| Equity Method Investments |
The Company holds investments in certain companies that are accounted for pursuant
to the equity method. As of December 31, 2025 and June 30, 2026, the Company held the following ownership interests in the outstanding common stock of entities:
| |
|
Period Ended
|
|
| |
|
December 31, 2025
|
|
|
June 30, 2026
|
|
|
Equity method investments
|
|
Ownership interest
|
|
|
Carrying
amount
|
|
|
Ownership
interest
|
|
|
Carrying
amount
|
|
|
Wilhelmsen Ahrenkiel Ship Management GmbH
& Co. KG
|
|
|
50.0 |
% |
|
$ |
20,249,258 |
|
|
|
50.0
|
%
|
|
$
|
18,951,538
|
|
|
BB Amstel B.V.
|
|
|
41.5 |
% |
|
|
8,348,495 |
|
|
|
41.5
|
%
|
|
|
8,067,680
|
|
|
MPC Caribbean Clean Energy Limited,
Barbados
|
|
|
22.2 |
% |
|
|
5,466,198 |
|
|
|
22.2
|
%
|
|
|
5,227,063
|
|
|
Barber Ship Management Germany GmbH &
Co. KG
|
|
|
50.0 |
% |
|
|
4,111,977 |
|
|
|
50.0
|
%
|
|
|
3,941,425
|
|
|
BestShip GmbH & Cie. KG
|
|
|
50.0 |
% |
|
|
3,712,538
|
|
|
|
50.0
|
%
|
|
|
4,022,830
|
|
|
Rio Jul Beteiligungs GmbH & Co. KG, Hamburg
|
|
|
39.3 |
% |
|
|
3,679,487 |
|
|
|
- |
|
|
|
- |
|
|
MPC Storm Maritime Opportunities GmbH & Co. KG
|
|
|
- |
|
|
|
- |
|
|
|
21.4 |
% |
|
|
3,055,431 |
|
|
Other (i)
|
|
|
-
|
|
|
|
4,477,887 |
|
|
|
-
|
|
|
|
3,002,349
|
|
|
Total
|
|
|
-
|
|
|
$ |
50,045,840 |
|
|
|
-
|
|
|
$
|
46,268,316
|
|
|
(i)
|
As at June 30, 2026, these investments represent ownership interests ranging from approximately 25.1% to 50.0% (December 31, 2025: 25.5% to 50.0%) in entities engaged primarily in holding
and investing in maritime assets, including equity interests in vessel-owning companies. The entities are located in Germany and Norway.
|
The equity method investments developed as follows during the six months ended June 30, 2026:
Balance as of December 31, 2025
|
|
$ |
50,045,840 |
|
|
Acquisitions
|
|
|
3,150,494 |
|
|
Equity method result
|
|
|
(864,264 |
) |
|
Distributions
|
|
|
(5,702,697 |
) |
|
Transfers / Other
|
|
|
1,282,957 |
|
|
Net exchange differences during the period
|
|
|
(1,644,014 |
) |
|
Balance as of June 30, 2026
|
|
$ |
46,268,316 |
|
As of December 31, 2025 and June 30, 2026, the Company also held the following ownership interests in the outstanding common stock of entities and for which the fair value option was elected:
| |
Period Ended
|
|
| |
December 31, 2025
|
|
June 30, 2026
|
|
|
Equity method investments measured at fair value
|
Ownership
interest
|
|
Carrying
amount
|
|
Ownership
interest
|
|
Carrying
amount
|
|
|
MPC Container Ships ASA
|
|
|
17.14 |
% |
|
$ |
133,674,134 |
|
|
|
20.1
|
%
|
|
$
|
227,922,012
|
|
|
MPC Energy Solutions N.V.
|
|
|
20.5 |
% |
|
|
6,071,783
|
|
|
|
20.5
|
%
|
|
|
6,347,377
|
|
|
Total
|
|
|
|
|
|
$ |
139,745,917 |
|
|
|
-
|
|
|
$
|
234,269,389
|
|
|
|
|
Equity method
investments
measured at
fair value
|
|
|
Balance December 31, 2025
|
|
$
|
139,745,917
|
|
|
First time consolidation (2)
|
|
|
23,155,175
|
|
|
Unrealized gain on equity method
investments revalued at fair value at end of the period
|
|
|
69,600,528
|
|
|
Unrealized foreign exchange gain from
equity method investments measured at fair value (1i)
|
|
|
7,409,798
|
|
Unrealized foreign exchange loss from equity method investments measured at fair value – OCI portion- (1ii)
|
|
|
(5,642,029 |
) |
Balance June 30, 2026
|
|
$ |
234,269,389 |
|
|
(1)
|
The amount presented includes foreign exchange differences arising
from (i) translation into the functional currency to reflect end-of-period exchange rates, with any gains or losses included in the unaudited interim condensed consolidated statements of comprehensive income, and (ii) translation of
the accounts of foreign subsidiaries with non-USD functional currencies, with the resulting cumulative translation adjustments recorded in Other Comprehensive Income (OCI) in the unaudited interim condensed consolidated statements
of comprehensive income and accumulated in Accumulated Other Comprehensive Income (AOCI) within equity.
|
|
(2)
|
The investment in MPC CSI GmbH, which holds 16.68% of the investment in MPCC,
was consolidated for the first time as of January 1, 2026, following the termination of a voting agreement between the Company and a third-party investor. As a result, 100% of the subsidiary’s investment in MPCC is reflected in the Company’s unaudited condensed consolidated balance sheet. The impact of the first-time consolidation in the
amount of $23,155,175 is, therefore, solely attributable to non-controlling interests.
|
The following table summarizes the fair values of the assets
acquired and liabilities assumed at January 1, 2026:
|
Identifiable net assets
|
|
|
|
|
Equity method investments measured at fair value
|
|
$
|
130,006,587
|
|
|
Net current assets
|
|
|
661,471
|
|
| |
|
$
|
130,668,058
|
|
For those equity method investments that are considered significant for the interim
financial statements from the Company’s perspective, summarized consolidated financial information is provided below.
|
MPC Container Ships ASA (in thousands)
|
|
June 30, 2026
|
|
|
Current assets
|
|
$
|
491,176
|
|
|
Non-current assets
|
|
|
1,045,894
|
|
|
Current liabilities
|
|
|
147,949
|
|
|
Non-current liabilities
|
|
|
388,243
|
|
|
Market value (June 30, 2026)
|
|
|
1,132,429
|
|
|
Revenue
|
|
|
235,837
|
|
|
Net income
|
|
|
110,197
|
|
|
Total comprehensive income
|
|
$
|
110,522
|
|
|