A newly launched online auction site is piloting the sale of its first containership.

German bank Nord/LB is poised to auction off the 2,702-teu Buxharmony (built 2007) through this platform.

A successful deal could result in the site being used as a funnel for German banks and private equity looking to offload tonnage in a more transparent fashion.

VesselBid.com went live on 11 May after a year of planning by its owners — German auctioneer NetBid Industrie-Auktionen and Hamburg shipbroker Toepfer Transport.

Potential buyers of the sub-panamax boxship have until 25 May to make offers in excess of $11.5m.

A first round of inspections is being conducted this week, after which a shortlist of potential buyers will be admitted to the next stage.

The use of an online portal could prove attractive for Germany’s state-owned banks, which have been the subject of criticism in recent years for sales that lacked transparency.

The key to the VesselBid platform is that only the bidding to establish a price is done online, said Clemens Toepfer, managing director of Toepfer Transport.

He argues that the portal fits a pattern of how ships are being sold out of Germany, involving increasingly open transactions.

Buyers can see the number of bidders and amounts posted, although the identity of the bidders will be kept anonymous.

The system is based on the NetBid portal, which has been successfully used by insolvency lawyers to sell other machinery and equipment. It is not a start-up, but has been adapted for the shipping market.

“We want to use our long-term knowledge, experience and activities in online selling of used machineries to grow in new markets, including sales of secondhand ships," said Clemens Fritzen, chief executive of NetBid, which is part of Hamburg-based Angermann Group.

The attempt to sell the Buxharmony through VesselBid will be closely watched.

Rising containership prices have led some potential buyers to withdraw in recent weeks, but the 2,700-teu vessel is deemed an easier vessel to sell than some smaller or larger sizes. The ship was built at ThyssenKrupp Marine Systems and is managed in Hamburg by Reederei NSB.

Sellers will be hoping for a price in excess of $12m, as the 2,700-teu sistership Olivia (built 2007) was recently sold to Sea Consortium for a similar figure.

Toepfer said that it is unclear whether the auction could achieve the best price.

“While at first we were sceptical, the more we thought about it, the more we became aware of the benefits that such a sales platform can offer," he said.

"It will not be suitable for all ships or sales, but rather for vessels that are flagged to be offered openly in the market and where an element of competition is expected.”

The highest price will not always secure a vessel, as a sale will also depend upon what terms were offered and negotiated.

Nord/LB is supporting the scheme, which could prove another tool for the bank to dispose of much of its shipping portfolio.

Going forward, the plan is to open the portal to third parties, such as Greek shipowners keen to use technology for the sale of their own tonnage.

It is also likely to appeal to private-equity funds in the US keen to see a transparent sales process, he said.

NetBid aims to offer secondhand vessels for auction outside of the containership sector, including bulkers, tankers and general cargo/multipurpose vessels.