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MPC Container Ships ASA
Investor Presentation • May 22, 2025
3666_rns_2025-05-22_53fb3076-4704-4462-9df7-6a10a1126e57.pdf
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Q1 2025 EARNINGS CALL
Constantin Baack, CEO Moritz Fuhrmann, Co-CEO and CFO
AGENDA
01 HIGHLIGHTS
02 MARKET UPDATE
03 COMPANY OUTLOOK
EXECUTIVE SUMMARY HIGHLIGHTS
Q1 HIGHLIGHTS:
- » Solid financial and operational performance leading to Q1 adj. EBITDA of USD 66m
- » Strong backlog: close to full coverage with 96% of open days covered in 2025, and 77% in 2026
- » Quarterly dividend of USD 0.08 per share for Q1 2025, bringing the total dividend declared since 2022 to over USD 1bn
- » Continued fleet renewal with the sale of seven vessels with an average age of 17 years and delivery of the first dual-fuel newbuilding
- » Completed a tap issue in the outstanding senior unsecured sustainability-linked bond of additional USD 75m and completed MPCC's first Japanese financing transaction
- » Reaffirmed financial guidance for FY2025 of revenues of USD 485m-500m and EBITDA of USD 305m-325m
Q1 2025 ADJUSTED EBITDA USD 66m
Q1 2025 DIVIDENDS PER SHARE USD 0.08
FINANCIAL AND OPERATIONAL PERFORMANCE
| PROFIT OR LOSS |
FINANCIAL KPIs | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Q1 2025 | Q4 2024 | Q1 2024 | Q1 2025 | Q4 2024 | Q1 2024 | ||||
| Gross Revenues | USD m | 127.1 | 130.0 | 147.5 | Adj. EPS | USD | 0.11 | 0.11 | 0.17 |
| Adj. EBITDA | USD m | 66.2 | 72.3 | 96.3 | DPS | USD | 0.08 | 0.09 | 0.13 |
| Adj. Net Profit | USD m | 48.2 | 50.7 | 76.7 | Op. Cash Flow | USD m | 75.4 | 76.9 | 90.3 |
| BALANCE SHEET | OPERATIONAL KPIs | ||||||||
| Q1 2025 | Q4 2024 | Q1 2024 | Q1 2025 | Q4 2024 | Q1 2024 | ||||
| Total assets | USD m | 1,345 | 1,231 | 959 | Adj. Average OPEX1 | USD/day | 6,992 | 7,666 | 6,915 |
| Net Debt (net cash) | USD m | 207 | 211 | (22) | Adj. Average TCE | USD/day | 25,441 | 25,190 | 27,452 |
CONTINUED STRONG CHARTER MARKET AND STABLE ASSET VALUES
OPERATIONAL HIGHLIGHTS YTD 2025
CHARTERING
- » YTD chartering activity underlines robust market momentum and continued forward fixing due to scarce vessel availability
- » Minimum durations of 24 months on fixtures YTD, translating into healthy backlog
| # | DATE VESSEL |
TEU | CHARTERER | CHARTER RATE (USD /D) |
PERIOD (MONTHS) |
|---|---|---|---|---|---|
| 1 | Feb 25 AS Anita |
2,000 | COSCO | 23,600 | 24 – 26 |
| 2 | Feb 25 AS Alexandria |
2,000 | MSC | 23,500 | 24 - 26 |
| 3 | Apr 25 AS Svenja |
1,700 | CMA CGM | 22,000 | 24 – 26 |
| 4 | Apr 25 AS Nora |
3,500 | CMA CGM | 28,000 | 32 – 34 |
| 5 | May 25 Sevillia |
1,700 | CMA CGM | 21,000 | 23 - 25 |
OPERATIONS & PROJECTS
- » 2x 1,300 TEU dual-fuel Methanol newbuildings delivered in Q1 & Q2 2025
- » Successful handover of AS Fenja in Q1 2025
- » Active portfolio management with the sale of 7 vessels in Q1 2025, with an average age of 17 years
| # | DATE | VESSEL | TEU | BUILT | GROSS PRICE (USD) |
HANDOVER STATUS |
|---|---|---|---|---|---|---|
| 1 | Dec 24 | AS Fenja | 1,300 | 2005 | 8.6m | |
| 2 | Mar 25 | AS Fabiana | 1,300 | 2007 | 21.8m | August 2025 |
| 3 | Mar 25 | AS Franziska | 1,300 | 2005 | en bloc |
June 2025 |
| 4 | Mar 25 | AS Fabrizia | 1,300 | 2008 | May 2025 | |
| 5 | Mar 25 | AS Filippa | 1,300 | 2008 | May 2025 | |
| 6 | Mar 25 | AS Floriana | 1,300 | 2008 | 72.0m | May 2025 |
| 7 | Mar 25 | AS Alexandria | 2,000 | 2010 | en bloc |
June 2025 |
| 8 | Mar 25 | AS Anita | 2,000 | 2010 | June 2025 |
CONTINUED EXECUTION OF FLEET OPTIMISATION
STRATEGIC APPROACH TO FLEET RENEWAL AND OPTIMIZATION
- » Continued use of the S&P and charter market to optimize fleet towards younger and more fuel-efficient vessels
- » Extensive retrofit program to significantly increasing vessel efficiency
- » Rational decision making when continuing fleet renewal projects, including to de-risk acquisitions through term charters
- » Newbuilding projects well de-risked by contracted EBITDA
