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MPC Container Ships ASA

Investor Presentation Jun 22, 2021

3666_iss_2021-06-22_ea187260-db1b-4bc2-96ce-a9f7f2e35b32.pdf

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Songa Container Acquisition and Operational Update

22nd of June 2021

DISCLAIMER

THIS PRESENTATION (THE "PRESENTATION") HAS BEEN PREPARED BY MPC CONTAINER SHIPS ASA (THE "COMPANY") FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES DESCRIBED HEREIN.

TO THE BEST KNOWLEDGE OF THE COMPANY, ITS OFFICERS AND DIRECTORS, THE INFORMATION CONTAINED IN THIS PRESENTATION IS IN ALL MATERIAL RESPECT IN ACCORDANCE WITH THE FACTS AS OF THE DATE HEREOF AND CONTAINS NO MATERIAL OMISSIONS LIKELY TO AFFECT ITS IMPORTANCE. PLEASE NOTE THAT NO REPRESENTATION OR WARRANTY (EXPRESS OR IMPLIED) IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON, ANY FORWARD-LOOKING STATEMENTS, INCLUDING PROJECTIONS, ESTIMATES, TARGETS AND OPINIONS, CONTAINED HEREIN. TO THE EXTENT PERMITTED BY LAW, THE COMPANY, ITS PARENT OR SUBSIDIARY UNDERTAKINGS AND ANY SUCH PERSON'S OFFICERS, DIRECTORS, OR EMPLOYEES DISCLAIM ALL LIABILITY WHATSOEVER ARISING DIRECTLY OR INDIRECTLY FROM THE USE OF THIS PRESENTATION.

THIS PRESENTATION CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS RELATING TO THE BUSINESS, FINANCIAL PERFORMANCE AND RESULTS OF THE COMPANY AND/OR THE INDUSTRY IN WHICH IT OPERATES. FORWARD-LOOKING STATEMENTS CONCERN FUTURE CIRCUMSTANCES, NOT HISTORICAL FACTS AND ARE SOMETIMES IDENTIFIED BY THE WORDS "BELIEVES", EXPECTS", "PREDICTS", "INTENDS", "PROJECTS", "PLANS", "ESTIMATES", "AIMS", "FORESEES", "ANTICIPATES", "TARGETS", AND SIMILAR EXPRESSIONS. THE FORWARD-LOOKING STATEMENTS CONTAINED IN THIS PRESENTATION (INCLUDING ASSUMPTIONS, OPINIONS AND VIEWS OF THE COMPANY OR OPINIONS CITED FROM THIRD PARTY SOURCES) ARE SUBJECT TO RISKS, UNCERTAINTIES AND OTHER FACTORS THAT MAY CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM ANY ANTICIPATED DEVELOPMENT. NONE OF THE COMPANY, ANY OF ITS PARENT OR SUBSIDIARY UNDERTAKINGS OR ANY SUCH PERSON'S OFFICERS, DIRECTORS, OR EMPLOYEES PROVIDES ANY ASSURANCE THAT THE ASSUMPTIONS UNDERLYING SUCH FORWARD-LOOKING STATEMENTS ARE FREE FROM ERRORS, NOR DOES ANY OF THEM ACCEPT ANY RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE OPINIONS EXPRESSED IN THIS PRESENTATION OR THE ACTUAL OCCURRENCE OF THE FORECASTED DEVELOPMENTS DESCRIBED HEREIN.

THE PRESENTATION CONTAINS INFORMATION OBTAINED FROM THIRD PARTIES. SUCH INFORMATION HAS BEEN ACCURATELY REPRODUCED AND, AS FAR AS THE COMPANY IS AWARE AND ABLE TO ASCERTAIN FROM THE INFORMATION PUBLISHED BY THAT THIRD PARTY, NO FACTS HAVE BEEN OMITTED THAT WOULD RENDER THE REPRODUCED INFORMATION TO BE INACCURATE OR MISLEADING IN ANY MATERIAL RESPECT.

