The containership owner and operator posted a first-quarter net profit of $500,000 on revenues of $28.3 million.
MPC Container Ships ASA, together with its subsidiaries, recorded a net profit of $500,000 for the first quarter of 2018, up from a net loss of $2.1 million for last year’s first quarter, the company said Thursday.
The fast-growing containership owner and operator’s revenues more than doubled from last year’s first-quarter revenues of $13.2 million, rising to $28.3 million.
Average time charter equivalent per vessel stood at $9,352 per day for the first quarter of 2018, up from $7,901 per day for last year’s first quarter, while average operating expenses totaled $4,810 per day, down from $5,255 per day.
MPC Container Ships was incorporated in January 2017 and took control of its first vessels in April 2017.
Just last week, the company announced it had entered into agreements to acquire three 2,500-TEU feeder vessels.
Physical takeover of the vessels is expected to take place in the second quarter of 2018, increasing the company’s fleet to a total of 68 vessels.
MPC records profit, doubles revenue
