MPC Container Ships scores strong rates on seven long-term charters

MPC Container Ships said it has recently secured seven new multi-year charter deals at strong rates, among them landing $61,000 per day in a three-year deal for one of its panamax boxships.

The Oslo-listed boxship owner said the structure of the charter market has changed, moving from a spot market towards a forward market with longer fixtures. “Disruptions, port congestions and shortages are still driving the market and even increasing with the current Covid-19 infection and lockdown situation,” the company stated, adding that “in a sold-out market, operators try to secure capacity in advance.”

When it comes to charters, the vessels AS Pamela, AS Carlotta, Carpathia, Cimbria, Cardonia, AS Floriana and AS Nadia (Nordspring) have been fixed for between 36 and 39 months. The smallest of the group, the 1,300 teu AS Floriana will earn $27,750 per day, while the 3,586 teu AS Nadia will fetch $61,000 per day from July this year.

Meanwhile, MPC sold the 2,474 teu AS Patricia for $34.3m set to deliver in Q1 of this year. The joint venture sub-panamax was acquired for $9.9m. Including last year’s sales, the company has offloaded 12 ships for approximately $288m. As of January 1, 2022, MPC’s contracted revenues increased to about $1.2bn with projected secured earnings before interest, taxes, depreciation, and amortisation (EBITDA) at more than $850m.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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