Two 3,500 teu container ships have been acquired for a total of $47.25m and are due for delivery in the third quarter of 2024. The ships will be delivered into a 36-month time charter with a “top-tier” liner company, said MPCC.
The company expects the ships to generate revenues of $55m over the charter period, covering the acquisition cost through EBITDA and their residual value at the charters’ end.
Eight other charters were also announced, comprising five 1,700 teu and three 2,800 teu ships on 24-26-month contracts to the same top-tier liner company at what it called “attractive rates”.
The charters add between $155m and $195m to MPCC’s backlog as well as improving its forward charter coverage; 90% of oped days are covered for 2024, 64% for 2025 and 34% for 2026.
"While our strategy remains focused on fleet renewal and optimisation, we are pleased to announce new value-enhancing strategic measures, taking advantage of the current strong and dynamic market," said MPCC’s co-CEO and CFO, Moritz Fuhrmann. "The acquisition of two 3,500 TEU vessels built in 2009 is a strategic move that comes with pre-agreed charters, effectively de-risking the investment."
MPCC has a fleet of 60 vessels totalling over 130,000 teu and an average adjusted TCE earnings of $27,452 as of Q1 2024, according to its website.
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