- » Well positioned for upcoming environmental regulations
SIGNIFICANT PART OF THE FLEET IS ECO DESIGN OR TO BE RETROFITTED
ROBUST AND FLEXIBLE BALANCE SHEET
- » USD 437m in gross debt covered by USD 1.5bn in asset values
- » USD 207m net debt, 3.4x covered by the company's projected EBITDA backlog
- » 33 debt free vessels with USD 802m FMV imply high balance sheet flexibility with no maturities until 2027
- » Weighted average margin on senior secured debt has been reduced by ~40bps over the last 12 months
not include dry docking capex, 6) Arithmetic average of the applicable time charter rate on 19 May 2025
CONTINUED GOOD CASH GENERATION SUPPORTS FLEET RENEWAL AND DIVIDENDS
CASH FLOW BRIDGE FOR Q1 2025
- USD million » Continuing our fleet renewal, with investing cash flow mainly comprising of the investments in vessels (upgrades and regulatory) as well as newbuilding, while disposing of less efficient vessels
- » Financing cash flow driven by bond tap of USD 75m and financing of final newbuilding instalment of USD 20m
- » Debt repayments include voluntary prepayment of USD 10m
- » Payment of MPCC's 13th consecutive dividend
AGENDA
01 HIGHLIGHTS
02 MARKET UPDATE
03 COMPANY OUTLOOK
VOLATILITY WILL REMAIN…
…AS INSECURITIES MOUNT
TRANSPACIFIC FREIGHT INDEX (SCFI USWC)
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» Liners are caught in a perfect storm of tariffs and tariff pauses, therefore having transport capacity at your disposal is now more important than ever before
- » Geopolitical instabilities, financial markets volatility and complex new regulations (IMO Net Zero Framework) will present risks and opportunities going forward
- » Current trends confirm MPCCs fleet renewal strategy
TIMECHARTER MARKET AND S&P: RESILIENT AND DEMAND-DRIVEN
TIMECHARTER INDEX ("HARPEX")
CLARKSON SECOND-HAND PRICE INDEX
» Charter rates remained robust in Q1 2025 due to scarce availability
» The secondhand-market is currently seeing the highest asset valuations in 14 years - outside the pandemic boom
LIMITED FORWARD AVAILABILITY…
FORWARD AVAILABILITY (1-6 MONTHS)
No. of vessels
- » A limited number of vessels are available on a forward basis
- » The decline in forward availability has helped charter rates to remain stable
…AND ONGOING FORWARD FIXING
FORWARD FIXTURES (>30 DAYS)
Percent of total fixtures
- » Forward fixing has picked up in 2025 due to scarcity of tonnage
- » Charterers continue to proactively secure vessels, albeit no longer for multi-year contracts for the time being
REGIONAL MARKETS GROW…
DIVERGING GROWTH TRENDS ON THE DEMAND SIDE
| CAGR 2024-2026 | |
|---|---|
| Mainlane trades | 0.9% |
| Intra-Regional | 3.5% |
| of which: Intra-Asia | 3.4% |
| of which: Intra ME/ISC | 4.6% |
| of which: Intra LatAm | 5.0% |
- » Intra-regional container trade a core market for the MPCC fleet -is expected to outperform the mainlane trades
- » In intra-regional trades1 , 98% of vessel deployed are smaller than 5,100 TEU
VESSELS 1,000-8,000 TEU MPCC CORE SEGMENT
6% OB-to-fleet ratio
Vessels +20 yrs
VESSELS > 8,000 TEU
30%
OB-to-fleet ratio
47%
OB-to-fleet ratio
Q1 2025 Earnings Presentation
…BUT REGIONAL FLEETS NOT SO MUCH
| KEY TOPIC | DESCRIPTION |
|---|---|
| REGULATIONS | » Newbuilding markets could create opportunities around the IMO Net Zero-Framework implications |
| US TARIFFS | » Trade tensions create uncertainties, uncertainties impacting future growth » Escalating US tariffs could lead to stronger links among US partners, and increased relocation of global manufacturing |
| » Unpredictability on tariffs could cause bullwhip effects along supply chains |
|
| » Total orderbook-to-fleet ratio at 30% |
|
| FLEET DEVELOPMENT | » Largest vessels continue to dominate contracting and orderbook, while significant modernization potentials exist below 8,000 TEU |
| » Supply growth expected to exceed demand growth by 2.7% in 2025 and 1.1% in 2026, indicating market easing |
|
| RED SEA | » The ongoing bypassing the Red Sea maintains a 12% TEU-mile increase |
