Oslo, 27 May 2020
Q1 and three-month 2020 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 2020. The Group reports a net loss of USD 10.7 million for Q1 2020.
Following the outbreak of COVID-19, the Group is experiencing significantly reduced charter rates and utilization of its fleet due to lower containerized freight volumes globally. These developments are expected to adversely impact the Group's liquidity and ability to be in compliance with covenants under some of its debt agreements in the short- to mid-term. Consequently, the Group will engage in dialogues with creditors and other stakeholders to address these issues, and has engaged DNB Markets and Pareto Securities to advice the Group in this regard.
As of 31 March 2020, the Group has acquired and taken over 68 container vessels, whereof 60 are fully owned and 8 are operated in a joint venture.
CEO Constantin Baack comments in relation to the announcement: "The rapid spread of COVID-19, the preventative measures imposed in various countries to counter the pandemic and the inevitable impacts on containerised trade of goods have lead economic conditions to deteriorate significantly compared with our expectations at the end of 2019. The severity and fluidity of the situation makes it challenging to anticipate the timing and shape of a recovery.
Against this backdrop, MPC Container Ships reported a net loss for Q1 2020 as charter revenues from vessels on short-term contracts have been and continue to be strained.
Our top priority continue to be the safety and well-being of our employees and the crew serving on board our vessels. Equally important is protecting the company’s downside risk. To this end, our entire staff is vigilantly monitoring market developments and assessing initiatives to bolster our balance sheet and liquidity while positioning MPC Container Ships for the post-COVID era".
Q1 and three-month 2020 earnings call and webcast:
The Company will host a webcast for the presentation of the Q1 2020 results commencing on 27 May 2020 at 15:00 hours CEST / 09:00 hours EDT. The presentation will be made available on the Company’s webpage (https://www.mpc-container.com/en/financial-reports/) from 12:00 hours CEST / 06:00 hours EDT. There will be a Q&A session after the presentation.
The event is being streamed. It is recommended that you listen via your computer speakers. 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.
The live webcast can be accessed through the following link:
Alternatively, participants may dial in to the earnings call using the below dial-in information:
Norwegian LocalCall Dial-In (Oslo): +47 21563162
US LocalCall Dial-In (New York): +1 9177200178
International/Toll Attendee Dial-In: +44 (0) 2030095710
Conference ID: 7524309
Following the earnings call, a post-call recording of the webcast will be made available on the Company’s webpage (https://www.mpc-container.com/en/financial-reports/).
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