Oslo, 27 May 2019
Q1 2019 results:
MPC Container Ships ASA ("MPCC" or the "Company", together with its subsidiaries the "Group") today published its unaudited financial report for the three-month period ended 31 March 2019. The Group reports a net loss of USD -7.7 million for Q1 2019.
As of 31 March 2019, the Group has acquired and taken over 69 container vessels, whereof 61 are fully owned and 8 are operated in a joint venture.
CEO Constantin Baack comments in relation to the announcement: "Since Q4 2018, container shipping has faced an exceptionally high degree of uncertainty and shift in sentiment. IMO 2020 and the recent escalation of US-China tensions are causing concerns for seaborne trade, in turn reflected in MPC Container Ships’ Q1 2019 financial results.
Despite of current sentiment, we expect healthy demand growth paired with limited supply growth for 2019-20, the latter supported by IMO 2020 impacts such as slow steaming and scrubber retrofits. For smaller container ships in particular, demand is forecasted to outpace total container shipping growth. Similarly, feeder vessel supply is projected as lower than the overall market, fuelled also by increased demolitions of older vessels. The sum of these developments point towards a market rebalancing, as evidenced by recent months’ significant drop in idle fleet.
MPC Container Ships was established two years ago on the back of an envisaged three- to five-year recovery period for the feeder container segment. The company is well-positioned to benefit from improved market conditions given our portfolio and strategy of low financial leverage and high operational leverage."
Q1 2019 earnings call:
The Company will host a webcast for the presentation of the Q1 2019 results commencing on 27 May 2019 at 15:00 hours CET. The presentation will be made available on the Company’s webpage (www.mpc-container.com/#IR) from 12:00 hours CET. There will be a Q&A session after the presentation.
The webcast can be accessed through the following link:
Please note that for optimal viewing, it is recommended not to use VPN, but instead to connect directly to the internet. Please disable pop-up blockers in order to view the content in its entirety.
This event is being streamed. It is recommended that you listen via your computer speakers.
International/Toll Attendee Dial In: +44(0)2071928000
Conference ID: 7299399
The above information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Further information and contact:
About MPC Container Ships ASA:
MPC Container Ships ASA (ticker code "MPCC") was formed in April 2017. Its main activity is to own and operate a portfolio of container ships with a focus on the feeder segment between 1,000 and 3,000 TEU. The Company is registered and has its business office in Oslo, Norway. For more information, please see our webpage: www.mpc-container.com