon from UK-based shipping financier Marine Capital Ltd for US$28.8 million, less than current market value of $35 million.
The purchase of the geared containership built at Xiamen Shipyard in 2008 follows on from the Norwegian low-cost carrier's 12-month charter, extendable to three years with a purchase option.
The vessel was deployed on the TCC's Great Dragon Service between Taicang, 65 miles up stream from Shanghai, and Los Angeles launched in April 2010 until a capacity increase to 3,000 TEU in June when it was then sublet. It is on a charter until March 2011 with Maersk's FE-West Africa FEW-1 service.
TCC continues to hold purchase options on three vessels of 2,932 TEU built in 1991 chartered from Danaos of California Dragon, Jiangsu Dragon and Shenzen Dragon.
The sale of owned containers to Cosco's container leasing company Florens by TCC came to $9.3 million for a lease period of eight years, at the end of the lease TCC has option to re-purchase.
TCC launched its transpacific no-frills service last summer by cheaply chartering ships, using lower-cost terminals in China and the US and cutting down the number of port calls.
DATE:2012.6.4
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