MPC Container Ships ASA

Investor Presentation • Jan 18, 2022

18th January 2022

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PRESENTATION. 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.

Market & Company Update EXECUTIVE SUMMARY

Market & Company Update EXECUTIVE SUMMARY
SIGNIFICANT	CASH GENERATION IN HISTORICALLY STRONG CONTAINER MARKET
	Continuously strong container market	268 % HARPEX-increase YoY (1)
	Forward Fixture activity increased sharply	~ 1 month > 9 months vs. (1) Oct 21 to Jan 22
	Balance Sheet Optimization completed in Q4 2021	> 30 Unencumbered Vessels
	(2) Seven additional charters & one further vessel sale concluded	~1.2bn ~854m & Contracted Proj. secured Revenue (3) EBITDA (4)
	Significant proceeds available for event-driven distributions	~ USD 150-160m (5) ~ 3 NOK per share
	Capital allocation emphasis on execution of distribution plan already in Q1 2022. EGM convened for end of January, setting the scene for significant event-driven and recurring distributions.
Data Source: Harper Petersen, January 2022; Clarksons Contracted from 1st of January Proforma EBITDA calculation starting 1st of January 2022 based on actual YTD finance cost, in total USD two JV vessels AS Petulia and AS Patricia). AS Petulia are included with the 50% MPCC share Subject to vessel handover	Research, January 2022. Average fixtures concluded in months ahead of contractual charter expiry. Since the Q3 Earnings Call which has been the last market update conducted on the 18 November 2021. The vessel sale refers to AS Patricia (for details see pages 7 and 9. 2022 (year-to-date) for MPCC consolidated fleet including JV fleet (USD 176m) Q3 2021 operating CBE of USD 6,572 per day and 96% utilization. Cost base for JV vessels also factoring in depreciation and 8,593/day. Projected secured EBITDA also factor in gains of USD 40 million (based on the estimated net sales proceeds of USD 71 million from the sales of AS Palatia, including the and AS Palatia have already been handed over to the buyers and AS Patricia is expected to be handed over in Q1 2022. The gains from the JV vessels

are included with the 50% MPCC share

³

Market & Company Update CONTENT

1. Market & Company Update

2. Appendix

RECORD BOX RATES, RECORD 2ND HAND PRICES, AND SURGING CHARTER MARKET

CHARTER RATES INCREASED TO RECORD HEIGHTS COMMENTS

TIGHT SUPPLY PUSHED UP BOX RATES 2ND HAND PRICES INCREASED SIGNIFICANTLY

• longer.
• November 2021. The development since then would indicate a softening / normalization of the market.
• moving from a spot market towards a forward market with longer periods. Forward fixtures increased significantly. ⁴⁴⁰

TIGHT VESSEL AVAILABILITY PUSHES FORWARD FIXTURES AND PERIODS

FORWARD VESSEL AVAILABILITY IS NEGLIGIBLE COMMENTS

FORWARD FIXTURES INCREASED SIGNIFICANTLY CHARTER PERIODS INCREASED STRONGLY

• Disruptions, port congestions and shortages are still driving the market and even increasing with the current Covid-19 infection and lockdown situation.
• In a "sold-out" market, operators try to secure capacity in advance. Forward fixtures increased sharply in number, rates and the forward period.
• Tight capacity also induced a significant increase in the average charter period.

• Forward availability and thus the charter market risk exposure decreased to negligibly low numbers.

• Seven additional fixtures since mid-November demonstrate a continuously strong market (forward fixtures at attractive rates and solid periods). CHARTERING AND FLEET UPDATE REVENUE & EBITDA BACKLOG

• JV vessel "AS Patricia" has been sold for USD 34.3 million. The handover is expected to be completed end of Q1 2022.

• The six vessels reported sold end of 2021 have been successfully handed over in Q4 2021 and January 2022.

• Significant cash build-up from profitable operations and vessel sales.

