MPC Container Ships ASA reports Q2 and six-month 2022 results
Oslo, 18 August 2022
Q2 and six-month 2022 results:
MPC Container Ships ASA ("MPCC" or the "Company", together with its subsidiaries the "Group") today published its unaudited financial report for the six-month period ended 30 June 2022.
As at 30 June 2022, the Group owns and operates 65 container vessels, whereof 60 are fully owned and 5 are operated in a joint venture. Furthermore, the Group has 2 newbuilds on order expected for delivery in Q1 2024. Additionally, the Group ordered 2 newbuilds early July for delivery in Q3 and Q4 2024.
CEO Constantin Baack comments in relation to the announcement: “For MPCC, the first 6 months of 2022 have proven the value proposition of this company. Despite the increased geopolitical and macro-economic uncertainties, we announce another increase in recurring dividend for the second quarter of 2022. Year to date MPCC has declared dividends of USD 355 million, including proceeds related to the pending handover of AS Serafina, emphasizing our commitment to return capital to our shareholders. Furthermore, we today also announce an increased revenue- and EBITDA guidance for FY 2022.
Our segment of the container market is robust at elevated levels, although periods and rates have decreased slightly over the quarter. Nevertheless, rates are still a multiple of pre-pandemic levels. As available tonnage is extremely limited, we expect time charter rates to remain solid for the forthcoming quarters.
Moreover, we are pleased to continue our approach of accretive portfolio optimization, as shown by the vessel sales year to date as well as fleet renewal activities, most recently ordering two carbon-neutral newbuildings with long-term time charters attached. The vessels will be delivered by Q4 2024 and will provide earnings visibility into 2040. The newbuildings will support MPCC’s distribution policy, with no negative impact on expected distributions in 2022/2023/2024.
Based on our strong earnings prospects and EBITDA backlog, MPCC has the potential to pay out significant dividends and at the same time operate with an industry-low financial leverage, providing the financial flexibility to selectively capture attractive growth opportunities as they arise.”
The above information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Q2 and six-month 2022 earnings call and webcast:
The Company will host a webcast for the presentation of the Q2 2022 results commencing on Thursday 18 August 2022 at 15:00 hours CET / 09:00 hours EDT. The presentation will be made available on the Company’s webpage (https://www.mpc-container.com/en/financial-reports/) prior to the earnings call. 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 participate in the earnings call by using the following link:
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/).
Further information and contact:
For further information, please contact firstname.lastname@example.org.
About MPC Container Ships ASA:
MPC Container Ships ASA (ticker code "MPCC") is a leading container tonnage provider with a focus on small to mid-size containerships. 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 see our website: www.mpc-container.com.
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.