MPC Container Ships ASA

Earnings Release • Nov 20, 2020

MPC Container Ships ASA reports Q3 and nine-month 2020 results

MPC Container Ships ASA reports Q3 and nine-month 2020 results

· Q3 2020 operating revenue USD 41.2 million. YTD Q3 2020 operating revenue USD

126.3 million.

· Q3 2020 EBITDA USD 2.7 million. YTD Q3 2020 EBITDA USD 11.6 million.

· Q3 2020 net loss USD 17.8 million. YTD Q3 2020 net loss USD 46.1 million.

· Equity ratio 57.1% as at 30 September 2020.

Oslo, 20 November 2020

Q3 and nine-month 2020 results:

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

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

period ended 30 September 2020. The Group reports a net loss of USD 17.8 million

for Q3 2020.

· Total revenue was USD 41.2 million in Q3 2020 (Q2 2020: USD 39.1 million).

· EBITDA was USD 2.7 million in Q3 2020 (Q2 2020: USD 1.4 million).

· Utilization was 93.8% in Q3 2020 (Q2 2020: 84.5%).

· Average time charter equivalent ("TCE") was USD 7,412 per day in Q3 2020 (Q2

2020: USD 7,938 per day).

· Cash and cash equivalents stood at USD 50.2 million as at 30 September 2020.

As at the same date, the Group has an equity ratio of 57.1% and a leverage ratio

of 39.1%.

As at 30 September 2020, the Group has acquired and taken over 66 container

vessels, whereof 58 are fully owned and 8 are operated in a joint venture.

CEO Constantin Baack comments in relation to the announcement: "For container

shipping, the operating environment YTD 2020 has been genuinely bipolar. The

charter market pre-summer hit perilously low levels as a consequence of COVID

-related port closures and global lockdowns, only to recuperate this autumn to

10-year highs across vessel segments.

Part of the recent rally in charter rates was caused by catch-up effects in the

aftermath of COVID lockdowns and adhering bottlenecks in international trade.

The favourable mid- to long-term fundamentals of container shipping, however,

still persist. In fact, the pandemic has necessitated changes in trading

patterns which reconfirm the need for a flexible fleet of intra-regional

vessels. At the same time, the order book for new tonnage remains at a record

low.

In a very strong Q4 2020 charter market and until end-of Q1 2021, MPC Container

Ships expects to renew or enter into new charter contracts for up to 40 vessels,

a significant portion of our total fleet. Whilst our Q3 2020, and to some degree

Q4 2020, financials are affected by the depressed market during the spring and

summer months, the strong fixtures concluded as of late will significantly

improve the company's position in 2021 and onwards."

Q3 and nine-month 2020 earnings call and webcast:

The Company will host a webcast for the presentation of the Q3 2020 results

commencing on Monday 23 November 2020 at 15:00 hours CET / 09:00 hours EST. The

presentation will be made available on the Company's webpage (https://www.mpc

-container.com/en/financial-reports/) from 12:00 hours CET / 06:00 hours EST.

There will be a Q&A session after the presentation.

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

speakers. 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.

The live webcast can be accessed through the following link:

https://edge.media-server.com/mmc/p/vsgqvpd2

Alternatively, participants may dial in to the earnings call using the below

dial-in information:

Norwegian LocalCall Dial-In (Oslo): +47 23 96 02 64

US LocalCall Dial-In (New York): +1 (631) 510-7495

International/Toll Attendee Dial-In: +44 (0) 2071 928000

Conference ID: 1799254

Following the earnings call, a post-call recording of the webcast will be made

available on the Company's webpage (https://www.mpc-container.com/en/financial

-reports/).

The above information is subject to the disclosure requirements pursuant to

section 5-12 of the Norwegian Securities Trading Act.

Further information and contact:

For further information, please 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 serving intra

-regional trade lanes. The Company is registered and has its business office in

Oslo, Norway. For more information, please see our website: www.mpc

-container.com.