• Revenue backlog of USD ~ 1.2bn (1) & Projected secured EBITDA backlog of USD ~ 854m (2)

DETAILS AND CONTRIBUTION OF RECENT FIXTURES

 solid periods).  	handed over in Q4 2021 and January 2022.	Seven additional fixtures since mid-November demonstrate a continuously strong market (forward fixtures at attractive rates and JV vessel "AS Patricia" has been sold for USD 34.3 million. The handover is expected to be completed end of Q1 2022. The six vessels reported sold end of 2021 have been successfully		 	Significant cash build-up from profitable operations and vessel sales. Revenue backlog of USD ~ 1.2bn (1) backlog of USD ~ 854m (2)		& Projected secured EBITDA
		DETAILS AND CONTRIBUTION OF RECENT FIXTURES
Name	AS Pamela	AS Carlotta	Carpathia	Cimbria	Cardonia	AS Floriana	AS Nadia
Type	Xiamen 2500	Baltic CS 2700	Hyundai 2800	Hyundai 2800	Hyundai 2800	Zhejiang 1300	STX 3500
Fixture Date	November 21	December 21	December 21	December 21	December 21	January 22	January 22
Commencement of new charter	January 22	September 22	September 22	October 22	July 22	March 22	July 22
Period in months	34 – 36	36 - 38	36 - 38	36 – 39	36 – 39	36 - 37	36 - 38
Gross Hire	\$37,500 pdpr	\$42,000 pdpr	\$42,000 pdpr	\$39,500 pdpr (3)	\$39,500 pdpr (3)	\$27,750 pdpr	\$61,000 pdpr

Market & Company Update CORPORATE UPDATE

• Balance Sheet Optimization / Refinancing completed in December 2021
• Reduced financial leverage
• Significant financial flexibility with >30 unencumbered vessels
• High discretion regarding capital allocation decisions

Capital Allocation & Distribution Plan

• Priority on returning capital to investors by way of distributing significant parts of earnings
• EGM convened for 28th of January 2022 to implement and authorize Distribution Plan consisting of: Recurring distributions based on 75% of adjusted net profits (1) Event driven (non-recurring) distributions based on other proceeds, e.g. vessel sales, by way of extraordinary dividends or share buy-backs, to be applied according to discretion of the Board of Directors

Leverage Strategy & Disciplined Growth

• Deleveraging through regular debt repayments and cash build-up
• Pursuing selective growth opportunities and only if accretive (e.g. Songa Acquisition)
• (1) Net Profits after considering CAPEX and working capital requirements, including liquidity reserves and one-off effects. Discount to NAV offers potential opportunity to acquire vessels (in the stock market) at highly attractive prices without assuming transactional or operational risks

PORTFOLIO MEASURES RESULTING IN EVENT-DRIVEN DISTRIBUTION POTENTIAL

VESSEL SALES PROCEEDS IN FY 2021/ Q1 FY 2022

COMMENTS

in USDm

• In 2021 and YTD2022 MPCC has sold and handed over 11 (3) vessels
• ~ 3.0 NOK/share (2) Additionally, MPCC has entered into an agreement to sell the JV vessel AS Patricia (acquired for: USD 9.9m, sold for USD 34.3m) (4). The vessel is scheduled to be handed over until end of Q1 2022. Subject to EGM authority, vessel handover and BoD approval,
• 163 Total acquisition price of all 12 vessels: USD ~112m
• 17 Total sale price of USD of all 12 vessels: USD ~288m

146 event-driven distribution potential are intended to be paid out to shareholders by way of extraordinary dividends

9 AS Palatia and AS Petulia

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

INDICATIVE UPCOMING CHARTER RENEWALS(3)

COMMENTS (2)

Consolidated vessels

• Assumed available days 2022 2025: 21,900 p.a. (2024 with 21,960) Fixed TCE equivalent: USD 26,402 pd (2022) / 28,336 pd (2023) / USD 31,345 pd (2024) and USD 46,585 pd (2025)

Bluewater JV vessels

• ~70% ~97% Assumed available days 2022-2025: 1,825 p.a. (2022 with 1,928 and 2024 with 1,830)
• Fixed TCE equivalent: USD 31,380 pd (2022) / USD 35,612 pd (2023) / USD 36,680 pd (2024) and USD 36,470 pd (2025)

