MPC Capital has sold a 50% stake in its shipmanagement subsidiary Ahrenkiel Steamship to Wilhelmsen Ship Management.
Both parties have agreed to combine their technical management activities of containerships in the joint venture to be called Wilhelmsen Ahrenkiel Ship Management. The company will continue to operate in Hamburg with around 100 employees, managing a fleet of 72 feeder boxships.
The closing of the transaction is subject to approval by the relevant antitrust authorities, which is expected within the third quarter of this year. No price for the transaction has been revealed.
MPC Capital is the parent of Oslo-listed MPC Container Ships, owners of one of the fastest growing boxship fleets in the world in recent years. Earlier this month, MPC Container Ships completed a quick recapitalisation process having first flagged severe liquidity concerns in May.
We believe the feeder container segment will face a strong rebound in the short-term future looking at the tight orderbook and high scrapping level in this segment
Speaking with Splash from Singapore today, Carl Schou, the president of Wilhelmsen Ship Management, said: “We believe the feeder container segment will face a strong rebound in the short-term future looking at the tight orderbook and high scrapping level in this segment.”
Including the Ahrenkiel fleet, the Wilhelmsen Ship Management fleet now numbers in excess of 250 vessels.
Wilhelmsen Ship Management has formed a number of joint ventures with large shipowning names over the years.