MPC Container Ships ASA — Call Transcript 2023

Aug 22, 2023

Q2 2023 EARNINGS CALL

Constantin Baack, CEO Moritz Fuhrmann, CFO

AGENDA

• 1. Q2 2023 in Review
• 1. Market Update
• 1. Company Outlook

HIGHLIGHTS

12

4

3

Q2 2023 FINANCIALS

• » Strong results with high utilization and continuation of low -leverage strategy
• » Profit for the period of USD 101.5m and USD 0.15/share recurring dividend
• » Flexible balance sheet enables MPCC to execute on attractive transactions while maintaining low leverage

CONTINUATION OF FLEET OPTIMIZATION

• » Sale of older less efficient vessels
• » Investing in efficiency retrofits of existing fleet
• » Acquisition of five younger, highly efficient eco -vessels

MARKET DEVELOPMENT

• » Global economic uncertainty prevails
• » Container market down from all time-highs, but freight rates have recently shown tendencies of a rebound
• » Charter rates have consolidated above historical averages

WELL POSITIONED DESPITE MARKET UNCERTAINTIES

• » USD 1.2bn revenue backlog with 94% of operating days contracted for 2023
• » Upwards revision of FY 2023 guidance to revenues of USD 675m-690m and EBITDA of USD 490m -510m 1

1 FY 2023 guidance subject to certain assumptions and includes expected gain sale from vessel sales and settlement from commercial agreement for early redelivery

SUSTAINED STRONG FINANCIAL AND OPERATIONAL PERFORMANCE

	PROFIT OR LOSS					FINANCIAL KPIs
		Q2 23	Q1 23	Q2 22			Q2 23	Q1 23	Q2 22
Gross Revenue	USD m	194.4	180.1	151.7	DPS3	USD	0.15	0.22	0.16
EBITDA1	USD m	142.7	141.4	111.8	EPS	USD	0.23	0.27	0.20
Net Profit2	USD m	101.5	119.7	90.1	Op. Cash Flow	USD m	130.7	135.0	98.9
		BALANCE SHEET					OPERATIONAL KPIs
		Q2 23	Q1 23	Q2 22			Q2 23	Q1 23	Q2 22
Total Assets	USD m	984.3	970.1	904.0	Average OPEX4	USD/day	6,798	6,397	5,972
Net Debt	USD m	37.8	28.3	101.4	Adjusted Average TCE	USD/day	29,668	30,989	28,071
Leverage Ratio		13.3%	15.2%	20.8 %	Utilization (normalized)		98.3%	97.1%	98.2%

1 Adj. EBITDA of USD 110.5m in Q2 2023 compared to USD 110.7m in Q1 2023 (Q2 2022 USD 111.8m)

2 Adj. Net Profit of USD 87.7m in Q2 2023 compared to USD 88.9m in Q1 2023 (Q2 2022 USD 90.1m)

MPC Container Ships | | 4 3 Q1 2023 DPS is including event-driven distribution of USD 0.07 paid on February 28, 2023.

CONTINUATION OF ACTIVE PORTFOLIO MANAGEMENT & OPTIMIZATION

#	DATE	VESSEL	TEU	CHARTERER	HIRE (USD/D)	PERIOD (MONTHS)
1	Feb 2023	AS Rafaela	1,400 gls	GFS	12,000	5 – 7
2	Feb 2023	AS Carlotta	2,800 grd	ONE	15,850	7 – 9
3	Feb 2023	AS Cypria	2,800 gls	ONE	17,000	101 7 –
4	Feb 2023	AS Flora	1,200 gls	SITC	11,500	2 – 5
5	Mar 2023	Stadt Dresden	2,800 gls	COSCO	16,900	1 2 – 3
6	Mar 2023	AS Camellia	2,800 grd	MSC	17,750	17 – 19
7	Mar 2023	AS California	2,800 gls	MSC	17,750	17 – 19
8	Apr 2023	AS Flora	1,200 grd	Sea Con	13,500	6 – 7
9	May 2023	AS Penelope	2,500 gls	HAPAG	17,200	11.5 – 14.5
10	May 2023	Stadt Dresden	2,800 gls	HAPAG	18,300	11.5 – 14.5
11	May 2023	AS Franziska	1,300 grd	Maersk2	14,150	10 – 12