~ 2%	~17%
		~23%	~28%	~18%					31,345 pd (2024) and USD 46,585 pd (2025)
					~43%			Bluewater JV vessels
~97%						~70%	~97%	 2024 with 1,830)		Assumed available days 2022-2025: 1,825 p.a. (2022 with 1,928 and
	~83%	~77%	~72%	~82%	~57%				USD 36,680 pd (2024) and USD 36,470 pd (2025)	Fixed TCE equivalent: USD 31,380 pd (2022) / USD 35,612 pd (2023) /
						~30%				Fixed days: 98% in 2022 / 81% in 2023 / 74% (2024) and 34% (2025)
Q1 2022			Q4 2022	2022			~3% 2025
				INDICATIVE UPCOMING CHARTER RENEWALS(3)					CURRENT PERIOD CHARTER MARKET (5)
Indicative Additional Revenue Backlog (4)				< 2,000 TEU		> 2,000 TEU		Cluster (TEU)	Charter Rate (USD / day)	Period
	135		172	284		118		1.0k - 1.4k	28,000	~ 3 yrs
								1.5k	29,500	~ 3 yrs
				5				1.7k – 2.0k	33,500	~ 3 yrs
	0		2					2.5k	40,000	~ 3 yrs
	4		3			2		2.8k	42,000	~ 3 yrs
				2		1		3.5k	47,500	~ 3 yrs
(1)	Q1 2022		Q2 2022	Q3 2022 Underlying min. / max. periods for contracted charter based on management assessment		Q4 2022		4.2k	55,000	~ 3 yrs
(2) (3) (4)		rates (as shown in the table on the right)		Revenues / Periods / TCE's in good faith, but indicative only and subject to changes				Based on expected expiry of charter period without Bluewater JV (expected charter expiry based on management assessment and subject to change due to market development) Indicative upcoming Revenue Backlog based on upcoming fixtures with an assumed avg. fixing period of 3 years and utilization of 96% in combination with current open market

SIGNIFICANT RECURRING DISTRIBUTIONS EXPECTED BASED ON DISTRIBUTION PLAN INDICATIVE RECURRING DISTRIBUTION POTENTIAL

SCENARIO 1: CURRENT MARKET RATES 593 449 668 524 734 Operating revenues Adj Net Profit Adj EBITDA (3) TCE (2):

INDICATIVE SENSITIVITIES ON OPEN RATES (1)

364 439 587 FY 2022

SCENARIO 2: 20 YEARS HISTORICAL AVERAGE

• Recurring distributions based on 75% of adjusted net profits (4) In USDm

• Based on the current EBITDA backlog and subject to market conditions, for 2022 a quarterly distribution of around USD 50m-65m or ~1 NOK per share and quarter may be expected 502 FY 2023 FY 2024

  • Quarterly calculation and pay-out of distributions
  • Planned to commence in March 2022 based on Q4 2021 financial results (to be released 24 February 2022) USD 36.300/day

• 2021 operating CBE of USD 6,572 per day. Cost base for JV vessels also factoring in depreciation and finance cost, in total USD 8,593/day. Adjusted EBITDA only factor in the EBITDA from the above-mentioned assumptions, any gains from vessels sales or any other effects are excluded.

• rates from Clarksons, allocated proportionate to MPCC fleet.
• 11 effects. Estimated using annualized USD 85 million in depreciation and net finance costs.

Market & Company Update CONTENT

1. Market & Company Update

2. Appendix

SIGNIFICANT EXCESS DEMAND EXPECTED FOR INTRA REGIONAL TRADES

COMMENTS

Total market perspective:

• For 2022 and 2023, supply growth is expected to outperform container demand growth.
• Whilst the demand outlook is naturally subject to global economic and political uncertainties, the supply development is based on the existing orderbook.

Intra-regional perspective:

• Intra-regional trades by contrast are expected to see a significant excess demand situation also in the coming years.
• is negligible, whereas the average age of this segments is relative high.

Appendix – Refinancing completed

COMMENTS

Measures / steps

• USD 70m RCF concluded with CIT in July 2021
• USD 180m HCOB credit facility (TL USD 130m/ RCF 50m) agreed in October 2021 and fully drawn in December 2021
• (2) Including sale of AS Petulia and AS Patricia (3) 17 vessels part of recourse financing; 3 vessel serve as additional collateral until mid FY 2022 (4) USD 400/LWT Cash generated from vessel sales and from operations has been partly applied to facilitate re-financing, i.e. to repay DNB facility and Senior Secured Bond

MPCC Balance Sheet effects

• Very low balance sheet risk with significantly reduced pro-forma debt and reduced cost of debt
• High flexibility due to significant number of unencumbered vessels
• distribution covenants and by removing limitations on distributions
• Combine further deleveraging with high flexibility to facilitate significant distribution to shareholders
• Capability to adjust strategy to evolving decarbonization environment

