MPC Container Ships ASA

Capital/Financing Update • Dec 13, 2022

MPC Container Ships executes further portfolio optimization measures

MPC Container Ships executes further portfolio optimization measures

· Sale of joint venture vessels Carpathia and AS Cleopatra

· Commercial agreement for the redelivery of vessels Carpathia and AS Carlotta

· Total consideration USD 77.7m million, net USD 49.8m after joint venture

consolidation and transaction costs

· Board of Directors intends to declare event-driven distribution of USD

0.07/share

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

measures for portfolio optimization and capital allocation. The Company has

entered into agreements to sell vessels Carpathia and AS Cleopatra as well as

commercial agreements for the early redelivery of vessels AS Carlotta and

Carpathia, against a cash compensation.

Following the sales of Carpathia and AS Cleopatra, MPCC will have reduced the

number of joint venture vessels from 8 to 3 since Q4 2021. AS Carlotta will

remain fully owned and operated by MPCC. The completion of the transactions is

subject to the successful redelivery and/or handover of the vessels.

"We are pleased to announce a new set of accretive portfolio measures in line

with our strategy for portfolio optimization and rational capital allocation,"

said CEO Constantin Baack. "By reducing the amount of joint venture vessels, we

further simplify and strengthen our corporate structure. With these

transactions, we also advance significant cash flows in an accretive way with an

emphasis on and commitment to returning capital to our investors. In addition,

we retain the future potential upside from our fully owned vessel, AS Carlotta."

"Going forward, MPC Container Ships remains in a favorable market position with

a strong balance sheet, and we are confident in our ability to continue to

create value by identifying and acting on attractive market opportunities,"

Baack continued.

The gross consideration expected to be received amounts to USD 77.7m (exact

amount dependent on timing). USD 52.5m relates to vessels Carpathia and AS

Cleopatra, which implies an NAV per share of approximately NOK 35. The total net

consideration, after joint venture consolidation effects and transaction costs,

is expected to amount to USD 49.8m.

The redelivery and settlement for AS Carlotta is expected to take place in

January 2023, after which the vessel will be open for new charters. Carpathia

was redelivered from the charterer in December 2022 and is expected to be

delivered to its new owner in December 2022. AS Cleopatra is expected to be

delivered to its new owner in January 2023.

Subject to the successful completion of the transactions, the Board of Directors

intends to declare an event-driven distribution of USD 0.07 per share, payable

in February 2023.

Please see the enclosed document for a summary of the transactions.

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.