Mpc Container Ships Asa · OSL:MPCC
Mpc Container Ships Asa — Q4 2024 Earnings Presentation
34 slides from Mpc Container Ships Asa's earnings presentation, Feb 25, 2025
Slide 1: Q4 2024 Earnings Call
February 25, 2025 Q4 2024 EARNINGS CALL Constantin Baack, CEO Moritz Fuhrmann, Co-CEO and CFO
Slide 2: Agenda
AGENDA 01 HIGHLIGHTS 02 MARKET UPDATE 03 COMPANY OUTLOOK MPC Container Ships | Q4 2024 Earnings Presentation | 2
Slide 3: Executive Summary
EXECUTIVE SUMMARY Q4 AND FY2024 HIGHLIGHTS: » Strong financial and operational performance leading to Q4 adj. EBITDA of USD USD 541m 2024 OPERATING REVENUES 72m and full year adj. EBITDA of USD 325m » Solid backlog, with coverage for 92% of open days in 2025 and 64% in 2026 » Quarterly dividend of U
Slide 4: Financial and Operational Performance
FINANCIAL AND OPERATIONAL PERFORMANCE PROFIT OR LOSS FINANCIAL KPIs Q4 2024 Q4 2023 FY 2024 FY 2023 Q4 2024 Q4 2023 FY 2024 FY 2023 Gross Adj. EPS USD 0.11 0.18 0.55 0.76 USD m 130.0 152.8 540.9 711.3 Revenues DPS USD 0.09 0.13 0.42 0.64 Adj. EBITDA USD m 72.3 101.5 325.1 428.5 Op. Cash Flow USD m 7
Slide 5: Continuous Strong Charter Market & Fleet Renewal in Execution
CONTINUOUS STRONG CHARTER MARKET & FLEET RENEWAL IN EXECUTION OPERATIONAL HIGHLIGHTS IN Q4 2024 & YTD 2025 SIGNIFICANT PART OF THE FLEET IS ECO DESIGN OR TO BE RETROFITTED CHARTERING » Strong charter market with very healthy rates and long period durations 3x Dual-Fuel Methanol Vessels » Ongoing dis
Slide 6: Debt Financing and Capital Allocation
DEBT FINANCING AND CAPITAL ALLOCATION » Total interest-bearing debt of USD 349 million: » of which the five-year senior unsecured sustainability-linked bond is the largest position » issuance of first ECA covered green loan in connection with the delivery of MPCC's 1,300 TEU dual-fuel newbuildings »
Slide 7: Committed to Shareholder Returns
COMMITTED TO SHAREHOLDER RETURNS DIVIDEND DISTRIBUTIONS FY 2024 POLICY USD million Regular distributions of 75% of Net Profits 186 after considering CAPEX and working capital requirements, including liquidity reserves, and non-recurring items. 40 13 Consecutive quarterly dividends 44 36% Dividend yi
Slide 8: Continued Good Cash Generation Supports Fleet Renewal and Dividend Strategy
CONTINUED GOOD CASH GENERATION SUPPORTS FLEET RENEWAL AND DIVIDEND STRATEGY CASH FLOW BRIDGE FOR Q4 2024 USD million » Continuing to invest in our fleet renewal, with investing cashflow 77 -13 mainly comprising of the investments in 4x 3,800 TEUs vessels, in addition to -44 class renewals, vessel up
Slide 9: Agenda
AGENDA 01 HIGHLIGHTS 02 MARKET UPDATE 03 COMPANY OUTLOOK MPC Container Ships | Q4 2024 Earnings Presentation | 9
Slide 10: Strong Secondhand Demand and Even Stronger Charter Rates
STRONG SECONDHAND DEMAND AND EVEN STRONGER CHARTER RATES SECONDHAND PRICES AND TIME-CHARTER RATES HARPEX 2nd Hand Price Index 5,000 140 2nd Hand Price Index HARPEX HARPEX Avg. 2016-2019 120 4,000 +42% 100 3,000 +153% 80 60 2,000 40 1,000 20 810 Ø 500 0 0 Jan.-16 Jan.-17 Jan.-18 Jan.-19 Jan.-20 Jan.-
Slide 11: Charter Markets Hold Steady in Q4 Amid Growing Uncertainties
CHARTER MARKETS HOLD STEADY IN Q4 AMID GROWING UNCERTAINTIES FORWARD AVAILABILITY DROPPED SIGNIFICANTLY DURING 2024 CHARTER PERIODS ROSE IN Q4 No. of Vessels Months 1,400 5-6 months 30 3-4 months Avg. Period (1-5.1k TEU) 1,200 1-2 months Redelivery spread (1-5.1k TEU) 1,000 20 800 16.3 -39% 600 10 4
