Fast growing MPC Container Ships has entered into a $40m three-year revolving credit facility agreement with CIT Group.
Drawdowns under the facility may be used toward investments, vessel upgrades or general corporate purposes.
“We are very satisfied with the cooperation demonstrated by CIT’s Maritime Finance team and their support in further positioning MPC Container Ships as a leading tonnage provider within the feeder container space. With the new credit facility, we add a highly flexible instrument to our capital structure whilst adhering to the company’s strategy of moderate leverage. Moreover, the facility ensures additional financial strength for MPC Container Ships in anticipation of improved market conditions,” said Constantin Baack, CEO of MPC Container Ships.
MPC Container Ships was formed in April 2017 to own and operate a portfolio of containerships with a focus on the feeder segment between 1,000 and 3,000 teu. The company has a plan to form a fleet of 100 ships and it has increased the size of the fleet to nearly 70 ships in just two years.