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Regulatory press release

MPC Container Ships Reports Q4 2024 Results

MPC Container Ships
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Oslo, Norway, February 25, 2025 - MPC Container Ships ("MPCC" or the "Company", Oslo Børs Ticker: MPCC), today presented its quarterly results for the fourth quarter of 2024 and for the full year 2024. MPCC delivered another quarter of strong financial and operational performance. During the quarter, MPCC continued its fleet renewal strategy, enhancing its fleet composition and increased focus on leveraging green financing solutions. Long-term contract coverage and revenue visibility continues to prove solid with a backlog of USD 1.1 billion and coverage for 92% of open days in 2025 and 64% in 2026. The Company continues to deliver attractive shareholder returns with a quarterly dividend of USD 0.09 per share, totaling approximately USD 40 million, marking its 13th consecutive quarterly dividend.

Highlights

  • Charter backlog of USD 1.1 billion with increased contract coverage for 2025 (92%) and 2026 (64%)
  • Quarterly recurring dividend of USD 0.09 per share, bringing the total dividend for 2024 to USD 186 million and aggregated total dividends to USD 977 million declared since February 2022
  • Financial guidance for 2025 of operating revenues in the range of USD 515-530 million and EBITDA in the range of USD 290-310 million
  • Continued robust operations with high fleet utilization of 97.4% (Q4 2023: 98.2%) and average TCE of USD 25,190 per day (Q4 2023: USD 27,405)
  • Operating revenues of USD 130.0 million (Q4 2023: USD 152.8 million) and EBITDA of USD 83.3 million (Q4 2023: USD 93.6 million). EBITDA adjusted for non-recurring items was USD 72.3 million (Q4 2023: USD 101.5 million)
  • Profit for the period was USD 61.7 million (Q4 2023: USD 35.7 million) and USD 50.7 million adj. for non-recurring items (Q4 2023: USD 78.5 million)
  • The balance sheet remains robust, with leverage ratio of 28% and 39 debt-free ships
  • Adj. EPS was USD 0.11 (Q4 2023: USD 0.18)
  • As at December 31, 2024, the Group's fleet consisted of 59 vessels, with an aggregate capacity of approximately 141,000 TEU


Co-CEO and CFO Moritz Fuhrmann, comments:
“We are pleased to have been able to deliver a year of both high investment activity as well as high shareholder returns. During the year we welcomed two eco-designed 5,500 TEU vessels, as well as four 3,800 TEU wide beam eco-design vessels to our fleet, vessels that represent an integral part of our fleet renewal and emissions reduction strategy. We exit the year with a robust capital base and enhanced balance sheet flexibility. We are proud to have demonstrated our strong ability to raise capital in different forms during the year.

A key highlight in our financial performance, is our commitment to shareholder value. For FY 2024, we will in total distribute approximately USD 186 million in dividends. Our backlog of USD 1.1 billion remains robust, and with contract coverage of 92% and 64% of open days in 2025 and 2026, respectively, we enter 2025 with good confidence.”

Reflecting on 2024 and the outlook, CEO Constantin Baack added:
“As we entered 2024, we faced a dynamic market affected by continued geopolitical change, and an environment offering significant opportunities and challenges. Throughout the year we continued to report strong operational performance, demonstrated our ability to create, identify and capitalize on arising opportunities while maintaining our financial strength and flexibility. Our ability to optimize the fleet, transition towards low-emission vessels and capitalize on the increasing demand in the market, led us to delivering results above our initial guidance.

Looking ahead, we are confident in our ability to further drive growth and deliver value to our shareholders. We remain committed to continuously improve our operational capabilities, pursuing sustainable growth initiatives and expanding our market presence. As a cyclical industry, shipping presents challenges and opportunities; however, we have shown our ability to generate value across market cycles. By leveraging our over 90% coverage, we are well-positioned for resilience against potential market fluctuations in 2025. Additionally, we remain alert to interesting opportunities, while adhering to our ESG and sustainability principles to enhance long-term value creation.”

Q4 2024 Earnings Call:
Constantin Baack, CEO, and Moritz Fuhrmann, Co-CEO and CFO, will present the results in an earnings call today at 15:00 CET / 09:00 ET, followed by a Q&A session. The earnings call can be accessed live via webcast and questions can be submitted in writing. A recording will be available on demand at the Company's website after the live event has concluded.

The Q4 2024 report and presentation materials are attached to this release and available on the Company’s website: https://www.mpc-container.com/investors/

The webcast can be accessed through the following link: Webcast Q4 2024 

For more information, contact:
ir@mpc-container.com

About MPC Container Ships
MPC Container Ships ASA (ticker code "MPCC") is a leading container tonnage provider focusing on small to mid-size container ships. Its main activity is to own and operate a portfolio of container ships serving intra-regional trade lanes on fixed-rate charters. The Company is registered and has its business office in Oslo, Norway. For more information, please visit www.mpc-container.com.

Forward-looking statements:
This announcement includes forward-looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's regulatory filings and periodical reporting. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.

This information is subject to disclosure under the Norwegian Securities Trading Act, §5-12. The information was submitted for publication at 2025-02-25 07:00 CET.

Attachments
MPCC Q4 2024 Financial Report
MPCC Q4 2024 Earnings Call Presentation

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