AN INVESTMENT IN THE COMPANY INVOLVES RISK. SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE PREDICTED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, BUT NOT LIMITED TO, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY'S BUSINESS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS AND, MORE GENERALLY, ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE AND INTEREST RATES AND OTHER FACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, THE ACTUAL RESULTS OF THE COMPANY MAY VARY MATERIALLY FROM THOSE FORECASTED INTHIS PRESENTATION.

BY ATTENDING OR RECEIVING THIS PRESENTATION RECIPIENTS ACKNOWLEDGE THAT THEY WILL BE SOLELY RESPONSIBLE FOR THEIR OWN ASSESSMENT OF THE COMPANY AND THAT THEY WILL CONDUCT THEIR OWN ANALYSIS AND BE SOLELY RESPONSIBLE FOR FORMING THEIR OWN VIEW OF THE POTENTIAL FUTURE PERFORMANCE OF THE COMPANY AND ITS BUSINESS.

THE DISTRIBUTION OF THIS PRESENTATION MAY, IN CERTAIN JURISDICTIONS, BE RESTRICTED BY LAW. PERSONS IN POSSESSION OF THIS PRESENTATION ARE REQUIRED TO INFORM THEMSELVES ABOUT AND TO OBSERVE ANY SUCH RESTRICTIONS. NO ACTION HAS BEEN TAKEN OR WILL BE TAKEN IN ANY JURISDICTION BY THE COMPANY THAT WOULD PERMIT THE POSSESSION OR DISTRIBUTION OF ANY DOCUMENTS OR ANY AMENDMENT OR SUPPLEMENT THERETO (INCLUDING BUT NOT LIMITED TO THIS PRESENTATION) IN ANY COUNTRY OR JURISDICTION WHERE SPECIFIC ACTION FOR THAT PURPOSE IS REQUIRED.

THE CONTENTS OF THIS PRESENTATION SHALL NOT BE CONSTRUED AS LEGAL, BUSINESS, OR TAX ADVICE. RECIPIENTS MUST CONDUCT THEIR OWN INDEPENDENT ANALYSIS AND APPRAISAL OF THE COMPANY AND THE SHARES OF THE COMPANY, AND OF THE DATA CONTAINED OR REFERRED TO HEREIN AND IN OTHER DISCLOSED INFORMATION, AND RISKS RELATED TO AN INVESTMENT, AND THEY MUST RELY SOLELY ON THEIR OWN JUDGEMENT AND THAT OF THEIR QUALIFIED ADVISORS IN EVALUATING THE COMPANY AND THE COMPANY'S BUSINESS STRATEGY.

THIS PRESENTATION REFLECTS THE CONDITIONS AND VIEWS AS OF THE DATE SET OUT ON THE FRONT PAGE OF THE PRESENTATION. THE INFORMATION CONTAINED HEREIN IS SUBJECT TO CHANGE, COMPLETION, OR AMENDMENT WITHOUT NOTICE. IN FURNISHING THIS PRESENTATION, THE COMPANY UNDERTAKE NO OBLIGATION TO PROVIDE THE RECIPIENTS WITH ACCESS TO ANY ADDITIONAL INFORMATION.

THIS PRESENTATION SHALL BE GOVERNED BY NORWEGIAN LAW. ANY DISPUTE ARISING IN RESPECT OF THIS PRESENTATION IS SUBJECT TO THE EXCLUSIVE JURISDICTION OF THE NORWEGIAN COURTS WITH THE OSLO CITY COURT AS LEGAL VENUE.

