MPC Container Ships ASA Reports Q4 2017 Results
Oslo, 28 February 2018 - MPC Container Ships ASA (the “Company” or together with its subsidiaries “the Group”) today published its unaudited interim financial report for the three-month period ended 31 December 2017:
Total revenues in Q4 2017 were USD 13.2 million, compared to USD 7.0 million in Q3 2017.
Gross profit from vessel operations was USD 1.3 million (Q3 2017: USD 1.0 million).
Operating cash flow for full-year 2017 was USD 3.2 million.
The Group reports earnings before taxes (EBT) of USD -2.1 million for Q4 2017 (Q3 2017: USD 0.2 million).
In 2017 the charter market steadily trended upwards, however, in many segments starting from cost break-even level. The vessel portfolio of the Company benefits from this positive market trend with a certain time lag due to continuing charter commitments. Furthermore, the financial year 2017 has been the start-up year for the Company. Consequently, the results were influenced by start-up costs of the Company and costs with regards to the take-over of vessels and commencement of operations. The year was characterized by a significant number of vessels acquisitions and take-overs as well as the phasing in of vessels into service. By 31 December 2017, the Group has acquired 41 feeder container vessels. Of these, 29 has been taken over by the balance sheet day, whereof 24 are fully consolidated and 5 are operated in a joint venture.
After the balance sheet date, the Company has acquired an additional 17 vessels, bringing the fleet to a total of 58 vessels. In parallel, the positive trend in key market parameters such as idle capacity, charter rates and asset values specifically in the feeder segment continues. On this basis the Company believes that it is well positioned to significantly benefit from the expected positive market development.
Further information and contact:
MPC Container Ships ASA
Email: ir@mpc-container.com
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.