MPCC FIXTURES IN YTD

#	DATE	VESSEL	TEU	CHARTERER	HIRE (USD/D)	PERIOD (MONTHS)
12	Jun 2023	AS Rosalia	1500 gls	COSCO3	15,000	10 – 12
13	Jun 2023	AS Fatima	1300 gls	COSCO3	14,400	9 – 11
14	Jun 2023	AS Nadia	3500 gls	MSC	20,000	9.5 – 11.5
15	Jul 2023	AS Romina	1500 gls	SeaLead	12,000	3 – 5
16	Jul 2023	AS Anne	2200 grd eco	CMA CGM	17,250	2.2 – 4.2
17	Aug 2023	AS Claudia	2800 gls	Hapag-Lloyd	16,000	11.7 - 15
18	Aug 2023	AS Roberta	1400 gls	BTL	10,500	1.5 – 1.8

• » Seven fixtures concluded since the Q1 2023 report in May 2023
• » Jun. 2023: Commercial agreement for the early redelivery of AS Nadia for USD 32.4m, completed in Jul. 2023
• » AS Nadia will continue on a charter with MSC for a min. period ending Dec. 2023 at a fixed charter rate of USD 20,000 pd
• » Commercial agreement for the early redelivery of AS Anne for USD ~21m signed and completed in Jul. 2023
• » AS Anne will continue on a charter with CMA for a min. period ending Sep. 2023 at a fixed charter rate of USD 17,250 pd
• MPC Container Ships | | 5 Q2 2023 Earnings Presentation
• 3 Diamond Line

2 Sealand Europe A/S

1 Extended in direct continuation of the CP

CONTINUATION OF SELECTIVE FLEET RENEWAL STRATEGY

VESSEL ACQUISITIONS IN H1 2023

#	TIME OF ACQUISITION	VESSEL	TEU	FEATURE	BUILT	HANDOVER STATUS
1	Jan 2023	AS Nina	3,400	Scrubber	2010	Q1 23
2	Jan 2023	AS Claudia	2,800	Scrubber	2007	Q1 23
3	Jun 2023	AS Anne	2,200	Eco-design	2016	Q2 23
4	Jun 2023	AS Stine	1,700	Eco-design	2019	Q3 23
5	Jun 2023	AS Silje	1,700	Eco-design	2019	Q3 23
6	Jun 2023	AS Simone	1,700	Eco-design	2019	Q3 23
7	Jun 2023	AS Sabine	1,700	Eco-design	2019	Aug 2023

• » Jan. 2023: Acquisition of two vessels for USD 33.9m
• » Jun. 2023: Acquisition of eco-fleet for USD 136.3m
• » All vessels on charters with top-tier counterparties
• » Acquisitions are EPS and DPS accretive from 2023 onwards

Total of 7 vessels with ~17,000 TEU capacity and average age of 7.5 years

» Portfolio Upgrades: Execution of various retrofit measures, joint investments and close dialogue with customers on retrofit agreements

				VESSEL DIVESTMENTS IN H1 2023
#	TIME OF SALE	VESSEL	TEU	BUILT	Price	STATUS	HANDOVER
1	Jan 2023	AS Cleopatra (JV)	2,800	2003	USD 20.9m	Q1 23
2	Jan 2023	AS Carinthia (JV)	2,800	2003	USD 7.6m	Q1 23
3	Jun 2023	AS Emma	4,200	2010	USD 22m	Q4 23
4	Jul 2023	Cardonia (JV)	2,800	2003	USD 20.5m	Q3 23
5	Jul 2023	Cimbria (JV)	2,800	2002	USD 22m	Q3 23

» Sale of non-strategic tonnage

» Final dissolution of the JV structure

Total of 5 vessels with ~15,400 TEU capacity and average age of 18.2 years

CASH FLOW BRIDGE Q2 2023

CASH DEVELOPMENT Q2 2023 118.8 93.1 131.8 -71.3 -3.2 Cash & cash Dividends equivalents Q1 2023 Operating cash flow Investing cash flow Interest -16.4 Debt repayments -66.6 Cash & cash equivalents Q2 2023 -25.7 1) ¹ 2) 3) Financing cash flow USD million

