MPC Container Ships ASA

Investor Presentation • Oct 20, 2021

20th October 2021

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Market & Operational Update EXECUTIVE SUMMARY

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SIGNIFICANT PROGRESS ON A SERIES OF KEY MEASURES

	Historically strong freight & charter market Additional multi-year fixtures concluded	477% HARPEX-increase YTD
	Significant EBITDA backlog	> \$700m EBITDA backlog (1) (2)
	Strategic sale of six vessels between 1,000 – 1,500 TEU	~ \$135m
	New financing agreed at attractive terms Increasing flexibility, reduced cost of capital and more than 30 unencumbered vessels	\$180m
	Transition from growth phase to strong value proposition: Significant cash generation, strong dividend capacity and low risk profile
(1) (2)	EBITDA backlog including all revenues as of July 2021 forward of the fully consolidated fleet Proforma EBITDA calculation based on fixed charter contracts and open days with current spot rates, expected charter expiry based on management assessment and subject to change due to market development. Also, including one vessel currently on subs.

EXECUTION OF CHARTERING STRATEGY IN HISTORICALLY STRONG MARKET

	Macroeconomic outlook Global GDP and trade growth revised upwards due to good vaccination progress (GDP: 5.9% in 2021 and 4.9% in 2022)(1) 
Market	Container market  Proper market fundamentals with low orderbook-to-fleet ratio and relative high vessel age for smaller sizes (<12k TEU)  Port congestions, hinterland congestions and equipment shortages push freight rates to historic high levels.
	Charter and S&P market  Tight charter vessel availability with record low idle statistics and historic high time-charter rates  Prolonged charter duration and decreased redelivery window diminish forward availability to very low level  2nd hand market activity picked up narrowing the gap to time-charter rates
	Fleet utilization at continuously high levels with 96.0% YTD 2021  MPCC has executed strong fixtures in historically high charter market  Fixture Activity:	Fleet utilization: 96.0% (Jun. 2021), 94.8% (Jul. 2021), 99.0% (Aug 2021), 99.0% (Sept. 2021)(2) H1	H2(Jul – Oct)
Operations & Fixture Activity (3)(4)	No. fixtures	35	13 (5)
	Avg. rate (USD)	21,550 pd	36,440 pd
	Avg. period (months)	~22	~34
	 Exemplary recent fixtures:
		AS Fiorella	AS Constantina
		Ouha 1300 grd	Baltic CS 2700
		USD ~26,000 pd	USD ~40,000 pd
		~ 3 years	~ 3 years

(1) Source: IMF

• (2) Trading days incl. dry-docking days/ ownership days
• (3) Primo 1. Jan. – 19 October. 2021, basis management assessment (excl. interim employment and declared options)

(4) Fully consolidated vessels, excl. revenue from scrubber-related profit shares. Charter period (min. / max.) based on management assessment and subject to change due to

market development (5) Also, including one vessel currently on subs

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PORTFOLIO AND BALANCE SHEET OPTIMIZATION MEASURES IMPLEMENTED

Portfolio	  	Ongoing fleet optimisation	Divested six smaller vessels with an average capacity of ~1,200 TEU sold for USD 135m Implied sales price shows a significant premium to current share price Following successful handover of these vessels and refinancing, MPCC will have a large part of the fleet unencumbered						Total sale proceeds
	Name Type Sales Price	Anne Sibum SSW 1100 \$21.5m	(1) Stefan Sibum SSW 1100 \$21.5m	(1) Grete Sibum (1) SSW 1100 \$20.1m	AS Federica Ouha 1300 grd \$23.0m	AS Faustina Ouha 1300 grd \$23.0m	AS Riccarda Ouha 1500 \$26.0m		~ \$135m vs. Acquisition price ~ \$64m
Balance Sheet Optimization	New USD 180m financing at attractive terms with HCOB Key-Terms:  LIBOR +335bps  USD 130m Term Loan  USD 50m Revolving Credit Facility  5-year Term  The new financing constitutes another important step of optimizing the balance sheet structure, reducing cost of debt and extending debt maturities into 2026 and freeing-up collateral.  During Q4 2021, the Company intends to use the Facility, together with parts of the proceeds from the agreed vessel sales to refinance the existing DNB acquisition financing, as well as the outstanding USD 200 million bond financing  Consequently, the previous acquisition financing with DNB and the outstanding senior secured bonds will be repaid in full and a significant part of the fleet will subsequently be unencumbered (> 30 vessels).  Further drawdowns under the Facility will strengthen the free liquidity and may be used for vessel upgrades, investments or general corporate purposes
Financials	 		Strong revenues and EBITDA backlog signal strong earnings sustainability at decreasing risk for FY 2021 Fixed Revenues from Q3 2021 onwards > Fixed EBITDA from Q3 2021 onwards > USD 700m (2)	USD 975m (2)
(1) Sales Prices in EUR, converted at EUR/USD 1.17 exchange rate (2) Revenue and EBITDA calculation based on fixed charter contracts and open days with current spot rates; in case of EBITDA reduced by Operating CBE; expected charter

expiry based on management assessment and subject to change due to market development. Also, including one vessel currently on subs.

