MPC Container Ships ASA has agreed to acquire four 2023-2024 built, 7,000 TEU eco-conventional container vessels from an unrelated third party, each secured with a three-year fixed-rate time charter to a top-5 liner company. In parallel, MPCC has fixed forward charters for two vessels, and agreed to divest two non-strategic vessels, further strengthening contracted coverage and advancing the Company’s ongoing fleet modernization. MPCC has also secured a USD 375 million senior secured term loan to fund its fleet renewal program.
The acquisition of the four vessels is priced at USD 340 million in total, and the fixed-rate charters provide immediate earnings visibility, securing USD 180 million in revenue and USD 140 million in expected EBITDA over the three-year charter period. The transaction is expected to be funded through a combination of bank debt and existing cash resources, reflecting the Company’s well-capitalized and flexible balance sheet. The charters attached to the acquisition combine immediate EPS accretion with a strong de-risking of the residual value, while retaining significant upside upon charter expiration. Delivery of the vessels, subject to inspection and customary closing conditions, is expected to take place in October-November 2026.
The vessels are modern 7,000 TEU featuring an eco-friendly design concept, integrating a low energy main engine and high-efficiency propellers. This expands the Company’s platform across multiple size classes while maintaining the operational flexibility that defines small-to-mid-size container shipping. The acquisition lifts MPCC’s contracted revenue backlog to USD 2.2 billion, continues the ongoing fleet transition towards a younger, more efficient and future-proof fleet, and strengthens MPCC’s ability to serve top-tier global liner companies across a wider range of vessel sizes.
CEO Constantin Baack comments:
“Global container shipping is undergoing a structural shift toward intra-regional trade, with feeder vessels and the mid-size segment up to 10,000 TEU set to benefit disproportionately. Modern, fuel-efficient tonnage in this size class remains undersupplied and these versatile workhorses, deployable across virtually any trade lane, are the natural successors to an ageing fleet of classic Panamaxes and first-generation post-Panamax ships.
Against this backdrop, we are acquiring highly attractive assets at a compelling valuation, backed by three years of secured earnings with a top-5 liner company, combining meaningful de-risking with significant upside potential. This transaction is a natural extension of our ongoing portfolio strategy: disciplined fleet renewal and a prudent chartering approach that together strengthen our capital returns profile and position MPCC well for the years ahead.”
The Company has entered into agreements to charter out AS Pamela and AS Anne. The vessels are chartered out on 24-27 and 30-32-month contracts respectively at attractive rates. These contracts are fixed approximately six to nine months forward on average and will be delivered into their new charters during the second quarter of 2027 and the fourth quarter of 2026.