COMMENTS

• 1) Operating cash flow includes:
• » Dividend of USD +1m from Bluewater JV
• 2) Investing cash flow includes:
• » Class renewals, vessel upgrades and regulatory investments of USD 11m
• » Purchase of new vessels / investment in newbuildings USD 60m

3) Financing cash flow includes:

• » Interest paid and interest received of net USD 3m
• » Regular repayment of USD 16m under HCOB and OVB facilities
• » Recurring dividends based on Q1 2023 paid in Q2 2023 of USD 67m

PROVIDING SIGNIFICANT SHAREHOLDER RETURNS

1 Dividend yield calculated as total dividends paid and declared since January 2022 divided by opening share price on Jan 3, 2022, of NOK 24.75/share

2 Dividend yield YTD calculated as dividends paid and declared since January 2023 divided by opening share price on Jan 2, 2023, of NOK 16.30/share

MPC Container Ships | | 8 3 Q2 2023 recurring DPS of USD 0.15 to be paid on Sept. 28, 2023, estimated to NOK 1.57 per share based on FX rate 10.48.

AGENDA

• 1. Q2 2023 in Review
• 1. Market Update
• 1. Company Outlook

GLOBAL ECONOMY RECOVERS SLOWLY, BUT DOWNSIDE RISKS REMAIN

CARGO VOLUMES AND FREIGHT RATES

GLOBAL ECONOMY

• » Inflation & Interest Rates: Energy and food inflation declining, core inflation sticky and above central banks' target rates. Labor markets still tight in several advanced economies. Central banks further increased interest rates albeit with hints of a reduced pace.
• » GDP Growth: IMF slightly revised GDP growth forecasts upward to 3.0% in 2023 (+0.2 pp) and 3.0% in 2024 (unchanged from April forecast).
• » Regionalization: Relative loss of China's share of global container trade. Result: Regionalization (China-plus-one strategy and RCEP1) with a wider range of individual export partners.
• » Intra-regional trades: Relatively strong demand growth expected due to higher interconnectivity to the benefit of other ASEAN countries and India (supply chain diversification of export partners). Transhipment hubs (e.g., Singapore) could benefit.

TIME-CHARTER RATES DECREASING WHILE VESSEL AVAILABILITY REMAINS TIGHT

CHARTER RATES AND SECOND HAND PRICES START OF THE YEAR VESSEL AVAILABILITY

¹ Availability for the remainder of 2023 as of 01-Aug-23

MPC Container Ships | | Q2 2023 Earnings Presentation 11 ² Forecast based on known and likely open positions at current market conditions, including 2023 remainder and newbuild deliveries Data Sources: Harper Petersen, August 2023; Clarksons Research, July 2023, Alphaliner, July 2023; MSI, 2023.

OVERSUPPLY EXPECTED FOR TOTAL MARKET WHILST INTRA-REGIONAL DYNAMICS APPEAR MORE FAVORABLE

Data Source: MSI (July 2023) 1 Forecast data

FAVOURABLE ORDERBOOK-RATIOS & SCRAPPING POTENTIALS IN SMALLER SIZES

• » Our segments have a very favourable combination of low ordering and substantial scrapping potentials
• » The retrofit investment case looks more promising for larger units, whereas for units below ~ 1,500 TEU, the potential savings of emissions / fuel cost will likely not justify the investment

MPC Container Ships | | Q2 2023 Earnings Presentation 13

Data Source: Clarksons, July 2023.

GLOBAL SHIPYARD CAPACITY REMAINS MAXED OUT IN THE SHORT TERM

• » Slippage is expected as yards struggle to keep up with their promises
• » The growth in intra-regional trades is expected to benefit our overall fleet profile in general and our increasingly modernized units in particular
• » In the short term, increasing the orderbook for feeder units is deemed impossible due to both the high forward utilization of yards and nearly prohibitive prices

ROBUST MID-TERM OUTLOOK FOR INTRA-REGIONAL TRADES

ORDERBOOK TO FLEET RATIO AND VESSEL AGE ACROSS SIZE SEGMENTS WILDCARD FACTORS INFLUENCING THE OUTLOOK

• » Favorable demand outlook for intra-regional trades (4.9% CAGR from 2022 2025)

• » Favorable supply dynamics: relatively old fleet, low orderbook, manageable newbuild deliveries and negative net fleet growth prospect (0.2% CAGR 2022-2025)

• » Environmental regulations: The decarbonization framework will become stricter, tightening supply further by making retrofits on some units impossible and implying even slower vessels speeds and yard downtime for the remaining units.

