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Home News MPC Container Ships sells one, buys two boxships

MPC Container Ships sells one, buys two boxships

The Norwegian vessel owner MPC Container Ships (MPCC) and its joint venture partner have agreed to sell the 2,800 TEU container ship AS Carinthia, built in 2003, ahead of the vessel’s 20-year class renewal scheduled for the first quarter of 2023, for US$7.6 million.

The vessel was purchased in 2017 for US$5.2 million and has since earned US$11.2 million in free cash flow from operations. Upon completion of the sale, MPCC has reduced the number of joint venture vessels from eight to two since the fourth quarter of 2021.

The completion of the transaction is subject to the successful handover of the vessel.

Furthermore, MPCC has decided to buy two boxships. The first one is the 3,400 TEU, 2010-built Rio Centaurus and the second one is the 2007-built TRF Kaya with a container capacity of 2,800 TEUs. The overall cost for the acquisition of the two vessels will be US$33.9 million.

Both vessels are scrubber-equipped, taking advantage of the present large fuel price gap. Furthermore, both ships have current leases that will be renewed in the fourth quarter of 2023 and the first quarter of 2024, respectively.

MPCC said that bank funding and cash on hand will be used to fund the purchases.

"Under the current market conditions, we will continue to optimise our fleet through potential vessel sales, accretive acquisitions, or retrofit investments," commented Constantin Baack, CEO of MPC.

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