Norway's MPC Container Ships (MPCC) has agreed to acquire four 2023-2024 built, 7,000TEU container vessels from an unrelated third party.
Each ship has been secured with a three-year fixed-rate time charter to an undisclosed liner company. In parallel, MPCC has fixed forward charters for two vessels, and agreed to divest two non-strategic vessels, thus advancing the company's ongoing fleet modernisation.
MPCC has also secured a US$375 million senior secured term loan to fund its fleet renewal program.
The acquisition of the four vessels is priced at US$340 million in total, and the fixed-rate charters will provide immediate earnings visibility, securing US$180 million in revenue and US$140 million in expected gross operating profit over the three-year charter period.
MPCC expects the transaction to be funded through a combination of bank debt and existing cash resources.
Delivery of the vessels, subject to inspection and customary closing conditions, is expected to take place between October and November 2026.