FINANCIAL REPORT Q3 2024

Highlights	3
Key Figures	4
Letter to Shareholders	5
Financial Review	7
Container Market Update	10
Financials	14
Consolidated Financial Statements	14
Notes	20
Alternative Performance Measures	28

HIGHLIGHTS

Third Quarter 2024

- Robust financial and operational performance with high utilization and continuation of low leverage strategy
- Successfully delivered one wholly-owned and one sale and leaseback vessels to new owners
- Took delivery of the second 5,500 TEU eco-design newbuilding, Colorado
- Took delivery of two 3,500 TEU vessels, AS Nara and AS Nuria
- Entered into a USD 30.0 million term loan facility with First-Citizens Bank & Trust Company to facilitate the acquisition of AS Nara and AS Nuria
- The Board of Directors has declared a recurring dividend of USD 0.10 per share for the third quarter of 2024, payable on or about December 19, 2024

KEY FIGURES

KEY FIGURES		Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Operating revenues	USD m	132.5	184.0	410.9	558.5
EBITDA ¹	USD m	84.8	140.4	265.4	424.8
Adjusted EBITDA1	USD m	78.7	105.7	252.8	327.1
Profit for the period	USD m	63.7	68.2	205.0	289.4
Adjusted profit (loss) for the period1	USD m	57.5	81.6	192.4	258.2
Operating cash flow	USD m	-	-	247.1	387.8
EPS	USD	0.14	0.15	0.27	0.65
Adjusted EPS1	USD	0.13	0.18	0.43	0.58
DPS2	USD	0.10	0.14	0.33	0.51
Total ownership days	days	5,167	5,857	10,449	16,561
Total trading days	days	4,810	5,778	14,798	16,027
Utilization1		97.3%	98.7%	97.9%	98.1%
Adjusted average TCE1	per day	26,334	27,531	26,866	29,302
Adjusted average OPEX1	per day	6,859	6,986	7,101	6,884
Leverage ratio1		19.0%	17.0%	19.0%	17.0%

1 Key figures include Alternative Performance Measures (APM). Refer to the APM section for definitions, explanations, and reconciliations of the APM's. ² Dividends per share (DPS) comprises the recurring dividend per share and any event-driven dividends per share declared for the period. For the third quarter of 2024, a recurring dividend of USD 0.10 per share was resolved by the Board of Directors on November 25, 2024, and will be paid on December 19, 2024.

LETTER TO SHAREHOLDERS

Constantin Baack CEO

Moritz Fuhrmann Co-CEO and CFO

Dear shareholders, we are pleased to present MPC Container Ships' financial report for the third quarter of 2024. This quarter's performance demonstrates continued strong value creation, highlighting our ability to create, identify and capitalize on opportunities within both operational and financial markets.

Positive Market Despite Continued Macroeconomic Uncertainty

The container market continues to experience considerable influence from geopolitical disruptions, particularly in the Red Sea region. The quarter was marked by strong container demand as shippers frontloaded cargo to mitigate risks from economic pressures, port disruptions, and Red Sea security threats, resulting in a strong freight market.

Charter Market activity declined over the last quarter, mainly due to reduced availability of tonnage. Despite a substantial orderbook dominating the supply side, in addition to low recycling, we have seen an idle fleet of less than 1%. This prompted an increase in forward fixing of vessels in the Feeder segment of up to 9 months as prompt tonnage became scarcer. Time charter rates and durations are still at solid levels and have been stable over recent months. The market remains strong, providing a favorable environment for the container market and MPCC.

Robust Financial and Operational Performance

MPCC delivered robust financial and operational performance this quarter, characterized by high utilization and maximized revenue generation. We maintained a strong balance sheet, with a leverage ratio of 19.0% and a net debt position of USD 59.1 million at the end of the quarter, reflecting our commitment to maintaining financial strength and continuing our low leverage strategy.

A key highlight of our financial performance is our commitment to shareholder returns. The Board declared a dividend of USD 0.10 per share for the third quarter, amounting to approximately USD 44.4 million.

The continued strong market conditions and scarce capacity led to increased backlog with 2024 fully booked, and contract coverage of 85% and 57% of open days in 2025 and 2026, respectively.

Ongoing Fleet Renewal: Focus on Optimization and Sustainability

MPCC remains an agile tonnage provider in the market. We have throughout the quarter demonstrated our ability to take great advantage of the strong market, seizing opportunities and executing effectively.

We are committed to the ongoing fleet renewal with a focus on optimization and sustainability. Our strategic decisions have enabled us to utilize the capital markets efficiently and execute key transactions to enhance our fleet. Notably, at the end of Q3, we successfully completed a USD 125 million senior unsecured sustainability-linked bond, reaffirming our commitment to making the MPCC fleet more environmentally friendly. Additionally, in October 2024, we purchased four 3,800 TEU wide beam eco-design vessels. After the expiration of their current employment, we have already agreed a new charter for these vessels until the first quarter of 2028.

Our retrofit initiatives are progressing well, with retrofitted vessels surpassing expectations and yielding significant savings of 15–20%. These efforts underscore our dedication to both operational excellence and environmental sustainability.

Looking Ahead

As we look forward to 2025 and beyond, we are confident in our ability to continue driving growth and delivering value to our shareholders. We remain committed to enhancing our operational capabilities, expanding our market presence, and pursuing sustainable growth initiatives.

Thank you for your continued support and trust in MPCC.

Sincerely,

Constantin Baack CEO MPC Container Ships ASA

Moritz Fuhrmann Co-CEO and CFO MPC Container Ships ASA

MPCC delivered robust financial and operational performance this quarter, characterized by high utilization and maximized revenue generation.

FINANCIAL REVIEW

Financial Performance

The Group's vessels are chartered out on time charter contracts to global and regional liner shipping companies. Operating revenues for the third quarter of 2024 were USD 132.5 million (Q2 2024: USD 130.9 million), compared with USD 184.0 million for the same quarter in 2023. Gross profit from vessel operations was USD 83.4 million (Q2 2024: USD 82.0 million), compared with USD 144.7 million in the same quarter of 2023. The average TCE per trading day for the third quarter of 2024 was 26,334 (Q2 2024: USD 26,742) as compared to the adjusted average TCE per day of USD 27,531 in the corresponding quarter in 2023. See further in the APM section. In the third quarter of 2024, the Group completed the sale of one wholly-owned (Q2 2024: one) and one sale and leaseback vessels (Q2 2024: one) and recorded a gain on sale of vessels of USD 6.2 million (Q2 2024: USD 6.4 million), offset by disposal of other assets of USD 1.8 million. See Note 6 for further details.

The Group reported a profit for the period of USD 63.7 million (Q2 2024: USD 64.8 million) as compared to USD 68.2 million for the same quarter in 2023.

Financial Position

The Group's total assets amounted to USD 1.1 billion as at September 30, 2024 compared to USD 954.7 million as at December 31, 2023. Total non-current assets of USD 879.1 million as at September 30, 2024 (USD 773.3 million as at December 31, 2023) reflected mainly the carrying amounts of the vessels operated by the Group, and newbuildings as well as investments in associate and joint venture. In January 2024, the Group partnered with Unifeeder A/S (Unifeeder) in a joint investment for the construction of a 1,300 TEU container vessel at Chinese-based shipyard Wenchong shipbuilding. See Note 5 for further details. The increase in the carrying amounts of vessels for the nine-month period is primarily due to the delivery of the two 5,500 TEU eco-design vessels, Mackenzie and Colorado, from its newbuilding program, the acquisition of AS Nara and AS Nuria, and CAPEX additions of USD 35.5 million. This is offset by regular depreciation of USD 54.5 million and disposal of seven vessels. See further in Note 6. As at September 30, 2024 the Group recorded USD 42.7 million additions to its existing newbuilding program. See further in Note 7.

