Equity method investments

12 Months Ended

Dec. 31, 2024

Equity method investments [Abstract]

Equity method investments

11. Equity method investments

The Company holds investments in certain companies that are accounted for pursuant to the equity method. As of December 31, 2024, the Company held the following ownership interests in the outstanding common stock of entities which are significant from the Company’s perspective:

Equity method investments (in thousands)	Ownership interest			Carrying amount
MPC Caribbean Clean Energy Limited, Barbados		22.2	%	$	5,033
BB Amstel B.V.		41.5	%		7,443
Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG (joint venture)		50.0	%		17,808
Barber Ship Management Germany GmbH & Co. KG (joint venture)		50.0	%		3,923
Other		-			16,297
Total		-		$	50,504

Equity method investments measured at fair value (in thousands)	Ownership interest			Carrying amount
MPC Energy Solutions NV		20.5	%	$	3,869
MPC Container Ships ASA		13.7	%		111,586
Total		-		$	115,455

MPC Capital has significant influence over MPC Container Ships ASA despite holding less than 20% of the outstanding voting stock due to its representation on the board of directors and its participation in policy-making processes.

As part of the pushdown accounting, the fair value option was elected for MPC Container Ships ASA and MPC Energy Solutions N.V.. The entire net gain from equity method investments during the reporting period is attributable to the fair value changes (Level 1) of these two entities.

For those equity method investments that are considered significant from the Company’s perspective, summarized consolidated financial information is provided below (earnings of these entities were immaterial in the reporting period).

MPC Caribbean Clean Energy Limited, Barbados (in thousands)	December 31, 2024
Current assets	$	1,077
Non-current assets		32,348
Current liabilities		660
Non-current liabilities	$	10,000

BB Amstel B.V. (in thousands)	December 31, 2024
Current assets	$	951
Non-current assets		17,113
Current liabilities		124
Non-current liabilities	$	-

Wilhelmsen Ahrenkiel Ship Management GmbH & Co. KG (in thousands)	December 31, 2024
Current assets	$	5,405
Non-current assets		11,740
Current liabilities		3,861
Non-current liabilities	$	-

Barber Ship Management Germany GmbH & Co. KG (in thousands)	December 31, 2024
Current assets	$	293
Non-current assets		2,183
Current liabilities		160
Non-current liabilities	$	208

MPC Energy Solution N.V. (in thousands)	December 31, 2024
Current assets	$	24,977
Non-current assets		98,614
Current liabilities		6,674
Non-current liabilities		66,677
Market value (December 31, 2024)	$	18,853

MPC Container Ships ASA (in thousands)	December 31, 2024
Current assets	$	178,061
Non-current assets		1,053,313
Current liabilities		114,438
Non-current liabilities		299,316
Market value	$	813,367