German asset manager MPC Capital’s profit has jumped, thanks to a strategic focus on the energy and maritime business.
Consolidated profit rose by 27% to €17.29m ($18.32m) and revenues were up by 17% to €32.2m in the first nine months of the year.
This reflected an increase in management fees following the acquisition of Hamburg ship manager Zeaborn Group.
MPC Capital and partner Wilhelmsen Ship Management completed the takeover of Zeaborn in March.
Chief executive Constantin Baack said: “We are very satisfied with the business performance in the third quarter.
“We have succeeded in both expanding our established platforms and creating the basis for further growth.”
MPC Capital is best known as a manager of and co-investor in small container ships.
Transaction fees from boxship newbuilding projects and sale and purchase in the first nine months remained relatively unchanged with revenues of €5.5m.
However the Hamburg-based company recently signalled its “strategic focus” has shifted to other sectors, including offshore.
This month, MPC Capital unveiled orders for six offshore service and survey vessels in conjunction with German project manager OS Energy.
The initial investment is €130m in the emission-free ships to be managed and co-owned by MPC Capital.
“Our strategic focus on maritime and energy infrastructure is starting to pay off,” Baack said.
“With the initiation of an investment platform for offshore service vessels, we are combining both sectors and entering another highly attractive market segment.”