Cash and cash equivalents as at September 30, 2024 amounted to USD 143.1 million including restricted cash with USD 8.7 million compared with USD 122.6 million as at December 31,2023. Total equity was USD 798.7 million as at September 30, 2024, up from USD 753.5 million as at December 31, 2023, and included a

non-controlling interest of USD 3.6 million (USD 3.8 million as at December 31, 2023). The change in equity was mainly due to profit for the first nine months of 2024 of USD 205.0 million, offset by the dividend payments of USD 160.0 million.

As at September 30, 2024, the Group had total interest-bearing debt of USD 202.2 million (USD 126.5 million as at December 31, 2023). See further in Note 9.

The Fleet

As at September 30, 2024, the Group's fleet consisted of 56 vessels, with an aggregate capacity of approximately 128,044 TEU.

In July 2024, the Group took delivery of its second 5,500 TEU eco-design vessel, Colorado, from Korean-based shipyard HJ Shipbuilding & Construction. The vessel is chartered to ZIM Integrated Shipping Services (NYSE: ZIM) for a 7 year period from the date of delivery. As at September 30, 2024, the Group delivered all of its 5,500 TEU eco-design vessels from its newbuilding program.

In July 2024, the Group completed the sale of its 2006-built whollyowned vessel, AS Clarita, to an unrelated party for a total of USD 10.3 million and recorded a gain of USD 2.0 million on the sale of vessel.

In September 2024, the Group completed the sale of its sale and leaseback 2008-built vessel, AS Fatima, to an unrelated party for USD 11.8 million and recorded a gain of USD 4.2 million on the sale of vessel.

In August 2024, the Group entered into agreement to sell its whollyowned AS Paola for USD 20.6 million to an unrelated party. The sale of the vessel is expected to be completed in late 2024.

In October 2024, the Group entered into MoAs to purchase four 3,800 TEU wide beam eco-design vessels at a total price of USD 180 million. All vessels were acquired with existing charter agreements until the second quarter of 2025. Concurrently, the vessels entered into a new pre-agreed 35-month time charter contracts, plus 12 months option, with a top-tier liner company. Three of the eco-design vessels were delivered to the Group in October 2024, while the acquisition of the last vessel was completed in November 2024.

Newbuilding Program

As at September 30, 2024, the Group's newbuilding program consisted of two 1,300 TEU container vessels, equipped with dualfuel engines that are able to operate on green methanol. The two vessels are currently under construction at Taizhou Sanfu Ship Engineering in China. They are expected to be delivered in late 2024 and early 2025. See Note 7 for further details.

Total additions to Group's newbuilding program, excluding instalments made for Mackenzie and Colorado, was USD 42.7 million as at September 30, 2024. Remaining commitments amounted to USD 38.9 million which are USD 19.5 million due in 2024 and USD 19.5 million is due in the first quarter of 2025.

In January 2024, the Group partnered with Unifeeder A/S (Unifeeder) in a joint investment for the construction of a 1,300 TEU container vessel. The vessel will be constructed by China Shipbuilding Trading Company ltd and CSSC HuangPu Wenchong Shipbuilding Company Ltd. The vessel is equipped with a dual-fuel engines that can operate on green methanol. The contract price is USD 39.0 million, and the equity will be contributed 50% by the Group and the remaining half by Unifeeder. The newbuilding is scheduled for delivery in late 2026 and will be under a 7-year time-charter agreement with Unifeeder post-delivery. In the first quarter of 2024, the Group and Unifeeder each paid USD 4.0 million to the joint venture company as mandatory capital contribution.

Corporate Update

Pursuant to the Company's stated distribution policy, the Board of Directors has declared a recurring dividend of USD 0.10 per share for the third quarter of 2024, corresponding to a total dividend payment of approximately USD 44.4 million, depending on prevailing FX rates. The dividend payment will be made in NOK.

The record date for the recurring dividend will be December 13, 2024. The ex-dividend date is expected to be December 12, 2024, and the dividend will be paid on or about December 19, 2024.

The Group had 443,700,279 ordinary shares outstanding as at September 30, 2024. The weighted average number of shares outstanding for the purpose of calculating basic and diluted earnings per share for the third quarter of 2024 was 443,700,279.

Financing Update

As at September 30, 2024, the Group's total interest-bearing debt outstanding amounted to USD 202.2 million.

In December 2023, the Group entered into a senior secured reducing revolving facility of up to USD 100.0 million with Hamburg Commercial Bank (HCOB). The facility has a tenor of five years and carries an interest rate of SOFR plus margin of 295 basis points. As at September 30, 2024, no draw-down was made on this facility.

In July 2024, consequent to the delivery of Colorado, the Group drew USD 50.7 million from its Crédit Agricole post-delivery loan with KSURE and repaid USD 8.0 million of the pre-delivery loan.

In September 2024, the Group sold one of its sale and leaseback vessels, AS Fatima. Consequent to the sale of AS Fatima, the Group exercised the purchase option under the sale and leaseback transaction and discharged the financing liability of AS Fatima by repaying the outstanding of USD 3.1 million and paid USD 0.2 million as part of the penalties for early termination.

In September 2024, the Group entered into a USD 30.0 million term loan facility with First-Citizens Bank & Trust Company relating to the financing of the acquisition of AS Nara and AS Nuria. As at September 30, 2024, no drawdown has been made. See further in Note 9 and Note 14.

In October 2024, the Group completed the issuance of USD 125.0 million, five-year senior unsecured sustainability linked bond with a coupon rate of a 7.375%. Net proceeds from the bond issue will be applied towards general corporate purposes, including refinancing of existing financial indebtedness and acquisition of maritime assets. See further Note 14.

CONTAINER MARKET UPDATE

The third quarter was marked by strong container demand as shippers frontloaded cargo to mitigate risks from economic pressures, port disruptions, and Red Sea security threats.

In 2024, global container shipping demand has seen significant growth, driven by macroeconomic conditions and evolving geopolitical dynamics. Container trade volumes grew by 6.3% in the first nine months of the year, with May and August surpassing 16 million TEUs for the first time,¹ as shippers accelerated cargo frontloading to avoid potential congestion later in the year. While inflation has largely receded in advanced economies, some regions, especially lower-income nations, continue to face economic pressures from conflicts and growth slowdowns.² World economic growth is expected to stabilize at 3.2% through 2025,2 yet persistent challenges could disrupt global consumer confidence and trade flows.

1 Container Trade Statistics, September 2024.

² International Monetary Fund, October 2024.

The Houthis remain on the prowl for merchant vessels in the Red Sea and have vowed to keep attacking ships that they deem connected directly or indirectly to Israeli interests for as long as Gaza remains occupied and attacks on Lebanon continue.3 It is thus unclear when these attacks will end. For the liner shipping industry, the attacks have resulted in increasing profits, as they have caused a spike in TEU-mile demand and a subsequent shortage of vessels.

Port strikes on the U.S. East and Gulf Coasts disrupted operations in early October briefly. However, a final labor agreement has yet to be reached, with January 15th set as the deadline for negotiations.⁴ If unresolved, the contentious issue of port automation may lead to further strikes in early 2025, potentially impacting pre-Chinese New Year shipping volumes. Meanwhile, heavy storms in the US Gulf added to operational backlogs from the strikes. In Europe, the port of Valencia, a critical West Med hub amid the Red Sea crisis, also faced disruptions. To strengthen resilience, ports are investing in automation and infrastructure upgrades to boost capacity and reduce the impact of future disruptions.

