0A27 Mpc Container Ships Asa

OSLO, Norway, Aug. 19, 2021 /PRNewswire/ --

• Significantly improved operating revenues by 25 percent and EBITDA by 43 percent compared to Q1 2021.
• Revised FY 2021 guidance based on current market developments.
• Continued high chartering activity in Q2 2021 bringing the EBITDA backlog to more than USD 500 million.

Q2 and six-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 six-month period ended 30 June 2021.

• Total revenues of USD 68.8 million in Q2 2021 (Q1 2021: USD 54.9 million).
• EBITDA of USD 31.9 million in Q2 2021 (Q1 2021: USD 22.3 million).
• Net profit of USD 12.0 million in Q2 2021 (Q1 2021: USD 3.5 million).
• Utilization of 96.9% in Q2 2021 (Q1 2021: 99.2%).
• Average time charter equivalent ("TCE") of USD 13,437 per day in Q2 2021 (Q1 2021: USD 10,502 per day).
• Cash and cash equivalents of USD 46.3 million as at 30 June 2021. Equity ratio of 58.8% and leverage ratio of 37.7%.

As at 30 June 2021, the Group owns and operates 64 container vessels, whereof 56 are fully owned and 8 are operated in a joint venture.

The Company revises its guidance for FY 2021, with expected revenues in the range of USD 320-325 million and expected EBITDA in the range of USD 210-215 million. The guidance is subject to certain assumptions, including the sale of one of the Company's 2,800 TEU container vessels being successfully finalized and executed.

CEO Constantin Baack comments in relation to the announcement:

"The positive momentum in the container market is strengthening, supported by very strong fundamentals resulting in a further tightening of the availability of assets. Due to the upward trend in global trade and growing inefficiencies in the logistical chains there are no indications whatsoever of a weakening market before at least well into 2022.

In these market conditions the Company has completed a total of 42 fixtures in 2021 and expanded the fleet with additional 11 vessels, locking in favourable rates and consequently improving the EBITDA backlog to a total of more than USD 500 million. The visibility for 2021 is vastly improved, allowing the Company to revise the FY 2021 guidance.

Continuing to adhere to the moderate leverage strategy, we will continue to optimize our financial structure to achieve a more optimal balance sheet. Following that, the Company is well positioned to pay dividends in 2022."

Q2 and six-month 2021 earnings call and webcast:

The Company will host a webcast for the presentation of the Q2 2021 results commencing on Thursday 19 August 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/wjb6tesa

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: 7363477

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 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 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.

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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.

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https://news.cision.com/mpc-container-ships-asa/r/mpc-container-ships-asa-reports-q2-and-six-month-2021-results,c3399352

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