Previously acquisitive owner MPC Container Ships (MPCC) is turning into a seller of vessels.
The Oslo-listed company has offloaded the 1,024-teu AS Leona and AS Lauretta (both built 2008) as part of its plan to shed smaller containerships.
In a presentation, the MPC Capital-controlled owner said it had sold the pair for a combined $13m.
It has not named the buyer, but shipbrokers have identified South Korea's Sinokor Merchant Marine as the new owner. Sinokor did not respond to a request for comment.
MPCC said it made the decision to sell based on a continuous analysis of its fleet with the target of de-risking its portfolio.
Clarksons lists the company with 70 vessels after the sales.
MPCC has another 19 ships of around 1,300 teu and below are built around the same time as, or earlier than, the outgoing pair.
Secondhand market still sluggish
"Contracts have been signed, while vessel handover is pending," MPCC said.
It added that the deal was "an accretive transaction in a still illiquid S&P market reflecting a significant premium to current share price of NOK 18 ($1.92)."
Analysts at Arctic Securities said the sales price per ship of $6.5m compared to its estimates of $6.1m. They also viewed the transaction as accretive.
The AS Leona is on charter to Hapag-Lloyd in Asia and the AS Lauretta is due to start a deal lasting a few weeks with South Korean carrier CK Line in Asia, according to Alphaliner.
They were originally ordered by Greece's Cosmoship Management and sold to MPCC in 2017.
Earlier this month, MPCC added to its cash pile with a private placement of stock.
The German company brought in Fearnley Securities as manager and bookrunner to sell 7.25 million new shares worth NOK 125m.
The sale was directed at Norwegian and international investors.
The cash will be used for general corporate purposes, MPCC said, but previous equity raises have gone towards expanding the fleet.
It has in the past stated an ambition to reach 100 ships.
Existing shareholders underwrote the deal: Star Spike, a fund managed by Star Capital Partnership, CSI and Pilgrim Global ICAV, which own 19.40%, 13.04% and 3.48%, respectively.