Freight rates decline from summer peaks

Freight rates, which surged in mid-2024, have since been on a downward trend, with the SCFI Comprehensive Index falling 43% from the beginning of July to the end of September.¹ At the end of August, the SCFI was back below 3,000 points for the first time since May 2024 and almost fell below 2,000 points at the beginning of October 2024.¹

Nonetheless, rates remain twice as high as the levels seen during the Red Sea crisis last year. Figure 1 illustrates this development as well as how it compares to rates seen during the pandemic boom.

FIG. 1: SHANGHAI CONTAINERIZED FREIGHT INDEX (SCFI)

Index

Declining freight rates are placing additional downward pressure on long-term markets. However, carriers are pushing back against this softening by introducing rate increases. The tender season for new long-term contracts is already underway for many European shippers.²

However, carriers are still generating sufficient revenue, leading them to raise their full-year financial guidance. If a potential freight rate decline is not too severe, the business environment for liner operators should remain very favorable in the coming months.

Looking at the container trade demand, Cape of Good Hope diversions remain a key driver on the demand side.¹ The underlying core trade demand growth is currently estimated by Maritime Strategies International (MSI) at 5.3% during 2024, a slight increase from their previous projections.³

Charter market proves resilient in the face of declining freight rates

There was less activity in the charter market during Q3 2024 compared to the previous quarter. July was, as expected, slow due to summer holidays while the number of reported fixtures slightly increased in August. Rate levels mostly moved sideways even in September as well. What added to the overall low fixing was the supply of available tonnage. While demand remained strong, especially in the larger segments, there were simply not enough readily available ships to cover all the requirements. Persisting Red Sea diversions forced carriers to employ almost all available vessels to ensure schedule reliability. In contrast to the general increase in durations over Q2, fixture periods decreased during the summer

season. While vessels above 3,000 TEU were still able to secure three-year employments, this was no longer the case for ships in the range of 2,000–3,000 TEU. However, these vessels were contracted for two-year charters at still very healthy rate levels. Below 2,000 TEU there was more tonnage readily available. As a result, period durations were reduced to one year, with only some modern eco types able to achieve longer business.

Looking at the availability of vessels, there has already been a drastic decline of prompt tonnage in 2024. As a result, increased forward fixing of vessels could be observed in Q3 2024. Vessels above 3,000 TEU were fixed from as far out as Q2 2025, as charterers were looking to ensure service network stability going forward. For these vessel sizes, only very few ships remain for 2024 and even for the coming year there is not much supply. This is why charterers are trying to secure vessels now so that they are not left without a ship come 2025. As a result, idle statistics also remained low. With demand outweighing the supply of vessels, there were hardly any units unemployed. Especially the non-operating owner (NOO) part of the fleet saw very few idle vessels. Recently, Alphaliner published figures showing that the first ten months of 2024 saw a lower idle fleet than the previous years with an average of 0.7% idle, even lower than the peak container market years of 2021 and 2022 (0.9% each).⁴

¹ Clarksons Research, Shipping Intelligence Network, October 2024.

² Xeneta, October 2024.

³ Maritime Strategies International (MSI), October 2024.

⁴ Alphaliner Weekly, Issue 45-2024, November 2024.

FIG. 2: HARPEX – TIME-CHARTER RATE DEVELOPMENT, 6–12 MONTHS (TOP) AND IDLE STATISTICS (BOTTOM)

No. of vessels

The Harper Peterson Time-Charter Rate Index (HARPEX) remained stable for most of Q3 2024, increasing from 1,977 points at the start of July to just over 2,000 points at the end of the month. When activity did not return in stride and rate levels started sliding, so did the smaller segments of the index. The HARPEX finished the quarter at 1,966 points, close to the figure in early July. Nevertheless, rate levels are still very healthy with the HARPEX at levels last seen in September 2022.¹

Looking at Q4, the charter market is not expected to move significantly in any direction. While fixture terms could decrease slightly in the smaller sizes, the last quarter is usually quieter in terms of activity. Coupled with the low vessel availability, no major developments are expected in the charter market. The only wild card could be the labor dispute at the ports on the US Gulf and East Coast. With a deadline on January 15th, 2025, carriers may try to get their cargo into the US ahead of time, i.e., in December or sooner, to avoid being caught up in any potential congestion.

Orderbook-to-fleet ratio increases to 25%, backed by high contracting activity

Contracting for newbuildings was substantial during Q3 2024. Over the three months alone, close to 190 vessels were ordered for a total of around 2.5m TEU. After the orderbook-to-fleet ratio declined to 20% in June 2024, this recent ordering spree brought it back up to 25%. Currently, the close to 2.5m TEU that was already delivered this year is being absorbed into the charter market only due to the Red Sea diversions. Especially the large vessels are needed by carriers for making the longer voyages around the Cape of Good Hope.

Meanwhile, newbuilding prices remain elevated. The latest figures show the highest newbuilding price index since November 2008.² It must be kept in mind though that a larger share of newbuildings contracted in 2024 are actual dual-fuel ships, most of them LNG. Their engines, tanks and systems are much more complex and thus expensive compared to the vessels ordered before 2020. Both carriers and non-operating owners ordered large clusters of vessels, mostly at Chinese shipyards. The focus is clearly on the larger vessels, with over 70% of the orderbook occupied by vessels above 8,000 TEU. The remaining 30% are distributed between intermediate (3k-6k TEU) and feeder (<3k TEU) vessels.

This substantial orderbook already stretches over the next five years, with some vessels only scheduled for delivery in 2029. The bulk of ships is, however, planned to hit the water over the coming years, with 1.9m TEU in 2025, 1.4m TEU in 2026 and another 2.2m TEU in 2027. Looking at these numbers it should not come as a surprise that many shipyards are already booked for 2026 and 2027, meaning that larger ships ordered today are unlikely to be constructed any earlier than 2028. Additionally, there is the issue of availability of engines. Consequently, even feeder vessels ordered today may not be available any earlier than 2027 due to both shipyard and engine availability.

1 Harper Petersen, November 2024.

² Clarksons Research, Shipping Intelligence Network, October 2024.

FIG. 3: ORDERBOOK DEVELOPMENT (TOP) AND ORDERBOOK ACROSS SIZE SEGMENTS COMPARED TO FLEET AGE (BOTTOM)

Orderbook Total Fleet Orderbook-to-Fleet Ratio (RHS)

% (OB/fleet)

Continued attacks by the Houthis keep the market balanced for longer than expected

As shown in figure 4, net fleet growth (accounting for deliveries and demolitions) was already high (+8.3%) in 2023 and is expected to accelerate further in 2024 (+9.7%).¹ For 2025, MSI forecasts global containership net fleet growth to slow down to 5.5%.¹

Container trade demand is expected to grow 5.3% in 2024 and 3.3% in 2025, respectively, after having flatlined (+0.0%) in 2023.11 The 2024 figure has been continuously revised upwards throughout the year. At face value, the above developments since 2023 would seem to imply a deterioration in market conditions. However, the additional demand created by the Red Sea diversions must not be overlooked. In their latest Container Intelligence Monthly, Clarksons states that their base case scenario now involves ongoing rerouting throughout 2025 and 2026. According to their computations, the total TEU-mile demand growth will reach 18.0% in 2024, whereas the underlying trade volume growth will be just 5.4%.² For the future, Clarksons stresses that developments in the Red Sea remain central to the container market outlook. If the Red Sea situation continues unabated, Clarksons expect a gradual easing of market conditions in 2025 and 2026.

