MPC Container Ships considering more newbuildings amidst strong charter coverage
MPC Container Ships is weighing additional newbuilding orders after a flurry of contracting activity this year.
In an analyst call following the company’s third-quarter results, chief executive Constantin Baack said the Oslo-listed tonnage provider had already signed shipbuilding contracts for 10 new containerships in 2025, all of which have been fixed on time charters to major global liner operators.
Its ordering run began in July with four 4,500 teu ships at Taizhou Sanfu Ship Engineering Co, followed by two 1,600 teu vessels at Fujian Mawei Shipbuilding in October.
Earlier this month, MPCC confirmed another order for four 4,500 teu ships at Jiangsu Hantong Ship Heavy Industry Co.
Baack said the company is now evaluating whether to exercise existing options attached to this year’s orders, while also pursuing additional newbuilding projects.
“We are in active discussions for the options and are also considering further newbuildings. The ships we ordered this year are on attractive terms and so we could be looking to order more,” said Baack.
Despite renewed momentum in orders for sub-5,000 teu containerships, Baack warned that the global feeder fleet remains underinvested and could face increased supply constraints if demand continues to rise.
Orders for smaller containerships have increased since the second quarter, but Baack noted the trend remains insufficient to offset an ageing fleet and to meet surging intra-regional demand, particularly in Asia.
Today, the orderbook for ships under 5,000 teu represents just 8% of the existing fleet by vessel count, well below the 35% seen for ships of 5,000 teu and larger. Many feeder and mid-size vessels are older than average, and the orderbook-to-fleet ratios in these segments remain low.
A substantial portion of the global feeder fleet is now 20 years old or older, making it increasingly vulnerable to regulatory pressure as decarbonisation requirements tighten.
Announcing its financial results today, the Oslo-listed company reported a profit of $53.6m for the third quarter, down from $63.8m in the corresponding period in 2024.
Year-on-year revenues declined by 5% to $125.9m, down from $132.5m in 3Q24.
Earnings before interest, tax, depreciation and amortisation for 3Q25 saw a slight decline to $83.5m, compared with $84.8m in the corresponding 2024 period.
Meanwhile, MPCC’s average time charter equivalent rates increased marginally, from $26,334 per day in 3Q24 to $26,523 per day.
MPCC has 51 containerships in service, of between 1,223 teu and 5,500 teu, with a combined capacity of some 130,000 teu.
MPCC confirmed that is has full charter coverage of its fleet for the remainder of this year, with 92% coverage for 2026 and 55% coverage for 2027.
The company increased its 2025 full-year guidance to operating revenues in the range of $500m-$510m with ebitda in the range of $330m-$340m. This compares to previous guidance of $485m to $500m and ebitda in the range of $320m-$335m.
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