Norway’s MPC Container Ships ASA (MPCC) has announced further strategic measures to optimize the portfolio and enhance its fleet composition.
The company has entered into an agreement to sell five vessels en-bloc, involving three 1,300 TEU container vessels and two 2,000 TEU container vessels.
Separately, two vessels were recently sold to an undisclosed buyer.
MPCC states that the average age of the seven sold vessels is 17 years, and the transactions imply a NAV (net asset value) of NOK 30 per share.
The five vessels will be sold with the existing charters attached, which will reduce the revenue backlog by approximately $40m, subject to the respective handover dates, of which $24m relates to 2025.
The vessels are sold to unrelated parties, and the completion of the sale transactions is subject to successful handover of the vessels.
MPCC is giving its updated guidance for 2025, according to which revenues to be of $485m-500m and EBITDA of $305m-325m (previous guidance of revenues of $515m-530m and EBITDA of $290m-310m).
“We are committed to continued renewal of the fleet with a focus on optimization and sustainability. These transactions are highly accretive on a per share basis and follow our strategy to enhance the fleet composition and build the company for years to come,” said Moritz Fuhrmann, Co-CEO & CFO.
He added, “In addition to the divestments and following the successful bond tap of USD 75m last week, we are pleased to announce the completion of our first Japanese financing transaction, for the re-financing of one of our eco vessels. This is MPCC’s first facility in the highly competitive Japanese financing market which ideally positions the company for further accretive fleet optimization measures.”
