MPC Container Ships reports Q2 and first-half 2023 results

Second quarter highlights 

o Strong operating revenues of USD 194.4 million (+28.1% YOY) including
non-recurring items of USD 32.4 million from the commercial agreement for the
early redelivery of AS Nadia in June 2023
o EBITDA was USD 142.7 million, up from USD 111.8 million in Q2 2022. Adj. for
non-recurring, EBITDA was USD 110.5 million (Q2 2022: USD 111.8 million)
o Average TCE was USD 29,668 per day in Q2 2023, up from USD 28,071 in Q2 2022
o Profit for the period was USD 101.5 million. Adj. for non-recurring items, the
profit for the period was USD 87.7 million compared to USD 90.1. million in Q2
2022 
o EPS was USD 0.23 and Adj. EPS was USD 0.20 (Q2 2022: USD 0.20)
o Quarterly recurring dividend declared of USD 0.15 per share
o Fleet utilization was 97.4% (Q2 2022: 98.2%)
o Revenue backlog of USD 1.2 billion and contract coverage for 94% of remaining
operating days in 2023
o MPCC continued its fleet optimization efforts including the acquisition of
five econ-design vessels, sale of its final joint venture-owned vessels and sale
of wholly-owned vessel, AS Emma
o Upwards revision of financial guidance for 2023 to operating revenues of USD
675-690 million and EBITDA of USD 490-510 million

As at June 30, 2023, the Group's fleet consisted of 63 vessels, with an
aggregate capacity of approximately 136,890 TEU.

Subject to certain assumptions, management has increased its 2023 financial
guidance to operating revenues in the range of USD 675-690 million (old: USD
610-630 million) and EBITDA in the range of USD 490-510 million (old: USD
420-450 million). 

Commenting on the results, CEO of MPC Container Ships, Constantin Baack said:

"We are pleased to present our strong second quarter financial results. Our
consistent positive performance, despite a gradual decline in the container
market, is a testament to our robust backlog, successful chartering activity,
and sustained good operational performance. It also underscores the
effectiveness of our continuous prudent capital allocation strategy. Utilization
levels remain high, and we continue to operate with low leverage and substantial
visibility into contracted cash flows. 

We continue to distribute dividends to our shareholders in line with our
distribution policy. For the second quarter, the Board declared a dividend of
USD 0.15 per share, totaling USD 66.6 million. This brings dividends paid year
to date to USD 231 million, reflecting a dividend yield of 34% for the year so
far. 

Our agile operations and portfolio management, supported by our flexible balance
sheet, have also enabled us to capitalize on attractive market opportunities. In
June, we announced the acquisition of five modern eco-vessels, adding younger
and highly efficient tonnage to our fleet with premium earning capabilities. We
also completed the sale of our final two joint venture-owned vessels, Cardonia
and Cimbria and signed an agreement for the sale of the AS Emma, with handover
planned for November this year. These strategic efforts are aligned with our
fleet renewal and optimization strategy, aimed at enhancing shareholder value
and supporting long-term distribution capacity whilst continuing to with low
financial leverage.

We have also successfully secured financing for the 5,500 TEU eco-design
newbuilding project and recent eco-vessel acquisitions at attractive terms,
preserving our strong liquidity position and ensuring continued balance sheet
flexibility."

Regarding the strategic outlook for MPCC, Baack added: 

"Given the prevailing uncertainty in the container market outlook, our focus
remains on maintaining prudent capital allocation and enhancing long-term
shareholder value. We remain committed to our distribution policy and with our
strong market position and robust financial situation, we are in an ideal
position to take advantage of the prevailing market and to balance strategic and
selective fleet optimization efforts with continued attractive shareholder
returns.

In addition to maintaining an operationally and commercially well performing
fleet, our priority in the coming months is to preserve our balance sheet
flexibility while continuing to invest into efficiency improvements.
Additionally, we will evaluate potential sales and selectively also acquisitions
that are accretive to future earnings and distribution capacity."

Key figures                   Q4 2022	  Q4 2022     Q1 2022   
                            (unaudited) (unaudited) (unaudited)
Operating revenues    USD m    194.4	   180.1       151.7   
EBITDA	              USD m    142.7	   141.4       111.8   
Adjusted EBITDA	      USD m    110.5	   110.7       111.8   
Profit for 
the period	      USD m    101.5	   119.7        90.1   
Adjusted profit 
for the period	      USD m     87.7	    88.9        90.1   
Operating cash flow   USD m    130.7	   135.0        98.9   
EPS 	              USD       0.23	    0.27        0.20   
Adjusted EPS	      USD       0.20        0.20        0.20   
DPS*	              USD       0.15	    0.22        0.16
Total ownership days	       5,460	   5,243       5,460
Total trading days 	       5,320	   4,928       5,104
Utilization 	 	       97.4%	   97.1%       98.2%
Average TCE per day 	      29,668	  30,989      28,071
Average OPEX per day 	       6,798       6,397       5,972
Leverage ratio	               13.3%       15.2%       20.0%

*Dividends per share (DPS) consists of the recurring dividends per share and any
event-driven dividends per share declared for the period. A recurring dividend
of USD 0.15 per share for Q2 2023 was resolved by the Board of Directors on
August 21, 2023. 

The above information is subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.


Q2 2023 Earnings Call:

Constantin Baack, CEO, and Moritz Fuhrmann, CFO, will present the results in an
earnings call today at 15:00 CEST / 09:00 EST, followed by a Q&A session. The
earnings call can be followed live via webcast or conference call and questions
can be submitted orally or in writing. 

A recording of the earnings call will be available on demand at the Company's
website after the live event.

The Q1 2023 report and presentation materials are attached to this release and
available at the Company's website at
https://www.mpc-container.com/en/financial-reports/

The webcast can be accessed through the following link:
https://edge.media-server.com/mmc/p/xanuzhuj

To participate via conference call, please register through the following link:
https://register.vevent.com/register/BId5b4dd1da9d74d6db43a8338e2be3bb6

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.

***
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.