MPCC: Continues Fleet Optimization and Updates Guidance for FY 2025
Oslo, Norway, 25 March 2025: MPCC is pleased to announce further strategic measures to optimize the portfolio and enhancing its fleet composition. With reference to the investor presentation issued on 14 March 2025, the company has entered into an agreement to sell five vessels en bloc, involving three 1,300 TEU vessels and two 2,000 TEU vessels. Separately, two vessels were recently sold to an undisclosed buyer. The average age of the seven sold vessels is 17 years and the transactions imply a NAV of NOK 30 per share.
The five vessels will be sold with the existing charters attached, which will reduce the revenue backlog by approximately USD 40m, subject to the respective handover dates, of which USD 24m relates to 2025.
The vessels are sold to unrelated parties, and the completion of the sale transactions is subject to successful handover of the vessels.
Consequently, the Company is updating its financial guidance for 2025. The updated guidance for 2025 is revenues of USD 485m-500m and EBITDA of USD 305m-325m (previous guidance of revenues of USD 515m-530m and EBITDA of USD 290m-310m).
Commenting on transactions, Co-CEO & CFO Moritz Fuhrmann, said:
“We are committed to continued renewal of the fleet with a focus on optimization and sustainability. These transactions are highly accretive on a per share basis and follow our strategy to enhance the fleet composition and build the company for years to come.
In addition to the divestments and following the successful bond tap of USD 75m last week, we are pleased to announce the completion of our first Japanese financing transaction, for the re-financing of one of our eco vessels. This is MPCC’s first facility in the highly competitive Japanese financing market which ideally positions the company for further accretive fleet optimization measures.”