MPC Container Ships has secured a new credit line from Hamburg Commercial Bank (HCOB). The volume is USD 100 million dollars.
The revolving credit facility has a term of four years, MPCC announced. It replaces previous revolving credit facilities from Citi Bank and HCOB with a total volume of USD 75 million maturing in 2024 and 2026 respectively. They were fully repaid and terminated in the fourth quarter of 2023, it added.
The loan is secured by 14 ships. Following the repayment of the debt and the conclusion of the new loan agreement, the company will no longer have to service any maturities until 2027. With 38 debt-free ships in its fleet, this will strengthen the balance sheet of the Oslo-listed investor platform.
MPC gains financial leeway
“At the beginning of the new year, the new financing facility strengthens our liquidity and expands our capacity to take advantage of selective, value-enhancing opportunities on the market,” says CFO Moritz Fuhrmann.
HCOB last refinanced the purchase of five comparatively young second-hand ships for MPCC in September 2023 and had already received a term loan of USD 130 million and a revolving credit facility of USD 50 million from Hamburg Mittelstandsbank a good two years ago.
