MPC Container Ships has sold several older ships from its fleet. In addition, one of the eco-newbuildings is being financed by Japanese investors for the first time.
According to a press release, an agreement has been reached on the en bloc sale of five ships. These include three 1,300 TEU ships and two 2,000 TEU ships, which will reportedly be taken over by Contships Logistics from Greece. Independently of this, a further two ships were sold to an undisclosed buyer.
The five ships will be sold with the existing charter contracts, which will reduce the charter revenues for MPCC by around $40 million according to the respective transfer date. At a good $24 million, a good half of this will be generated in 2025.
The average age of the seven ships sold is 17 years. The completion of the sales transactions is subject to the successful delivery of the ships.
As a result, the company is now updating its financial forecast for 2025, according to which revenue is expected to be between $485 million and $500 million (previously: $515-530 million) and EBITDA between $305 million and $325 million (previously: $290-310 million).
“These transactions are highly accretive on an equity basis and are in line with our strategy to improve the composition of our fleet,” says Co-CEO and CFO Moritz Fuhrman. In the continuous renewal of the fleet, the focus is on optimization and sustainability.
In addition to the disposals and following the successful increase of the bond by $75 million, MPCC has concluded a Japanese financing transaction to refinance one of the new eco-ships, according to the press release.
