MPC Container Ships has secured export credit agency-covered sustainable financing for dual-fuel methanol newbuildings.
The Oslo-listed owner signed a $55m pre and post-delivery export credit agency-covered financing agreement with Deutsche Bank and Sinosure for its two dual-fuel methanol newbuildings, according to a statement.
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.
“This project underlines [MPC Container Ships]’s ability to structure and execute innovative deals supporting the green transition in shipping and bringing together long-term industry partners, ” said finance chief Moritz Fuhrmann.
The two vessels have dual-fuel engines that enable operation on green methanol.
“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,” the CFO said.
The financing has been 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.
The loan matures in 2036.
“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,” he added.
MPC Container also announced the appointment of Fuhrman as co-CEO alongside current chief executive Constantin Baack.
They will share the responsibility to run and develop the company.
Fuhrmann will also retain his current position as CFO.
“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,” MPC Container chairman Ulf Hollander said.
The management team is complemented by chief operating officer Christan Rychly, who will continue to oversee the operating fleet and newbuilding projects.
“Looking ahead, we have strong confidence in this team’s ability to continue navigating our successful and promising path,” the chairman added.
In June, Baack will also assume the CEO role at MPC Capital, MPC Container’s primary sponsor and largest shareholder.
“Constantin Baack has successfully steered [MPC Container Ships] since its inception and remains an invaluable part of the leadership team,” Hollander said.
Baack has been a member of the management board of MPC Capital since 2015.
