Hamburg-based asset and investment manager MPC Münchmeyer Petersen Capital AG has increased its shareholding in Oslo-listed MPC Containerships (MPCC) from approximately 7 per cent to around 14 per cent.
The transaction is carried out by way of increasing MPC Capital’s shareholding in MPC CSI GmbH (MPC CSI). MPC CSI was established in 2017 as a joint investment vehicle for the IPO of MPCC under the leadership of MPC Capital and MPC Münchmeyer Petersen & Co. GmbH, the founder and largest shareholder of MPC Capital.
The purchase price for the acquisition of the shares from the selling shareholders of MPC CSI is approximately €34 million ($37 million) and is based on a net price per MPCC share of NOK 13.64 ($ 1.31). Following the transaction, MPC CSI will own around 17 per cent of MPCC’s shares, of which around 14 per cent will be held by MPC Capital.
With a fleet of 62 vessels, MPCC is one of the world’s largest owners of containerships for intra-regional trades. In the 2023 financial year, it reported operating revenues of $711 million and earnings per share of $0.73. The dividend yield in 2023 was 43 per cent.
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Regular returns from the investment are also expected for 2024 and subsequent years. Against this background, MPC Capital is increasing its earnings forecast for 2024 and now expects earnings before taxes to beslightly abovethe already high level of €19.3 million ($21 million) in the 2023 financial year.
Previously, MPC Capital had assumed that earnings would only beatthe high level of the previous year. The forecast for consolidated revenue remains unchanged.
Early last year, MPCC and INERATEC signed an agreement for the supply of synthetic Marine Diesel Oil (MDO) made from biogenic CO2 and renewable hydrogen.
More recently, Wilhelmsen Ship Management (Wilhelmsen), a Singapore-based supplier of third-party ship management services, and MPCC agreed to buy out Zeaborn Ship Management (Zeaborn).
