MPC Container Ships (MPCC) has agreed to acquire Songa Container through a share purchase agreement worth $210m.

The deal represents a major consolidation between European boxship tonnage providers in a boiling hot charter market.

Constantin Baack, chief executive of Oslo-listed, Hamburg-managed MPCC said the acquisition was backed by the company’s strong belief in sustainable container market fundamentals and its desire to take advantage of the significant lag between asset values and rates.

The deal, which is expected to be completed by the end of July, will see Songa’s fleet of 11 containerships that have an average capacity of 2,250 teu come under the control of MPCC, giving it a total fleet strength of 75 vessels with a total capacity of 158,000 teu.