Goldman Sachs has accumulated a considerable stake in the Oslo-listed boxship owner, MPC Container Ships.
The US investment bank said it holds around 22.54m shares, equivalent to a 5.08% stake. The shares, worth about $71m in today’s market, are, however, a result of client trading activity and not a direct Goldman Sachs investment, the company told Splash.
MPC has been enjoying the busy boxship market, swinging back to the black in 2021 with a net profit of $189.9m on revenues of $384.7m against a net loss of $64.5m on revenues of $171.9m in 2020. It expects 2022 revenues in the range of $550m to $575m.
The company recently executed its distribution plan with an event-driven distribution of around $150m paid in dividends in February. Together with the first recurring dividend to its shareholders of $0.11 per share, or around $50m set for payment this month, the distribution to shareholders in Q1 2022 alone totalled around $200m. The company owns and operates 66 container vessels, most of which are fully owned.