According to the Maritime Strategies International (MSI) forecast, the trade volume growth will surpass fleet expansion growth in 2026 (cf. MSI forecast in figure 4). This would – in contrast to Clarksons' forecast – signal a gradual easing of market conditions in 2025 and a stabilization as early as 2026. However, MSI assumes the Red Sea Crisis will be resolved during 2025 – which would imply more pressure on the container shipping market than a gradual easing.

FIG. 4: SUPPLY/DEMAND BALANCE – ACCOUNTING FOR CANCELLATIONS, SLIPPAGE, DELIVERIES AND DEMOLITIONS

The developments around the Red Sea remain key to liner shipping markets in the immediate future. Another element affecting the development of liner shipping is how the new US administration will approach the subject of import tariffs after the inauguration of Donald Trump early in 2025. The announced US import tariffs could prove to be a burden on global trade flows. But the publicly advertised tariffs might just be the starting point of bi- or multilateral negotiations.

Maritime Strategies International, Horizon, November 2024.

² Clarksons, Container Intelligence Monthly, October issue 2024

CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Statement of Profit or Loss	15
Consolidated Statement of Comprehensive Income	16
Consolidated Statement of Financial Position	17
Consolidated Statement of Changes in Equity	18
Statement of Cashflow	19

Notes		20
Note 1	General Information	20
Note 2	Accounting Principles and Basis of Preparation 20
Note 3	Segment Information	20
Note 4	Operating Revenues	21
Note 5	Investments in Associate and Joint Venture	21
Note 6	Vessels	22
Note 7	Newbuildings	24
Note 8	Cash and Cash Equivalents and Restricted Cash 24
Note 9	Non-current and Current Interest-bearing Debt 24
Note 10	Related Parties	25
Note 11	Financial Instruments	26
Note 12	Share Capital	27
Note 13	Earnings per Share	27
Note 14	Subsequent Events	27

Condensed Consolidated Statement of Profit or Loss

IN USD THOUSANDS	NOTES	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Operating revenues	4	132,467	183,962	410,909	558,452
Commissions		(3,477)	(5,084)	(11,231)	(15,635)
Vessel voyage expenditures		(6,189)	(2,299)	(13,469)	(8,595)
Vessel operation expenditures		(36,902)	(41,652)	(113,061)	(114,010)
Ship management fees		(2,496)	(2,581)	(7,274)	(7,364)
Share of profit or loss from joint venture	5	(30)	12,364	(408)	22,632
Gross profit		83,373	144,710	265,466	435,480
Administrative expenses		(4,608)	(4,561)	(13,294)	(11,051)
Other expenses		(514)	(455)	(1,678)	(1,744)
Other income		2,194	690	4,297	2,076
Gain (loss) from sale of vessels and other assets	6	4,392	-	10,593	-
Depreciation	6	(19,361)	(42,528)	(54,626)	(82,743)
Impairment		-	(26,060)	-	(44,451)
Operating profit		65,476	71,796	210,758	297,567
Finance income		2,398	1,466	6,605	4,475
Finance costs	9	(4,158)	(4,930)	(12,659)	(12,467)
Profit (loss) before income tax		63,716	68,332	204,704	289,575
Income tax expenses		(22)	(93)	255	(186)
Profit (loss) for the period		63,694	68,239	204,959	289,389
Attributable to:
Equity holders of the Company		63,728	68,207	204,947	289,256
Non-controlling interest		(34)	32	12	133
Basic earnings per share – in USD	13	0.14	0.15	0.46	0.65
Diluted earnings per share – in USD	13	0.14	0.15	0.46	0.65

Consolidated Statement of Comprehensive Income

IN USD THOUSANDS	NOTES	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Profit (loss) for the period		63,694	68,239	204,959	289,389
Items which may subsequently be transferred to profit or loss		(776)	1,294	202	720
Change in hedging reserves, net of taxes	11	(776)	1,294	202	720
Total comprehensive profit (loss)		62,918	69,533	205,161	290,109

Attributable to:
Equity holders of the Company		62,952	69,501	205,149	289,976
Non-controlling interest		(34)	32	12	133

Consolidated Statement of Financial Position

IN USD THOUSANDS	NOTES	SEPTEMBER 30, 2024 (UNAUDITED)	DECEMBER 31, 2023 (AUDITED)

Assets
Non-current Assets
Vessels	6	829,574	691,291
Newbuildings	7	42,677	78,980
Right-of-use asset		310	84
Investments in associate and joint venture	5	6,531	2,934
Total non-current assets		879,092	773,289
Current Assets
Vessel held for sale	6	-	25,165
Inventories		6,512	8,088
Trade and other receivables		32,809	23,667
Financial instruments at fair value	11	842	1,951
Restricted cash	8	8,710	5,005
Cash and cash equivalents	8	134,357	117,579
Total current assets		183,230	181,455
Total assets		1,062,322	954,744

IN USD THOUSANDS	NOTES	SEPTEMBER 30, 2024 (UNAUDITED)	DECEMBER 31, 2023 (AUDITED)

Equity and Liabilities
Equity
Ordinary shares
Share capital	12	48,589	48,589
Share premium		1,879	1,879
Retained earnings		745,236	700,021
Other reserves		(641)	(843)
Non-controlling interest		3,590	3,835
Total equity		798,653	753,481
Non-current liabilities
Non-current Interest-bearing debt	9	147,898	92,951
Lease liabilities – long-term		134	-
Deferred tax liabilities		-	748
Total non-current liabilities		148,032	93,699
Current liabilities
Current interest-bearing debt	9	54,266	33,564
Trade and other payables		12,179	20,397
Related party payables		357	1,062
Income tax payable		754	289
Deferred revenues		28,232	35,230
Other liabilities		19,849	17,022
Total current liabilities		115,637	107,564
Total equity and liabilities		1,062,322	954,744

Consolidated Statement of Changes in Equity

IN USD THOUSANDS	SHARE CAPITAL (UNAUDITED)	SHARE PREMIUM (UNAUDITED)	RETAINED EARNINGS (UNAUDITED)	OTHER RESERVES (UNAUDITED)	TOTAL EQUITY ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE COMPANY (UNAUDITED)	NON-CONTROLLING INTEREST (UNAUDITED)	TOTAL EQUITY (UNAUDITED)
Equity as at January 1, 2023	48,589	152,737	517,044	525	718,895	2,551	721,447
Result of the period	-	-	289,256	-	289,256	133	289,390
Other comprehensive income	-	-	-	720	720	-	720
Total comprehensive income	-	-	289,256	720	289,976	133	290,110
Change in non-controlling interest	-	-	-	-	-	-	-
Dividends provided for or paid	-	(150,858)	(79,866)	-	(230,724)	(292)	(231,016)
Addition from non-controlling interest	-	-	-	-	-	541	541
Equity as at September 30, 2023	48,589	1,879	726,434	1,245	778,148	2,933	781,081
Equity as at January 1, 2024	48,589	1,879	700,021	(843)	749,646	3,835	753,481
Result of the period	-	-	204,947	-	204,947	12	204,959
Other comprehensive income	-	-	-	202	202	-	202
Total comprehensive income	-	-	204,947	202	205,149	12	205,161
Contributions of equity, net of transaction costs	-	-	-	-	-	-	-
Dividends provided for or paid1	-	-	(159,732)	-	(159,732)	(257)	(159,989)
Equity as at September 30, 2024	48,589	1,879	745,236	(641)	795,063	3,590	798,653

¹ See further in Note 12 regarding dividends paid during the period.