| » An immediate return seems currently unlikely |
AGENDA
- 01 HIGHLIGHTS
- 02 MARKET UPDATE
- 03 COMPANY OUTLOOK
OUTLOOK
WELL-TIMED RATIONAL CAPITAL ALLOCATION HAS CREATED VALUE ACROSS CYCLES
OUTLOOK
REBALANCING CAPITAL ALLOCATION FOR ACCRETIVE GROWTH OPPORTUNITIE S
MPC Container Ships | | Q1 2025 Earnings Presentation
OUTLOOK
STRONG CHARTER BACKLOG PROVIDE HIGH VISIBILITY INTO EARNINGS
MPC Container Ships | | Q1 2025 Earnings Presentation 18 1) Underlying min/max periods for contracted charter based on management assessment. Contracted Revenue and Projected EBITDA not including IFRS adjustments. 2) Revenues / Periods / TCE's / costs in good faith, but indicative only and subject to changes. Fixed revenue and days as of 19 May 2025. 3) Revenue and TCE not including IFRS amortization of time charter carry. 4) Projected EBITDA based on contracted revenue (consolidated fleet) reduced by operating costs of USD 8,510 per day and vessel (incl. voyage expenditures / OPEX / G&As / Shipman) . 5) Subject to redelivery of vessels (agreed min. / max. periods of charter contract). 6) Contracted forward TCE based on revenue divided by fixed operating days. 7) Upcoming vessels based on the minimum period. Includes 7 vessels held for sale subject to successful handover as fixed vessels 8) Excludes vessels sold subject to successful handover.
STRONG VALUE PROPOSITION: LOW RISK & SIGNIFICANT UPSIDE
VALUATION BRIDGE
- » Current Enterprise value is more than fully covered by the projected EBITDA backlog of USD ~0.7bn and the recycling value
- » Further significant upside potential from existing fleet of 54 vessels and further earnings capacity
OPEN RATE SENSITIVITY
Clarksons 10y Historical Average of USD ~18,300 pd3 Current Market Rates of USD ~29,700 pd3
USDm
MPC Container Ships | | Q1 2025 Earnings Presentation 19 1) As of 20 May 2025 based on share price of NOK 17.335; NOK/USD of 10.5 2)Fleet Value based on charter-free values from VesselsValue.com dated 19 May 2025, including Newbuildings. Recycling Value of the Fleet as per VesselsValue.com, 3) 10-Y Historical average of with USD ~18,300/day and current market rates of ~29,700/day based on monthly average 6-12 months TC rates from Clarksons Research as of April 2025. Rates are weighted averages based on size and number of vessels, 4) Illustrative operating revenue earnings scenarios, no forecasts, assuming upcoming fixtures at above shown rates. Based on 97% utilization, 5) Illustrative net profit scenarios, no forecasts, assuming operating costs of USD 8,510 per day and vessel, USD 130m of depreciation and net finance costs
FINAL REMARKS
- » Strong operational execution with high contract coverage supporting forward visibility into 2025 and 2026
- » Disciplined capital allocation, with continued dividend distributions and strategic fleet renewal to enhance efficiency and sustainability
- » Strengthened financial flexibility through successful bond tap and diversification of funding sources, including entry into Japanese financing markets
- » Reaffirmed full -year guidance, highlighting continued confidence in the company's outlook and market positioning
QUESTIONS & ANSWERS
CHARTER BACKLOG SECURED IN TOP LINER COUNTERPARTS
CHARTER BACKLOG DEVELOPMENT AND COUNTERPARTIES
- » 90% of revenue backlog with top 10 liners and cargo-backed7
- » More than 2 years average remaining contract duration
APPENDIX MPCC DIVIDEND POLICY
In support of the objective to maximize shareholder returns, MPC Container Ships' intention is to pay regular dividends by way of distributing 30-50% 75% of net profits after considering CAPEX and working capital requirements, including liquidity reserves, and non-recurring items. Dividends will be declared or proposed at the sole discretion of the Board and will depend upon the financial position, earnings, debt covenants, distribution restrictions, capital requirements and other factors related to MPC Container Ships and its subsidiaries.
