MPC Container Ships suffers H1 loss on back ship purchases
MPC Container Ships, an Oslov start-up that was created in January, has recorded a first-half net loss of US$436,000 before taxes.
The feeder vessel owner subsidiary of Germany's MPC Capital noted in its most recent financial statements, however, that this performance "needs to be put in perspective, given that the group is in the start-up phase of its operation."
MPC Container Ships, which charters its vessels to global and regional container carriers, had total assets of $172.7 million by the end of June, with a total equity of $170.5 million by the end of the first half, and is "free of financial liabilities," according to the company, reported American Shipper.
First-half time charter revenues amounted to $1.2 million, with a gross profit from vessel operations of $100,000.
At the halfway mark of 2017, MPC Container Ships owned nine vessels ranging in capacity from 957 TEU to 2,741 TEU - seven of which are fully owned. The company also has a 50 per cent stake in another five vessels, which have an average capacity of 2,824 TEU.
MPC Container Ships has since taken over 14 additional vessels, including a 2,846-TEU vessel built in 2006 and two 2,556-TEU vessels built in 2004. The total equity investment for the three vessels is $21.6 million, including working capital requirements and dry dock reserves.
The feeder vessel owner said it expects to take delivery of the ships by the end of October, bringing its total vessel count up to 23 vessels.