· Q1 2019 revenue USD 46.7 million.
· Q1 2019 EBITDA USD 4.7 million (adj. USD 6.9 million).
· Q1 2019 net loss USD -7.7 million.
· Equity ratio 63.3% as of 31 March 2019.
Oslo, 27 May 2019
Q1 2019 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 2019. The Group reports a net loss of USD -7.7 million for
Q1 2019.
· Total revenue was USD 46.7 million in Q1 2019 (Q4 2018: USD 52.5 million).
· EBITDA was USD 4.7 million in Q1 2019 (Q4 2018: USD 9.5 million). Q1 2019
EBITDA adjusted for non-recurring effects was USD 6.9 million.
· Utilization was 89.9% in Q1 2019 (Q4 2018: 88.6%).
· Average time charter equivalent ("TCE") was USD 9,240 per day in Q1 2019
(Q4 2018: USD 9,991 per day).
· Cash and cash equivalents stood at USD 46.6 million as of 31 March 2019. As
of the same date, the Group has an equity ratio of 63.3% and a leverage ratio of
34.3%.
As of 31 March 2019, the Group has acquired and taken over 69 container vessels,
whereof 61 are fully owned and 8 are operated in a joint venture.
CEO Constantin Baack comments in relation to the announcement: "Since Q4 2018,
container shipping has faced an exceptionally high degree of uncertainty and
shift in sentiment. IMO 2020 and the recent escalation of US-China tensions are
causing concerns for seaborne trade, in turn reflected in MPC Container Ships'
Q1 2019 financial results.
Despite of current sentiment, we expect healthy demand growth paired with
limited supply growth for 2019-20, the latter supported by IMO 2020 impacts such
as slow steaming and scrubber retrofits. For smaller container ships in
particular, demand is forecasted to outpace total container shipping growth.
Similarly, feeder vessel supply is projected as lower than the overall market,
fuelled also by increased demolitions of older vessels. The sum of these
developments point towards a market rebalancing, as evidenced by recent months'
significant drop in idle fleet.
MPC Container Ships was established two years ago on the back of an envisaged
three- to five-year recovery period for the feeder container segment. The
company is well-positioned to benefit from improved market conditions given our
portfolio and strategy of low financial leverage and high operational leverage."
Q1 2019 earnings call:
The Company will host a webcast for the presentation of the Q1 2019 results
commencing on 27 May 2019 at 15:00 hours CET. The presentation will be made
available on the Company's webpage (www.mpc-container.com/#IR) from 12:00 hours
CET. There will be a Q&A session after the presentation.
The webcast can be accessed through the following link:
https://digital.vevent.com/index.jsp?eid=8329&seid=26
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.
This event is being streamed. It is recommended that you listen via your
computer speakers.
International/Toll Attendee Dial In: +44(0)2071928000
Conference ID: 7299399
The above information is subject to the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
Further information and 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 with a focus on
the feeder segment between 1,000 and 3,000 TEU. The Company is registered and
has its business office in Oslo, Norway. For more information, please see our
webpage: www.mpc-container.com