MPC Container Ships Continues with Fleet Growth

MPC Container Ships MPC Container Ships, a Norway-based owner and operator of container vessels formed in April 2017, has acquired six boxships in a portfolio transaction from various owners. As informed, the newly purchased fleet comprises one 2,700 TEU and five 1,300 TEU vessels. The companys 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, MPC Container Ships said. This transaction brings the companys fleet to 20 vessels of which 14 are already operated by the MPC Container Ships. The takeover of the remaining vessels is expected to be completed by the end of September 2017. After completion of this transaction, around 80% of the gross proceeds of USD 175 million from two equity private placements in April and June 2017 has been successfully deployed, according to the company. In the past few months, MPC Container Ships bought a number of ships. The most recent purchase was completed earlier this month and includes the 2,212 TEU AS Angelina.