The Company cannot guarantee that its Board will declare or propose dividends in the future. Furthermore, MPC Container Ships may make event-driven distributions based on non-recurring proceeds, such as vessel sales, by way of extraordinary dividends or share buybacks, at the Board's discretion.
OVERVIEW OF FINANCING FACILITIES
| Facility | Type | Pre-delivery | Outstanding 31/03/25 | Total capacity | Interest rate | # | Repayment profile | Maturity |
|---|---|---|---|---|---|---|---|---|
| HCOB | RCF | USD 0m | USD 100m /75m | 295bps + SOFR | 131 | Commitment will be reduced starting in Mar 2024 – Dec 2027 |
Dec. 2027 | |
| CA-CIB | Term Loan | Yes | USD 87.3m | USD ~101m | 175 – 275bps + SOFR |
2 | quarterly 48x 1.1m + 8x 2.4m, 4x 1.4m, followed by subsequent instalments (to be agreed by borrower and lender) |
Q2 2031 |
| HCOB Ecofeeder |
Term Loan | USD 34.4m | USD 50m | 280bps + SOFR | 4 | 14 x quarterly 0.7m + 25m balloon | Aug. 2028 | |
| BoComm | Sale & Lease back |
USD 36.8m | USD 75m | 260bps + SOFR | 102 | 5x monthly 1.2m, 24x 0.3m + 24.4m balloon2 | Sep. 2027 | |
| Deutsche Bank |
Term Loan | Yes | USD 35.0m | USD ~54.5m | 230bps + SOFR | 2 | 23 x semi-annual installments of 3.33% + 23.34% balloon | 2037 |
| First Citizen Bank |
Term Loan | USD 28.5m | USD 30m | 195bps + SOFR | 2 | 15 x quarterly 1.5m + 7.5m balloon | Oct. 2028 | |
| Development Bank of Japan / Shinsei |
Term Loan | USD 16.0m | USD 16m | 175bps + SOFR | 1 | 8x quarterly 0.75m, 15x 0.28m + 5.9m balloon | Mar. 2031 | |
| KfW-IPEX | Term Loan | USD 0m | USD 52.0m3 | 190bps + SOFR | 2 | 6 x semi-annual 5.4m, 7x 1.8m + 7.1m balloon | May 2032 | |
| Nordic HY Bond |
Senior unsecured sustainability linked |
USD 200m | USD 200m | 737.5bps | n/a | n/a | Oct. 2029 |
CALCULATION OF RECURRING DIVIDEND FOR Q1 2025 APPENDIX
| USD million | Q1 2025 1 (unaudited) |
|---|---|
| Operating revenue | 127.1 |
| EBITDA | 77.8 |
| Profit for the period | 59.7 |
| Adjustment related to vessel sales | -3.2 |
| Adjustment related to normalized depreciation | -8.4 |
| Adjusted profit for the period | 48.2 |
| No. of shares outstanding | 443.7 |
| Adjusted earnings per share (in USD) | 0.11 |
| 75% declared as recurring dividend per share (in USD) | 0.08 |
| Recurring dividend in USD million | 35.5 |
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS
| Q1 2025 | Q1 2024 | |
|---|---|---|
| In USD thousands | (unaudited) | (unaudited) |
| Operating revenues | 127,082 | 147,543 |
| Commissions | (2,991) | (3,991) |
| Vessel voyage expenditures | (6,342) | (3,344) |
| Vessel operation expenditures | (38,332) | (37,421) |
| Ship management fees | (2,591) | (2,621) |
| Share of profit or loss from joint venture | (2) | (29) |
| Gross profit | 76,824 | 100,137 |
| Administrative expenses | (4,971) | (4,326) |
| Other expenses | (903) | (525) |
| Other income | 3,642 | 1,062 |
| Gain (loss) from sale of vessels | 3,182 | (211) |
| Depreciation | (13,982) | (17,745) |
| Operating profit | 63,792 | 78,392 |
| Finance income | 1,892 | 1,774 |
| Finance costs | (6,146) | (4,108) |
| Profit (loss) before income tax | 59,538 | 76,058 |
| Income tax expenses | 203 | 396 |
| Profit (loss) for the period | 59,741 | 76,454 |
| Attributable to: | ||
| Equity holders of the Company | 59,661 | 76,424 |
| Minority interest | 80 | 30 |
| Basic earnings per share – in USD |
0.13 | 0.17 |
| Diluted earnings per share – in USD |
0.13 | 0.17 |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
| March 31, 2025 | Dec 31, 2024 | ||
|---|---|---|---|
| in USD thousands | in USD thousands | ||
| ASSETS | EQUITY AND LIABILITIES | ||
| Non-current Assets | Equity | ||
| Inventories | 6,952 | 7,206 | |
| Trade and other receivables | 41,746 | 37,735 | Non-current liabilities |
| TOTAL ASSETS | 1,344,846 | 1,231,374 |