• » Globalization: Countries will continue to seek for resilience and redundancies in supply chains. This will hurt Chinese export growth. At the same time, other Asian economies are benefiting already from these developments, mitigating the overall impact on TEU-miles.
• » Cascading implied transshipment needs: Cascading will happen, but the larger vessels will find it increasingly difficult to call at all ports without constraints, requiring additional feeder services.
• » Intra-regional trades: The relative outperformance of intra-regional trades in connection with the subdued fleet growth is expected to keep modern, fuelefficient units in demand during the downturn.
• » Macroeconomics / Politics: For the U.S., monetary policy is expected to loosen ahead of the 2024 election – high debt and interest rates will continue to be felt by consumers and enterprises. China is trying to combat the economic slowdown. The Chinese government is expected to launch a substantial stimulus program: Interest rates have already been cut radically in mid-August.

AGENDA

• 1. Q2 2023 in Review
• 1. Market Update
• 1. Company Outlook

ROBUST BACKLOG PROVIDES FORWARD VISIBILITY

Fixed operating days and Revenue / EBITDA (consolidated vessels) 1, 2

CHARTER BACKLOG AND COUNTERPARTIES 1, 2

85% of revenue backlog with top 10 liners and cargo-backed² 1.8 years average remaining

contract duration

INDICATIVE UPCOMING POSITIONS IN 2023 & 2024

NUMBER OF FIXED AND UPCOMING CHARTERS ¹

SIZE DISTRIBUTION OF OPEN VESSELS IN 2023

SIZE DISTRIBUTION OF OPEN VESSELS IN 2024

CREATING SHAREHOLDER VALUE ACROSS CYCLES

SECOND-HAND INVESTMENTS

• » 88 vessels acquired for USD ~1bn (avg. USD ~12m per vessel)
• » 2x Scrubber fitted well-known feeder-designs: 1x 3,400 TEU (2010-built) & 1x 2,800 TEU (2007-built) for USD ~34m

NEWBUILDINGS & ECO VESSELS

• » 4 NBs ordered for USD ~222m with an EBITDA backlog of USD ~281m
• » 2x 5,500 TEU dual-fuel methanol ready and 2x 1,300 dual-fuel methanol vessels

• » 5x modern eco-vessels: 4x 1,800 TEU (2019-built) & 1x 2,200 TEU (2015-built) for USD 136.4m

• » 26 vessels sold for USD ~508m (avg. USD ~20m per vessel)

• » Disposal of older and less efficient tonnage
• » Final dissolvement of JV to simplify corporate structure

STRONG VALUE PROPOSITION: LOW RISK & SIGNIFICANT DISTRIBUTION POTENTIAL

• » Significant Upside Potential from 69 vessel fleet ³
• » Current Enterprise Value fully covered by the projected EBITDA backlog which alone creates an excess value

For detailed footnotes, please refer to slide 32

STRATEGIC EXECUTION – BUILDING A SUSTAINABLE CONTAINER FLEET

• » Continued portfolio optimization towards younger and more fuel-efficient vessels
• » Distributed USD >670m to investors through dividends
• » Significantly reduced debt outstanding to USD 256m down from USD 350m
• » Increased number of unencumbered vessels, providing high balance sheet flexibility
• » Reduced the balance sheet leverage to industry-low levels of ~25% based on pro-forma figures. Debt outstanding covered by total fleet's conservative recycling value of USD ~253m

WELL-POSITIONED FOR CONTINUED VALUE CREATION

SUMMARY

• » Strong financial and operational performance
• » Continuation of low-leverage strategy while executing on fleet optimization
• » Favorable dynamics for intra-regional tonnage (supply and demand)

OUTLOOK

• » Robust revenue backlog of USD 1.2bn provides high earnings visibility
• » Ideally positioned to balance strategic and selective fleet optimization efforts with continued attractive shareholder returns
• » Strong emphasis on returning capital to shareholders

