MPCC Inks Deal For Two Dual-Fuel Methanol Ships

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  • MPCC has  signed a USD 55m pre- and post-delivery ECA covered financing agreement with Deutsche Bank and SINOSURE for its two dual-fuel methanol newbuildings.
  • The vessels are scheduled for delivery towards the end of 2024 and are secured by 15-year time charter agreements with NCL.

MPC Container Ships ASA (MPCC) has announced that it has signed a $55 million pre- and post-delivery ECA covered financing agreement with Deutsche Bank and SINOSURE for its two dual-fuel methanol newbuildings.

Green transition in shipping

The vessels, which are scheduled for delivery towards the end of 2024, are secured by 15-year time charter agreements with North Sea Container Line (NCL). The loan matures in 2036.

This project underlines MPCC’s ability to structure and execute innovative deals supporting the green transition in shipping and bringing together long-term industry partners,’ said Moritz Fuhrmann, CFO of MPCC.

The new financing agreement serves as validation of the technology and structure of this project and our ambitious goal of establishing the first green transportation corridor in Northern Europe. It furthermore adds financing at attractive rates with long duration, thus preserving our strong balance sheet and flexibility, in line with our general leverage strategy and capital allocation principles.’

Additionally, MPCC has announced a new leadership structure that will see Constantin Baack and Moritz Fuhrman become Co-CEOs, with shared responsibility to run and develop the Company.

Fuhrmann will also retain his current position as CFO while COO, Christan Rychly will continue to oversee the operating fleet and newbuilding projects.

Meanwhile, in June 2024, Baack will also assume the CEO role at MPC Capital AG (MPC Capital), MPCC’s primary sponsor and largest shareholder. Baack has been a member of the Management Board of MPC Capital since 2015.

Constantin Baack has successfully steered MPCC since its inception and remains an invaluable part of the leadership team. He will continue to lead MPCC in partnership with Moritz Fuhrmann as Co-CEO and Christian Rychly as COO,’ said Chairman of the Board, Ulf Holländer.

This team has worked successfully together over the past few years. Since Mr. Fuhrmann’s appointment as CFO in 2022, he has been a driving force behind several key measures that have successfully improved the Company’s balance sheet and financial performance.

Looking ahead, we have strong confidence in this team’s ability to continue navigating our successful and promising path.’

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Source: MPC Container Ships