Oslo-listed MPC Container Ships (MPCC) has splashed more cash on three further boxship acquisitions from Germany - and more are on the way.
The company said it had entered into an agreement with Triton Debt Opportunities and its subsidiary Victoria Schulte Shipping to buy the 2,500-teu Victoria Schulte (built 2005) for $11.8m.
It can pay for $2.99m of this in its own shares if it wishes. The vessel will be renamed AS Paola.
The company has also snapped up two vessels from the fleet of Reederei Nord: the 2,500-dwt Welle and Woge (built 2005 and 2006 respectively).
They will become AS Penelope and AS Pauline on delivery in the second quarter, for the price of $11m each.
MPCC will have 68 vessels at this point.
Brokers were reporting a deal for the Welle this week, but MPCC had not confirmed the acquisition.
More finance deals in the pipeline
CEO Constantin Baack said: "We are very pleased with the development in the past year. Within only 12 months, MPCC has become the largest owner globally of feeder containerships with a capacity of up to 3,000 teu.
"During the same time charter rates in the segment have developed very positively. Although the supply and demand situation is now pointing towards a rebalancing with a much reduced idle fleet, the market continues to provide attractive acquisition opportunities.
"We are currently considering financing options to further grow our business, both via asset acquisitions or ship for share transactions.
"The recent main board listing on the Oslo Stock Exchange will make us even more interesting for global investors."
It has raised $625m so far: $425m in equity and $200m through bonds.
MPCC has also pulled off a number of fleet deals in recent months.
Of its 68 vessels, 40 are now owned and operated by its Dutch subsidiary MPC Container Ships Invest.
MPCC said this company has now spent $200m of bond proceeds to add 25 MPC ships to the 15 it previously controlled.
The overall target remains a fleet of 100 ships.
