MPC Container Ships ASA reports Q4 and twelve-month 2021 results

-   Significantly improved operating revenues of USD 142.5 million and EBITDA of USD 162.7 million, up by 20% and 121%, respectively, compared to Q3 2021.

-   Quarterly dividend of USD 0.11 per share (around USD 50m) declared for Q4 2021.

-   Projected EBITDA backlog now in excess of USD 1.1 billion

-   The FY 2022 EBITDA guidance in the range of USD 450-470 million.

OSLO, Norway, Feb. 24, 2022 /PRNewswire/ -- Q4 and twelve-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 twelve-month period ended 31 December 2021.

• Total revenues of USD 142.5 million in Q4 2021 (Q3 2021: USD 118.5 million).
• EBITDA of USD 162.7 million in Q4 2021 (Q3 2021: USD 73.6 million).
• Net profit of USD 127.9 million in Q4 2021 (Q3 2021: USD 46.5 million).
• Adjusted EBITDA of USD 92.4 million and adjusted net profit of 66.6 million in Q4 2021.
• Earnings per share of USD 0.29 in Q4 2021 (Q3 2021: USD 0.12).
• Utilization of 97.6% in Q4 2021 (Q3 2021: 97.7%).
• Average time charter equivalent ("TCE") of USD 23,103 per day in Q4 2021 (Q3 2021: USD 19,656 per day).
• Cash and cash equivalents of USD 180.3 million as at 31 December 2021.
• Equity ratio of 70.4% and leverage ratio of 22.4%.

As at 31 December 2021, the Group owns and operates 68 container vessels, whereof 61 are fully owned and 7 are operated in a joint venture.

For FY 2022, management currently expects, subject to certain assumptions, revenues in the range of USD 550-575 million and EBITDA in the range of USD 450-470 million, including an estimated gain of USD 40 million related to the sale of three vessels, two of which were scheduled to be delivered in Q4 2021 but were delayed to Q1 2022.

CEO Constantin Baack comments in relation to the announcement: "This quarter marks another key milestone for MPC Container Ships ASA as we release the best quarterly result and the best full-year result in the Company's history.

2021 was a remarkable year for the container shipping industry with historically good market conditions, where we continued to execute our chartering strategy by concluding 54 multi-year charter contracts at strong charter rates. Furthermore, we executed twelve highly accretive vessel acquisitions and successfully completed twelve highly profitable exits, in order to facilitate a refinancing in preparation of our distribution plan.

For MPCC, 2021 was the year where we transitioned from significant growth to a very strong value proposition on the back of high earnings visibility for the years to come.

We are pleased to have commenced with the execution of our distribution plan with an event-driven distribution of around USD 150 million paid in dividends earlier this month. Together with the first recurring dividend to our shareholders of USD 0.11 per share (around USD 50 million in total) for Q4 2021, distribution to shareholders in Q1 2022 alone totals around USD 200 million.

Recent forward fixtures concluded during the initial weeks of 2022 illustrate the continuous strength in the container charter market. Looking ahead, we have a significant number of highly profitable charters with contracted revenues of USD 1.4 billion and a projected EBITDA backlog of around USD 1.1 billion. This earnings visibility will not only protect a strong distribution capacity for the years ahead, but will also enable us to continue to significantly delever the company. As such, MPCC will not only be perfectly positioned for substantial distributions to shareholders, but we will at the same time maintain a very high balance sheet flexibility, allowing us to selectively execute growth opportunities as they arise.

The various steps taken underlines MPCC's commitment to rational decision making and capital allocation. Going forward we will continue to place a strong emphasis on creating shareholder value by focusing on transactions that are accretive on a per share basis. With such a compelling risk-reward profile, we look forward to MPCC's value strategy continuing for years to come."

The above information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Q4 and twelve-month 2021 earnings call and webcast:

The Company will host a webcast for the presentation of the Q4 2021 results commencing on Thursday 24 February 2022 at 15:00 hours CET / 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/pnmy7rmm

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

Norwegian LocalCall Dial-In (Oslo): +47 21 56 31 62

US LocalCall Dial-In (New York): +1 (917) 720-0178

International/Toll Attendee Dial-In: +44 (0)20 3009 5710

Conference ID: 2679538

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/).

Further information and contact:

ir@mpc-container.com.

About MPC Container Ships ASA:

MPC Container Ships ASA (ticker code "MPCC") is a leading container tonnage provider with a focus on the segment below 5,000 TEU. Its main activity is to own and operate a portfolio of container ships serving intra-regional trade lanes on fixed-rate charters. 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.

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