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            july 20, 2019

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MPC Container Ships secures US$40 million credit facility from CIT Group


Oslo, Norway-headquartered MPC Container Ships ASA has entered into a US$40 million three-year revolving credit facility agreement with CIT Group at "attractive terms", reports Shipping Gazette.
The company said it intends to use the drawdowns under the facility for investment or general corporate purposes, as well as vessel upgrades.
CEO Constantin Baack 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.
"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."
Established in April 2017, MPC Container Ships' main activity is to own and operate a portfolio of containerships with a focus on the feeder segment between 1,000 and 3,000 TEU.

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