| (unaudited) (audited) (unaudited) EQUITY AND LIABILITIES Equity Vessels 1,041,995 1,003,460 Share capital 48,589 48,589 Newbuildings 22,220 44,344 Share premium 1,879 1,879 Right-of-use asset 217 264 Other paid-in capital 464 286 Investments in associate and joint venture 5,243 5,245 Retained earnings 782,330 762,602 1,069,675 1,053,313 Other reserves (488) (260) Non-controlling interest 4,604 4,524 Total equity 837,378 817,620 Inventories 6,952 7,206 Trade and other receivables 41,746 37,735 Non-current liabilities Financial instruments at fair value 796 1,060 Non-current Interest-bearing debt 402,416 299,237 Restricted cash 6,291 6,364 Lease liabilities -long-term 35 79 Cash and cash equivalents 219,386 125,696 Other non-current liabilities 2,314 - 275,171 178,061 Total non-current liabilities 404,765 299,316 1,344,846 1,231,374 Current liabilities Current interest-bearing debt 30,567 44,037 Trade and other payables 17,036 12,632 Derivative financial instruments - short-term - 101 Related party payables 266 72 Income tax payable 167 164 Deferred revenues 31,387 29,706 Other liabilities 23,280 27,726 Total current liabilities 102,703 114,438 TOTAL EQUITY AND LIABILITIES 1,344,846 1,231,374 |
in USD thousands | March 31, 2025 | Dec 31, 2024 | March 31, 2025 | Dec 31, 2024 | |
|---|---|---|---|---|---|---|
| ASSETS Non-current Assets Total non-current assets Current Assets Total current assets TOTAL ASSETS |
in USD thousands | (audited) | ||||
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
| in USD thousands | Q1 2025 | Q1 2024 | Q1 2025 | Q1 2024 | |
|---|---|---|---|---|---|
| (unaudited) | (unaudited) | in USD thousands | (unaudited) | (unaudited) | |
| Profit (loss) before income tax | 59,538 | 76,058 | Dividends paid | (39,933) | (57,938) |
| Income tax expenses paid | - | - | Additions from non-controlling interest | - | - |
| Net change inventory and trade and other receivables |
(3,732) | (822) | Proceeds from debt financing | 110,011 | 7,220 |
| Net change in trade and other payables and other liabilities |
4,613 | (2,214) | Repayment of long-term debt | (21,524) | (7,432) |
| Net change other non-current assets and other non-current liabilities |
(1,923) | - | Payment of principal of leases | (43) | (52) |
| Net change in deferred revenues | 1,681 | (2,565) | Interest paid | (3,313) | (2,888) |
| Depreciation | 13,982 | 17,745 | Debt issuance costs | (1,262) | (1,000) |
| Share-based payment | 178 | - | Other finance paid | (411) | (698) |
| Finance costs (net) | 4,254 | 2,334 | Cash from /(to) financial derivatives | 107 | - |
| Share of profit (loss) from joint venture | 2 | 29 | Cash flow from financing activities | 43,632 | (62,788) |
| (Gain) loss from sale of vessels and fixed assets | (3,182) | 211 | |||
| Amortization of TC contracts | - | (463) | Net change in cash and cash equivalents | 93,264 | 26,278 |
| Cash flow from operating activities | 75,411 | 90,313 | Net foreign exchange difference | 353 | - |
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
|---|---|---|---|---|
| Restricted cash, cash & cash equiv. at beginning of the period |
132,060 | 122,584 | ||
| period | 225,677 | 148,862 |
FLEET EMPLOYMENT OVERVIEW
| No | Vessel | Cluster | Charterer | Remark | MPCC Current Fixture (USD/day) |
May-25 | Jun-25 | Jul-25 | Aug-25 Sep-25 |
Oct-25 | Nov-25 Dec-25 |
Jan-26 | Feb-26 | Mar-26 | Apr-26 | May-26 Jun-26 |
Min / Max |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | AS FRANZISKA1 | 1,300 grd | Maersk A/S | 17,000 | May-25 / Jun-25 | ||||||||||||
| 2 | AS FABIANA1 | 1,300 grd | Maersk A/S | 29,500 | DD2 | May-25 / Jul-25 | |||||||||||
| 3 | AS PENELOPE3 | 2,500 gls | Hapag-Lloyd | 16,950 | Jul-25 / Oct-25 | ||||||||||||
| 4 | AS ANGELINA | 2,000 grd | Maersk A/S | 36,500 | Aug-25 / Oct-25 | ||||||||||||
| 5 | AS SERENA | 1,700 grd | Maersk A/S | 20,300 | Aug-25 / Nov-25 | ||||||||||||
| 6 | AS SOPHIA | 1,700 grd | Maersk A/S | 38,000 | Sep-25 / Nov-25 | ||||||||||||
| 7 | AS SIMONE | 1,700 grd eco |
Maersk A/S | Eco & Retrofit | 20,1134 | Sep-25 / Sep-26 | |||||||||||