Songa Container Acquisition and Operational Update CONTENT

1. Songa Container Acquisition

    1. Company & Market Outlook
    1. Appendix

Songa Container Acquisition EXECUTIVE SUMMARY

Accretive & strategic acquisition of Songa Container AS confirming MPCC as the leading intra-regional container tonnage provider globally

Pro-forma EBITDA at current rates of USD 170-180m, 350m and 450m for FY 2021, 2022 and 2023 respectively (1)

4

Minimal residual value risk to acquisition and pro-forma MPCC

SONGA CONTAINER AT A GLANCE

(1) Days split based on latest available information; Operating days equal available days less expected off-hire / class-renewals

(2) Operating days based on assumed avg, utilization of 96% per year for open SONGA fleet (2021 = 31st May 2021 to 31st Dec 2021)

(3) Based on Clarksons rates per 11th June 2021 (SONGA open fleet weighted average per operating day)

5

(4) Proforma EBITDA calculation based on fixed charter contracts and open days with current spot rates, reduced by Operating CBE with USD 6,250 per day from MPCC Q1 2021 financial statement

Songa Container Acquisition TRANSACTION OVERVIEW

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COMPELLING STRATEGIC RATIONALE

Reinforcing industry-leading position > USD 1 billion

market cap (1)

< 3 years payback period on purchase price (3)

Benefitting from market-momentum

2-3 years average TC-periods for 1-5.1k TEU at all-time high charter rates (2)

Strong earnings-potential

USD 350-450 million p.a.

EBITDA potential for 2022 and 2023 (3)

(1) Basis 18th of June 2021 at NOK 21.8/share and NOK/USD of 8.68

(2) Data Source: Clarksons Research (Jun. 2021)

7

(3) Proforma EBITDA calculation based on fixed charter contracts and open days with current spot rates, reduced by Operating CBE with USD 6,250 per day from MPCC Q1 2021 financial statement

REINFORCING INDUSTRY-LEADING POSITION IN INTRA-REGIONAL TRADE

TOP 10 TONNAGE PROVIDER <5K TEU(1)

Managing owner On-the-water vessels Total fleet size (TEUk) Seaspan 43 75 MPCC today 64 Navios Holdings 30 Lomar 55 Peter Döhle 47 Costamare 29 Danaos 29 Borealis 31 Leonhard & Blumberg 39 Global Ship Lease 26 162 158 134 120 119 117 103 95 91 75 74

MARKET CAP (USDM)(2)

Creating a USD 1 billion market cap company with moderate leverage, ideally positioned to navigate the intra-regional container shipping cycle

(1) MPCC including Bluewater JV; all other data extracted from Alphaliner

(2) Basis closing 18th of June 2021 at NOK 21.8/share and NOK/USD of 8.68

(3) Net Debt basis MPCC Financials Q1 '21 and latest cash figures; combined entity includes acquisition financing

QUICKLY DE-RISKING THE INVESTMENT FROM FIXING CASHFLOW

ILLUSTRATIVE CASHFLOW POTENTIAL FROM THE SONGA-FLEET

(1) Scrap value based on USD 530/LDT as per Clarksons

(2) Data Source: Clarksons Research (Jun. 2021)

(3) EBITDA potential based on spot rates from Clarksons per 11th June 2021 with an avg. spot rate of ~USD 28,700 per open day (avg. for open SONGA fleet 2021 – 2023)

(4) Source: Clarksons SIN

9

HIGHLY COMPELLING RISK-REWARD

ATTRACTIVE TIMING: ASSET VALUES ARE LAGGING BEHIND THE CHARTER-MARKET

SIGNIFICANT UPSIDE POTENTIAL TO ASSET VALUES IF THE STRONG CHARTER MARKET ENDURE (1)

(1) Based on Clarksons SIN asset values for a 15-year-old 2,800 TEU and respective 12-months time-charter rates

(2) Basis VesselsValue.com at the 21st of June 2021

10

(3) EBITDA basis max. period, 99% utilization, less commission and Operating CBE; Scrap basis current market price of USD 530/LTD provided by Clarksons

Songa Container Acquisition and Operational Update CONTENT

    1. Songa Container Acquisition
  • 2. Company & Market Outlook
    1. Appendix

INCREASING OPERATING LEVERAGE TOWARDS AN ALL-TIME STRONG MARKET

COMBINED MPCC + SONGAPROFORMA PROJECTION

(1)Day's split based on latest charter contracts as per 14th June 2021; Operating days equal available days less expected off-hire / class-renewals

(2) Operating days based on assumed avg, utilization of ~95% per year for MPCC + SONGA fleet (2021 including SONGA from 31st May – 31st Dec 2021)

for 2021, 2022 and 2023 of USD 170-180 m, USD 350-400m and USD 450-500m respectively, subject certain assumption.

