Michael Bodouroglou has joined the queue of Greek owners offloading smaller containerships to liner giants, which find it cheaper to buy the vessels rather than chartering them at current freight rates.

Market sources and brokers in Athens said CMA CGM had agreed to acquire the 1,700-teu Philippos-Michalis (built 2015) at a price in excess of $25m.

The French Liner giant has been employing the ship since early 2019 on short to medium-term fixtures fetching up to $10,750 per day, according to Clarksons.