6 Boxships Acquired by MPC Container Ships

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Image Courtesy: MPC Container Ships

Formed as recently as April 2017, the Norway-based owner and operator of container ships, MPC Container Ships, now has 6 boxships in its fleet. This is a result of portfolio transaction from different owners. The fleet now comprises of five 1,300 TEU vessels and one 2,700 vessel.

MPC Container Ships said, “The company’s investment for this fleet totals USD 57 million, including working capital and dry docking reserves. Given current market charter rates, all vessels generate positive operating cash flows.”

The company also revealed that around 80% of the gross proceeds of USD 175 million from two equity private placements in April and June 2017 has been successfully deployed after this transaction.

In total, the company owns 20 ships, and is already operating 14 of these. The takeover of the pending vessels is to be done by next month.