(3) Based on Clarksons rates per 11th June 2021 (MPCC + SONGA open fleet weighted average per operating day)

(4) Indicative projections: proforma EBITDA for combined MPCC + Songa entity

(5) Proforma EBITDA calculation based on fixed charter contracts and open days with current spot rates, reduced by Operating CBE with USD 6,250 per day from MPCC Q1 2021 financial statement

TIME-CHARTER RATE DEVELOPMENT

LONGER PERIODS AND TIGHTER REDELIVERY WINDOWS WIPE OUT AVAILABILITY

TRADING IN REDELIVERY RANGE (1-5.1K TEU)

No. of vessels

0 50 100 150 200 250 300 350 400 450 500 550 Dec-21 Jan- 18 Jan-19 Jan- 17 Jan- 20 Jan- 21 Jan- Jan-

AVG. PERIOD AND REDELIVERY SPREAD (1-5.1k TEU)

COMMENTS

  • The charter market continues its surge and moves forward to unseen territory since years. Time-charter rates across size segments have reached their all-time high from 2005.
  • Average charter periods increased significantly to 26 months (22 months for 1-2k TEU; 30 months for 2-5.1k TEU).
  • Consequently, availability of vessels coming open is negligible in the coming 12 months.

SUPPLY DEFICIT MORE PRONOUNCED IN INTRA-REGIONAL SEGMENT

COMMENTS

  • Significant demand growth expected on Intra-Regional trades 7.9% in 2021 and 6.6% 2022. Supply growth, by contrast, will be manageable with 1.9% in 2021 and even a negative 0.3% in 2022, despite the current increase in ordering activity.
  • Especially demand development in Intra-Asia is driving the Intra-Regional TEU growth with 7.5% p.a. for the coming two years.
  • 54% of the total amount of container vessels with a capacity of 4.9m TEU are deployed on Intra-Regional trades.

SUPPLY SHORTAGE TO PERSIST DUE TO HISTORIC UNDERINVESTMENT

ON ORDER PER SEGMENT (MAY 2021)

AGE PROFILE 1-3K TEU SEGMENT

COMMENTS

TEU

  • Orders went up together with the momentum in the charter market, but are heavily weighted towards larger tonnage in excess of 12k TEU.
  • MPCC' core segments still lacking sufficient newbuild orders to cope with the demand for that size cluster in the growing intra-regional market, which suggests favourable mid-term market dynamics.
  • The age profile of the 1-3k TEU segment further encourages the argument of underinvestment in that size cluster.