Statement of Cashflow

IN USD THOUSANDS	NOTES	YTD Q3 2024 (UNAUDITED)	YTD Q3 2023 (UNAUDITED)

Profit (loss) before income tax		204,704	289,575
Income tax expenses paid		-	(503)
Net change inventory and trade and other receivables		(7,820)	(2,543)
Net change in trade and other payables and other liabilities		5,887	(9,321)
Net change in deferred revenues		(6,998)	68
Depreciation	6	54,626	82,897
Finance costs (net)		6,054	7,991
Share of profit (loss) from joint venture	5	408	(22,632)
Impairment	6	-	44,451
(Gain)/loss from disposals of vessels and fixed assets	6	(8,787)	-
Amortization of TC contracts		(1,012)	(2,148)
Cash flow from operating activities		247,062	387,835

Proceeds from disposal of vessels and fixed asset components	6	72,171	-
Scrubbers, dry dockings and other vessel upgrades	6	(35,539)	(35,693)
Newbuildings	7	(122,995)	(27,075)
Acquisition of vessels	6	(47,280)	(169,376)
Interest received		4,175	2,169
Dividend received from joint venture investment	5	-	41,000
Investment in associate	5	(4,005)	(404)
Cash flow from investing activities		(133,473)	(189,378)

IN USD THOUSANDS	NOTES	YTD Q3 2024 (UNAUDITED)	YTD Q3 2023 (UNAUDITED)

Dividends paid	12	(159,989)	(231,016)
Addition of non-controlling interest		-	541
Proceeds from debt financing	9	108,340	125,303
Repayment of long-term debt	9	(30,673)	(104,644)
Payment of principal of leases		(144)	(148)
Interest paid		(6,798)	(9,184)
Debt issuance costs	9	(3,648)	(2,005)
Other finance paid		(549)	-
Cash from /(to) financial derivatives		327	(1,017)
Cash flow from financing activities		(93,134)	(222,169)

Net change in cash and cash equivalents		20,455	(23,712)
Net foreign exchange difference		28	-
Restricted cash. cash and cash equivalents at the beginning of the period	122,584	125,517
Restricted cash, cash and cash equivalents at the end of the period		143,067	101,805

Notes

Note 1 General Information

MPC Container Ships ASA (the "Company") is a public limited liability company (Norwegian: allmennaksjeselskap) incorporated and domiciled in Norway, with its registered address at Ruseløkkveien 34, 0251 Oslo, Norway, and Norwegian registered enterprise number 918 494 316.The Company was incorporated on January 9, 2017 and commenced operations in April 2017 when the first vessels were acquired. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as the "Group"). The principal activity of the Group is to invest in and to operate maritime assets in the container shipping segment.

The shares of the Company are listed on the Oslo Stock Exchange under the ticker "MPCC."

Note 2 Accounting Principles and Basis of Preparation

The Group's financial reporting is in accordance with IFRS ® Accounting Standards as adopted by the European Union (EU). The unaudited interim financial statements for the period ended September 30, 2024, have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by EU. The statements have not been subjected to audit. The statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements as at December 31, 2023. The consolidated financial statements are presented in USD thousands unless otherwise stated.

The accounting policies adopted in preparing the condensed consolidated interim financial reporting are consistent with those applied in the preparation of the Group's consolidated financial statements for the period ended December 31, 2023. No new standards were effective as at January 1, 2024 with a significant impact on the Group.

Note 3 Segment Information

All of the Group's vessels earn revenues from seaborne container transportation globally. The vessels exhibit similar economic, trading and financial characteristics. The Group is organized in one operating segment, i.e., the container shipping segment.

Note 4 Operating Revenues

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Time charter revenues	126,668	181,102	397,556	549,244
Amortization of time charter contracts	85	583	1,012	2,148
Other revenues	5,714	2,277	12,341	7,061
Total operating revenues	132,467	183,962	410,909	558,452

The Group's time charter contracts are divided into a lease element and a service element. The lease element of the vessel represents the use of the vessel without any associated performance obligations and is accounted for in accordance with the lease standard IFRS 16. Revenues from time charter services (service element) and other revenue (e.g., bunkers and other services) are accounted for in accordance with IFRS 15. The Group's performance obligation is to provide time charter services to its charterers. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period. In the nine-month period of 2024, one vessel was index-linked (YTD 2023: one) and four vessels were on a variable rate time charter.

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Service element	35,336	41,573	111,051	113,640
Other revenues	4,457	2,277	8,275	7,061
Total revenues from customer contracts	39,793	43,849	119,326	120,701
Lease element	92,589	139,529	290,572	435,604
Amortization of time charter contracts	85	583	1,012	2,148
Total operating revenues	132,467	183,962	410,910	558,452

Other revenue relates to reimbursements of bunkers and other services, including amortization of the acquired value of time charter contracts. In the first nine-months of 2024, the amortization of acquired time charter contracts amounted to USD 1.0 million compared to USD 2.1 million in the nine-month period of 2023.

Note 5 Investments in Associate and Joint Venture

IN USD THOUSANDS	SEPTEMBER 30, 2024 (UNAUDITED)	DECEMBER 31, 2023 (AUDITED)

Investment in joint ventures	5,296	1,703
investment in associate	1,235	1,231
Total	6,531	2,934

Investment in Joint Ventures

The Group has a 50% interest in 2. Bluewater Holding Schifffahrtsgesellschaft GmbH Co. KG (Bluewater), Hamburg (Germany). The carrying amount of the investment as at September 30, 2024 was USD 1.3 million, compared to USD 1.7 million as at December 31, 2023.

In the first quarter of 2024, the group acquired a 50% interest in Palmaille 75 Einundachtzigste Beteiligungsgesellschaft mbH & Co. KG (Palmaille 75 Hamburg (Germany) for USD 4.0 million. Palmaille 75 have ordered a 1,250 TEU dual-fuel methanol newbuilding, scheduled for delivery in late 2026. The vessel will be under a 7-year time-charter agreement with Unifeeder A/S post-delivery. The carrying amount of the investment as at September 30, 2024 was USD 4.0 million. The group have committed to funding Palmaille 75 with additional USD 1.0 million.

IN USD THOUSANDS	SEPTEMBER 30, 2024 (UNAUDITED)	DECEMBER 31, 2023 (AUDITED)

Non-current assets	7,804	-
Cash and cash equivalents	2,511	2,148
Other current assets	411	1,450
Current liabilities	134	192
Equity	10,593	3,405

Group's carrying amount of the investment	5,296	1,703

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Operating revenues	8	1,479	8	14,736
Operating costs	(58)	(3,264)	(829)	(8,394)
Other income	-	26,567	-	39,816
Depreciation	-	(106)	-	(958)
Net financial income (expense)	(17)	63	12	84
Income tax	7	(9)	(5)	(18)
Profit after tax for the period	(60)	24,729	(815)	45,265
Total comprehensive income for the period	(60)	24,729	(815)	45,265
Group's share of profit for the period	(30)	12,364	(408)	22,632
Dividends received	-	20,050	-	41,000

Investment in Associate

In 2022, the Group entered into an agreement with INERATEC for the supply of synthetic Marine Diesel Oil (MOO) made from biogenic CO² and renewable hydrogen, with delivery set to start in 2024. The Group owns 24.5% of Siemssen KG, which holds an investment in INERATEC. As at September 30, 2024, the Group's investment in Siemssen KG amounted to USD 1.2 million. The investment is accounted under the equity method.

