Profits at MPC Munchmeyer Petersen Capital (MPC Capital) rose steeply in the first quarter after it expanding its shipping desk.
The Hamburg-based asset manager’s net income increased by 58% year on year to €5.9m ($6.3m).
Revenues were 11% higher at €9.6m, helped by recurring management fees.
The Deutsche Borse-listed company attributed the growth mainly to the expansion of maritime activities, including the acquisition of German ship manager Zeaborn from Germany’s Zech Group, which was completed at the end of March.
That deal will result in an operation with a total fleet of more than 150 vessels in technical management.
The company has also bought and sold several vessels in club deal structures in the first quarter.
These include the 4,256-teu Jack London and Jonathan Swift (both built 2010), which it purchased in February for a reported $35.2m en bloc.
That marked MPC Capital’s first move into the secondhand market since before the pandemic.
Guidance maintained
MPC Capital realised additional transaction proceeds with the completion of further container vessels from the newbuilding programmes launched.
It has also increased its exposure to container shipping.
In mid-March, the company announced that it will double its stake in Oslo-listed feeder ship owner MPC Container Ships from 7% to around 14%.
MPC chief executive Constantin Baack is set to take over as CEO of MPC Capital on 13 June, replacing Ulf Hollander, who will join the supervisory board.
“The operational and economic successes of the first quarter show once again that MPC Capital, with its integrated investment and service offering, is ideally positioned even for volatile market phases,” Hollander said.
MPC Capital sees attractive investment opportunities in connection with the energy transition and the decarbonisation of shipping, as well as from market uncertainties and lower valuation levels.
It has maintained its forecast for the full year, published in February and raised in mid-March.
It expects 2024 profit before tax to be slightly above the already high €19.3m logged in 2023.
Consolidated revenues are expected to at least match last year’s €37.9m.
