MPC Container Ships ASA

Earnings Release • Aug 31, 2020

MPC Container Ships ASA reports Q2 and six-month 2020 results

MPC Container Ships ASA reports Q2 and six-month 2020 results

· Q2 2020 operating revenue USD 39.1 million. H1 2020 operating revenue USD 85.1

million.

· Q2 2020 EBITDA USD 1.4 million. H1 2020 EBITDA USD 8.9 million.

· Q2 2020 net loss USD 17.6 million. H1 2020 net loss USD 28.3 million.

· Equity ratio 55.5% as of 30 June 2020.

Oslo, 31 August 2020

Q2 and six-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 six-month

period ended 30 June 2020. The Group reports a net loss of USD 17.6 million for

Q2 2020.

· Total revenue was USD 39.1 million in Q2 2020 (Q1 2020: USD 46.0 million).

· EBITDA was USD 1.4 million in Q2 2020 (Q1 2020: USD 7.5 million).

· Utilization was 87% in Q2 2020 (Q1 2020: 88.8%).

· Average time charter equivalent ("TCE") was USD 7,938 per day in Q2 2020 (Q1

2020: USD 8,969 per day).

· Cash and cash equivalents stood at USD 29.1 million as of 30 June 2020. As

of the same date, the Group has an equity ratio of 55.5% and a leverage ratio of

39.9%.

As of 30 June 2020, the Group has acquired and taken over 68 container vessels,

whereof 59 are fully owned and 8 are operated in a joint venture.

CEO Constantin Baack comments in relation to the announcement: "MPC Container

Ships' Q2 2020 financials were severely affected by the spread of COVID-19

across multiple continents, causing global lockdowns, port closures and abrupt

restrictions imposed on crew changes. The subsequent economic downturn prompted

an immediate need for MPC Container Ships to take certain measures and secure

additional liquidity in order to safeguard values for stakeholders. In July, the

company successfully completed a stepwise recapitalisation process and re

-emerged with a longer liquidity runway, debt covenant waivers and a bond

maturity extension, all to address the market uncertainties due to COVID-19.

The world is navigating unchartered waters of extreme uncertainty and hence the

market remains fragile. While it is challenging to take a firm view on the

industry's near-term outlook as a charter market rebound is conditional upon a

continued COVID-19 recovery, we see encouraging signs of improvement in several

important industry indicators. Total idle container fleet, which increased

dramatically during the onset of the pandemic, has seen an equally substantial

retraction over the summer as liners are re-instating services. Charter rates

are yet again improving, and the supply side remains insufficient due to an

historically low order book and the re-opening of recycling yards in the Indian

subcontinent. To this end, MPC Container Ships is well-positioned to benefit

from a much-anticipated market rehabilitation."

Q2 and six-month 2020 earnings call and webcast:

The Company will host a webcast for the presentation of the Q2 2020 results

commencing on 31 August 2020 at 15:00 hours CEST / 09:00 hours EDT. The

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

-container.com/en/financial-reports/) from 12:00 hours CEST / 06:00 hours EDT.

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://digital.vevent.com/rt/mpc-container/index.jsp?seid=46

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: 6787156

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 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