Slide 12: Ageing Fleet and Low Orderbook in MPCC Segment
AGEING FLEET AND LOW ORDERBOOK IN MPCC SEGMENT AGE STRUCTURE OF FLEET AND ORDERBOOK BY NUMBER OF VESSELS OB as % % of fleet 25+y Fleet Orderbook of fleet >20 years 21-25y 16-20y 218 17+kTEU 96 44% 0% 11-15y 6-10y 504 12-17kTEU 235 47% 0% 0-5y 675 8-12k TEU 142 21% 11% MPCC FOCUS 1,540 102 329 3-8k T
Slide 13: 2025 Market Outlook
2025 MARKET OUTLOOK KEY TOPIC DESCRIPTION » A potential return to the Red Sea could reduce average transport distances by ~12%, triggering reduced weekly cargo Red Sea demand while networks are re-arranged » Continuously bypassing the Red Sea maintains the 12% TEU-mile boost » Trade tensions create
Slide 14: Agenda
AGENDA 01 HIGHLIGHTS 02 MARKET UPDATE 03 COMPANY OUTLOOK MPC Container Ships | Q4 2024 Earnings Presentation | 14
Slide 15: Robust Backlog Provides Earnings Visibility
ROBUST BACKLOG PROVIDES EARNINGS VISIBILITY FIXED OPERATING DAYS AND CHARTER BACKLOG / PROJECTED EBITDA 1, 2, 3 CHARTER BACKLOG DEVELOPMENT AND COUNTERPARTIES Forward charter backlog 2, 3 / Proj. EBITDA 2 ,3, 4 USD 1.1bn / 0.7bn Contracted forward revenues (USDm) 1, 3, 5 465 309 112 221 Contracted f
Slide 16: Overview of Upcoming Charter Positions
OVERVIEW OF UPCOMING CHARTER POSITIONS NUMBER OF FIXED AND UPCOMING VESSELS1 1yr Redelivery window Open vessels Fixed vessels 61 61 4 4 13 9 28 4 3 5 48 9 33 1 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 FY 25 FY 26 MPC Container Ships | Q4 2024 Earnings Presentation 1 Upcoming vessels based on the minimum period
Slide 17: Strong Value Proposition: Low Risk & Significant Upside
STRONG VALUE PROPOSITION: LOW RISK & SIGNIFICANT UPSIDE HIGH DOWNSIDE RISK PROTECTION COMBINED WITH SIGNIFICANT UPSIDE POTENTIAL COMMENTS USDm ~1,500 » Current Enterprise value is fully covered by the projected EBITDA backlog of USD ~0.7bn and the Market Value recycling value » Further significant u
Slide 18: Strong Execution Track Record Positioning for Further Value Creation
STRONG EXECUTION TRACK RECORD POSITIONING FOR FURTHER VALUE CREA TION Q3 2021 Q4 2024 CAPITAL ALLOCATION Strong Commitment to Shareholder Return REVENUE BACKLOG (USD BN) 1.1 1.1 Selective Accretive Acquisitions Residual Value Risk Mitigation DISTRIBUTIONS (USD BN) 0 0.98 BALANCE SHEET MANAGEME
Slide 19: Summary
SUMMARY » Solid Q4 2024 results » Sustained strong revenue backlog of USD 1.1bn and contract coverage of 92% of available trading days in 2025 » Flexible and solid balance sheet with leverage ratio of 28%, supporting continued investments to deliver on our fleet renewal strategy » FY 2025 financial
Slide 20: Questions & Answers
QUESTIONS & ANSWERS Q4 2024 Earnings Presentation | 20
Slide 21: Appendix
APPENDIX MPC Container Ships | Q4 2024 Earnings Presentation | 21
Slide 22: 2025 Financial Guidance
2025 FINANCIAL GUIDANCE 92% CONTRACT COVERAGE FOR 2025, PROVIDES CONFIDENCE IN GUIDANCE 1 » We expect revenues in the range of USD 515m – 530m » EBITDA expectations in the range USD 290m – 310m » The above guidance is based on: • No further vessel sales or acquisitions during the year2 • Continued r
Slide 23: Overview of Financing Facilities
