German asset manager MPC Capital believes global crises and the ongoing energy transition give it scope to make more headway in shipping investment.
The group looks likely to forge more deals like this year’s order for four methanol-ready container ships in South Korea worth $260m.
Chief executive Ulf Hollander said: “In all segments, the global goals in connection with the energy turnaround are resulting in an immense need for investment in real assets, which we can also expect to provide a strong tailwind for MPC Capital’s business model.
“Overall, we believe we are excellently positioned to best overcome the geopolitical and economic challenges that lie ahead. And what’s more, every crisis also offers new opportunities. We are convinced that we can take advantage of these to further expand our business," he added.
The new 5,500-teu container ships have been chartered by Israeli carrier Zim over seven years.
They will be delivered in 2023 and 2024 by HJ Shipbuilding & Construction (HJSC).
MPC said the first half of 2022 had been “strong”, with a focus on sustainable investments and further optimisation of the portfolio.
Despite the adverse economic and geopolitical conditions, its diversified business model mitigated negative effects on performance, the company added.
There were high transaction volumes, with acquisitions and exits in shipping, a division which saw management revenue increase.
Profit edges up
Overall revenue amounted to €18.7m ($18.7m), from €16m in 2021.
Net profit was €22.8m in the first half, against €1.8m a year ago.
New business resulted in asset additions of €0.2bn.
This was offset by disposals of €1.5bn, of which €1.2bn consisted of Dutch property.
Assets under management decreased to €4.5bn as of 30 June, from €4.9bn at the end of 2021.
Valuation and currency effects amounted to €1bn and were due in particular to increased asset values in the shipping segment and the strong US dollar.
For the full year, a significant decline in group revenue is expected due to the sale of the Dutch property unit, MPC said.
Pre-tax profit should be between €8m and €12m, it added.
