Nick Savvas-led Cosmoship Management conducted a textbook manoeuvre that allowed the Greek owner to replace two existing container ships in his orderbook with larger vessels, practically for free.

The Piraeus-based company inked a pair of 1,800-teu feeder container ships at China’s Yangzijiang Shipbuilding for about $32m each.

This comes just a few weeks after Savvas agreed to sell at about the same price a pair of 1,500-teu ships he had already on order at Guangzhou Huangu.