MPC Container Ships ASA

Earnings Release • May 28, 2024

MPC Container Ships Reports Q1 2024 Results

MPC Container Ships Reports Q1 2024 Results

Highlights

· Strong operating revenues of USD 147.5 million.

· EBITDA was USD 96.1 million, compared to USD 141.4 million in Q1 2023. Adj.

for non-recurring items, EBITDA was USD 96.3 million compared to USD 110.7

million in Q1 2023.

· Profit for the period was USD 76.5 million. Adj. for non-recurring items,

the profit for the period was USD 76.7 million compared to USD 88.9 million in

Q1 2023.

· Adj. EPS was USD 0.17 (Q1 2023: USD 0.20) and the Board has declared a

quarterly recurring dividend of USD 0.13 per share.

· Average TCE was USD 27,452 per day in Q1 2024, compared to USD 30,989 in Q1

· Fleet utilization was 98.9%, up from 97.1% in Q1 2023.

· Subject to certain assumptions, the financial guidance for 2024 has been

increased to operating revenues in the range of 475-490 million (previous: USD

435-470 million) and EBITDA in the range of USD 280-305 million (previous: USD

240-280 million).

· As at March 31, 2024, the Group's fleet consisted of 56 vessels, with an

aggregate capacity of approximately 126,035 TEU.

Commenting on MPCC's results in the first quarter, Co-CEO and CFO Moritz

Fuhrmann, said:

"MPCC delivered robust operational and financial performance in the first

quarter. Our revenues were bolstered by high utilization, driven by the

rescheduling of several dry-docks to the latter half of the year. We maintained

a strong balance sheet, operating with low leverage of 13.2% and with net debt

of negative USD 22.4 million at the end of the quarter, reflecting our

commitment to maintaining financial strength and strong liquidity.

We also remain committed to providing strong shareholder returns. The Board has

declared a recurring dividend of USD 0.13 per share for the first quarter,

amounting to USD 57.7 million, bringing the year-to-date dividend yield to

approximately 20%. Additionally, we ended the quarter with a charter backlog of

USD 0.9 billion and contract coverage for 84% of open days remaining for 2024

and 47% for 2025, ensuring continued good earnings visibility."

Reflecting on recent market trends and the future outlook, CEO Constantin Baack

added:

"The shipping industry continues to be faced with geopolitical events,

particularly the ongoing Red Sea Crisis and vessel attacks by the Houthi

movement. These events have led carriers to reroute vessels around the Cape of

Good Hope, disrupting supply-demand dynamics and resulting in significantly

increased freight- and charter rates.

Over recent months, the market has firmed up considerably, with smaller vessels

now being fixed on charters for 12 to 24 months or longer and increasingly on

forward charter positions, driving an improved contract coverage and earnings

visibility.  Still, outlook remains uncertain due to the potential resolution of

the Red Sea Crisis and the increased supply of new vessels in the larger

segments, which could change the current supply-demand dynamics.

Our continued strong results highlight our resilience and agility amid a dynamic

market landscape. We have maintained our financial strength and made further

progress in our fleet renewal and optimization efforts. As we move forward, we

remain committed to leveraging our strong financial foundation, operational

excellence, and sustainable initiatives to seize emerging opportunities, drive

growth, and maximize shareholder value."

The above information is subject to the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act.

Q1 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 Q1 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/20240528_1/

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.

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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.