MPC buys feeder fleet for $130m

Cido Shipping is reportedly selling 10 ships to MPC Container Ships, all of which were built within the last decade, boosting the fledgling vessel owner’s fleet to a total of 33 ships.    Oslo, Norway-based MPC Container Ships AS has entered into a commitment to acquire a fleet of feeder container vessels with a total purchase price of $130 million, the company confirmed Nov. 24.
   MPC Container Ships, which was formed in April 2017 by Germany’s MPC Capital AG, lists as its main activity as ownership and operation of containerships with a focus on the feeder segment between 1,000 and 3,000 TEUs.
   MPC Container Ships has declined to name the number of vessels it is purchasing, or identify the seller, but maritime news outlet Splash 24/7 says the seller of the vessels is Cido Shipping, a South Korean company that bills itself as one of the largest shipowners in the world, with a fleet of over 100 vessels.
   Splash reported Nov. 27 that Cido Shipping is selling 10 ships to MPC, all of which were built within the last decade. The purchase now boosts MPC Container Ships’ fleet to a total of 33 vessels.
   The vessels named as being sold in the report are: the 2010-built vessels Maersk Wiesbaden, Maersk Winnipeg, Maersk Wolfsburg and Maersk Wolgast; the Maersk Warsaw, Maersk Westport and Maersk Weymouth, all of which were all constructed in 2009; the 2008-built Ocean Blue; and the Ocean Arrow and MCC Dhaka, both built in 2007.
   MPC has said that it hopes to eventually increase its fleet to 100 container ships.
   In addition to the vessel purchases, MPC also announced Nov. 22 that it has completed of the private placement of 30.25 million new shares, which was completed at a subscription price of 47.50 NOK per share.
   The private placement is expected to raise gross proceeds of about $175 million, the company said, with net proceeds to be used to pursue future investments in container vessels and general corporate purposes.