MPC Container Ships (MPCC) announces further measures in its journey towards fleet renewal and decarbonization, showcasing the Company's commitment to industry innovation and long-term shareholder value.
As part of its comprehensive retrofit program for 2024, MPCC has entered into joint retrofit agreements with various charter customers. Under these agreements, both the charterer and MPCC will share the costs of retrofit investments followed by an extension of the vessels time-charter contracts. This collaborative effort reduces open charter positions, increases contract coverage for 2024 and beyond and enhances the overall efficiency of the fleet, in alignment with MPCC's strategic objectives.
In another strategic initiative, MPCC has partnered with Unifeeder in a joint investment for the construction of a 1,250 TEU dual-fuel methanol newbuilding. Scheduled for delivery in late 2026, this vessel will be under a 7-year time-charter agreement with Unifeeder post-delivery, significantly mitigating residual value risks. The structure of this investment underscores MPCC's commitment to reducing carbon emissions, while protecting long-term shareholder value.
These most recent initiatives align with MPCC's strategy for fleet renewal and optimization, positioning the Company as a fuel-agnostic early-mover and knowledge partner in fostering a more sustainable shipping industry. Through these selective investments, MPCC not only aims to reduce its carbon footprint but also to create long-term shareholder value by extending charters and enhancing the long-term competitiveness of its fleet, while remaining committed to its low-leverage strategy and distribution policy.
CEO, Constantin Baack and CFO, Moritz Fuhrmann, will offer additional insights into the Company's strategic development and fleet renewal strategy during MPCC’s Q4 2023 earnings call on February 27th, 2024, at 15:00 CET / 09:00 ET.
