MPC Container Ships ASA

Earnings Release • May 20, 2021

MPC Container Ships ASA reports Q1 and three-month 2021 results

MPC Container Ships ASA reports Q1 and three-month 2021 results

· Significantly improved operating revenues and EBITDA compared to Q4 2021.

· High utilization of 99.2% reflecting strong charter markets.

· Intense chartering activity both in Q1 2021 and YTD 2021 bringing the

charter backlog to more than USD 400 million.

Oslo, 20 May 2021

Q1 and three-month 2021 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 2021.

· Total revenue was USD 54.9 million in Q1 2021 (Q4 2020: USD 45.6 million).

· EBITDA was USD 22.3 million in Q1 2021 (Q4 2020: USD 4.5 million).

· Net profit was USD 3.5 million in Q1 2021 (Q4 2020: net loss of USD 18.4

million).

· Utilization was 99.2% in Q1 2021 (Q4 2020: 97.0%).

· Average time charter equivalent ("TCE") was USD 10,502 per day in Q1 2021

(Q4 2020: USD 8,115 per day).

· Cash and cash equivalents stood at USD 48.1 million as at 31 March 2021. As

at the same date, the Group has an equity ratio of 56.2% and a leverage ratio of

41.1%.

As at 31 March 2021, the Group owns and operates 65 container vessels, whereof

57 are fully owned and 8 are operated in a joint venture.

For FY 2021 management confirms, subject to certain assumptions, expected

revenues in the range of USD 230-260m and expected EBITDA in the range of USD

120-140m. Based on current market developments, management expects to reach the

upper end of the ranges.

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

container market momentum which commenced in the second half of 2020 has shown

no sign of slowdown, but has instead constantly strengthened further in 2021.

The present market conditions are based on fundamentals. Significant demand

growth in combination with limited supply, fuelled by extraordinary effects such

as container box shortages and the Suez Canal blockage, has led to one of the

strongest container markets in history which we expect will continue into next

year.

Charter rates are at historically high levels whilst charter periods are getting

longer and longer thus increasing cash flow visibility on our fleet. So far, in

2021 we have concluded 26 multi-year charters, bringing our overall charter

backlog to more than USD 400 million. Based on around 25 additional charter

renewals until year-end, we believe MPCC is well-positioned to further benefit

from the continuously strong charter markets.

Going forward, we will continue with our focused strategy to own and operate

vessels in intra-regional trades, a sector where we see an extremely compelling

demand/supply development for the years ahead. Whilst the order book has

recently increased significantly for the larger sizes, we expect constrained

supply will persist in the medium-term, in particular for intra-regional vessel

sizes. Furthermore, we expect attractive demand growth in the intra-regional

trades, especially in Asia due to global sourcing dynamics and demand

developments.

We firmly believe, it is the combination of the strong cash generation, whilst

having an extremely low residual value risk and our prudent capital allocation

strategy which makes up MPC Container Ships' attractiveness as an unique

investment in these exciting times in container shipping."

Q1 and three-month 2021 earnings call and webcast:

The Company will host a webcast for the presentation of the Q1 2021 results

commencing on Thursday 20 May 2021 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/) prior to the earnings call. 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/58hxhzue

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: 1068976

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.

***

Forward-looking statements:

This announcement includes forward-looking statements. Such statements are

generally not historical in nature, and specifically include statements about

the Company's plans, strategies, business prospects, changes and trends in its

business, the markets in which it operates and its restructuring efforts. These

statements are made based upon management's current plans, expectations,

assumptions and beliefs concerning future events impacting the Company and

therefore involve a number of risks, uncertainties and assumptions that could

cause actual results to differ materially from those expressed or implied in the

forward-looking statements, which speak only as of the date of this news

release. Consequently, no forward-looking statement can be guaranteed. When

considering these forward-looking statements, you should keep in mind the risks

described from time to time in the Company's regulatory filings and periodical

reporting. The Company undertakes no obligation to update any forward-looking

statements to reflect events or circumstances after the date on which such

statement is made or to reflect the occurrence of unanticipated events. New

factors emerge from time to time, and it is not possible for the Company to

predict all of these factors. Further, the Company cannot assess the impact of

each such factor on its business or the extent to which any factor, or

combination of factors, may cause actual results to be materially different from

those contained in any forward-looking statement.