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NORWAY's MPC Container Ships (MPCC) is optimizing its portfolio with a sale of two Bluewater Holding Schifffahrtsgesellschaft joint venture vessels and a compensation deal for an early redelivery of a long-term time-chartered pair.
The Oslo-listed container tonnage provider is offloading the 2003-built 2,824 TEU Carpathia and 2006-built 2,742 TEU AS Cleopatra. The vessels will deliver in December this year and January 2023, respectively, reports Singapore's Splash 247.
The Carpathia is also one of the vessels agreed for redelivery against a cash compensation in addition to the 2006-built AS Carlotta, both on charter with American carrier Pasha Hawaii, earning US$42,000 per day each.
The transactions will bring in around $77.7 million, of which $52.5 million on vessels sold and $49.8 million net after consolidation effects and other costs.
The 2,742 TEU AS Carlotta will remain fully owned and operated by MPCC after delivery in January 2023. The sales will also result in MPCC reducing the number of joint venture vessels to three and an event-driven distribution of $0.07 per share, payable in February next year.
"By reducing the amount of joint venture vessels, we further simplify and strengthen our corporate structure. With these transactions, we also advance significant cash flows in an accretive way with an emphasis on and commitment to returning capital to our investors. In addition, we retain the future potential upside from our fully owned vessel, AS Carlotta," said chief executive Constantin Baack.
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