OVERVIEW OF FINANCING FACILITIES Facility Type Outstanding 31/12/24 Total capacity Interest rate # Repayment profile Maturity Commitment will be reduced starting in Mar 2024 – Dec HCOB RCF USD 0m USD 100m/81.7m 295bps + SOFR 13 Dec. 2027 2027 48x USD 1.1m + 8x USD 2.4m, 4x USD 1.4m, followed by CA-C
Slide 24: Calculation of Recurring Dividend for Q4 2024
CALCULATION OF RECURRING DIVIDEND FOR Q4 2024 USD million Q4 2024 (unaudited) 1 Operating revenue 130.0 EBITDA 83.3 Profit for the period 61.8 Adjustment related to vessel sales -10.6 Adjusted profit for the period 51.2 No. of shares outstanding 443.7 Adjusted earnings per share (in USD) 0.12 75% de
Slide 25: Condensed Consolidated Statement of Profit or Loss
CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS In USD thousands Q4 2024 Q4 2023 FY 2024 FY 2023 (unaudited) (unaudited) (unaudited) (audited) Operating revenues 129,951 152,830 540,860 711,282 Commissions (3,202) (4,364) (14,433) (20,000) Vessel voyage expenditures (5,726) (1,303) (19,195) (9,89
Slide 26: Consolidated Statement of Financial Position
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 in USD thousands in USD thousands (unaudited) (audited) (unaudited) (audited) ASSETS EQUITY AND LIABILITIES Non-current Assets Equity Share capital 48,589 48,589 Vessels 1,003,460 691,291 Share premium 1
Slide 27: Condensed Consolidated Statement of Cash Flow
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW FY 2024 FY 2023 FY 2024 FY 2023 in USD thousands in USD thousands (unaudited) (audited) (unaudited) (audited) Profit (loss) before income tax 266,371 325,754 Dividends paid (204,359) (293,134) Income tax expenses paid - (783) Additions from non-controlli
Slide 28: References
REFERENCES SLIDE 6: DEBT FINANCING AND CAPITAL ALLOCATION 1. Based on fleet per Q4 2024, incl. vessel held for sale. Including vessels to be delivered after Q4 2024 and Unifeeder JV Newbuilding currently under construction. 2. FMV = Fair Market Value based on VesselValue.com, dated Feb 20, 2025. 3.
Slide 29: Fleet Employment Overview
FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer Remark Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Min / Max Fixture (USD/day) 1 AS SVENJA 1,700 grd CMA CGM Retrofit 21,000 DD1 Feb-25 / Feb-25 2 AS NORA 3,500 grd CMA CGM Retrof
Slide 30: Fleet Employment Overview
FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer Remark Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Min / Max Fixture (USD/day) 26 STADT DRESDEN 2,800 gls Hapag-Lloyd 19,500 Jun-26 / Sep-26 27 AS CHRISTIANA 2,800 grd Sea Consort
Slide 31: Fleet Employment Overview
FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer Remark Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Min / Max Fixture (USD/day) 51 AS NARA 3,500 gls Maersk 25,150 Jul-27 / Sep-27 52 AS NINA 3,500 gls Maersk Retrofit 18,250 30,00
Slide 32: Financial Calendar
FINANCIAL CALENDAR 10 April 2025 Annual and Sustainability Report 2024 8 May 2025 Annual General Meeting 2025 26 May 2025 Q1 2025 Report 26 August 2025 Q2 2025 Report 27 November 2025 Q3 2025 Report 24 February 2026 Q4 2025 Report MPC Container Ships | Q4 2024 Earnings Presentation | 32
Slide 33: Disclaimer
DISCLAIMER This presentation (the “Presentation”) has been prepared by MPC Container ships ASA (the “Company”) for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein. Please note that no representation or war
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