MPC Container Ships ASA reports Q1 and three-month 2021 results

OSLO, Norway, May 20, 2021 /PRNewswire/ --

Q1 and three-month 2021 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 2021.

 Total revenue was USD 54.9 million in Q1 2021 (Q4 2020: USD 45.6 million).

• EBITDA was USD 22.3 million in Q1 2021 (Q4 2020: USD 4.5 million).
• Net profit was USD 3.5 million in Q1 2021 (Q4 2020: net loss of USD 18.4 million).
• Utilization was 99.2% in Q1 2021 (Q4 2020: 97.0%).
• Average time charter equivalent ("TCE") was USD 10,502 per day in Q1 2021 (Q4 2020: USD 8,115 per day).
• Cash and cash equivalents stood at USD 48.1 million as at 31 March 2021. As at the same date, the Group has an equity ratio of 56.2% and a leverage ratio of 41.1%.

As at 31 March 2021, the Group owns and operates 65 container vessels, whereof 57 are fully owned and 8 are operated in a joint venture.

For FY 2021 management confirms, subject to certain assumptions, expected revenues in the range of USD 230-260m and expected EBITDA in the range of USD 120-140m. Based on current market developments, management expects to reach the upper end of the ranges.

CEO Constantin Baack comments in relation to the announcement: "The strong container market momentum which commenced in the second half of 2020 has shown no sign of slowdown, but has instead constantly strengthened further in 2021. The present market conditions are based on fundamentals. Significant demand growth in combination with limited supply, fuelled by extraordinary effects such as container box shortages and the Suez Canal blockage, has led to one of the strongest container markets in history which we expect will continue into next year.

Charter rates are at historically high levels whilst charter periods are getting longer and longer thus increasing cash flow visibility on our fleet. So far, in 2021 we have concluded 26 multi-year charters, bringing our overall charter backlog to more than USD 400 million. Based on around 25 additional charter renewals until year-end, we believe MPCC is well-positioned to further benefit from the continuously strong charter markets.

Going forward, we will continue with our focused strategy to own and operate vessels in intra-regional trades, a sector where we see an extremely compelling demand/supply development for the years ahead. Whilst the order book has recently increased significantly for the larger sizes, we expect constrained supply will persist in the medium-term, in particular for intra-regional vessel sizes. Furthermore, we expect attractive demand growth in the intra-regional trades, especially in Asia due to global sourcing dynamics and demand developments.

We firmly believe, it is the combination of the strong cash generation, whilst having an extremely low residual value risk and our prudent capital allocation strategy which makes up MPC Container Ships' attractiveness as an unique investment in these exciting times in container shipping."

Q1 and three-month 2021 earnings call and webcast:

The Company will host a webcast for the presentation of the Q1 2021 results commencing on Thursday 20 May 2021 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/) 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:

https://edge.media-server.com/mmc/p/58hxhzue

Alternatively, participants may dial in to the earnings call using the below dial-in information:

Norwegian LocalCall Dial-In (Oslo): +47 23 96 02 64

US LocalCall Dial-In (New York): +1 (631) 510-7495

International/Toll Attendee Dial-In: +44 (0) 2071 928000

Conference ID: 1068976

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:

For further information, please contact [email protected].

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 serving intra-regional trade lanes. The Company is registered and has its business office in Oslo, Norway. For more information, please see our website: 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.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/mpc-container-ships-asa/r/mpc-container-ships-asa-reports-q1-and-three-month-2021-results,c3343816

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SOURCE MPC Container Ships ASA

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