| 8 | AS SILJE | 1,700 grd eco |
Maersk A/S | Eco & Retrofit | 20,6934 | Oct-25 / Oct-26 | |||||||||||
| 9 | AS SABINE | 1,700 grd eco |
Maersk A/S | Eco & Retrofit | 20,6934 | Nov-25 / Nov-26 | |||||||||||
| 10 | AS STINE | 1,700 grd eco |
Maersk A/S | Eco & Retrofit | 20,6934 | Dec-25 / Dec-26 | |||||||||||
| 11 | AS FILIPPA1 | 1,300 grd | CMA CGM | 13,500 | Jan-26 / Mar-26 | ||||||||||||
| 12 | AS FLORIANA1 | 1,300 gls | CFS | 17,650 | Feb-26 / Apr-26 | ||||||||||||
| 13 | AS FABRIZIA1 | 1,300 grd | King Ocean | 11,000 | Feb-26 / Apr-26 | ||||||||||||
| 14 | AS CYPRIA | 2,800 gls | Hapag-Lloyd | 18,500 | DD2 | Feb-26 / Apr-26 | |||||||||||
| 15 | AS FELICIA | 1,300 grd | ZISS | 24,000 | Mar-26 / May-26 | ||||||||||||
| 16 | AS FLORETTA | 1,300 grd | Crowley | 16,800 | Mar-26 / May-26 | ||||||||||||
| 17 | AS PATRIA | 2,500 grd | KMTC | 25,0005 | 15,500 | Mar-26 / Jul-26 | |||||||||||
| 18 | AS FIORELLA | 1,300 grd | COSCO | 15,000 | Apr-26 / Jun-26 | ||||||||||||
| 19 | AS CARELIA | 2,800 gls | Hapag-Lloyd | 19,500 | DD2 | Apr-26 / Jun-26 | |||||||||||
| 20 | AS ALVA | 2,000 grd | MSC | 15,500 | DD2 | Apr-26 / Jun-26 | |||||||||||
| 21 | AS CARLOTTA | 2,800 grd | ONE | 25,500 | DD2 | May-26 / Jun-26 | |||||||||||
| 22 | AS CLEMENTINA | 2,800 gls | Unifeeder | 21,178 | DD2 | May-26 / Jul-26 | |||||||||||
| 23 | STADT DRESDEN | 2,800 gls | Hapag-Lloyd | 19,500 | Jun-26 / Sep-26 | ||||||||||||
| 24 | AS CHRISTIANA | 2,800 grd | Sea Consortium | 26,800 | Jul-26 / Aug-26 | ||||||||||||
| 25 | AS PIA | 2,500 grd | Maersk A/S | Retrofit | 45,7506 | Aug-26 / Jan-27 |
Sold - handovers planned for Q2 2025
Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments
The charter period includes the added off-hire period in relation to vessels drydocking
Index-linked charter rate with a floor of USD 8,750 and a ceiling of USD 14,500 - 50/50 profit share for all assessed rates between USD 17,000 and USD 35,000
First year at USD 70,000, next year at USD 55,000, thereafter one year at USD 25,000 and then USD 15,500 for the remaining period
As of 29.08.2025 the charter rate will change to an index-linked scheme with a floor of USD 10,500 and a ceiling of USD 16,000, the charter also includes a Scrubber savings sharing mechanism in favour of MPCC
Min. period Max. period
FLEET EMPLOYMENT OVERVIEW
| No | Vessel | Cluster | Charterer | Remark | MPCC Current Fixture (USD/day) |
May-25 | Jun-25 | Jul-25 | Aug-25 | Sep-25 Oct-25 |
Nov-25 | Dec-25 | Jan-26 | Feb-26 Mar-26 |
Apr-26 | May-26 Jun-26 |
Min / Max |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 | AS COLUMBIA | 2,800 gls | Maersk A/S | Retrofit | 24,000 | Sep-26 / Oct-26 | |||||||||||
| 27 | AS CONSTANTINA | 2,800 gls | COSCO | 26,500 | DD1 | Sep-26 / Nov-26 | |||||||||||
| 28 | AS SICILIA | 1,700 grd | MSC | 17,000 | Sep-26 / Nov-26 | ||||||||||||
| 29 | AS CLAUDIA | 2,800 gls | Hapag-Lloyd | 19,500 | Oct-26 / Jan-27 | ||||||||||||
| 30 | AS PALINA | 2,500 HR grd | Maersk A/S | Retrofit | 45,7502 | Oct-26 / Apr-27 | |||||||||||
| 31 | AS CAMELLIA | 2,800 gls | Maersk A/S | 24,000 | Oct-26 / Dec-26 | ||||||||||||
| 32 | AS SELINA | 1,700 grd | Maersk A/S | 23,2503 | Nov-26 / Jan-27 | ||||||||||||
| 33 | AS SAVANNA | 1,700 grd | Maersk A/S | Retrofit | 23,2503 | Nov-26 / Jan-27 | |||||||||||
| 34 | AS CAROLINA | 2,800 gls | ZISS | 41,000 | Nov-26 / Jan-27 | ||||||||||||
| 35 | AS PETRONIA | 2,500 HR grd | Maersk A/S | Retrofit | 45,7502 | Nov-26 / May-27 | |||||||||||
| 36 | AS CALIFORNIA | 2,800 gls | Maersk A/S | 24,000 | Dec-26 / Feb-27 | ||||||||||||
| 37 | AS ANNE | 2,200 grd eco |
OOCL | Eco | 25,500 | DD1 | Dec-26 / Feb-27 | ||||||||||
| 38 | AS SABRINA | 1,700 grd | Maersk A/S | Retrofit | 23,2503 | Dec-26 / Feb-27 | |||||||||||
| 39 | AS SAMANTA | 1,700 grd | Maersk A/S | Retrofit | 23,2503 | Jan-27 / Mar-27 | |||||||||||
| 40 | AS SARA | 1,700 grd | Maersk A/S | Retrofit | 23,250 | Feb-27 / Apr-27 | |||||||||||
