MPCC Expands Fleet with Six New Boxships
MPC Container Ships (MPCC) is making significant strides in fleet enhancement by signing contracts in China for six new container ships, all secured with long-term charters. The Oslo-listed company has ordered six 3,700 TEU vessels from Taizhou Sanfu Ship Engineering, with deliveries slated to begin in the latter half of 2028. Each ship will be chartered for ten years to a leading liner operator, ensuring stable revenue before the vessels are even launched.
Strategic Investments and Future-Proofing
The new ships are designed specifically for regional and feeder trades, focusing on lower fuel consumption and adaptable operating speeds. MPCC has emphasized that these vessels will be equipped to utilize alternative fuels and incorporate future emissions-reduction technologies, allowing them to comply with evolving environmental regulations throughout their operational lifespan. The total investment for this project amounts to $292.5 million, with the initial charter period projected to generate approximately $479 million in revenue and around $288 million in EBITDA. To finance this venture, MPCC plans to use a mix of equity and debt, a strategy aimed at maintaining balance-sheet flexibility.
In addition to the newbuilding contracts, MPCC has formed a 50/50 joint venture with Norwegian investment firm Uthalden, led by Harald Moræus-Hanssen. This joint venture will take ownership of two 4,500 TEU newbuildings that were previously fully owned by MPCC and are currently chartered to a reputable liner company. This strategic move is intended to free up committed capital and enhance MPCC’s investment capabilities, allowing for moderate leverage financing at the joint venture level.
A Year of Growth and Transformation
The recent agreements mark the culmination of a busy year for MPCC, which has also ordered four 4,500 TEU vessels in November, two 1,600 TEU ships in October, and four additional 4,500 TEU units in July, all backed by long-term charters. The company is also undertaking selective asset sales as part of its fleet renewal strategy. Notably, MPCC has agreed to sell the AS Clementina, a vessel approaching its 20-year class renewal, for $24 million, with delivery expected after the current charter ends in late Q2 2026.
Chief Executive Constantin Baack has described 2025 as a “transformational year” for MPCC, highlighting that the company now has 17 newbuildings on order, with deliveries commencing in 2026. He noted that MPCC’s contracted backlog has surpassed $2 billion, providing robust earnings visibility and positioning the company for steady growth amid market volatility.