14

Appendix

FLEET EMPLOYMENT OVERVIEW

Appendix
		FLEET EMPLOYMENT OVERVIEW
			MPCC Current	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec	Jan
No. Vessel	Cluster	Charterer	Fixture (USD/day)	22	22	22	22	22	22	22	22	22	22	22	22	23	Min / Max
1 AS SARA	1700 grd	OOCL	13,000														Jan-22 / Feb-22
2 AS SUSANNA 3	1700 grd	COSCO	14,000														Feb-22 / Mrz-22
AS FREYA	1300 grd	CMA CGM	10,500														Feb-22 / Mrz-22
SEVILLIA	1700 grd	CMA CGM	42,000 15,280				DD(2)										Feb-22 / Mrz-22
AS PATRICIA(3)	2500 grd	Maersk Line / Sold (1)															Feb-22 / Mrz-22
AS ALEXANDRIA	2000 gls	Feedertech	14,000					DD(2)									Feb-22 / Apr-22
AS FENJA AS FABIANA	1200 gls 1300 grd	New Golden Sea Shipping/ COSCO Maersk Line	13,450 12,350														Feb-22 / Apr-22 Feb-22 / Mai-22
AS PATRIA	2500 grd	Hapag-Lloyd	14,500														Mrz-22 / Jun-22
10 AS PIA	2500 grd	Maersk Line	18,300														Apr-22 / Jun-22
11 AS SERAFINA	1700 grd	Shanghai Jin Jiang	29,500														Mai-22 / Jul-22
12 AS EMMA	4200 gls	Maersk Line	13,500														Jan-22 / Jul-22
13 AS ANGELINA	2000 grd	Maersk Line	21,000							DD(2)							Jun-22 / Aug-22
14 AS PALINA	2500 HR grd	Maersk Line	11,000(4)														Feb-22 / Aug-22
15 AS RAFAELA	1400 gls	New Golden Sea Shipping/ COSCO	18,500								DD(2)						Jul-22 / Sep-22
16 AS SOPHIA	1700 grd	Sealand Maersk Asia Pte. Ltd. (MCC)	33,000														Jul-22 / Sep-22
17 AS PETRONIA	2500 HR grd	Maersk Line	11,000(4)														Feb-22 / Sep-22
18 AS FLORA	1200 gls	China United Lines	16,900														Sep-22 / Nov-22
19 AS CAROLINA	2800 gls	GSL / ZISS	17,750														Aug-22 / Nov-22
20 AS CALIFORNIA	2800 gls	Sealand Maersk Asia Pte. Ltd. (MCC)	18,000														Jul-22 / Nov-22
21 AS CASPRIA	2800 gls	ZISS	23,500													DD(2)	Feb-23 / Mrz-23
	1300 grd	ZISS	11,500														Feb-23 / Mrz-23
AS FELICIA																	Mrz-23 / Mrz-23
22 23 AS CARINTHIA(3) 24 AS LAETITIA	2800 gls 1000 grd	RCL King Ocean	24,750 9,250					DD(2)									Feb-23 / Apr-23