Songa Container Acquisition and Operational Update CONTENT

    1. Songa Container Acquisition
    1. Company & Market Outlook

3. Appendix

Appendix FLEET LIST SONGA

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y-
22
Ju
n-
22
Po
Ma
22
st
y-
(m
in.
/ m
.)
ax
1 AS
CL
EO
PA
TR
A
d
28
00
gr
MS
C
10,
150
DD
(1)
2 AS
CA
RE
LIA
28
00
ls
g
Ha
-Llo
d
pag
y
9,
250
28
00
0
,
(1)
DD
3 AS
CA
OT
RL
TA
28
00
d
gr
GS
ZIS
S
L /
14,
75
0
(1)
DD
4 AS
CO
LU
MB
IA
28
00
ls
g
Sin
oko
r
9,
75
0
(1)
DD
5 AS
SI
CIL
IA
170
0 g
rd
Glo
ba
l Fe
ed
Se
rvic
er
es
10,
50
0
6 AS
CO
NS
TA
NT
INA
28
00
ls
g
He
-A
ung
10,
250
7 AS
SE
RE
NA
170
0 g
rd
Se
ala
nd
Ma
k A
sia
ers
11,
50
0
8 AS
RO
BE
RT
A
140
0 g
ls
BT
L
11,
30
0
DD
(4)
9 CO
RD
EL
IA
28
00
ls
g
Sin
oko
r
10,
00
0
10 AS
CL
EM
EN
TIN
A
28
00
ls
g
He
-A
ung
10,
00
0
(1)
DD
11 AS
SE
VIL
LIA
170
0 g
rd
CM
A C
GM
12,
00
0
12 AS
SE
LIN
A
170
0 g
rd
Ha
-Llo
d
pag
y
11,
80
0
13 AS
SV
EN
JA
170
0 g
rd
CM
A C
GM
13,
00
0
14 AS
SA
RA
170
0 g
rd
OO
CL
13,
00
0
15 AS
ICI
PA
TR
A
25
00
d
gr
Ma
k L
ine
ers
15,
280
(1)
DD
16 AS
SU
SA
NN
A
170
0 g
rd
CO
SC
O
14,
00
0
17 AS
FR
EY
A
130
0 g
rd
CM
A C
GM
10,
50
0
18 AS
FE
NJ
A
120
0 g
ls
Ne
w G
old
Se
en
a
Sh
ipp
ing
/ C
OS
CO
13,
45
0
19 CA
RP
AT
HIA
28
00
ls
g
Wa
n H
ai L
ine
s
16,
00
0
20 AS
PA
TR
IA
25
00
d
gr
Ha
-Llo
d
pag
y
14,
50
0
21 AS
NA
DIA
35
00
ls
g
Ha
-Llo
d
pag
y
18,
50
0
Ma
22
/ J
22
y-
un-
22 AS
SE
RA
FIN
A
170
0 g
rd
Sh
hai
Jin
Jia
ang
ng
14,
175
Ma
22
/ J
ul-2
2
y-
23 CA
RD
ON
IA
28
00
ls
g
ZIS
S
11,
50
0
Ja
n-2
2 /
Ju
n-2
2
24 AS
AN
GE
LIN
A
22
00
d
gr
Ma
k L
ine
ers
21
00
0
,
Ju
n-2
2 /
Au
22
g-
25 AS
PA
LIN
A
25
00
HR
d
gr
Ma
k L
ine
ers
11,
00
0
Au
21
/ A
22
g-
ug-

Min. periodMax. period

MPCC FLEET EMPLOYMENT OVERVIEW (2/3)

