MPC Capital has found a new way to replenish its depleted balance sheet, selling a 50% stake in its shipmanagement subsidiary Ahrenkiel Steamship to Wilhelmsen Ship Management.
Both parties have agreed to combine their technical management activities of containerships in the joint venture to be called Wilhelmsen Ahrenkiel Ship Management. The company will continue to operate in Hamburg with around 100 employees, managing a fleet of 72 feeder boxships.
The closing of the transaction is subject to approval by the relevant antitrust authorities, which is expected within the third quarter of this year.
MPC Capital is the parent of Oslo-listed MPC Container Ships, owners of one of the fastest growing boxship fleets in the world in recent years. Earlier this months MPC Container Ships completed a quick recapitalisation process having first flagged severe liquidity concerns in May.