QUESTIONS & ANSWERS

APPENDIX

OVERVIEW OF DEBT FINANCINGS

MPC Container Ships ASA

	100%	100%	100%	100%	100%	100%	100%	90.1%
	1 AS Claudia	2 MPCC Invest B.V.	3 MPCC Second Financing	4 Unencum bered	5 MPCC Third Financing AS	6 Eco-fleet	7 Ecoboxes	8 Greenboxes
# of vessels	1	12	8	21	16	5	2	2
Financing	OVB	BOCOMM	CIT Bank	-	HCOB/ CA	HCOB	CA/K-Sure	European Bank3
Maturity	Feb 2027	Aug 2027	Jul 2024	-	Nov 2026	Jul 2028	2031	2039
Debt Outstanding	USD 6.9m 1	USD 75m	USD 35m 1	-	USD 70m 1	USD 50m	USD 117m 2	~USD 55m
Recycling Value	USD 4.2m	USD 39.1m	USD 27.4m	USD 70m	USD 61.7m	USD 13.7m	USD 15.4m	USD 4.2m
Average Age	16.3y	15.4y	15.3y	16.1y	15.9y	4.6y	-	-
Margin (SOFR +)	350 bps	260 bps	325 bps	-	335 bps	280 bps	150 bps	<250 bps
LTV	45,8%	55%	35,3%	-	26,9%	40%	70%	up to 75%
MPC Container Ships	Q2 2023 Earnings Presentation				1 As per end of Q2 2023

MPC Container Ships | | 25 2 Pre-delivery tranche of USD 15.9m and post-delivery tranche of USD 101.5m 3 Term sheet signed

OVERVIEW OF FINANCING FACILITIES

Facility	Type	Outstanding 30/06/23	Total capacity	Interest rate	#	Repayment profile	Maturity
CIT	RCF	USD 55m	USD 70m	325bps + 1M SOFR	8	Commitment will be reduced in semi-annually steps from Jan 2022 to Jul 2024	Jul. 2024
HCOB/CA-CIB	Term loan	USD 35m	USD 130m	335bps + 3M LIBOR / SOFR	17	2 installments with USD 22.5m 1 installment with USD 20m 4 installments with USD 15m 1 installment with USD 5m	Nov. 2023
	RCF	USD 50m	USD 50m	335bps + 1M LIBOR/ SOFR		Commitment will be reduced starting in Nov 2023 – Nov 2026	Nov. 2026
CA-CIB	Pre- & Post delivery finance	USD -	USD ~100m	150 – 250bps + SOFR		48x USD 1.1m + 8x USD 2.4m, 4x USD 1.4m, followed by subsequent instalments (to be agreed by borrower and lender)	Q2 2031
Ostfriesische Volksbank (OVB)	Term Loan	USD 8.3m	USD 8.3m	450bps (year 1) & 350bps (after) + SOFR	1	May 31, 2023 & Aug 31, 2023: quarterly installments of USD 1.4m Nov 30, 2023: quarterly installments of USD 0.69m Feb 29, 2024ff.: quarterly installments of USD 0.37m	Feb. 2027
HCOB Ecofeeder	Term Loan	USD 0m	USD 50m	280bps + SOFR	5	20 x quarterly installments of USD 1.2m + USD 26m balloon	Oct 2028
BoComm	Sale & Lease back	USD 0m	USD 75m	260bps + SOFR	13	12x monthly installments of USD 2.1m, 12x USD 1.2m, 24x USD 0.3m + USD 28.1m balloon	Sep 2027
European Bank2	Pre- & Post delivery finance	USD -	USD ~55m	<250bps + SOFR	2	23 x quarterly installments of 3.33% + 23.341% balloon	2036

CALCULATION OF RECURRING DIVIDENDS FOR Q2 2023

USD million	Q2 2023
Operating revenue	194.4
EBITDA	142.8
Profit for the period	101.5
Adjustments	-14.0
Adjusted profit for the period	87.5
No of shares	443.7
Adjusted earnings per share (in USD)	0.20
75% declared as recurring dividend (USD / share)	0.15
Recurring dividend in USD m	66.6

COMMENTS

• » Recurring dividend based on (unaudited) results for Q2 2023 ¹
• » Profit for the period adjusted for USD 32.4m recognizing the revenue from the cash settlement of AS Nadia and USD 18.4m held for sale loss on vessel AS Emma, scheduled for handover in Nov. 2023
• » Adj. profit for the period amounted to USD 87.5m or USD 0.20 per share, resulting in recurring dividends of USD 0.15m per share or USD 66.6m