OPERATING DAYS & FIXED REVENUE(1) - INCREASED CHARTER BACKLOG AND VISIBILITY

COMMENTS (2)

Consolidated vessels

• Assumed available days 2022 2024: 22,265 p.a
• Fixed TCE equivalent: USD 16,339 pd (2021) and USD 24,555 pd (2022)

Bluewater JV vessels

• Assumed available days 2022-2024: 2,555
• Fixed TCE equivalent: USD 15,561 pd (2021) and USD 20,166 pd (2022)

INDICATIVE UPCOMING CHARTER RENEWALS(3)

Indicative Additional Revenue Backlog (4)

CURRENT PERIOD CHARTER MARKET (5)

Cluster (TEU)	Charter Rate (USD / day)	Period
1,300	26,000	~ 3 yrs
1,700	30,000	~ 3 yrs
2,500	35,500	~ 3 yrs
2,800	40,000	~ 3 yrs
3,500	44,000	~ 3 yrs
4,300	52,500	~ 3 yrs

(1) Underlying min. / max. periods for contracted charter based on management assessment (including one vessel currently on subs)

(2) Revenues / Periods / TCE's in good faith, but indicative only and subject to change

(3) Based on expected expiry of charter period (expected charter expiry based on management assessment and subject to change due to market development) (4) Based on current period charter market

SIGNIFICANTLY DE-RISKING THE ENTERPRISE VALUE

MPCC FLEET – EV RISK (4)

A	EBITDA backlog fixed and planned	USDm	774
	Average # of vessels	#	65
	Fixed period	Days	44,000
	Fixed TCE	USD/day	24,700

B

Risk to be Covered from Operation – Break-even TCE (5)

EV Breakeven TCE until 2025	USD/day	9,700
EV Breakeven TCE until 2027 (20 years lifetime)	"	8,500
EV Breakeven TCE until 2032 (25 years lifetime)	"	7,600

Given an average TCE of USD 9,700 and utilization of 95% for the open period until end of 2025, today's remaining enterprise value risk will be fully covered

• (1) Market cap based on closing price of NOK 19.38 as at 18 October 2021 and a NOK/USD of 8.41
• (2) Net interest bearing debt (Gross debt – cash) as at 30 June 2021. Includes 50% of the JV Net interest bearing debt at 30 june 2021
• (3) Consider cash consideration of USD 85m, repayment of outstanding Songa bonds of USD 34m and cash balance acquired in the Songa group
• (4) The analysis consider the MPCC fleet excluding the sale of AS Cordelia in October 2021 and the sale of 6 consolidated vessels to be completed in Q4 2021. The JV vessels are
• included with the 50% MPCC share; secured EBITDA ncluding one vessel currently on subs.

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(5) Based on 95% utilization for the open days and actual H1 2021 operating CBE of USD 6,342. Cost base for JV vessels also factoring in depreciations and finance, per day.

(6) Conservative management assessment for next charter rates and charter period for vessel which come open in Q4 2021 combined with actual H1 2021 operating CBE

OUTLOOK: MEASURES AND CAPITAL ALLOCATION PRIORITY

CAPITAL ALLOCATION PRIORITY

continuous portfolio optimization

Distribute capital to shareholders by way of dividends and/or share buybacks

Target payout ratio is up to 75% of Net Profits from Q1 2022 onwards

Market & Operational Update CONTENT

Appendix

Appendix: Market & Operational Update

HISTORICAL STRONG MARKET MOMENTUM

HISTORIC HIGH BOX VOLUMES AND FREIGHT RATES RECORD HIGH CHARTER RATES AND LOW IDLE STATS

HIGH CHARTER RATES AT PROLONGED PERIODS SUPPORT RISING ASSET VALUES

2 ND HAND PRICES CLOSED GAP TO TC RATES IN JULY COMMENTS

RECORD HIGH TIME-CHARTER RATES 15 YEAR-OLD 2ND HAND PRICES AND S&P DEALS

• Following the surge in Transpacific trade volumes, demand for charter vessels picked up significantly.
• Equipment shortage and diminishing availability of charter vessels put unseen upward pressure on time-charter rates and downward pressure on idle statistics.
• The 2nd hand market also gained momentum with volumes and prices increasing significantly.
• 2 nd hand prices closed the gap to charter rates in the 2.8k TEU segment in July.

