YINZHOU, China — The Chinese furniture maker that bought its own container ship in early 2022 to deal with extreme shipping delays caused by the pandemic has sold the vessel.
Loctek Ergonomie, a maker of sit-stand desks and office furniture, paid $32.6 million to a Chinese company in 2022 to build the ship. Now it has sold the ship to Greek shipowner Minerva Marine for $31 million.
In 2022, Loctek said it bought the ship to offset a “surge” in online sales and accelerate the development of its U.S. business. According to supply chain publication Loadstar, shipping experts were skeptical of Loctek's decision to buy the ship, saying that the company's management “did not understand the risks of ship ownership” and that container rates would eventually normalize.
When Loctek put the ship into operation, spot prices averaged $9,378 per 40-foot container, according to tariff broker Drewry. But by the time the ship's construction was completed in March 2023, prices had fallen to an average of $3,529.
It is unclear whether Loctek ever used the ship to transport its furniture. According to VesselsValue, the ship was chartered to French shipping giant CMA CGM for six months in 2023 for $16,000 per day.
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