Norwegian container tonnage provider MPC Container Ships ASA (MPCC) announced the sale of two joint venture-owned vessels, Cimbria and Cardonia, for US$42.5 million.
The vessels, each with a capacity of 2,800 TEU, were built in 2002 and 2003. Both ships are now on time-charter contracts that will expire at the earliest in July 2025 (Cardonia) and October 2025 (Cimbria).
This transaction reflects the company’s final divestment of joint venture-owned vessels in its fleet. MPCC said “joint venture initiative has proven highly successful, with the acquisition of eight vessels at a total price of US$58 million. During their respective holding periods, the eight vessels generated around US$114 million in EBITDA in total and have since been divested for about US$186 million, resulting in an attractive multiple on invested capital.”
The vessels are scheduled for handover by the end of July 2023, while the use of proceeds will be determined by the company’s Board of Directors after the sales have been completed.
“These divestments conclude a successful investment for MPCC, and we would like to extend our sincere appreciation to our joint venture partner for their excellent collaboration, which was instrumental in achieving this highly positive outcome. The result of our joint-venture initiative validates our strategy of investing through market cycles, identifying attractive opportunities, implementing effective management, and exiting at favourable prices,” stated Constantin Baack, CEO of MPC Container Ships.