LONGER PERIODS AND TIGHTER REDELIVERY WINDOWS WIPE OUT AVAILABILITY

AVG. PERIOD AND REDELIVERY SPREAD (1-5.1k TEU) 30 DAYS FORWARD AVAILABILITY

COMMENTS

• Average charter periods increased significantly to 26 months for feeder vessels (1-3k TEU) and to 30 months for vessels between 3k and 5.1k TEU.
• Consequently, forward availability of vessels coming open decreased significantly and is negligible in the coming 12 months.
• Congestion is at very high levels and continuously fuelled by new Covid-19 cases or Tropical Cyclone Kompasu in Far East.
• Strong market momentum expected to stay until late 2022 at least.

SIGNIFICANT EXCESS DEMAND ON INTRA-REGIONAL TRADES EXPECTED

COMMENTS

Overall market perspective:

• For 2021 and 2022, seaborne container demand growth is expected to outperform supply growth.
• Due to the ordering surge over the past months, supply growth will outperform demand growth in 2023 and 2024 when looking at the total market

Intra-regional perspective:

• In 2021 and 2022, supply growth for vessels <5.2k TEU is expected to be significantly lower compared with the increase in intra-regional demand.
• Also, in 2023 and the following years, excess demand is expected, as orders are relatively low and did not follow the ordering spike for larger vessels

Appendix: Market & Operational Update

INTRA-REGIONAL TRADES AN INTEGRAL PART OF SEABORNE TRADING

TEU DEMAND GROWTH (TOTAL) COMMENTS TOTAL DEMAND

• Strong seaborne container demand growth is expected for the coming years.
• TEU trade is expected to increase from 191m TEU in 2020 to 215m TEU in 2022 (6.1% p.a.).
• This will most likely outperform supply growth, what is expected to increase with 4.1% in 2021 and 3.9% in 2022.

FOCUS: INTRA-REGIONAL TRADES COMMENTS INTRA-REGIONAL DEMAND

• Significant demand growth expected on Intra-Regional trades 6.9% p.a. from 2020 to 2022.
• Especially demand development in Intra-Asia is driving the Intra-Regional TEU growth with 7.2% p.a.
• 52% of the total amount of container vessels with a capacity of 4.7m TEU are deployed on Intra-Regional trades.
• Especially small and flexible vessels serve Intra-Regional trades. 98% of those vessels are smaller 5.2k TEU.

ORDER BOOK DEVELOPMENT

ORDERBOOK HAS INCREASED RECENTLY BUT DOMINATED BY LARGER SIZES

0 5 10 15 20 25 30 35 40 20 0 5 35 10 15 25 30 2012 2016 TEUm 2018 23.0 % 2010 2011 24.436 2013 2014 5.624 2015 2017 2019 2020 2021 Orderbook Total fleet Orderbook-to-Fleet ratio (rhs)

AGE PROFILE 1-5.2K TEU SEGMENT COMMENTS

TEU ON ORDER PER SEGMENT (OCTOBER 2021)

• 39% With the container vessel market surge, newbuild contracting increased significantly. While the total orderbook-to-fleet ratio was at 8.4% in October 2020, it increased to 23.0% in October 2021.
  • Container vessel orders are strongly biased towards larger tonnage. The orderbook-to-fleet ratio is at relative low levels for vessels smaller 12k TEU.
  • While scrapping is currently held back, the average vessel age in the smaller segments is relatively high with 39% of all vessels between 1- 5.2k TEU older than 15 years.

Appendix: Fleet & Employment Update (1/4)

