Mpc container ships asa publishes company update

Oslo, norway, march 31, 2022 /prnewswire/ -- mpc container ships asa ("mpcc" or the "company", and together with its subsidiaries, the "group") is pleased to announce the following company update. the update includes the following: charter update on existing fleet    over the past weeks, mpcc has concluded five additional fixtures, including four multi-year charters at very favourable rates securing employment up to 2027 the new fixtures add contracted charter revenues usd 220m additional projected ebitda backlog of usd 180m mpcc executes on an extraordinary opportunity to expand fleet with eco-design 5,500 teu vessels mpcc orders two 5,500 teu wide beam eco-design vessels with attractive charters to zim integrated shipping services (nyse: zim) at favourable pricing, supporting long-term earnings visibility and distribution capacity the newbuildings are contracted with korean-based shipyard hj shipbuilding & construction and delivery is expected in early 2024 the transaction adds contracted charter revenues usd 178m and additional projected ebitda backlog of usd 138m the contract price of usd 72,2m per vessel is covered by the expected cash flow from the initial charter of 7 years with a significantly front-loaded cash flow at an average tc of usd ~39,000/day this commitment to newbuilds will have no negative impact on expected distributions in 2022 and 2023, but will support earnings visibility and accretive distribution potential from 2024 and onwards the newbuilds will offer significant trading benefits under the new environmental regulation, and improve the environmental footprint of the mpcc fleet ceo constantin baack comments in relation to the announcement: "adhering to mpcc's value strategy, rational decision making and capital allocation, we are pleased to announce the conclusion of additional multi-year charter fixtures on our operating fleet, proving the continued strength in our segments.
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