15

Appendix

FLEET EMPLOYMENT OVERVIEW

Appendix
		FLEET EMPLOYMENT OVERVIEW
No. Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Jan 22	Feb 22	Mar 22	Apr 22	May 22	Jun 22	Jul 22	Aug 22	Sep 22	Oct 22	Nov 22	Dec 22	Jan 23	Min / Max
26 STADT DRESDEN	2800 gls	Diamond Line (COSCO)	24,750														Mrz-23 / Jun-23
27 AS FRANZISKA	1300 grd	Sealand Europe A/S	18,000														Mai-23 / Jul-23
28 AS CAMELLIA	2800 gls	Maersk Line	24,550														Apr-23 / Aug-23
29 AS ROSALIA	1500 gls	COSCO	17,000														Jun-23 / Aug-23
30 AS PENELOPE	2500 gls	New Golden Sea Shipping/ COSCO	26,500														Mai-23 / Aug-23
31 AS ROMINA	1500 gls	APL / CMA CGM	22,000														Jun-23 / Aug-23
32 AS FATIMA	1300 gls	Diamond Line (COSCO)	18,900														Jul-23 / Sep-23
33 AS ROBERTA	1400 gls	BTL	24,000														Sep-23 / Nov-23
34 AS PETRA	2500 HR grd	Seaboard	28,800(2,3)														Feb-24 / Mrz-24
35 AS PAULINE	2500 gls	Seaboard	25,500 22,400(2,3)														Feb-24 / Mrz-24
36 AS SAVANNA 37 AS PAULINA	1700 grd 2500 HR grd	Seaboard MSC	26,750														Apr-24 / Mai-24 Mrz-24 / Mai-24
38 AS SABRINA	1700 grd	Seaboard	22,400(2,3)														Jun-24 / Jul-24
39 AS ANITA	2000 gls	Diamond Line (COSCO)	29,350														Jul-24 / Jul-24
40 AS ALVA	2000 grd	Feedertech	29,000					DD(1)									Mai-24 / Jul-24
41 AS FILIPPA	1300 grd	CMA CGM	18,250						DD(1)								Jun-24 / Jul-24
42 AS CLARITA	2800 gls	Oman Shipping Lines	26,975														Jun-24 / Aug-24
43 AS RAGNA	1500 gls	ZISS	8,800			extension	–	30,000									Jun-24 / Aug-24
44 AS SICILIA	1700 grd	Feedertech	30,000				DD(1)										Jul-24 / Sep-24
45 AS SAMANTA	1700 grd	Seaboard	22,400(2,3)														Aug-24 / Sep-24
46 AS SERENA	1700 grd	Shanghai Jin Jiang	60,000		DD(1)						15,000						Jul-24 / Sep-24
47 AS CHRISTIANA	2800 grd	CMA CGM	32,400														Jul-24 / Sep-24
48 AS PAOLA	2500 grd	CMA CGM	28,900														Aug-24 / Okt-24
49 AS CONSTANTINA	2800 gls	COSCO	39,900					DD(1)									Sep-24 / Okt-24
50 AS FABRIZIA	1300 grd	King Ocean	26,000													DD(1)	Sep-24 / Okt-24

Appendix

FLEET EMPLOYMENT OVERVIEW

Appendix
		FLEET EMPLOYMENT OVERVIEW
No. Vessel	Cluster	Charterer	MPCC Current Fixture (USD/day)	Jan 22	Feb 22	Mar 22	Apr 22	May 22	Jun 22	Jul 22	Aug 22	Sep 22	Oct 22	Nov 22	Dec 22	Jan 23	Min / Max
51 AS CARELIA	2800 gls	Hapag-Lloyd	33,000														Aug-24 / Nov-24
52 AS FIORELLA	1300 grd	COSCO	25,950				DD(1)										Okt-24 / Nov-24
53 AS CLEOPATRA(2)	2800 grd	Hapag-Lloyd	33,500														Aug-24 / Nov-24
54 AS SVENJA	1700 grd	CMA CGM	29,995														Okt-24 / Dez-24
55 AS COLUMBIA	2800 gls	Sea Consortium	85,000												15,500		Okt-24 / Dez-24
56 AS CLEMENTINA	2800 gls	Feedertech	35,500														Okt-24 / Dez-24
57 AS PAMELA	2500 grd	New Golden Sea Shipping/ COSCO	37,500														Nov-24 / Jan-25
58 AS SELINA	1700 grd	Maersk Line	29,500														Nov-24 / Jan-25
59 AS FLORETTA	1300 grd	Crowley	26,500														Nov-24 / Feb-25
60 CARDONIA(2)	2800 gls	ZISS	11,500	Extension -		35,050(3)											Nov-24 / Feb-25
61 CIMBRIA(2)	2800 gls	GSL / ZISS	17,750	Extension -		35,175(3)					DD(1)						Dec-24 / Mar-25
62 AS FLORIANA	1300 gls	CFS	13,000			Extension –		27,750	DD(1)								Feb-25 / Apr-25
63 AS NORA	3500 grd	CMA CGM	40,000			DD(1)											Apr-25 / Jun-25
64 CARPATHIA(2)	2800 gls	Wan Hai Lines	16,000						Undisclosed	–	42,000						May-25 / Jun-25
65 AS NADIA	3500 gls	Hapag-Lloyd	18,500							DD(1)	Undisclosed	–	61,000				Jun-25 / Jul-25
66 AS CARLOTTA	2800 grd	The Pasha Group	70,000									Undisclosed	-	42,000			Sep-25 / Oct-25