FLEET EMPLOYMENT OVERVIEW

No.	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Oct 21	Nov 21	Dec 21	Jan 22	Feb 22	Mar 22	Apr 22	May 22	Jun 22	Jul 22	Aug 22	Sep 22	Oct 22	Post Oct-22 (min. / max.)
1	CORDELIA(1, 3)	2800 gls	Sold
2	ANNE SIBUM(1)	1000 gls	Sold
3	SEVILLIA	1700 grd	CMA CGM	12,000
4	STEFAN SIBUM(1)	1000 gls	CMA CGM / SOLD	8,400
5	CITY OF BEIJING	2500 grd	COSCO	18,250
6	AS SARA	1700 grd	OOCL	13,000
7	AS SUSANNA	1700 grd	COSCO	14,000
8	AS FREYA	1300 grd	CMA CGM	10,500
9	AS PATRICIA(3)	2500 grd	Maersk Line	15,280
10	GRETE SIBUM(1)	1000 gls	Unifeeder / SOLD	11,950
11	AS ALEXANDRIA	2000 gls	Feedertech	14,000
12	AS FENJA	1200 gls	New Golden Sea Shipping/ COSCO	13,450
13	CARPATHIA(3)	2800 gls	Wan Hai Lines	16,000
14	AS PATRIA	2500 grd	Hapag-Lloyd	14,500
15	AS PIA	2500 grd	Maersk Line	18,300
16	AS NADIA	3500 gls	Hapag-Lloyd	18,500
17	AS SERAFINA	1700 grd	Shanghai Jin Jiang	29,500
18	AS EMMA	4200 gls	Maersk Line	13,500
19	CARDONIA(3)	2800 gls	ZISS	11,500
20	AS ANGELINA	2000 grd	Maersk Line	21,000									DD(2)
21	AS PALINA	2500 HR grd	Maersk Line	11,000(4)
22	AS RAFAELA	1400 gls	New Golden Sea Shipping/ COSCO	18,500											DD(2)
23	AS SOPHIA	1700 grd	Sealand Maersk Asia Pte. Ltd.	33,000			DD(2)
24	AS CARLOTTA	2800 grd	The Pasha Group	70,000
25	AS PETRONIA	2500 HR grd	Maersk Line	11,000(4)

Min. period Max. period

(1) Sold: To be handed-over in Q4 2021

(2) Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

(3) Vessel of Bluewater joint venture

(4) Contracted base rate; besides base rate the charter also includes a savings sharing mechanism in favour of MPCC

Appendix: Fleet & Employment Update (2/4)

FLEET EMPLOYMENT OVERVIEW

No.	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Oct 21	Nov 21	Dec 21	Jan 22	Feb- ´22	Mar 22	Apr 22	May 22	Jun 22	Jul 22	Aug 22	Sep 22	Oct 22	Post Oct-22 (min. / max.)
26	CIMBRIA(2)	2800 gls	GSL / ZISS	17,750											DD(2)
27	AS SAVANNA	1700 grd	Seaboard	9,000 / 11,750(3)
28	AS SAMANTA	1700 grd	Seaboard	9,000 / 11,750(3)
29	AS PETRA	2500 HR grd	Seaboard	10,000 / 13,000(3)														Sep-22 / Nov-22
30	AS PALATIA	2500 grd	Seaboard	10,000 / 13,000(3)														Sep-22 / Nov-22
31	AS PETULIA(2)	2500 grd	Seaboard	10,000 / 13,000(3)														Sep-22 / Nov-22
32	AS SABRINA	1700 grd	Seaboard	9,000 / 11,750(3)														Sep-22 / Nov-22
33	AS FLORA	1200 gls	China United Lines	16,900														Sep-22 / Nov-22
34	AS CAROLINA	2800 gls	GSL / ZISS	17,750														Aug-22 / Nov-22
35	AS CALIFORNIA	2800 gls	Sealand Maersk Asia Pte. Ltd.	18,000														Jul-22 / Nov-22
36	AS CASPRIA	2800 gls	ZISS	23,500														Feb-23 / Mar-23
37	AS CARINTHIA(2)	2800 gls	RCL	24,750														Mar-23 / Mar-23
38	AS LAETITIA	1000 grd	King Ocean	9,250														Feb-23 / Apr-23
39	AS CYPRIA	2800 gls	ONE	18,400														Feb-23 / May-23
40	AS CLARA	2800 gls	Diamond Line (COSCO)	24,750	DD(1)													Mar-23 / Jun-23
41	AS CAMELLIA	2800 gls	Maersk Line	24,550														Apr-23 / Aug-23
42	AS PENELOPE	2500 gls	New Golden Sea Shipping/ COSCO	26,500														May-23 / Aug-23
43	AS ROBERTA	1400 gls	BTL	24,000														Sep-23 / Nov-23
44	AS PAULINE	2500 gls	Seaboard	25,500														Feb-24 / Mar-24
45	AS PAULINA	2500 HR grd	MSC	26,750														Mar-24 / May-24
46	AS ANITA	2000 gls	Diamond Line (COSCO)	29,350														Jul-24 / Jul-24
47	AS ALVA	2000 grd	Feedertech	29,000														May-24 / Jul-24
48	AS CLARITA	2800 gls	Oman Shipping Lines	26,975														Jun-24 / Aug-24

