Value Investor's Edge Live #32: Surging Containership Rates - MPC Containers Update
Play • 34 min

Constantin Baack, CEO of MPC Containers (OTCPK:MPZZF), a leading small-sized containership lessor, joined J Mintzmyer's Value Investor's Edge Live on 9 February 2021 to discuss this segment of the surging containership markets.

MPCC is one of our current top picks at Value Investor's Edge, and is significantly benefiting from surging rates. Although it's not currently listed in the US markets, there's sufficient trading liquidity on the Oslo Exchange ("MPCC") and they are considering a potential US-listing if market conditions remain favorable throughout the year.

For more particular information on MPC Containers, I highly recommend reviewing their latest earnings presentation, which was published on 25 February. Their full Q4-20 financial report is also linked.

For readers and listeners primarily interested in US-listed names, the primary comps include: Atlas Corp. (ATCO), Capital Product Partners (CPLP), Costamare (CMRE), Euroseas (ESEA), Global Ship Lease (GSL), Navios Maritime Containers (NMCI), Navios Maritime Partners (NMM), and SFL Corp. (SFL). The content from this interview should be relevant for investors in all of these names.

Topics Covered
  • (<1:00): Intro/Disclosures
  • (1:00): What is driving the recent strength in smaller containerships?
  • (4:30): Strategy for the charterbook? Durations vs. rate levels?
  • (7:20): Discount level of one-year vs. two-year charters?
  • (8:30): Structure of the MPCC pool with 15 ships? Plans for charter cover?
  • (9:45): Any plans for a US-listing? Is the IPO market available?
  • (11:45): Dividend plans and potential policy structure?
  • (14:30): Capital allocation priorities into mid-2021? Asset purchases?
  • (16:45): Are accretive asset purchase opportunities still available?
  • (19:45): Any differentiation of interest within smaller-sized ships?
  • (22:15): Merger and consolidation opportunities in this sector?
  • (25:00): What is the typical ROE for recent acquisitions? Unlevered?
  • (27:50): Some of the latest fixture examples?
  • (28:45): How long can the current charter strength last?

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