| 41 | AS PAMELA | 2,500 grd | EMC | 26,500 | Mar-27 / Apr-27 | ||||||||||||
| 42 | AS CASPRIA | 2,800 gls | ZISS | 40,700 | Mar-27 / May-27 | ||||||||||||
| 43 | AS ANITA4 | 2,000 gls | Diamond Line (COSCO) | 23,600 | Mar-27 / May-27 | ||||||||||||
| 44 | AS SUSANNA | 1,700 grd | ONE | 18,000 | DD1 | Mar-27 / Jun-27 | |||||||||||
| 45 | AS ALEXANDRIA4 | 2,000 gls | MSC | 23,500 | Apr-27 / Jun-27 | ||||||||||||
| 46 | AS FREYA | 1,300 grd | King Ocean | 16,250 | Apr-27 / Jun-27 | ||||||||||||
| 47 | AS SVENJA | 1,700 grd | CMA CGM | Retrofit | 22,000 | Apr-27 / Jun-27 | |||||||||||
| 48 | SEVILLIA | 1,700 grd | Samudera | 15,0005 | CMA CGM – | 21,000 | May-27 / Jul-27 | ||||||||||
| 49 | AS NURIA | 3,500 gls | Maersk A/S | Retrofit | 25,150 | Jun-27 / Aug-27 | |||||||||||
| 50 | AS NARA | 3,500 gls | Maersk A/S | 25,150 | Jul-27 / Sep-27 |
Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments
Min. period Max. period
As of 21.10.2025 the charter rate will change to an index-linked scheme for AS Palina and as of 19.11.2025 for AS Petronia with a floor of USD 11,000 and a ceiling of USD 17,000, the charter also includes a Scrubber savings sharing mechanism in favour of MPCC
Contracted base rate, index-linked scheme with a floor of USD 12,500 and a ceiling of USD 20,000. 50/50 profit share for all assessed rates between USD 20,000 and USD 30,000
Sold - handovers planned for Q2 2025
First year at USD 65,000, thereafter one year at USD 40,000 and then USD 15,000 for the remaining period
FLEET EMPLOYMENT OVERVIEW
| No | Vessel | Cluster | Charterer | Remark | MPCC Current Fixture (USD/day) |
May-25 | Jun-25 | Jul-25 | Aug-25 | Sep-25 | Oct-25 | Nov-25 | Dec-25 | Jan-26 | Feb-26 | Mar-26 | Apr-26 | May-26 | Jun-26 | Min / Max |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 51 | AS NORA | 3,500 grd | CMA CGM | Retrofit | 40,000 | 28,000 | Feb-28 / Apr-28 | |||||||||||||
| 52 | AS NINA | 3,500 gls | Maersk A/S | Retrofit | 30,000 | DD1 | Jul-27 / Sep-27 | |||||||||||||
| 53 | LIVORNO EXPRESS2 | 3,800 grd | Hapag-Lloyd | Eco | 33,250 | Mar-28 / Jun-28 | ||||||||||||||
| 54 | GENOA EXPRESS2 | 3,800 grd | Hapag-Lloyd | Eco | 33,250 | Mar-28 / Jun-28 | ||||||||||||||
| 55 | DETROIT EXPRESS2 | 3,800 grd | Hapag-Lloyd | Eco | 33,250 | Mar-28 / Jun-28 | ||||||||||||||
| 56 | BARCELONA EXPRESS2 3,800 grd | Hapag-Lloyd | Eco | 33,250 | Mar-28 / Jun-28 | |||||||||||||||
| 57 | MACKENZIE | 5,500 gls | ZISS | Eco | 70,0003 | Jun-31 / Jul-31 | ||||||||||||||
| 58 | COLORADO | 5,500 gls | ZISS | Eco | 70,0003 | Jul-31 / Sep-31 | ||||||||||||||
| 59 | AS FRIEDERIKE | 1,300 gls | Unifeeder | Dual-Fuel Methanol | Charter rate of EUR 17,750 per day | Dec-33 / Dec-33 | ||||||||||||||
| 60 | NCL VESTLAND | 1,300 grd | NCL | Dual-Fuel Methanol | 18,038 | Nov-39 / Mar-40 | ||||||||||||||
| 61 | NCL NORDLAND | 1,300 grd | NCL | Dual-Fuel Methanol | 17,856 | Feb-40 / Jun-40 |
Min. period Max. period Under construction
1 Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitment
2 Livorno Express to be renamed to AS Natalie, Detroit Express to be renamed to AS Nele, Genoa Express to be renamed to AS Nanne and Barcelona Express to be renamed to AS Ninette
3 Avg. Rate of USD 39,000 (first two years USD 70,000, the third year USD 45,000 and for the remaining four years USD 21,565)
DISCLAIMER
This presentation (the "Presentation") has been prepared by MPC Container ships ASA (the "Company") for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein.