Min. period Max. period

(1) Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments

(2) Vessel of Bluewater joint venture

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(3) Contracted base rate, index-linked (New ConTex) with a floor of USD 9,000 and a ceiling of USD 11,750 for 1,700 TEU vessels and a floor of USD 10,000 and a ceiling of USD 13,000 for 2,500 TEU vessels; besides base rate scheme the charter also includes a savings sharing mechanism in favour of MPCC

Appendix: Fleet & Employment Update (3/4)

FLEET EMPLOYMENT OVERVIEW

No.	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Oct 21	Nov 21	Dec 21	Jan 22	Feb- ´22	Mar 22	Apr 22	May 22	Jun 22	Jul 22	Aug 22	Sep 22	Oct 22	Post Oct-22 (min. / max.)
49	AS SICILIA	1700 grd	Feedertech	30,000														Jul-24 / Sep-24
50	AS SERENA	1700 grd	Shanghai Jin Jiang	60,000(1)				DD(2)										Jul-24 / Sep-24
51	AS CHRISTIANA	2800 grd	CMA CGM	32,400														Jul-24 / Sep-24
52	AS PAOLA	2500 grd	CMA CGM	28,900														Aug-24 / Oct-24
53	AS CONSTANTINA	2800 gls	Bal Shipping Lines	120,000		COSCO – 39,900												Sep-24 / Oct-24
54	AS COLUMBIA	2800 gls	China United Lines	101,000	DD(2) Sea		Consortium	– first	12	months	85,000, thereafter		15,500					Aug-24 / Oct-24
55	AS CARELIA	2800 gls	Hapag-Lloyd	33,000														Aug-24 / Nov-24
56	AS CLEOPATRA(3) 2800 grd		Hapag-Lloyd	33,500														Aug-24 / Nov-24
57	AS SVENJA	1700 grd	CMA CGM	13,000				On subjects	–	29,995								Oct-24 / Dec-24
58	AS CLEMENTINA	2800 gls	Heung-A	10,000			Feedertech –		35,500									Oct-24 / Dec-24
59	AS SELINA	1700 grd	Hapag-Lloyd	11,800			Maersk	Line –	29,500									Nov-24 / Jan-25
60	AS NORA	3500 grd	CMA CGM	40,000														Apr-25 / Jun-25

Min. period Max. period

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(2) Scheduled commencement of dry-docking. Actual timing depends, inter alia, on yard capacity and charter commitments (3) Vessel of Bluewater joint venture

Appendix: Fleet & Employment Update (4/4)

FLEET EMPLOYMENT OVERVIEW

No.	Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Oct 21	Nov 21	Dec 21	Jan 22	Feb- ´22	Mar 22	Apr 22	May 22	Jun 22	Jul 22	Aug 22	Sep 22	Oct 22
1	AS FEDERICA(1)	1300 grd	Pool / SOLD	Pool Rate
2	AS FAUSTINA(1)	1300 grd	Pool / SOLD	Pool Rate
3	AS FLORETTA	1300 grd	Pool	Pool Rate					DD(3)
4	AS RICCARDA(1)	1500 gls	Pool / SOLD	Pool Rate
5	AS FLORIANA	1300 gls	Pool	Pool Rate
6	AS FABIANA	1300 grd	Pool	Pool Rate
7	AS FELICIA	1300 grd	Pool	Pool Rate
8	AS FRANZISKA	1300 grd	Pool	Pool Rate
9	AS ROSALIA	1500 gls	Pool	Pool Rate
10	AS ROMINA	1500 gls	Pool	Pool Rate
11	AS FATIMA	1300 gls	Pool	Pool Rate
12	AS FILIPPA	1300 grd	Pool	Pool Rate
13	AS RAGNA	1500 gls	Pool	Pool Rate
14	AS FABRIZIA	1300 grd	Pool	Pool Rate
15	AS FIORELLA	1300 grd	Pool	Pool Rate

COMMENTS

• The charter backlog from FY 2020 is now decreasing, with only 1 fixture remaining until end of 2021
• Maximum secured pool coverage for FY 2021 and 2022 is ~98% and ~80% of available pool days respectively
• Expected gross pool rate (2) for the remaining year 2021 for the various TEU clusters is:
  • USD ~16,500 / day (1,300 TEU grd)
  • USD ~15,000 / day (1,300 TEU gls)
  • USD ~17,400 / day (1,500 TEU gls)

Min. period Max. period