Cyprus-based Castor Maritime, led by Petros Panagiotidis, is acquiring a majority stake in MPC Münchmeyer Petersen Capital (MPC Capital), buying a 74.09% stake in the Frankfurt-listed company for $193 million.
The transaction is expected to close in December 2024. As part of the agreement, Castor said it also secured a $100 million senior term loan and $50 million raised through the issuance of cumulative convertible preferred stock.Castor CEO Petros Panagiotidis will be appointed to the company’s board of directors upon the closing of the transaction, replacing outgoing PMC’s Axel Schroeder.
MPC Capital is an investment and asset management company specializing in infrastructure projects in the maritime and energy sectors, as well as the founder and cornerstone shareholder of Oslo-listed MPC Container Ships and MPC Energy Solutions. The acquisition will give Castor a controlling interest in MPC Container Ships, providing it with strong support for its entry into the container ship market.
Castor Maritime has a fleet of 13 dry bulk and container vessels with a gross tonnage of approximately 90,000,000 DWT. The fleet consists primarily of dry bulk carriers, including four Kamsarmax, five Panamax and one Ultramax, and the company recently agreed to sell one of its two 2,700 TEU container vessels, as well as one 1,850 TEU container vessel.
MPC Container Ships is a leading provider of small and medium-sized container ship capacity, which specializes in fixed rate charters on intra-regional routes for clients including Zim. Currently, the company reports a fleet of 56 vessels with a total capacity of 128,000 TEU.MPC Container Ships is also adding new vessels and is involved in a project to launch the future of green shipping in the North Sea.
Petros Panagiotidis said, “This transaction demonstrates our commitment to not only further expand our presence in the shipping sector, but also to diversify our business in the fast-growing energy infrastructure sector.”