Amid the COVID-19 crisis, MPC Container Ships reported that is experiencing significantly reduced charter rates and utilization of its fleet due to lower containerized freight volumes globally.
Specifically, MPC Container Ships marked a net loss of USD 10.7 million during Q1 2020.
In light of the situation, the company said:
These developments are expected to adversely impact the Group’s liquidity and ability to be in compliance with covenants under some of its debt agreements in the short- to mid-term.
As a result, the Group plans to contact with creditors and other stakeholders to address these matters, while it has already engaged DNB Markets and Pareto Securities to advice the Group in this regard.
What is more, the severity and fluidity of the coronavirus crisis makes it challenging to anticipate the timing and shape of a recovery.
Equally important is protecting the company’s downside risk. To this end, our entire staff is vigilantly monitoring market developments and assessing initiatives to bolster our balance sheet and liquidity while positioning MPC Container Ships for the post-COVID era.
….CEO Constantin Baack concluded.
