MPC Container Ships ASA

Investor Presentation • Jun 16, 2023

June 16, 2023

COMPANY UPDATE AND GUIDANCE INCREASE

Constantin Baack, CEO Moritz Fuhrmann, CFO

EXECUTIVE SUMMARY

FLEET ACQUISITION

• » 5x eco-design vessels acquired for USD 136.4m
• » Four 1,750 TEU and one 2,200 TEU vessel with an average age of 4.6 years on charters with top-tier counterparties
• » EPS and DPS accretive from 2023 onwards
• » Acquisition financed using secured debt and cash at hand

ADDITIONAL PORTFOLIO MEASURES

• » Commercial agreement for the early redelivery of vessel AS Nadia in line with previous agreements with the charterer
• » Upon redelivery, AS Nadia will continue on time charter with MSC
• » Sale of 4,300 TEU vessel AS Emma for USD 22m with handover scheduled for Nov. 2023

INCREASED FINANCIAL GUIDANCE

• » FY 2023 financial guidance increased to:
  • Operating revenues USD 650m-670m (old: USD 610m-630m)
  • EBITDA USD 450m-475m (old: USD 420m-450m)

MAINTAINING CAPITAL ALLOCATION STRATEGY

• » Term sheet signed for USD 50m acquisition financing
• » Secured USD 75m lease financing with BoComm for existing fleet
• » Leverage ratio increases from 15.2% to ~25% based on Q1 2023 proforma figures, well within prudent limits
• » 21 vessels will remain unencumbered
• » Continuously strong commitment to returning capital to investors

FLEET ACQUISITION

ACQUISITION DETAILS

• » Total acquisition cost of USD 136.4m
• » Funded with senior secured debt and cash at hand ¹
• » EBITDA backlog between USD 30m-41m ²
• » Recycling Value of USD ~17m ³
• » Total 9,250 TEU
• » Average age of 4.6 years
• » Handover expected in Q3 2023
• » Aligned with ongoing fleet renewal strategy and enhances overall fleet composition by adding younger and more efficient vessels

ACQUISITION CONSIDERATIONS

• » Modern eco-fleet among the most efficient vessels in their size segment with good designs and specifications
• » Potential fuel savings of USD 3,000-5,000 per day⁴
• » Good regulatory runway and CII compliance
• » New regulations increase premium potential for eco-tonnage
• » All vessels equipped with electronically controlled engines which can be retrofitted for dual-fuel methanol operation
• » Chartered to top-tier counterparties
• » EPS and DPS accretive from 2023 onwards

VESSEL DETAILS

#	VESSEL NAME	NEW NAME	DESIGN	BUILT	CHARTER RATE (USD/d)	PERIOD (min/max)
1	Queen Esther	AS Anne	SDARI 2,200 TEU	Jun 2016	42k	10/25 -11/25
2	London Trader	AS Stine	SDARI 1,750 TEU	Nov 2019	14.5k 5 11k –	11/23 – 02/25
3	Madrid Trader	AS Silje	SDARI 1,750 TEU	Jun 2019	14.5k 5 11k –	06/23 – 10/24
4	Trieste Trader	AS Simone	SDARI 1,750 TEU	Apr 2019	14.5k 5 11k –	06/23 – 10/24
5	B Trader	AS Sabine	SDARI 1,750 TEU	Feb 2019	14.5k 5 11k –	12/23 – 10/24

1 Please see Appendix slide 9 for further details

Company update and guidance increase

MPC Container Ships | | 2 Depending on the actual redelivery of the vessels under flex period scheme 3 Based on USD 350/LWT

4 Compared to conventional designs and trade dependent

5 Floor Rate USD 11,000 & Ceiling Rate 14,500. Quarterly broker market assessment

ADDITIONAL PORTFOLIO MEASURES

1

AS NADIA

• » MPCC to receive a cash compensation for the early redelivery of the AS Nadia, structured in line with previous commercial agreements
• » The vessel will be released from existing head-charter in June/July 2023
• » Vessel remains on hand and will continue trading under the current sub-charter with MSC until min/max Dec 23/Feb 24 at USD 20,000 pd
• » Use of proceeds to be determined after receipt of the cash compensation

AS EMMA

• » Agreement on sale of vessel for USD 22m with handover in Nov. 2023 ¹
• » Until handover, the vessel will continue to operate under the current charter
• » Sale of non-strategic asset from ESG perspective in line with fleet renewal strategy at historically attractive pricing
• » Use of proceeds to be determined after the successful handover of the vessel (subject to mandatory prepayment under the respective loan facility)

CREATING SHAREHOLDER VALUE ACROSS CYCLES

SECOND-HAND INVESTMENTS

• » 88 vessels acquired for USD ~1bn (avg. USD ~11.9m per vessel)
• » 2x Scrubber fitted well-known feeder-designs: 1x 3,400 TEU (2010-built) & 1x 2,800 TEU (2007-built) for USD ~34m
• » 5x modern eco-vessels: 4x 1,800 TEU (2019-built) & 1x 2,200 TEU (2015-built) for USD 136.4m

• » 4 NBs ordered for USD ~222m with an EBITDA backlog of USD ~281m
• » 2x 5,500 TEU dual-fuel methanol ready and 2x 1,300 dual-fuel methanol vessels

• » 22 vessels sold for USD ~424m (avg. USD ~20m per vessel)
• » Disposal of older and less efficient tonnage
• » Reduction of JV vessels to simplify corporate structure

STRATEGIC EXECUTION – BUILDING A SUSTAINABLE CONTAINER FLEET

• » Continued portfolio optimization towards younger and more fuel-efficient vessels
• » Distributed USD >600m to investors through dividends
• » Significantly reduced debt outstanding to USD 258m down from USD 350m
• » Increased number of unencumbered vessels, providing high balance sheet flexibility
• » Reduced the balance sheet leverage to industry-low levels of ~25% based on pro-forma figures. Debt outstanding covered by total fleet's conservative recycling value of USD 261m

QUESTIONS & ANSWERS

APPENDIX

OVERVIEW OF PRO-FORMA DEBT STRUCTURE ¹

2 As of June 15, 2023

3 Pro-forma 4 Term Sheet signed

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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.

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