In December 2017, STAR acquired a cornerstone shareholding in MPC Container Ships AS (“MPCC”), an Oslo based shipping company.
MPCC acquires and operates Feeder container vessels between 1,000 and 3,000 TEU. These vessels are essential for the growing intra-regional trade. Second-hand Feeder vessels are trading near all-time lows and at large discounts to newbuild parity prices. This has enabled MPCC to create a sizeable fleet at attractive prices with some of the lowest cash operating costs in the industry.
The business aims to build a large fleet of ships that are highly competitive both on quality and cost leadership, and to act as a strategic partner to charterers.
At the time of STAR’s investment, MPCC was registered on the Merkur Market in Oslo, Norway. The company has subsequently been uplisted onto the main board of the Oslo stock exchange which STAR believes will provide a sensible path for further growth and potential international listing options in the future.