MPC Container Ships ASA

Earnings Release • May 27, 2020

MPC Container Ships ASA reports Q1 and three-month 2020 results

MPC Container Ships ASA reports Q1 and three-month 2020 results

· Q1 2020 operating revenue USD 46.0 million.

· Q1 2020 EBITDA USD 7.5 million.

· Q1 2020 net loss USD 10.7 million.

· Equity ratio 56.6% as of 31 March 2020.

Oslo, 27 May 2020

Q1 and three-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 three-month

period ended 31 March 2020. The Group reports a net loss of USD 10.7 million for

Q1 2020.

· Total revenue was USD 46.0 million in Q1 2020 (Q4 2019: USD 44.2 million).

· EBITDA was USD 7.5 million in Q1 2020 (Q4 2019: USD 4.8 million).

· Utilization was 88.8% in Q1 2020 (Q4 2019: 95.7%).

· Average time charter equivalent ("TCE") was USD 8,969 per day in Q1 2020 (Q4

2019: USD 8,505 per day).

· Cash and cash equivalents stood at USD 41.0 million as of 31 March 2020. As

of the same date, the Group has an equity ratio of 56.6% and a leverage ratio of

38.9%.

Following the outbreak of COVID-19, the Group is experiencing significantly

reduced charter rates and utilization of its fleet due to lower containerized

freight volumes globally. These developments are expected to adversely impact

the Group's liquidity and ability to be in compliance with covenants under some

of its debt agreements in the short- to mid-term. Consequently, the Group will

engage in dialogues with creditors and other stakeholders to address these

issues, and has engaged DNB Markets and Pareto Securities to advice the Group in

this regard.

As of 31 March 2020, the Group has acquired and taken over 68 container vessels,

whereof 60 are fully owned and 8 are operated in a joint venture.

CEO Constantin Baack comments in relation to the announcement: "The rapid spread

of COVID-19, the preventative measures imposed in various countries to counter

the pandemic and the inevitable impacts on containerised trade of goods have

lead economic conditions to deteriorate significantly compared with our

expectations at the end of 2019. The severity and fluidity of the situation

makes it challenging to anticipate the timing and shape of a recovery.

Against this backdrop, MPC Container Ships reported a net loss for Q1 2020 as

charter revenues from vessels on short-term contracts have been and continue to

be strained.

Our top priority continue to be the safety and well-being of our employees and

the crew serving on board our vessels. Equally important is protecting the

company's downside risk. To this end, our entire staff is vigilantly monitoring

market developments and assessing initiatives to bolster our balance sheet and

liquidity while positioning MPC Container Ships for the post-COVID era".

Q1 and three-month 2020 earnings call and webcast:

The Company will host a webcast for the presentation of the Q1 2020 results

commencing on 27 May 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/index.jsp?eid=8329&seid=42

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

dial-in information:

Norwegian LocalCall Dial-In (Oslo): +47 21563162

US LocalCall Dial-In (New York): +1 9177200178

International/Toll Attendee Dial-In: +44 (0) 2030095710

Conference ID: 7524309

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:

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