CIT Group provides revolving credit line to the feeder ship company and shareholders vote to authorize additional shares.
MPC Container Ships said it had had entered into a $40 million three-year revolving credit facility agreement this week with CIT Group. Drawdowns under the facility may be used toward investments, vessel upgrades or general corporate purposes.
The company also said that at its annual meeting on Thursday shareholders agreed to authorize its board to increase the company’s share capital by 210,632,500 Norwegian krone, corresponding to 25 percent of the company’s share capital until its next annual general meeting. Shares may be issued for acquisitions or employee incentives.
MPC owns and leases feeder containerships, focusing on ships with capacities of 1,000 to 3,000 TEUs. It had 69 vessels acquired and taken over as of Dec. 31, 61 fully owned and eight owed through a joint venture. In 2018 its two largest providers of charter revenue were CMA CGM, accounting for 13.6 percent, and Maersk Line at 11.6 percent.
