Oslo, Norway, November 26, 2024 - MPC Container Ships ("MPCC" or the "Company",
Oslo Børs Ticker: MPCC), today presented its quarterly results for the third
quarter of 2024. MPCC delivered another quarter of robust financial and
operational performance, characterized by high utilization and maximized revenue
generation. This quarter's performance demonstrates the Company's continued
ability to capitalize on the strong market, strengthening long-term contract
coverage and revenue visibility with a backlog of USD 1.2 billion with 2024
fully booked and coverage for 85% of open days in 2025 and 57% in 2026. The
solid backlog underlines the company's execution track record and positioning
for further value creation. The Company continues to deliver attractive
shareholder returns with a quarterly dividend of USD 0.10 per share, totaling
approximately USD 44.4 million, marking its 12th consecutive quarterly dividend.
Highlights
· Charter backlog increased to USD 1.2 billion with increased contract
coverage for 2025 (85%) and 2026 (57%)
· Quarterly recurring dividend of USD 0.10 per share, bringing aggregated
total dividends to USD 937 million declared since February 2022
· The financial guidance for 2024 increased to operating revenues in the range
of USD 525-535 million (previous: USD 510-520 million) and EBITDA in the range
of USD 345-355 million (previous: USD 335-350 million).
· Continued robust operations with high fleet utilization of 97.3% (Q3 2023:
98.7%) and average TCE of USD 26,334 per day (Q3 2023: USD 27,531).
· Operating revenues of USD 132.5 million (Q3 2023: USD 184.0 million) and
EBITDA of USD 84.8 million (Q3 2023: USD 140.4 million). EBITDA adjusted for non
-recurring items was USD 78.7 million (Q2 2023: USD 105.7 million).
· Profit for the period was USD 63.7 million (Q3 2023: USD 68.2 million) and
USD 57.5 million adj. for non-recurring items (Q3 2023: USD 81.6 million).
· Adj. EPS was USD 0.13 (Q3 2023: USD 0.18).
· As at September 30, 2024, the Group's fleet consisted of 56 vessels, with
an aggregate capacity of approximately 128,000 TEU.
Commenting on MPCC's results in the third quarter, Co-CEO and CFO Moritz
Fuhrmann, said:
"MPCC's performance in the third quarter demonstrates continued value creation,
highlighting 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, secure longer
revenue visibility and execute key transactions to enhance our fleet
composition, strengthening MPCC's long-term position at the same time as we
continue to be an agile player in the dynamic market. We also continue to
distribute attractive quarterly dividends, providing shareholders with
consistent returns."
Reflecting on recent market trends and the outlook, CEO Constantin Baack added:
"Throughout the quarter, and 2024, the container market has continued to
experience considerable influence from geopolitical disruptions, and the quarter
was marked by increased container demand as shippers frontloaded cargo to
mitigate risks. This resulted in a strong freight market and limited idle fleet
amongst tonnage providers. MPCC has successfully capitalized on the market
situation and enhanced our solid charter backlog to USD 1.2 billion with 2024
fully booked, and contract coverage of 85% and 57% of open days in 2025 and
2026, respectively. This provides great revenue visibility going forward and
strengthens our ability to deliver robust results and dividends over the coming
years.
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 are well
positioned to navigate and create value in both favorable and challenging
markets, and committed to enhancing our operational capabilities, expanding our
market presence, and pursuing sustainable growth initiatives."
The above information is subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
Q3 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 Q3 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 Q3
2024 (https://channel.royalcast.com/landingpage/hegnarmedia/20241126_1/)
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.
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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.