No Ve
l
sse
Clu
ste
r
Ch
art
ere
r
CC
Cu
MP
nt
rre
Fix
(
US
D/d
)
tur
e
ay
Ju
n-
21
Ju
l-
21
Au
g
-21
Se
p-
21
Oc
t-
21
No
v-
21
De
c-
21
Ja
n-
22
Fe
b-
22
Ma
r-
22
Ap
r-
22
Ma
y-
22
Ju
n-
22
Po
st
Ma
22
y-
(m
in.
/ m
.)
ax
26 AS
RA
FA
EL
A
140
0 g
ls
CO
SC
O
18,
50
0
/ S
Ju
l-22
-22
ep
27 AS
SO
PH
IA
170
0 g
rd
BT
L
13,
00
0
Se
ala
nd
Ma
ers
k –
33
00
,
0 DD
(1)
Ju
l-22
Se
22
7
p-
28 AS
PE
TR
ON
IA
HR
d
25
00
gr
Ma
k L
ine
ers
11,
00
0
Se
21
/ S
-22
p-
ep
29 AS
SA
MA
NT
A
170
0 g
rd
Se
abo
ard
11,
75
0
Au
22
/ O
22
ct-
g-
30 AS
SA
VA
NN
A
170
0 g
rd
Se
abo
ard
0
11,
75
Au
22
/ O
22
ct-
g-
31 CIM
BR
IA
28
00
ls
g
GS
L /
ZIS
S
0
17,
75
Au
22
/ O
22
ct-
g-
32 AS
SA
BR
INA
170
0 g
rd
Se
abo
ard
11,
75
0
Se
/ N
22
22
p-
ov-
33 AS
PA
LA
TIA
25
00
d
gr
Se
abo
ard
13,
00
0
Se
22
/ N
22
p-
ov-
34 AS
PE
TR
A
25
00
HR
d
gr
Se
abo
ard
13,
00
0
Se
22
/ N
22
p-
ov-
35 AS
PE
TU
LIA
25
00
d
gr
Se
abo
ard
13,
00
0
Se
22
/ N
22
p-
ov-
36 AS
FL
OR
A
120
0 g
ls
Ch
ina
Un
ited
Li
nes
16,
90
0
Se
22
/ N
22
p-
ov-
37 AS
CA
RO
LIN
A
ls
28
00
g
GS
L /
ZIS
S
17,
75
0
DD
(1)
Au
22
/ N
22
g-
ov-
38 AS
CA
OR
LIF
NIA
28
00
ls
g
Se
ala
nd
Ma
k A
sia
ers
18,
00
0
Ju
l-22
/ N
22
ov-
39 AS
CA
RIN
TH
IA
28
00
ls
g
RC
L
24
75
0
,
Ma
3 /
Ma
r-2
r-2
3
40 AS
LA
ET
ITIA
100
0 g
rd
Kin
Oc
g
ea
n
9,
250
Fe
b-2
3 /
Ap
r-2
3
41 AS
CY
PR
IA
28
00
ls
g
ON
E
18,
40
0
Fe
b-2
3 /
Ma
23
y-
42 AS
CL
AR
A
28
00
ls
g
Dia
nd
Lin
e (
CO
SC
O)
mo
24
75
0
,
(1)
DD
Ma
r-2
3 /
Ju
n-2
3
43 AS
CA
ME
LL
IA
28
00
ls
g
Ma
k L
ine
ers
24
55
0
,
Ap
r-2
3 /
Au
23
g-
44 AS
PE
NE
LO
PE
25
00
ls
g
CO
SC
O
26
50
0
,
Ma
23
/ A
23
y-
ug-
45 AS
PA
UL
INE
25
00
ls
g
Ma
k L
ine
ers
15,
50
0
Se
abo
ard
-25
,5
00 Fe
b-2
4 /
Ma
r-2
4
46 AS
PA
UL
INA
25
00
HR
d
gr
MS
C
26
75
0
,
Ma
r-2
4
/ M
24
ay-
47 AS
CL
AR
ITA
28
00
ls
g
Om
Sh
ipp
ing
Lin
an
e
26
975
,
(1)
DD
Ap
r-2
4 /
Ju
n-2
4
48 AS
CH
RIS
TIA
NA
28
00
d
gr
CM
A C
GM
10,
00
0
Co
nfid
ial
32
ent
-
40
0
,
Ju
l-24
/ S
-24
ep
49 AS
PA
OL
A
25
00
d
gr
CM
A C
GM
10,
35
0
Co
nfid
ial
28
ent
-
90
0
,
Au
24
/ O
24
ct-
g-

Min. period

Max. period

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

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

(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

MPCC FLEET EMPLOYMENT OVERVIEW (3/3)

