CHRISTOPH Toepfer's Borealis Finance continues to venture into the secondhand boxship market with the acquisition of a geared feeder boxship from USC Group company Elbdeich Reederei.

Borealis Finance, owners of a fleet of container and bulk vessels operating worldwide, paid US$11.6 million for the 2012-built 3,646 TEU Elbsun, which has already been delivered.

The deal appears to be a bargain with VesselsValue putting a market value of $16.05 million on the Shanghai Shipyard-built ship, and MSI coming in with a valuation of $14.7 million, reports Singapore's Splash 247.

Last month, the company acquired the 2012-built 3,421 TEU boxship Nordic Macau for $10.2 million from Arne Blystad's Songa Container. The deal was also seen as a bargain at the time with MSI placing a value of $13.4 million on the ship. That valuation now stands at $15.3 million.

Borealis has also been selling, and recently brokers reported the sale of 2006-built 2,732-TEU boxship pair Telemann and Bomar Spring to MSC for $15 million.