The decade leading up to 2021 has completely reshuffled who owns the global container fleet and this development was only further exacerbated in the past year during Covid-19. One country in particular lost out. And one specific shipowner stands out as the big winner.
MPC Container Ships is riding "one of the strongest container markets in history" and books growth across the business in the first quarter. Good market fundamentals "provide an encouraging picture for the coming two to three years," writes the shipowner.
The container industry can expect a boiling hot market for at least another two years, predicts MPC Container Ships. The company has gone from the brink of bankruptcy to maybe becoming debt-free by 2023. As a result, the company might expand its fleet, the CEO tells ShippingWatch.
The upturn in the container market has been shown to continue, and this prompts MPC Container Ships to raise its earnings expectations for the current year. So far, the share price is up 75 percent this year.
2020 was a true roller coaster ride for MPC Container Ships, in which a crisis plan in the summer was replaced by record-high rates later in the year. The boom has continued into 2021, and the shipowner projects a six-fold increase in earnings this year.
Shipowner MPC Container Ships has experienced a significant transformation of the container market, in which a crisis plan in a nightmare summer has been replaced by doubling rates and the best market in years, CEO tells ShippingWatch.
Three years after its establishment, MPC Container Ships has now landed a crucial restructuring plan in an effort to avoid a fire sale of ships and potential bankruptcy. CEO Constantin Baack explains the plan to ShippingWatch.
MPC Container Ships just held an extraordinary general assembly at which all proposals in the ongoing recapitalization were approved. The meeting is "an essential final step" in the process, says CEO Constantin Baack.
MPC Container Ships received a go-ahead from its bondholders for a refinancing of the company. The shipping company had to change its plan at the last minute when a bondholder criticized the proposed plan.
Feeder shipping line MPC Container Ships should withdraw its proposal for a refinancing plan, says one of the shipping company's bondholders, which says the current proposal favors shareholders, reports Norwegian media.
The German feeder shipping line's preparations for the new sulfur regulation cost the company a bigger deficit in 2019. And just as things were starting to look brighter in early 2020, the coronavirus outbreak has caused renewed uncertainty.
Feeder shipping line MPC Container Ships books another deficit for the third quarter, pushing the company's combined loss for the year to more than USD 25 million. But the shipping company expects that the new sulfur regulations will benefit the market.