Q2 2023 FINANCIALS

BALANCE SHEET AS OF JUNE 30, 2023 PROFIT OR LOSS Q2 2023

USD m	June 30, 2023	December 31, 2022
Assets	984.3	956.3
Non-current assets	835.5	799.8
Current assets	148.8	156.5
thereof cash & cash equivalents	93.1	125.5
Equity and liabilities	984.2	956.3
Equity	778.1	721.4
Non-current liabilities	67.8	76.9
Current liabilities	138.3	158.0
Equity ratio	79.1%	75.4%
Leverage ratio1	13.3%	16.1%

USD m		Q2 2023	Q2 2022
Operating revenues		194.4	151.7
Gross profit		146.4	114.8
EBITDA		142.7	111.8
Profit for the period		101.5	90.1
Number of vessels2		63	65
Ownership days		5,460	5,460
Trading days		5,320	5,104
Utilization3		97.40%	98.20%
TCE	USD per trading day	35,757	28,071
EBITDA (unadjusted)	USD per ownership day	26,154	20,472
OPEX	USD per ownership day	6,798	5,972
EPS (diluted)	USD	0.23	0.20

CASH FLOW STATEMENT Q2 2023

USD m	H1 2023	H1 2022
Cash at beginning of period	125.5	180.3
Operating cash flow	265.8	186.2
Financing cash flow	-103.6	47.1
Investing cash flow	-194.6	-327.2
Cash at end of period	93.1	86.5

1 Long-term and short-term interest-bearing debt divided by total assets

2 Number of vessels as at June 30 / Dec 31 2022, including Bluewater JV

3 Fleet utilization equals trading days (non-normalized, Dry-docking days deducted) / ownership days.

FLEET EMPLOYMENT OVERVIEW

No	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Aug-23	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24	Apr-24	May-24	Jun-24	Jul-24	Aug-24 Sep-24	Min / Max
1	AS RAFAELA	1400 gls	Global Feeder Services	12,000														Jul-23 / Sep-23
2	AS ROBERTA	1400 gls	BTL	24,000		10,500												Oct-23 / Oct-23
3	AS CARLOTTA	2800 grd	ONE	15,850														Sep-23 / Nov-23
4	AS ANNE	2200 eco	CMA CGM	17,250														Sep-23 / Nov-23
5	AS FLORA	1200 gls	Sea Consortium	13,500														Nov-23 / Dec-23
6	AS ROMINA	1500 gls	SeaLead	12,000						DD(1)								Oct-23 / Dec-23
7	AS CYPRIA	2800 gls	ONE	17,000														Oct-23 / Jan-24
8	AS EMMA(2)	4200 gls	MSC	20,000														Dec-23 / Feb-24
9	AS NINA	3500 gls	Maersk Line	14,150(3)														Feb-24 / Mar-24
10	AS PETRA	2500 HR grd	Seaboard	28,800(4)								DD(1)						Feb-24 / Mar-24
11	AS PAULINE	2500 gls	Seaboard	25,500														Feb-24 / Mar-24
12	AS SIMONE	1700 grd eco	Maersk Line	14,000								DD(1)						Aug-23 / Apr-24
13	AS SAVANNA	1700 grd	Seaboard	22,400(4)									DD(1)					Apr-24 / May-24
14	AS ALEXANDRIA	2000 gls	Global Feeder Services	42,000														Mar-24 / May-24
15	AS PAULINA	2500 HR grd	MSC	26,750									DD(1)					Mar-24 / May-24
16	B TRADER(5)	1700 grd eco	Maersk Line	14,000(4)														Mar-23 / Jun-24
17	AS FATIMA	1300 gls	Diamond Line (COSCO)	14,400		DD(1)												Apr-24 / Jun-24
18	AS FRANZISKA	1300 grd	Sealand Europe A/S (Maersk)	14,150														Apr-24 / Jun-24
19	AS ROSALIA	1500 gls	Diamond Line (COSCO)	15,000											DD(1)			May-24 / Jul-24
20	AS SABRINA	1700 grd	Seaboard	22,400(4)												DD(1)		Jun-24 / Jul-24
21	AS ANITA	2000 gls	Diamond Line (COSCO)	29,350														Jul-24 / Jul-24
22	AS ALVA	2000 grd	Unifeeder	29,000														May-24 / Jul-24
23	AS PENELOPE	2500 gls	Hapag-Lloyd	17,200														Apr-24 / Jul-24
24	AS FILIPPA	1300 grd	CMA CGM	18,250														Jun-24 / Jul-24
25	AS CLARITA	2800 gls	Oman Shipping Lines	26,975							DD(1)							Jun-24 / Aug-24

