German asset and investment manager MPC Capital has revealed growth in its shipping activities during the first quarter.
The Hamburg owner said it had expanded "its range of services in the technical management of tankers."
And last month Hamburg owner Aug. Bolten said it was joining MPC Capital's bulker technical management joint venture Ahrenkiel Vogemann Bulk (AVB).
MPC said the merger will be completed at the end of June to expand AVB's market position "significantly".
The managed fleet will grow to 17 bulkers from 12, with an average age of six years.
"In addition, MPC Capital was able to execute asset transactions in all three segments (tankers, bulk, containers) in the first quarter," it said.
Revenue was up at EUR 10m ($11.19m) from EUR 10.1m in 2018.
Pre-tax earnings dipped to EUR 0.7m from EUR 1.1m year-on-year, primarily due to lower transaction activity.
This was almost completely offset by higher recurring revenues from asset management, it added.
Revenue from management services rose from EUR 8.1m to EUR 8.9m, largely because of the bigger managed vessel fleet.
Looking ahead, MPC continues to forecast a slight increase in sales and at least break-even earnings before taxes.
"A more dynamic development in new business, additional transactions and the exploitation of external market influences could have a positive effect on sales and earnings," it said.