Please note that no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any forward-looking statements, including projections, estimates, targets and opinions, contained herein. To the extent permitted by law, the Company, its parent or subsidiary undertakings and any such person's officers, directors, or employees disclaim all liability whatsoever arising directly or indirectly from the use of this Presentation. This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances, not historical facts and are sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forwardlooking statements contained in this Presentation (including assumptions, opinions and views of the Company or opinions cited from third party sources) are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company, any of its parent or subsidiary undertakings or any such person's officers, directors, or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors, nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments described herein.
The Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading in any material respect.
An investment in the company involves risk. several factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements that may be predicted or implied by statements and information in this presentation, including, but not limited to, risks or uncertainties associated with the company's business, development, growth management, financing, market acceptance and relations with customers and, more generally, economic and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange and interest rates and other factors. should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the actual results of the company may vary materially from those forecasted in this presentation.
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In relation to the United States and U.S. Persons, this Presentation is strictly confidential and may only be distributed to "qualified institutional buyers", as defined in Rule 144A under the U.S. Securities Act of 1933, as amended (the "US Securities Act"), or "QIBs". The recipient of this presentation is prohibited from copying, reproducing or redistributing the Presentation. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities law and may not be offered or sold within the United States unless an exemption from the registration requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be made (i) to persons located in the United States, its territories or possessions that are QIBs in transactions meeting the requirements of Rule 144A under the U.S. Securities Act and (ii) outside the United States in "offshore transactions" in accordance with Regulations S of the U.S. Securities Act. Neither the U.S. Securities and Exchange Commission, nor any other U.S. authority, has approved this Presentation.
This Presentation is being communicated in the United Kingdom to persons who have professional experience, knowledge and expertise in matters relating to investments and who are "investment professionals" for the purposes of article 191 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and only in circumstances where, in accordance with section 861 of the Financial and Services Markets Act 2000 ("FSMA"), the requirement to provide an approved prospectus in accordance with the requirement under section 85 FSMA does not apply.
The contents of this Presentation shall not be construed as legal, business, or tax advice. Recipients must conduct their own independent analysis and appraisal of the Company and the Shares of the company, and of the data contained or referred to herein and in other disclosed information, and risks related to an investment, and they must rely solely on their own judgement and that of their qualified advisors in evaluating the Company and the Company's business strategy.
This Presentation reflects the conditions and views as of the date set out on the front page of the Presentation. The information contained herein is subject to change, completion, or amendment without notice. In furnishing this Presentation, the Company undertake no obligation to provide the recipients with access to any additional information.
This Presentation shall be governed by Norwegian law. Any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Norwegian courts with the Oslo City Court as legal venue.
