MPC Container Ships Agrees to Buy 14 More Vessels

Norwegian containership owner MPC Container Ships has reached an agreement to acquire a fleet of 14 feeder container vessels.

The company said that it is paying a total of USD 139.5 million for the batch, which includes vessels ranging from 1,300 TEU to 2,800 TEU.

Following the expected takeover of the vessels in the course of the first quarter of 2018, MPC Container Ships’ fleet will consist of 58 vessels.

The company added that the committed purchase price will be settled in cash from its existing funds. Furthermore, MPC Container Ships plans to establish wholly-owned subsidiaries to take over the ships.

The latest acquisition deal comes on the back of a tap issue of USD 100 million in senior secured bonds, which the company completed on February 2 through its fully owned subsidiary MPC Container Ships Invest B.V.

Only days later, MPC Container Ships wrapped up its private placement, raising gross proceeds of around USD 75 million. At the time, the company informed that it was in the final stages of acquiring a number of feeder container ships.