MPC Container Ships acquires entire Cido boxship fleet for $130m

MPC Container Ships acquires entire Cido boxship fleet for $130m

MPC Container Ships, the fast growing feeder specialist set up by Germany’s MPC Capital, has announced a deal for the acquisition of a fleet of feeder container vessels for $130m.

Splash can confirm the seller is South Korean owner Cido Shipping, offloading their fleet of ten containerships to make an exit from the sector.

The specific vessels being sold to MPC are the 2007-built Ocean Arrow and MCC Dhaka, 2008-built Ocean Blue, 2009-built Maersk Warsaw, Maersk Westport and Maersk Weymouth, as well as 2010-built vessels Maersk Wiesbaden, Maersk Winnipeg, Maersk Wolfsburg, and Maersk Wolgast.

MPC Container Ships debuted in April and has quickly built up a fleet of vessels between 1,000 and 3,000 teu. It currently lists a fleet of 23 ships on its website and this latest acquisition propels them to 33 vessels, one third of the way to its target of owning 100 feeder boxships.

Only last week, MPC raised around $177m via a private placement of new shares, which it said would be used for adding to its fleet.

Splash understands Cido Shipping will utilise the proceeds of the fleet sale for further vessel acquisitions in a different segment.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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