The newest acquisition by MPC Container Ships (MPCC) will pay for itself in under three years as surging rates meet "a sustainable shortage of tonnage" in the small boxship segment, chief executive Constantin Baack told investors on Wednesday.

Baack's remarks came in an investor conference call to explain the acquisition of Arne Blystad's Songa Container and its remaining 11-ship fleet for $210.5m in cash and shares.

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