ITALIAN-SWISS Mediterranean Shipping Co (MSC) has picked up two containerships under construction in China from BAL Container Line, reports Singapore's Splash 247.

BAL's parent company, LC Logistics, said in a Hong Kong Stock Exchange filing that MSC had been novated contracts for a pair of 14,000-TEU ships at Jiangnan Shipyard in a deal worth more than US$330 million in total.

Hong Kong-registered BAL ordered the duo in June 2022 with first instalments of $84.3 million already paid. The company will get $133.3 million from MSC, banking $49 million in the process, while MSC will take over the remaining $196.7 million in shipbuilding costs and also compensate BAL for $3.3 million worth of equipment orders.

BAL will continue to oversee the construction of the vessels, with expected delivery in 2025. The company, which recently resumed its service between China and Mexico, has up to four more optional 14,000-TEU units at Jiangnan, according to shipbuilding sources.