Note 6 Vessels

IN USD THOUSANDS (UNAUDITED)	VESSELS	NEWBUILDINGS, ADDITIONS	TOTAL VESSELS AND NEWBUILDINGS	VESSEL HELD FOR SALE	TOTAL
Cost

December 31, 2023	1,028,642	78,980	1,107,622	48,618	1,156,240
Acquisitions of vessels	47,280	-	47,280	-	47,280
Capitalized dry-docking, progress payments, expenditures	35,539	111,886	147,425	-	147,425
Disposal of vessels and other assets	(56,784)	-	(56,784)	(48,618)	(105,402)
Transfers of vessels	148,189	(148,189)	-	-	-
September 30, 2024	1,202,866	42,677	1,245,543	-	1,245,543
Accumulated depreciation and impairment
December 31, 2023	(337,351)	-	(337,351)	(23,453)	(360,804)
Depreciation for the period	(54,480)	-	(54,480)	-	(54,480)
Impairments	-	-	-	-	-
Disposal of vessels and other assets	18,539	-	18,539	23,453	41,992
Transfers of vessels	-	-	-	-	-
September 30, 2024	(373,292)	-	(373,292)	-	(373,292)
Net book value
September 30, 2024 (unaudited)	829,574	42,677	872,251	-	872,251

IN USD THOUSANDS (AUDITED)	VESSELS	NEWBUILDINGS, ADDITIONS	TOTAL VESSELS AND NEWBUILDINGS	VESSEL HELD FOR SALE	TOTAL
Cost
January 1, 2023	976,170	32,770	1,008,940	-	1,008,940
Acquisitions of vessels	169,376	-	169,376	-	169,376
Capitalized dry-docking, progress payments, expenditures	48,254	46,210	94,464	-	94,464
Disposals of vessels and other assets	(116,540)	-	(116,540)	-	(116,540)
Transfer to vessel held for sale	(48,618)	-	(48,618)	48,618	-
December 31, 2023	1,028,642	78,980	1,107,622	48,618	1,156,240
Accumulated depreciation and impairment
January 1, 2023	(230,297)	-	(230,297)	-	(230,297)
Depreciation for the period	(102,504)	-	(102,504)	-	(102,504)
Impairments	(79,378)	-	(79,378)	-	(79,378)
Disposals of vessels and other assets	51,375	-	51,375	-	51,375
Transfers to Vessels held for sale	23,453	-	23,453	(23,453)	-
December 31, 2023	(337,351)	-	(337,351)	(23,453)	(360,804)
Net book value
December 31, 2023 (audited)	691,291	78,980	770,271	25,165	795,436

Acquisition/Additions of Vessels

In May 2024, the Group took delivery of the first 5,550 TEU eco-design vessel, Mackenzie, from its newbuilding programs. In July 2024, the Group took delivery of the second 5,550 TEU eco-design vessel, Colorado, from its newbuilding programs. As at September 30, 2024, all eco-design vessels were delivered from our newbuilding programs.

In July 2024, the Group took delivery of the two 3,500 TEU, 2009-built vessels, AS Nara and AS Nuria for USD 24.9 million and USD 22.4 million respectively. Consequent to the order of transaction, where the Group purchased the two shelf companies owned by our related party, MPC Münchmeyer Petersen Capital AG, which also entered the MoA with the seller of the vessels, the transaction was classified as related party transaction.

As at September 30, 2024, the group have committed to retrofit 15 vessels (Q2 2024: 13 vessels) for USD 19.6 million (Q2 2024: USD 7.5 million) which is due late 2024 or beginning 2025.

Disposal of Vessels

In the first quarter of 2024, the Group delivered and completed the sale of its three previously held for sale vessels, AS Petra, AS Paulina and AS Pauline to an unrelated party. The Group recognized a loss on the sale of vessels of USD 0.2 million in the first quarter of 2024.

In April 2024, the Group sold its wholly-owned 2007-built AS Nadia and 2009-built sale and leaseback vessel, AS Ragna collectively to an unrelated party for USD 25.5 million. The sale was completed in the second quarter of 2024 and the Group recorded a gain on the sale of USD 6.4 million.

In July 2024, the Group completed the sale of its wholly-owned 2006-built AS Clarita to an unrelated party for USD 10.3 million. As a result, the Group recorded a gain of USD 2.0 million on the sale of vessel.

In August 2024, the Group agreed to sell its sale and leaseback vessel, 2008-built AS Fatima to an unrelated party for USD 11.8 million. The sale of AS Fatima was completed in September 2024. As a result, the Group recorded a gain on the sale of USD 4.2 million.

Impairment of Vessels

At each reporting date, the Group evaluates whether there is an indication that an asset may be impaired. If such indicator exists, an impairment test is performed. Such indicators may include depressed spot rates and declined second-hand containerships values. As at September 30, 2024, management considered there are no indications of impairment.

Note 7 Newbuildings

As at September 30, 2024 the Group's newbuilding program consisted of two 1,300 TEU container vessels with a contract price of USD 39.0 million per vessel. The newbuildings are expected to be delivered in the fourth quarter of 2024 and the first quarter of 2025. As at September 30, 2024, total additions to Group's newbuilding program was USD 42.7 million, excluding the delivery of Mackenzie and Colorado. The remaining commitments of USD 38.9 million are due with USD 19.5 million in the fourth quarter of 2024 and USD 19.5 million in the first quarter of 2025.

In January 2024, the Group partnered with Unifeeder A/S (Unifeeder) in a joint investment for the construction of a 1,300 TEU container vessel, with a dual fuel engine, for a contract price of USD 39.0 million. The equity in the joint venture will be contributed 50% by the Group and the remaining half by Unifeeder. The newbuilding shall be scheduled for delivery in late 2026. As at September 30, 2024, the joint venture had paid installments of USD 7.8 million to the yard.

As at September 30, 2024, USD 1.7 million capitalized borrowing cost was paid in connection with the two 1,300 TEU container vessels with duel-fuel engines that are able to operate on green methanol.

Note 8 Cash and Cash Equivalents and Restricted Cash

As at September 30, 2024, the Group had cash and cash equivalents of USD 134.4 million (USD 117.6 million as at December 31, 2023) and restricted cash balances of USD 8.7 million (USD 5.0 million as at December 31, 2023). The Group's loan agreement contains financial covenants, which require the Group to maintain a certain level of free cash, and a value adjusted equity covenant. The Group is in compliance with such financial covenants as at September 30, 2024.

Note 9 Non-current and Current Interest-bearing Debt

IN USD THOUSANDS	CURRENCY	FACILITY AMOUNT		INTEREST MATURITY	SEPTEMBER 30, 2024 (UNAUDITED)	DECEMBER 31, 2023 (AUDITED)

Senior secured credit facility	USD	8 300	SOFR + 3.50%	February 2027	3,700	4,810
Term loan and credit facility	USD	15,933- 101,493	SOFR+1.5%-2.5%	February 2036	98,647	8,713
Term loan facility	USD	50 000	SOFR+ 2.8%-3.35%1 July/Aug	2028	46,520	49,130
Term loan facility	USD	54 460	SOFR+2.3%	September/ November 2035	15,560	-
Sale-leaseback financing	USD	75 000	SOFR+2.6%	September 2027	42,857	66,963
Other long-term debt incl accrued interest					1,423	256
Total outstanding					208,707	129,872
Debt issuance costs					(6,543)	(3,357)
Total interest-bearing debt outstanding					202,164	126,515
Classified as:
Non-current					147,898	92,951
Current					54,266	33,564
Total					202,164	126,515

Loan margin is determined by loan to vessel value ratio (LTV)

In March 2022, the Group obtained an USD 8.3 million OVB Loan for the acquisition of the AS Claudia and carries an interest equivalent to the SOFR plus a margin of 350 basis points. As at September 30, 2024 the Group repaid USD 1.1 million, and USD 3.7 million remained outstanding.

