Watson Farley & Williams (“WFW”) advised shipping company MPC Container Ships ASA (“MPCC”) on the order of four new container ships with long-term charter agreements.
The contracts for the construction of the four 4,500 TEU vessels at a price of US$58m each were signed with Chinese shipbuilder Jiangsu Hantong Ship Heavy Industry Co. Ltd. Delivery is scheduled for H1 2028, with options for two additional vessels at the same price.
The vessels ordered will be tailored to the charterer’s requirements and sustainability goals and equipped with state-of-the-art energy-efficient technology. This will reduce slot costs by approximately 50% as MPCC continues to modernise its fleet. Each vessel will be operated under a 10-year time charter agreement with extension options for a leading global liner shipping company, with this initial period expected to generate approximately US$375m in revenue.
Oslo-based MPCC is a leading container ship owner with a focus on small to medium-sized vessels. It primarily owns and operates a portfolio of container ships serving regional trade routes under long-term charter agreements.
The WFW Maritime team that advised MPCC was led by Hamburg Corporate Partner Dr Christian Finnern, supported by Associates Maximilian Hennig and Bjarne Ruthke. Hamburg partner Dr F. Maximilian Boemke advised on regulatory matters, with London Partners Joe McGladdery and Charles Buss providing English law expertise.
Christian commented: “This transaction is another milestone in our long-standing relationship with MPCC. This order for four energy-efficient container ships with long-term charter agreements demonstrates how strategic investments secure competitiveness and sustainability in the maritime industry. We are delighted to have supported MPCC on the legal structuring and execution of this complex project”.
