MPC Container Ships ASA reports Q1 and three-month 2022 results

OSLO, Norway, May 19, 2022 /PRNewswire/ —

– Significantly improved operating revenues of USD 142.9 million and EBITDA of USD 137.7 million, up by 160% and 519%, respectively, compared to Q1 2021.

– Quarterly recurring dividend of USD 0.13 per share declared for Q1 2022.

– An additional event driven distribution based on proceeds from sale of AS Patricia as dividend of USD 0.03 per share to be paid alongside the recurring dividend.

– Projected EBITDA backlog now in excess of USD 1.4 billion.

Oslo, 19 May 2022

Q1 and three-month 2022 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 2022.

Total revenues of USD 142.9 million in Q1 2022 (Q1 2021: USD 54.9 million).

– EBITDA of USD 137.7 million in Q1 2022 (Q1 2021: USD 22.3 million).

– Net profit of USD 116.8 million in Q1 2022 (Q1 2021: USD 3.5 million).

– Adjusted EBITDA of USD 97.8 million and adjusted net profit of 76.9 million in Q1 2022.

– Earnings per share of USD 0.26 in Q1 2022 (Q1 2021: USD 0.01).     

– Utilization of 98.8% in Q1 2022 (Q1 2021: 99.2%).       

– Average time charter equivalent (“TCE”) of USD 24,845 per day in Q1 2022 (Q1 2021: USD 10,502 per day).      

– Cash and cash equivalents of USD 81.5 million as at 31 March 2022.

– Equity ratio of 70.2% and leverage ratio of 22.9%.

As at 31 March 2022, the Group owns and operates 65 container vessels, whereof 60 are fully owned and 5 are operated in a joint venture. Furthermore, the Group has 2 newbuilds on order expected for delivery in Q1 2024.

CEO Constantin Baack comments in relation to the announcement: “We are pleased to report another strong quarter for MPC Container Ships, in which we have been able to sustainably grow our earnings and profits. Consequently, the Company announces a recurring dividend for the first quarter 2022 which is 18% higher than in the previous quarter.

For Q1 2022 the board has declared a dividend of total USD 71 million, or USD 0.16 per share which includes an event driven dividend of USD 0.03 per share. Year to date, MPCC has declared a total of USD 271 million in dividends, of which USD 200 million have already been paid during the first quarter, emphasizing our commitment to return capital to our shareholders…

To read the full release, please click here.

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