MPC Container Ships ASA

Earnings Release • Aug 28, 2024

MPCC Q2 2024 Results: Backlog Increased to USD 1.1 Billion Creating Significant Earnings Visibility

MPCC Q2 2024 Results: Backlog Increased to USD 1.1 Billion Creating Significant Earnings Visibility

Oslo, Norway - MPC Container Ships ("MPCC" or the "Company") delivered another

quarter of solid operational and financial results, supported by efficient

operations and continued high fleet utilization. During the quarter, MPCC was

able to capitalize on favorable market conditions, significantly strengthening

its long-term contract coverage and charter backlog, which stood at USD 1.1

billion at the end of the period. Simultaneously, MPCC enhanced its fleet

composition by undertaking key initiatives for fleet renewal and optimization.

The Company continues to deliver attractive shareholder returns with a quarterly

dividend of USD 0.10 per share, totaling approximately USD 44.4 million, marking

its 11th consecutive quarterly dividend.

Highlights

· Charter backlog increased to USD 1.1 billion with increased contract

coverage for 2025 (76%) and 2026 (42%).

· Quarterly recurring dividend of USD 0.10 per share, bringing aggregated

total dividends to USD 893 million declared since February 2022.

· The financial guidance for 2024 increased to operating revenues in the range

of USD 510-520 million (previous: USD 475-490 million) and EBITDA in the range

of USD 335-350 million (previous: USD 280-305 million).*

· Continued strong operations with high fleet utilization of 97.6% (Q2 2023:

97.4%) and average TCE of USD 26,742 per day (Q2 2023: USD 29,668).

· Operating revenues of USD 130.9 million and EBITDA of USD 84.4 million (Q2

2023: USD 142.7 million). EBITDA adjusted for non-recurring items was USD 78.0

million (Q2 2023: USD 110.5 million).

· Profit for the period was USD 64.8 million and USD 58.4 million adj. for non

-recurring items (Q2 2023: USD 87.7 million).

· Adj. EPS was USD 0.13 (Q2 2023: USD 0.23).

As at June 30, 2024, the Group's fleet consisted of 55 vessels, with an

aggregate capacity of approximately 120,000 TEU.

Commenting on MPCC's second quarter results, Co-CEO and CFO Moritz Fuhrmann,

said:

"Our strong second quarter performance highlights the effectiveness of our

strategy in navigating a dynamic market environment. By securing long-term

contracts and advancing key fleet renewal initiatives, we effectively utilize

the short-term market momentum and strengthen MPCC's long-term position.

Simultaneously, we are investing in eco-friendly technologies to meet evolving

environmental standards and achieve our greenhouse gas emissions targets. We

also continue to distribute attractive quarterly dividends, providing

shareholders with consistent returns."

Reflecting on market developments and MPCC's strategic outlook, CEO Constantin

Baack added:

"Throughout the first half of 2024, the container shipping market benefitted

from strong freight and charter rates, largely driven by ongoing geopolitical

disruptions and further accelerated by shippers advancing imports. In this

environment, we successfully enhanced our robust charter backlog to USD 1.1

billion with 76% of open days in 2025 already covered by existing contracts.

This provides us with excellent earnings visibility moving forward and

reinforces our ability to deliver sustainable and predictable dividends over the

coming years.

Looking ahead, we anticipate more market volatility as new vessels enter the

market and geopolitical tensions evolve. In this environment, our strong balance

sheet, low leverage, and revenue visibility places us in an excellent position,

with the financial strength and flexibility needed to pursue attractive market

opportunities that create lasting shareholder value."

The above information is subject to the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act.

Q2 2024 Earnings Call:

Constantin Baack, CEO, and Moritz Fuhrmann, Co-CEO and CFO, will present the

results in an earnings call today at 15:00 CET / 09:00 ET, followed by a Q&A

session. The earnings call can be accessed live via webcast and questions can be

submitted in writing. A recording will be available on demand at the Company's

website after the live event has concluded.

The Q2 2024 report and presentation materials are attached to this release and

available on the Company's website: https://www.mpc-container.com/investors/

The webcast can be accessed through the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20240828_4/

For more information, contact:

ir@mpc-container.com

About MPC Container Ships

MPC Container Ships ASA (ticker code "MPCC") is a leading container tonnage

provider focusing on small to mid-size container ships. Its main activity is to

own and operate a portfolio of container ships serving intra-regional trade

lanes on fixed-rate charters. The Company is registered and has its business

office in Oslo, Norway. For more information, please visit www.mpc

-container.com.

***

Forward-looking statements:

This announcement includes forward-looking statements. Such statements are

generally not historical in nature, and specifically include statements about

the Company's plans, strategies, business prospects, changes and trends in its

business, the markets in which it operates and its restructuring efforts. These

statements are made based upon management's current plans, expectations,

assumptions and beliefs concerning future events impacting the Company and

therefore involve a number of risks, uncertainties and assumptions that could

cause actual results to differ materially from those expressed or implied in the

forward-looking statements, which speak only as of the date of this news

release. Consequently, no forward-looking statement can be guaranteed. When

considering these forward-looking statements, you should keep in mind the risks

described from time to time in the Company's regulatory filings and periodical

reporting. The Company undertakes no obligation to update any forward-looking

statements to reflect events or circumstances after the date on which such

statement is made or to reflect the occurrence of unanticipated events. New

factors emerge from time to time, and it is not possible for the Company to

predict all of these factors. Further, the Company cannot assess the impact of

each such factor on its business or the extent to which any factor, or

combination of factors, may cause actual results to be materially different from

those contained in any forward-looking statement.