No
Ve
l
sse
Clu
ste
r
Ch
art
ere
r
MP
CC
Cu
nt
rre
Fix
(
US
D/d
)
tur
e
ay
Ju
n-
21
Ju
l-
21
Au
g-
21
Se
p-
21
Oc
t-
21
No
v-
21
De
c-
21
Ja
n-
22
Fe
b-
22
Ma
r-
22
Ap
r-
22
Ma
y-
22
Ju
n-
22
50
AS
FL
OR
ET
TA
1,
30
0 g
rd
Po
ol
Po
ol
rat
e
DD
(2)
51
AS
FR
AN
ZIS
KA
rd
1,
30
0 g
Po
ol
Po
ol
rat
e
DD
(2)
52
AS
FA
TIM
A
1,
30
0 g
ls
Po
ol
Po
ol
rat
e
53
AS
RO
SA
LIA
1,5
00
ls
g
Po
ol
Po
ol
rat
e
54
AS
RO
MIN
A
1,5
00
ls
g
Po
ol
Po
ol
rat
e
55
AS
FI
LIP
PA
1,
30
0 g
rd
Po
ol
Po
ol
rat
e
56
AS
FE
LIC
IA
1,
30
0 g
rd
Po
ol
Po
ol
rat
e
(2)
DD
57
AS
FE
DE
RIC
A
1,
30
0 g
rd
Po
ol
Po
ol
rat
e
DD
(2)
58
AS
FI
OR
EL
LA
1,
30
0 g
rd
Po
ol
Po
ol
rat
e
59
AS
FA
US
TIN
A
1,
30
0 g
rd
Po
ol
Po
ol
rat
e
60
AS
RI
CC
AR
DA
1,5
00
ls
g
Po
ol
Po
ol
rat
e
DD
(2)
61
AS
RA
GN
A
1,5
00
ls
g
Po
ol
Po
ol
rat
e
62
AS
FL
OR
IAN
A
1,
30
0 g
ls
Po
ol
Po
ol
rat
e
63
AS
FA
BIA
NA
1,
30
0 g
rd
Po
ol
Po
ol
rat
e
DD
(2)
64
AS
FA
BR
IZIA
1,
30
0 g
rd
Po
ol
Po
ol
rat
e

COMMENTS

20

(1)

(2)

  • The charter backlog from FY 2020 is now decreasing, with about 4-6 fixtures remaining until end of 2021
  • Maximum secured pool coverage for FY 2021 and 2022 is ~92% and ~50% of available pool days respectively
  • Expected FY 2021 gross pool rate(1) for the various TEU clusters is:
    • USD ~11,300/day (1,300 TEU grd)
    • USD ~12,600/day (1,300 TEU gls)
    • USD ~13,300/day (1,500 TEU gls)

SONGA FLEET EMPLOYMENT OVERVIEW

No Ve
l
sse
Clu
ste
r
Ch
art
ere
r
Cu
Fix
nt
tur
rre
e (
US
D/d
)
ay
Ju
n-
21
Ju
l-
21
Au
g
-21
Se
p-
21
Oc
t-
21
No
v-
21
De
c-
21
Ja
n-
22
Fe
b-
22
Ma
r-
22
Ap
r-
22
Ma
y-
22
Ju
n-
22
Po
Ma
22
st
y-
(m
in.
/ m
.)
ax
1 So
Irid
ium
nga
2,
20
0 g
rd
MS
C
6,
150
2 So
Bo
nga
nn
d
2,
20
0
gr
CO
SC
O
12,
95
0
3 Str
als
und
3,
40
0
Nil
Du
tch
e
10,
50
0
4 Sib
An
ne
um
1,
000
ls
g
WE
C L
ine
s
EU
R 5
50
0
,
5 Ste
fan
Si
bu
m
1,
000
ls
g
CM
A-C
GM
EU
R 8
40
0
,
6 Cit
f B
eij
ing
y o
2,5
00
d
gr
CO
SC
O
18,
250
7 So
Nu
be
nga
ern
rg
2,
20
0
d
gr
Fe
ed
ech
ert
14,
00
0
8 So
Ca
lab
ria
nga
4,
25
0
Ma
k L
ine
ers
1
13,
50
0
Ju
l-2
1 /
Ju
l-2
11
9 Gre
Sib
te
um
1,
000
ls
g
Un
ifee
de
r
EU
R
11,
95
0
Ap
r-2
2 /
Ju
n-2
2
10 Cit
Of
Sh
hai
y
ang
2,5
00
d
gr
Ma
k
ers
18,
30
0
Ap
r-2
2 /
Ju
n-2
2
11 So
An
tof
sta
nga
aga
2,
80
0 g
ls
ZIS
S
23
50
0
,
Fe
b-2
3 /
Ma
r-2
3

Min. period

Max. period

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