MPCC Secures ECA-Covered Sustainable Financing for Its Dual-Fuel Methanol Newbuildings and Announces Co-CEO Structure
MPCC Secures ECA-Covered Loan
Oslo, Norway – MPC Container Ships ASA (MPCC) has successfully signed a USD 55 million 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 North Sea Container Line (NCL). The loan matures in 2036.
The two vessels feature dual-fuel engines that enable operation on green methanol. Thus, this financing has been internally classified by the lender as Sustainable Finance as the proceeds will be used for an activity that meets the eligibility criteria of Deutsche Bank’s own Sustainable Finance Framework.
“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. 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,” said Moritz Fuhrmann, CFO of MPCC.
Co-CEO and Executive Management Structure
The Board has today adopted measures to position and strengthen the executive management team for the next phase of the Company’s development.
Constantin Baack will continue to serve as CEO of MPCC, as he has done since the inception of the Company. In addition, Moritz Fuhrman has now been appointed as Co-CEO of MPCC alongside Mr. Baack with shared responsibility to run and develop the Company. Mr. Fuhrmann will also retain his current position as CFO. The management team is complemented by COO, Christan Rychly, who will continue to oversee the operating fleet and newbuilding projects, maintaining MPCC’s reputation for operational excellence.
In June 2024, Constantin Baack will also assume the CEO role at MPC Capital AG (“MPC Capital”), MPCC’s primary sponsor and largest shareholder. Mr. Baack has been a member of the Management Board of MPC Capital since 2015.
Chairman of the Board, Ulf Holländer, commented on the Board’s measures:
“Since its inception in 2017, MPCC has developed into a leading global tonnage provider and created significant value for our shareholders. Going forward, we are committed to maintaining our attractive distribution policy supported by ample opportunities in the market.
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. 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.”
For more information, contact:
r@mpc-container.com
About MPC Container Ships
MPC Container Ships ASA (ticker code "MPCC") is a leading container tonnage provider focusing on small to mid-size container ships. Its main activity is to own and operate a portfolio of container ships serving intra-regional trade lanes on fixed-rate charters. The Company is registered and has its business office in Oslo, Norway. For more information, please visit www.mpc-container.com.
