Based in Oslo, MPC Container Ships (MPCC) has successfully acquired five new eco-design vessels for $136.4 million.
In its stock exchange filing, MPCC highlighted that these vessels come with existing charter contracts from “top-tier” counterparties, enhancing the company’s revenue generation capabilities. Depending on the redelivery dates of the vessels, they are expected to contribute an estimated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of $30 million to $41 million.
The newly acquired vessels boast a modern eco-design, offering a 30% increase in efficiency compared to conventional ships in the same category. MPCC states that these vessels rank among the top 25% in their segment. With an average age of 4.6 years, they will add a combined capacity of 9,250 TEU to MPCC’s fleet.
Following this acquisition, MPCC’s fleet will expand to 70 vessels, with an aggregate capacity of 153,294 TEU, excluding the vessel “AS EMMA.” MPCC has also agreed to sell its vessel “AS EMMA,” with a capacity of 4,300 TEU, for a disclosed price of $22 million. The transfer of ownership is scheduled for November 2023.
MPCC has secured partial arrangements with a European bank to finance the acquisition, obtaining $50 million to support the transaction. Additionally, the company has obtained lease financing of $75 million from the Bank of Communication (Hong Kong) Limited, backed by 12 vessels that were previously unencumbered.
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