Oslo-listed containership owner and operator MPC Container Ships ASA (MPCC) has resumed its fleet buildup with the acquisition of three more feeders.
The company bought MV Victoria Schulte, a geared 2,500 TEU vessel built in 2005, from Triton Debt Opportunities S.C.A. and its subsidiary Victoria Schulte Shipping.
The deal has been structured as a combined cash and share deal. Hence, MPCC will pay a total consideration of USD 11.8 million and may settle up to USD 2.9 million of this amount by way of delivering new common shares in MPCC.
Additionally, the shipowner has entered into agreements with Schifffahrtsgesellschaft MS WELLE mbH & Co. KG and Schifffahrtsgesellschaft MS WOGE mbH & Co. KG to acquire MV Welle, which will be renamed AS Penelope and MV Woge, future AS Pauline. The two gearless 2,500 TEU vessels were built in 2005 and 2006 at STX Shipbuilding, Korea, respectively, and will be acquired for USD 11 million each.
“Physical takeover of the vessels is expected to take place in the second quarter of 2018, lifting the fleet of MPCC to a total of 68 vessels, “the company said announcing the deal.
Of this, 40 vessels are owned and operated by the company’s wholly-owned subsidiary MPC Container Ships Invest.
Separately, MPCC Invest informed that the proceeds of USD 200 million from the bond issue have been disbursed from the Escrow Account and applied in accordance with the bond terms. MPCC Invest has now taken over all vessels, including 15 initial vessels and 25 additional vessels. The acquisitions of these vessels have been financed, in part, by the bond proceeds.
“Within only 12 months, MPCC has become the largest owner globally of feeder container ships with a capacity of up to 3,000 TEU. During the same time charter rates in the segment have developed very positively. Although the supply and demand situation is now pointing towards a rebalancing with a much reduced idle fleet, the market continues to provide attractive acquisition opportunities.
“We are currently considering financing options to further grow our business, both via asset acquisitions or ship for share transactions. The recent main board listing on the Oslo Stock Exchange will make us even more interesting for global investors,” Constantin Baack, CEO of MPC Container Ships ASA, comments.
Since its inception in 2017, MPC Container Ships completed multiple rounds of funding in the capital markets. The amount raised through both equity and bond offerings currently totals in USD 625 million.