In January 2024, the Group drew USD 7.2 million from its Crédit Agricole pre-delivery term loan facility together with K-SURE. In May 2024, consequent to the delivery of Mackenzie, the Group drew USD 50.7 million from the post-delivery term loan facility in an amount of up to USD 101.5 million with Crédit Agricole together with K-SURE and repaid USD 8.0 million of the pre-delivery loan. In July 2024, the Group drew another USD 50.7 million of the post-delivery term loan facility and settled USD 7.9 million of the pre-delivery term loan facility due to the delivery of Colorado. As a result, the Group received net proceeds of the post-delivery financing facility of ISD 42.8 million. As at September 30, 2024, the facility was fully drawn down.

In April 2024, the Group entered into ECA covered term loan facility of USD 54.6 million with Deutsche Bank and SINOSURE for its two dual-fuel methanol newbuildings. The facility carries an interest rate of 3 months USD Term SOFR plus a margin of 230 basis points. The facility shall be repaid in full upon delivery of the vessels while each of the post-delivery loan facility matures in 12 years from the delivery date of the vessels. As at September 30, 2024, USD 15.6 million was drawn and USD 39.0 million remained undrawn.

In September 2024, the Group sold one of its sale and leaseback vessels, AS Fatima. Consequent to the sale of AS Fatima, the Group exercised the purchase option under the sale and leaseback discharged the financing liability of AS Fatima by repaying the outstanding of USD 3.1 million and paid USD 0.2 million as part of the penalties for early termination. As at September 30, USD 42.9 million remained outstanding on the sale and leaseback transaction with BoComm Leasing.

In September 2024, the Group entered a USD 30.0 million term loan facility with First-Citizens Bank & Trust Company relating to the financing of the acquisition of AS Nara and AS Nuria. The loan facility carries an interest equivalent to adjusted term SOFR plus a margin of 195 basis points and matures in October 2029. As at September 30, 2024, no drawdown has been made.

As at September 30, 2024, the Group is in compliance with all financial covenants.

Note 10 Related Parties

The following table shows the total amount of service transactions that have been entered into with related parties in the first nine-month period ended 2024.

IN USD THOUSANDS – Q3 2024	TYPE OF SERVICES	GROUP

Wilhelmsen Ahrenkiel Ship Man. GmbH & Co. KG / B.V.	Technical	6,762
Harper Petersen & Co. GmbH	Commercial	1,458
MPC Münchmeyer Petersen Capital AG	Corporate	518
ZEABORN Ship Management GmbH & Cie. KG	Technical	64
Total		8,738

Amounts due to or from related company represent net disbursements and collections made on behalf of the vesselowning companies by the Group during the normal course of operations for which a right of offset exists. As at September 30, 2024, and December 31, 2023, the amount due to related companies was USD 0.4 million and USD 1.1 million respectively. All related party transactions are carried out at market terms. Please see the Group's 2023 Annual Report for additional details.

In July 2024, the Group took delivery of two 3,500 TEU, 2009-built vessels, AS Nara and AS Nuria for USD 24.9 million and USD 22.4 million respectively. Consequent to the order of transaction, where the Group purchased the two shelf companies owned by our related party, MPC Münchmeyer Petersen Capital AG, which also entered the MoA with the seller of the vessels, the transaction was classified as related party transaction. See Note 6 for further details.

Note 11 Financial Instruments

The following table represents the Group's financial assets and financial liabilities measured and recognized at fair value as at September 30, 2024 and December 31, 2023. The estimated fair value amount of the financial instruments has been determined using appropriate market information and valuation techniques.

	SEPTEMBER 30, 2024 (UNAUDITED)		DECEMBER 31, 2023 (AUDITED)
IN USD THOUSANDS	CARRYING AMOUNT	FAIR VALUE	CARRYING AMOUNT	FAIR VALUE
Financial assets
Trade and other receivables	32,809	32,809	23,667	23,667
Financial instruments at fair value	842	842	1,951	1,951
Restricted cash	8,710	8,710	5,005	5,005
Cash and cash equivalents	134,357	134,357	117,579	117,579
Total financial assets	176,718	176,718	148,202	148,202
Financial liabilities at amortized cost
Non-current Interest-bearing debt	147,898	147,898	92,951	92,951
Current interest-bearing debt	54,266	54,266	33,564	33,564
Trade and other payables	12,179	12,179	20,397	20,397
Other liabilities1	19,825	19,825	16,011	16,011
Total financial liabilities	234,168	234,168	162,923	162,923

1 Excludes non-financial items in the line item Other liabilities in the Statement of Financial Position

The carrying amount of cash and cash equivalents, trade and other receivables, trade and other payables, and other liabilities are a reasonable estimate of their fair value, due to their short maturity. The estimated value of the Group's long-term interest-bearing debt equals the carrying value as at September 30, 2024 and December 31, 2023, as it is variable-rated.

Cash Flow Hedges

As at September 30, 2024 the Group has three interest rate caps.

The table below shows the notional amounts of current and future anticipated interest-bearing debt under existing debt facilities hedged by interest-rate caps:

INSTRUMENT	NOTIONAL AMOUNT	EFFECTIVE PERIOD	INTEREST CAP / FIXED PAYER	MATURITY
Interest-rate cap	USD 45-27 million	2024–2026	4.00%	December 2026
Interest-rate caps	USD 15.9-2.2 million	2024–2031	4.00%	May/June 2031

In 2023, the Group entered into 2 options (swaptions) to enter into interest-rate swaps whereby the Group receives SOFR floating interest and pays a fixed interest of 3.5% on a declining notional amount starting at USD 43.7 million. If exercised, the interest-rate swaps have declining notional amounts over the period and contractual maturities in 2036. In September 2024, one of the two swaptions was expired where its premium of USD 530 thousands was paid in May 2023. The second swaptions with premium of USD 570 thousands paid in May 2023 was subsequently expired and terminated in October 2024. Since the hedged relationship for both swaptions was terminated as at September 2024, the amortization of the paid premium amount would no longer be applied, the Group recognized the remaining cost of hedging of USD 1.1 million as finance cost.

The fair value (level 2) of the Group's interest rate caps is the estimated amount that the Group would receive or pay to terminate the agreements as at the reporting date, considering, as applicable, the forward interest rate curves. The estimated amount is the present value of future cash flows. Fair value adjustment of the interest rate cap as at September 30, 2024 is recognized directly to Other reserves (other comprehensive income) in equity and are reclassed to profit or loss as a reclassification adjustment in the same period or periods during which the hedged expected future cash flows (future interest payments) affect profit or loss.

Note 12 Share Capital

The share capital of the Company consisted of 443,700,279 shares as at September 30, 2024. The nominal value per share is NOK 1.00. All issued shares shown in the table below carry equal rights and are fully paid up.

	NUMBER OF SHARES	SHARE CAPITAL (USD THOUSANDS)
December 31, 2023	443,700,279	48,589
September 30, 2024	443,700,279	48,589

During the first nine months of 2024, the Group distributed dividends for a total of USD 160.0 million, which also includes distributions to non-controlling interests of USD 0.3 million. The dividend was distributed from retained earnings.