Min. period Max. period On subs

Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

Sold: handover planned for November 2023

Contracted base rate, index-linked with a floor of USD 10,000 and a ceiling of USD 14,150, besides base rate scheme the charter also includes a Scrubber savings sharing mechanism in favor of MPCC

Contracted base rate; besides base rate the charter also includes a Scrubber savings sharing mechanism in favour of MPCC

Subject to successful handover planned on 22nd August 2023. Vessel to be renamed to 'AS Sabine' after handover

FLEET EMPLOYMENT OVERVIEW

No	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Aug-23	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24 Mar-24	Apr-24	May-24 Jun-24	Jul-24	Aug-24 Sep-24	Min / Max
26	STADT DRESDEN	2800 gls	Hapag-Lloyd	18,300												May-24 / Aug-24
27	AS RAGNA	1500 gls	ZISS	30,000										DD(1)		Jun-24 / Aug-24
28	AS SICILIA	1700 grd	Unifeeder	30,000												Jul-24 / Sep-24
29	AS SAMANTA	1700 grd	Seaboard	22,400(1)											DD(2)	Aug-24 / Sep-24
30	AS SERENA	1700 grd	Shanghai Jin Jiang	15,000												Jul-24 / Sep-24
31	AS CHRISTIANA	2800 grd	CMA CGM	32,400												Jul-24 / Sep-24
32	AS SILJE	1700 grd eco	Maersk Line	14,000									DD(2)			Aug-23 / Oct-24
33	AS FIORELLA	1300 grd	COSCO	25,950												Oct-24 / Oct-24
34	AS PAOLA	2500 grd	CMA CGM	28,900												Aug-24 / Oct-24
35	AS CONSTANTINA	2800 gls	Diamond Line (COSCO)	39,900												Sep-24 / Oct-24
36	AS FABRIZIA	1300 grd	King Ocean	26,000												Sep-24 / Oct-24
37	AS CAMELLIA	2800 gls	MSC	17,750												Sep-24 / Nov-24
38	AS CARELIA	2800 gls	Hapag-Lloyd	33,000												Aug-24 / Nov-24
39	AS CALIFORNIA	2800 gls	MSC	17,750												Sep-24 / Nov-24
40	AS CLAUDIA	2800 gls	BTL	26,000		Hapag-Lloyd USD 16,000										Sep-24 / Dec-24
41	AS SVENJA	1700 grd	CMA CGM	29,995												Oct-24 / Dec-24
42	AS COLUMBIA	2800 gls	Sea Consortium	15,500												Oct-24 / Dec-24
43	AS CLEMENTINA	2800 gls	Unifeeder	35,500												Oct-24 / Dec-24
44	AS PAMELA	2500 grd	New Golden Sea Shipping (COSCO)	37,500										DD(2)		Nov-24 / Jan-25
45	AS SELINA	1700 grd	Maersk Line	29,500												Nov-24 / Jan-25
46	AS FENJA	1200 gls	New Golden Sea Shipping (COSCO)	27,000												Nov-24 / Jan-25
47	AS STINE	1700 grd eco	Sealand Maersk Asia Pte. Ltd. (Maersk)	14,000												Nov-23 / Feb-25
48	AS FLORETTA	1300 grd	Crowley	26,500												Nov-24 / Feb-25
49	AS SARA	1700 grd	Maersk Line	35,000												Feb-25 / Apr-25
50	AS FLORIANA	1300 gls	CFS	27,750												Feb-25 / Apr-25

