MPC Container Ships ASA

Earnings Release • Feb 28, 2019

MPC Container Ships ASA reports Q4 and twelve-month 2018 results and announces initiation of share buy-back programme

MPC Container Ships ASA reports Q4 and twelve-month 2018 results and announces initiation of share buy-back programme

·  FY 2018 EBITDA USD 45.3 million.

·  FY 2018 net loss USD -1.6 million.

·  Equity ratio 63.6% as of 31 December 2018.

Oslo, 28 February 2019

Q4 and twelve-month 2018 results:

MPC Container Ships ASA ("MPCC" or the "Company", together with its subsidiaries

the "Group") today published its unaudited financial report for the twelve-month

period ended 31 December 2018. The Group reports a net loss of USD -1.6 million

for Q1 - Q4 2018.

·  Total revenue was USD 52.5 million in Q4 2018 (Q3 2018: USD 55.8 million).

For FY 2018, total revenue was USD 183.5 million.

·  EBITDA was USD 9.5 million in Q4 2018 (Q3 2018: USD 14.6 million). For FY

2018, EBITDA was USD 45.3 million.

·  Average time charter equivalent ("TCE") was USD 9,991 per day in Q4 2018

(Q3 2018: USD 10,230 per day) and USD 9,911 per day for FY 2018.

·  Cash and cash equivalents stood at USD 60.2 million as of 31 December 2018.

As of the same date, the Group has an equity ratio of 63.6% and a leverage ratio

of 34.3%.

As of 31 December 2018, the Group has acquired and taken over 69 container

vessels, whereof 61 are fully owned and 8 are operated in a joint venture.

CEO Constantin Baack comments in relation to the announcement: "In 2018, MPC

Container Ships grew and stabilised operations to become one of the world's

largest owners of feeder container vessels. We assumed ownership of an

additional 40 vessels, propelling the fleet to 69 ships, and listed the Company

on the Mainboard of the Oslo Stock Exchange.

On the back of improved charter markets, revenues developed favourably in Q1 -

Q3 2018. Contrarily, global trade tensions and political uncertainties led to a

shift in sentiment in Q4 and earnings were affected by challenging shipping

markets. Due to this and the Company's rapid ramp-up and expansion of

operations, MPCC reports a net loss for FY 2018. Adjusting for non-recurring

expenses would yield a balanced result.

Despite the geopolitical environment and charter markets having proven difficult

also into 2019, we foresee upticks in demand growth paired with limited supply

growth for smaller vessel segments, in sum pointing towards a market

rebalancing. In addition, IMO 2020 implications (e.g. scrubber retrofits, tank

cleanings and slow steaming) and accelerated vessel demolition activity should

curb supply growth even further.

Going forward, MPCC will maintain a low cash break-even, prudent leverage

profile and capital allocation (e.g. share buy-back programme as outlined

below). As such, MPCC is positioned to benefit from expected market improvements

whilst we ensure manoeuvrability under current conditions"

Q4 and twelve-month 2018 earnings call:

The Company will host a webcast for the presentation of the Q4 and twelve-month

2018 results commencing on 28 February 2019 at 15:00 hours CET. The presentation

will be made available on the Company's webpage (www.mpc-container.com/#IR) from

12:00 hours CET. There will be a Q&A session after the presentation.

The webcast can be accessed through the following link:

https://digital.vevent.com/index.jsp?eid=8329&seid=22

Please note that for optimal viewing, it is recommended not to use VPN, but

instead to connect directly to the internet. Please disable pop-up blockers in

order to view the content in its entirety.

This event is being streamed. It is recommended that you listen via your

computer speakers.

International/Toll Attendee Dial In: +44(0)2071928000

Conference ID: 2978965

Initiation of share buy-back programme:

Pursuant to the authority for the Company's Board of Directors to acquire shares

in the Company, as granted by an extraordinary general meeting on 17 January

2019, the Board of Directors has resolved to initiate a share buy-back

programme.

The share buy-back programme comprises up to 8,425,300 common shares,

representing up to 10% of the Company's share capital.

When acquiring own shares the consideration per share may not exceed NOK 200,

and shall in no event exceed the price of the last independent trade or the

highest current independent bid at the Oslo Stock Exchange on the relevant

trading day. The number of shares acquired per day shall not exceed 8,594,

representing 25% of the average daily trading volume in January 2019 (excluding

reported trades not matched via the stock exchange's electronic order book) of

34,376 shares.

Any acquired shares may for example be used as consideration in acquisitions or

other transactions. The Board of Directors determines the methods by which the

Company's shares can be acquired or disposed of. Any repurchased shares will be

held as treasury shares.

The buy-back programme will commence today and will continue until the Company's

next annual general meeting, scheduled for 25 April 2019. Any transactions in

own shares will be continuously and promptly disclosed through the Oslo Stock

Exchange and on the Company's webpage.

The above information is subject to the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act.

Further information and contact:

ir@mpc-container.com

About MPC Container Ships ASA:

MPC Container Ships ASA (ticker code "MPCC") was formed in April 2017. Its main

activity is to own and operate a portfolio of container ships with a focus on

the feeder segment between 1,000 and 3,000 TEU. The Company is registered and

has its business office in Oslo, Norway. For more information, please see our

webpage: www.mpc-container.com