ANNOUNCEMENT DATE	TYPE	CASH DISTRIBUTION PER SHARE	EX-DIVIDEND	RECORD	PAYMENT

27.02.2024	Recurring	USD 0.13 / NOK 1.3734	19.03.2024	20.03.2024	26.03.2024
28.05.2024	Recurring	USD 0.13 / NOK 1.3729	20.06.2024	21.06.2024	27.06.2024
28.08.2024	Recurring	USD 0.10 / NOK 1.0583	17.09.2024	18.09.2024	24.09.2024

Note 13 Earnings per Share

	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)
Profit (loss) for year attributable to ordinary equity holders – in USD thousands	63,728	68,207	204,947	289,256
Weighted average number of shares outstanding, basic	443,700,279	443,700,279	443,700,279	443,700,279
Weighted average number of shares outstanding, diluted	443,700,279	443,700,279	443,700,279	443,700,279
Basic earnings per share – in USD	0.14	0.15	0.46	0.65
Diluted earnings per share – in USD	0.14	0.15	0.46	0.65

Note 14 Subsequent Events

In August 2024, the Group entered into an agreement to sell its wholly-owned AS Paola for USD 20.6 million to an unrelated party. The sale of the vessel is expected to be completed in late 2024.

In October 2024, the Group completed and settled the bond placement of USD 125.0 million, five-year senior unsecured sustainability linked with a coupon rate of 7.375%. Net proceeds from the bond issue will be applied towards general corporate purposes, including refinancing of existing financial indebtedness and acquisition of maritime assets.

In October 2024, the Group fully drew down from its USD 30.0 million term loan facility with First-Citizens Bank & Trust Company.

ALTERNATIVE PERFORMANCE MEASURES

The Group's financial information is prepared in accordance with the International Financial Reporting Standards (IFRS). In addition, it is the management's intention to provide alternative performance measures that are regularly reviewed by management to enhance the understanding of the Group's performance but are not intended as a replacement of the financial statements prepared in accordance with the IFRS. The alternative performance measures presented may be determined or calculated differently by other companies. The alternative performance measures are intended to enhance comparability of the results and to give supplemental information to the users of the Group's external reporting.

EBITDA

Earnings before interest, tax, depreciations and amortization (EBITDA) is a key financial parameter for the Group and is derived directly from the condensed consolidated statement of profit or loss adding back depreciation and impairment of vessels to the operating profit ("EBIT").

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Operating profit (EBIT)	65,476	71,796	210,758	297,567
Depreciation	(19,361)	(42,528)	(54,626)	(82,743)
Impairment	-	(26,060)	-	(44,451)
EBITDA	84,837	140,384	265,384	424,761

Adjusted EBITDA

Adjusted EBITDA is a financial metric that includes the deduction of various of one-time, irregular and non-recurring items from EBITDA.

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)
EBITDA	84,837	140,384	265,384	424,761

Early redelivery of vessels, net of commission	-	21,488	-	77,971
Share of profit or loss from joint venture	-	13,229	-	19,723
Gain (loss) from sale of vessels and other fixed assets	6,164	-	12,576	-
Adjusted EBITDA	78,673	105,667	252,808	327,067

Adjusted Profit (Loss)

Adjusted profit (loss) is the profit (loss) for the period excluding one-time, irregular, and non-recurring items, such as gain (loss) from sale of vessels.

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Profit (loss) for the period	63,694	68,239	204,959	289,389
Early redelivery of vessels, net of commission	-	21,488	-	77,971
Depreciation of TC contract related to AS Anne	-	(22,035)	-	(22,035)
Share of profit or loss from joint venture	-	13,229	-	19,723
Gain (loss) from sale of vessels and other fixed assets	6,164	-	12,576	-
Impairment	-	(26,060)	-	(44,451)
Adjusted profit (loss) for the period	57,530	81,617	192,383	258,180

Adjusted Earnings Per Share (EPS)

Adjusted EPS is derived from the adjusted profit (loss) divided by the number of shares outstanding at the end of the period.

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)
Adjusted profit (loss) for the period	57,530	81,617	192,383	258,180
Number of shares	443,700,279	443,700,279	443,700,279	443,700,279
Adjusted EPS (in USD)	0.13	0.18	0.43	0.58

Average Time Charter Equivalent (TCE)

Average TCE is a commonly used key performance indicator ("KPI") in the shipping industry. It represents time charter revenue and pool revenue divided by the number of trading days for the consolidated vessels during the reporting period. Trading days are ownership days minus days without revenue, including commercial, uninsured technical and dry-docking-related off-hire days.

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)
Time charter revenues	126,668	181,102	397,556	549,244
Trading days	4,810	5,778	14,798	16,027
Average TCE (in USD)	26,334	31,343	26,866	34,270

Adjusted Average Time Charter Equivalent (TCE)

Adjusted average TCE is the average TCE for the period excluding one-time, irregular, and non-recurring items, such as gain (loss) from sale of vessels.

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Time charter revenues	126,668	181,102	397,556	549,244
Early redelivery of vessels	-	(22,035)	-	(79,629)
Adjusted TCE for the period	126,668	159,067	397,556	469,615
Trading days	4,810	5,778	14,798	16,027
Adjusted average TCE per day (in USD)	26,334	27,531	26,866	29,302

Adjusted Average Operating Expenses (OPEX) Per Day

Adjusted average OPEX per day is a commonly used KPI in the shipping industry. OPEX per day is calculated as operating expenses excluding tonnage taxes and operating expenses reimbursed by the charterers divided by the number of ownership days for consolidated vessels during the reporting period.

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Vessel operation expenditures	(36,902)	(41,652)	(113,061)	(114,010)
Tonnage taxes	49	75	159	-
Reimbursements	1,413	661	2,859	-
Adjusted vessel operation expenditures	(35,440)	(40,916)	(110,043)	(114,010)
Ownership days	5,167	5,857	10,449	16,561
Adjusted average OPEX per day (in USD)	6,859	6,986	7,101	6,884

Leverage Ratio

Interest-bearing long-term debt and interest-bearing short-term debt divided by total assets.

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Non-current Interest-bearing debt	147,898	92,708	147,898	92,708
Current interest-bearing debt	54,266	81,091	54,266	81,091
Net interest-bearing debt	202,164	173,799	202,164	173,799
Total equity and liabilities	1,062,322	1,024,365	1,062,322	1,024,365
Leverage ratio	19.0%	17.0%	19.0%	17.0%

Equity Ratio

Management uses the equity ratio to monitor its capital and financial covenants. The equity ratio also provides an indication of how much of the Group's assets are funded by equity. Equity ratio is calculated by dividing total book equity by total assets.

IN USD THOUSANDS	Q3 2024 (UNAUDITED)	Q3 2023 (UNAUDITED)	YTD 2024 (UNAUDITED)	YTD 2023 (UNAUDITED)

Total equity	798,653	781,081	798,653	781,081
Total assets	1,062,322	1,024,365	1,062,322	1,024,365
Equity ratio	75.2%	76.3%	75.2%	76.3%

MPC Container Ships ASA Ruseløkkveien 34, 0251 Oslo PO Box 1251 Vika

NO-0111 Oslo, Norway

Registered enterprise no. 918 494 316

www.mpc-container.com

AI Terminal

MPC Container Ships ASA

3666_rns_2024-11-26_902f0a0a-725b-4bcb-8aec-c194f0939a28.pdf