Containership giant Seaspan Corp is considering selling smaller boxships after being approached by liner operators and financial institutions.

The move would mark a shift for the world’s largest boxship tonnage provider, which has concentrated on buying and subsequently leasing vessels.

But the company is likely to be tempted by the booming secondhand market, where values for smaller containerships have quadrupled this year.

“We have been asked by our customers and third parties for potentially considering selling some of our assets,” said Bing Chen, chief executive of Seaspan and New York-listed parent Atlas Corp.

He told a conference call on Tuesday that the company was “considering and evaluating” the proposals.

Chen said he “would be open-minded to considering the request” from potential buyers, which he did not name.

He added that any sales would most likely involve smaller ships in the classic panamax and sub-panamax sizes.

Strategically divest

Seaspan is listed with 36 ships of between 2,500 teu and 4,250 teu, which is the segment containing potential sales candidates

That includes 12 ships of 2,500 teu, two 3,500-teu vessels and 24 ships of 4,250 teu.

The sale of some of those vessels would leave Seaspan to focus on the larger ships over 10,000 teu.

These are destined to make up 70% of its fleet as a result of Seaspan’s newbuilding portfolio.

The company has ordered 55 boxship newbuildings since last December.

That includes eight conventional fuelled vessels of between 12,000 teu and 15,000 teu ordered in June and 10 dual-fuel LNG vessels of 7,000 teu contracted in July.

Chen said the “fleet optimisation” had left Seaspan with the flexibility to “strategically divest” some of the smaller vessels.

Hefty profit

Seaspan appears to be in a position to earn a significant profit should it be successful in selling some of the older secondhand ships.

The price of a 10-year-old, 4,500-teu containership is estimated to have risen to $60m, compared with just $9.5m in mid-2020, according to Clarksons’ estimates.

Atlas remains bullish on the prospects of the containership market.

The company reported net earnings for the second quarter at $66m, two-thirds of which came from the containership leasing unit.

But it has upgraded its earnings forecast on the back of 45 forward fixtures that Seaspan has secured since April.

That includes 10 vessels of 10,000 teu to be forward fixed in the coming three years that are believed to have gone to Japanese liner operator Ocean Network Express.