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MPC Container Ships ASA (MPCC) announced contracts for two carbon-neutral newbuildings at Taizhou Sanfu Ship Engineering, set for delivery in late 2024. The vessels will operate on a dual-fuel engine, ensuring sustainability in container trades. Each vessel is priced at USD 39 million, backed by 15-year time charters to North Sea Container Line, ensuring cash flow visibility until 2040. This project received NOK 73.7 million in funding from Norwegian government programs. MPCC continues its commitment to shareholder returns, distributing USD 271 million in 2022.
MPC Container Ships ASA reported significant financial growth in Q1 2022, with total revenues reaching USD 142.9 million, up 160% from Q1 2021, and EBITDA soaring to USD 137.7 million, a 519% increase. The net profit surged to USD 116.8 million. A quarterly dividend of USD 0.13 per share was declared alongside an additional event-driven dividend of USD 0.03. The company's EBITDA backlog exceeds USD 1.4 billion, reflecting strong market positioning despite global economic uncertainties.
MPC Container Ships ASA (MPCC) announced measures to enhance its balance sheet flexibility, focusing on returning capital to investors. Key actions include securing a USD 180 million credit facility with HCOB, selling six vessels for USD 135 million, and finalizing seven new charter agreements. MPCC now has over 30 unencumbered vessels and an EBITDA backlog exceeding USD 700 million. The company aims to initiate capital returns in Q1 2022, potentially distributing up to 75% of net profit through dividends and share buybacks.
MPC Container Ships ASA (MPCC) released its Q1 2021 financial results, reporting a total revenue of USD 54.9 million, up from USD 45.6 million in Q4 2020. The company achieved an EBITDA of USD 22.3 million, significantly higher than the USD 4.5 million in the previous quarter, with a net profit of USD 3.5 million compared to a net loss of USD 18.4 million. Utilization improved to 99.2%, while average TCE increased to USD 10,502 per day. MPCC anticipates full-year revenues between USD 230 and 260 million.
MPC Container Ships ASA announces a revision of its FY 2021 revenue and EBITDA guidance due to strong container market dynamics. The company expects revenues between USD 230m and 260m, with EBITDA projected at USD 120m to 140m. This outlook is based on approximately 80% fixed operating days charter coverage and USD 193m in contracted charter revenue. However, the guidance comes with risks and uncertainties that could significantly impact actual future financial performance.
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