MPC Container Ships (MPCC) has achieved a lucrative asset play with the disposal of the final two Bluewater joint venture vessels.
The Oslo-listed tonnage provider has offloaded the 2002-built 2,800 teu Cimbria and 2003-built Cardonia for $42.5m.
Both vessels, VesselsValue estimates as worth around $24.5m in total, are currently on charter contracts, expiring at the earliest in July 2025 and in October 2025. The ships are expected to change ownership by the end of July this year.
MPCC’s joint venture acquired eight vessels for a total of $58m and flipped them for about $186m. During their respective holding periods, the vessels also generated around $114m in EBITDA.
Constantin Baack, CEO of MPC Container Ships, said: “These divestments conclude a successful investment for MPCC, and we would like to extend our sincere appreciation to our joint venture-partner for their excellent collaboration, which was instrumental in achieving this highly positive outcome. The result of our joint-venture initiative validates our strategy of investing through market cycles, identifying attractive opportunities, implementing effective management, and exiting at favorable prices.”