Norway’s MPC Container Ships ASA has expanded its fleet portfolio with two secondhand units and secured a charter agreement package for 10 vessels, including the new acquisitions.

The owner expects to pocket around $55m over the charter period from the employment of these vessels.

The shipowner buys two 3,500 teu vessels, built in 2009, at a total price of $47.25m, in a strategic move that comes with pre-agreed charters.

The deal ensures the acquisition price is fully covered by the corresponding EBITDA and recycling value at the end of the charters, MPCC said.

The pair is expected to be handed over from their current owner in the third quarter of 2024 and will be delivered into pre-agreed firm 36-month time charter contracts with an unnamed ‘top-tier liner company.’

The company has also sealed a deal to charter out five 1,700 teu and three 2,800 teu vessels on 24-26-month contracts to the same top-tier liner company at attractive rates.

These contracts are fixed approximately six months forward on average and will be delivered into their new charters during the fourth quarter of 2024 and the first quarter of 2025.

In total, the new charter agreements, including the newly acquired vessels, will add $155-195m to the company’s backlog and increase contract coverage to 90% of open days remaining in 2024, 64% in 2025, and 34% in 2026.

Moritz Fuhrmann, co-CEO and chief financial officer at MPCC, said: “While our strategy remains focused on fleet renewal and optimization, we are pleased to announce new value-enhancing strategic measures, taking advantage of the current strong and dynamic market.

“The acquisition of two 3,500 TEU vessels built in 2009 is a strategic move that comes with pre-agreed charters, effectively de-risking the investment.

“Together with a comprehensive charter package on existing vessels, this underscores our strong competitive position and our ability to secure attractive agreements with top-tier liner companies.

“This not only enhances our revenue visibility but also strengthens our partnership with a leading industry player, contributing to our long-term growth and shareholder value creation.”