MPC Container Ships (MPCC) has taken up an option revealed earlier this week to acquire four vessels for $180m.
The Oslo-listed boxship tonnage provider has snapped up a wide-beam eco-design 3,800 teu quartet with an average age of 10 years.
The vessels are expected to be handed over from their current owner in the fourth quarter of 2024, the company said without disclosing further details.
Once delivered, the vessels will go on a charter to a top 5 liner for three years each after their current contracts expire in the second quarter of 2025. The contract should add about $115m to the company’s EBITDA backlog and come with extension options for one more year.
The company, which has about 60 ships on a fully delivered basis, added that in addition to the backlog boost, the acquisition reduces average fleet emissions and lowers the average fleet age. Earlier this year, MPCC also picked up a brace of 2009-built 3,500 teu vessels for $47.25m and fixed them out for 36 months in a deal worth around $55m.
“The acquisition of the four 3,800 TEU wide-beam eco-design vessels is a continuation of our selective fleet renewal strategy,” said MPCC’s CEO, Constantin Baack, adding: “The transaction underscores our strong competitive position and our ability to acquire attractive vessels and secure long-term employment with top-tier liner companies. This not only strengthens our partnership with a leading industry player, but it also enhances our revenue visibility, contributing to our long-term growth and shareholder value creation.”
In addition to the four-ship deal, the company has agreed on new 24-26-month charter contracts for two of its ships. These contracts are fixed about three months forward on average, and the vessels will be delivered into their new charters during the fourth quarter of 2024 and the first quarter of 2025.