Min. period Max. period On subs

1 Contracted base rate; besides base rate the charter also includes a savings sharing mechanism in favour of MPCC

2 Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

3 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	MPCC Current Fixture (USD/day)	Aug-23	Sep-23	Oct-23	Nov-23	Dec-23	Jan-24	Feb-24	Mar-24 Apr-24	May-24	Jun-24	Jul-24	Aug-24	Sep-24	Min / Max
51	AS FREYA	1300 grd	Maersk Line	28,000							DD(2)							Feb-25 / Apr-25
52	AS SUSANNA	1700 grd	ONE	39,990														Mar-25 / May-25
53	AS NORA	3500 grd	CMA CGM	40,000														Apr-25 / Jun-25
54	AS FABIANA	1300 grd	Maersk Line	29,500														May-25 / Jul-25
55	SEVILLIA	1700 grd	Samudera	40,000(1)										15,000				May-25 / Jul-25
56	AS ANGELINA	2000 grd	Maersk Line	36,500														Aug-25 / Oct-25
57	AS NADIA	3500 gls	MSC	20,000														Aug-25 / Oct-25
58	AS PIA	2500 grd	Maersk Line	45,750							DD(2)							Aug-25 / Oct-25
59	AS SOPHIA	1700 grd	Sealand Maersk Asia Pte. Ltd. (Maersk)	38,000														Sep-25 / Nov-25
60	AS PALINA	2500 HR grd	Maersk Line	45,750						DD(2)								Oct-25 / Dec-25
61	AS PETRONIA	2500 HR grd	Maersk Line	45,750									DD(2)					Nov-25 / Jan-26
62	AS FELICIA	1300 grd	ZISS	24,000														Mar-26 / May-26
63	AS PATRIA	2500 grd	KMTC	55,000											25,000			Mar-26 / Jul-26
64	AS CAROLINA	2800 gls	ZISS	41,000				DD(2)										Nov-26 / Jan-27
65	AS CASPRIA	2800 gls	ZISS	40,700														Mar-27 / May-27
66	ZIM MACKENZIE	5,500 grd	ZIM		ZIM –						avg. Rate of USD 39,000 (first two years USD 70,000, the third year USD 45,000 and for the remaining four years							Jan-31 / Mar-31
67	ZIM COLORADO	5,500 grd	ZIM								USD 21,565)(4)							Feb-31 / Apr-31
68	NCL VESTLAND	1,300 grd	NCL															May-39 / Sep-39
69	NCL NORDLAND	1,300 grd	NCL		NCL - base charter rate of 16,300 EUR per day increasing by 1.1% each year on January 1st													Aug-39 / Dec-39

Min. period Max. period On subs

1 First year at USD 65,000, thereafter one year at USD 40,000 and then USD 15,000 for the remaining period

2 Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

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

Fixed, subject to delivery ex shipyard

REFERENCES SLIDE

SLIDE 16: EBITDA BACKLOG

• 1. Underlying min/max periods for contracted charter based on management assessment. Contracted Revenue and EBITDA not including IFRS adjustments
• 1. Revenues / Periods / TCE's / costs in good faith, but indicative only and subject to changes. Fixed revenue and days as of August 10, 2023, including cash compensation from the early redelivery of AS Anne.
• 1. Revenue and TCE not including IFRS amortization of time charter carry
• 1. Projected EBITDA based on contracted revenue (consolidated fleet) reduced by operating costs of USD 8,220 per day and vessel (incl. voyage expenditures / OPEX / G&As / Shipman)
• 1. Subject to redelivery of vessels (agreed min. / max. periods of charter contract)
• 1. Contracted forward TCE based on FY revenue divided by fixed operating days
• 1. Total number of operating days based on assumed utilization of 95% (of available days)

SLIDE 20: STRONG VALUE PROPOSITION

• 1. NIBD = net interest-bearing debt (gross debt cash & cash equivalent) as of June 30, 2023
• 1. Based on MPCC share price as of August 21, 2023, with NOK 18.88 and USD/NOK 10.48
• 1. Including four newbuildings with delivery in 2024. Including one vessel scheduled for take-over in August 2023
• 1. Recycling Value of MPCC fleet as of June 30, 2023, calculated with USD 400/LWT
• 1. Fleet Value based on charter-free values from VesselsValue.com dated August 21, 2023. Including newbuildings
• 1. Net profit to be considered as illustrative earning scenarios and not forecast.
• 1. 10-Y Historical average of with USD ~16,000/day and current market rates of ~14,600/day based on Clarksons rates as of July. Rates are weighted averages based on size and number of vessels.

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.

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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.

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