MPC Container Ships commenced operations in April 2017 and has since grown into one of the largest owners of container feeder vessels globally. During its first two years of operations, the company raised USD 475 million through five equity private placements, issued, tapped and listed a USD 200 million senior-secured bond on the Oslo Stock Exchange, and raised more than USD 100 million in bank financing (term loan and revolving credit facility). In parallel, the company registered on the NOTC-list in April 2017, uplisted to the Merkur Market at the Oslo Stock Exchange in May 2017, to Oslo Axess in January 2018 and to the Mainboard of the Oslo Stock Exchange in May 2018.
The company currently employs +20 industry professionals and subject matter specialists, all of which have contributed in positioning MPC Container Ships as a leading feeder container company. Moreover, the rapid growth of MPC Container Ships was capacitated due to strong support from the company’s founding shareholder and key sponsor, MPC Münchmeyer Petersen Capital AG. The Hamburg-based and Frankfurt-listed real asset and investment manager initiated MPC Container Ships in the belief that container vessel values were at cyclically low levels and that attractive opportunities are present to gain from increasing asset values and the operation of the vessels over a period following the company’s foundation.
MPC Container Ships’ vessels are chartered out on time charter contracts to global liner shipping companies and regional carriers. Under such time charter contracts, MPC Container Ships provides the vessel, crewing and other services related to the vessel’s operation, the cost of which is included in the daily charter rate. The charterer is responsible for substantially all the voyage-related expenses, such as fuel costs and port fees.
The company has all key functions in-house and is responsible for the commercial and technical ship management (including crewing) of its vessels. In order to utilise the capacity and competence of specialised ship managers, performance of crewing, commercial and technical ship management services are sub-contracted to third party ship managers, but MPC Container Ships remains responsible for the due performance of the services towards the ship-owning subsidiaries. Sub-contractor performance is actively monitored and controlled by MPC Container Ships, in particular budget compliance and the technical maintenance of each vessel.