Cido Shipping Named as Seller of 10-Strong Fleet to MPCC

South Korea’s Cido Shipping Group has emerged as the seller of ten container ships to Norwegian MPC Container Ships in November 2017, law firm Watson Farley & Williams (WFW) informed.

Under the deal, Oslo-based boxship owner acquired Cido Shipping’s entire container ship fleet for USD 130 million.

Following the signing of the sale and purchase agreements in late 2017, the majority of the feeder vessels have been delivered to MPCC.

Since its foundation in 2017, MPCC raised USD 425 million in equity and USD 200 million via a bond issuance for its fleet expansion.

MPC Container Ships owns a total of 44 vessels. Earlier in February, the company reached an agreement to buy a further 14 feeder container ships, a boost which will bring its fleet to 58 units.

The owner is paying a total of USD 139.5 million for the latest acquisition, which includes vessels ranging from 1,300 TEU to 2,800 TEU.