MPC Container Ships plans private placement to fund fleet expansion

MPC Container Ships has announced that it has retained DNB Markets and Fearnley Securities to assist the company with a private placement of new shares to raise around $150-200m.

The contemplated minimum amount of the private placement is covered within a price range of NOK47-49, and the subscription price will be determined based on an accelerated book building process.

The net proceeds will be used to pursue future investments in container vessels and general corporate purposes at the fast rising boxship tonnage provider.

According to the company, it is in the final stages of acquiring a significant number of feeder container ships.

The application period for the private placement will close on November 23.

Fast growing MPC Containership currently operates a fleet of 19 vessels, with another four set to be delivered to the company. The company recently revealed ambitions to grow its fleet to more than 100 ships.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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