MPC Container Ships Gets Loan

Norwegian shipowner MPC Container Ships, which provides feeder tonnage, has entered into a USD 40 million three-year revolving credit facility agreement.

The deal was signed with New York-based CIT Group at “attractive terms”, MPC Container Ships said.

Drawdowns under the facility may be used toward investments, vessel upgrades or general corporate purposes, it said.

Constantin Baack, CEO of MPC Container Ships, said: "We are very satisfied with the cooperation demonstrated by CIT's Maritime Finance team and their support in further positioning MPC Container Ships as a leading tonnage provider within the feeder container space."

Constantin added: "With the new credit facility, we add a highly flexible instrument to our capital structure whilst adhering to the company's strategy of moderate leverage. Moreover, the facility ensures additional financial strength for MPC Container Ships in anticipation of improved market conditions."

MPC Container Ships' main activity is to own and operate a portfolio of container ships with a focus on the feeder segment between 1,000 and 3,000 TEU.