MPC Container Ships ASA

Regulatory Filings • Jul 6, 2023

MPC Container Ships Announces Sale of Its Last Two Joint Venture-Owned Vessels

MPC Container Ships Announces Sale of Its Last Two Joint Venture-Owned Vessels

MPC Container Ships ASA ("MPCC" or the "Company") is pleased to announce the

sale of two joint venture-owned vessels, Cimbria and Cardonia, for a total price

of USD 42.5 million. The vessels, with a capacity of 2,800 TEU, were built in

2002 and 2003, respectively. Both vessels are currently on time-charter

contracts, expiring at the earliest in July 2025 (Cardonia) and in October 2025

(Cimbria).

This sale represents the final divestment of joint venture-owned vessels in the

Company's fleet. MPCC's joint venture initiative has proven highly successful,

with the acquisition of eight vessels at a total price of USD 58 million. During

their respective holding periods, the eight vessels generated around USD 114

million in EBITDA in total and have since been divested for about USD 186

million, resulting in an attractive multiple on invested capital.

Constantin Baack, CEO of MPC Container Ships, expressed his satisfaction with

the transaction, stating:

"These divestments conclude a successful investment for MPCC, and we would like

to extend our sincere appreciation to our joint venture-partner for their

excellent collaboration, which was instrumental in achieving this highly

positive outcome. The result of our joint-venture initiative validates our

strategy of investing through market cycles, identifying attractive

opportunities, implementing effective management, and exiting at favorable

prices. We remain committed to continually optimizing our fleet while

capitalizing on market opportunities to deliver attractive returns and

sustainable long-term shareholder value."

The vessels are scheduled for handover by the end of July 2023. The use of

proceeds will be determined by the Board of Directors after the sales have been

concluded.

For further information, contact: ir@mpc-container.com

About MPC Container Ships

MPC Container Ships ASA (OSE: MPCC) is a leading container tonnage provider

specializing in small to mid-size container ships. The Company owns and operates

a portfolio of container ships that serve 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.