MPCC Secures Funding for Two Dual-Fuel Methanol Containerships
Norwegian shipowner MPC Container Ships (MPCC) has signed a $55 million pre and post-delivery ECA covered financing agreement with Deutsche Bank and SINOSURE for its two dual-fuel methanol newbuildings.
The vessels are scheduled for delivery towards the end of 2024 and are secured by 15-year time charter agreements with North Sea Container Line (NCL). The loan matures in 2036, according to MPCC.
Chinese-based shipyard Taizhou Sanfu Ship Engineering is in charge of the construction of the vessel.
The two vessels feature dual-fuel engines that enable operation on green methanol. Thus, the financing has been internally classified by the lender as sustainable finance as the proceeds will be used for an activity that meets the eligibility criteria of Deutsche Bank’s own Sustainable Finance Framework.
“This project underlines MPCC’s ability to structure and execute innovative deals supporting the green transition in shipping and bringing together long-term industry partners.
“The new financing agreement serves as validation of the technology and structure of this project and our ambitious goal of establishing the first green transportation corridor in Northern Europe. It furthermore adds financing at attractive rates with long duration, thus preserving our strong balance sheet and flexibility, in line with our general leverage strategy and capital allocation principles,” said Moritz Fuhrmann, CFO of MPCC.
In addition, MPCC’s Board has today adopted measures to position and strengthen the executive management team for the next phase of the company’s development.
Constantin Baack will continue to serve as CEO of MPCC, as he has done since the inception of the company. Moritz Fuhrman has now been appointed as Co-CEO of MPCC alongside Baack with shared responsibility to run and develop the company. Fuhrmann will also retain his current position as CFO.
The management team is complemented by COO, Christan Rychly, who will continue to oversee the operating fleet and newbuilding projects, maintaining MPCC’s reputation for operational excellence.
In June 2024, Constantin Baack will also assume the CEO role at MPC Capital, MPCC’s primary sponsor and largest shareholder. Baack has been a member of the Management Board of MPC Capital since 2015.
