Mpc Container Ships Asa · OSL:MPCC
Mpc Container Ships Asa — Debt Investor Presentation (September 2024)
60 slides from Mpc Container Ships Asa's debt investor presentation, Sep 23, 2024
Slide 1: USD 100M Senior Unsecured Bond Issue – Credit Investor Presentation
September 23, 2024 USD 100M SENIOR UNSECURED BOND ISSUE Credit Investor Presentation
Slide 2: Disclaimer and Important Information
DISCLAIMER AND IMPORTANT INFORMATION THIS DOCUMENT IS NOT FOR R ELEASE, PUBL ICATION OR DISTR IBUTION, IN WHOLE OR IN PAR T, DIR ECTL Y OR INDIR ECTLY, IN OR INTO OR FR OM THE UNITED STA TES OF AMER ICA, ITS TERR ITOR IES OR POSSESSIONS, JA PA N, A USTRAL IA , CA NA DA , OR TO A NY R ESIDENT THEREOF
Slide 3: Summary of Risk Factors
SUMMARY OF RISK FACTORS The risk factors below are a summary of the risk factors included in this presentation and no investor should make any investment decision without having reviewed and understood the risk factors included in the presentation. - The G roup fa ce s significa nt risks from gl oba
Slide 4: Issuer Characteristics and Confirmatory Work Undertaken
ISSUER CHARACTERISTICS AND CONFIRMATORY WORK UNDERTAKEN ISSUER CHARACTERISTICS CONFIRMATORY WORK UNDERTAKEN Business overview » The Issuer will sign a “Declaration of Completeness” and has concluded a “Bring down due diligence call”, among others confirming to the Managers that the marketing materia
Slide 5: Agenda
01 TRANSACTION OVERVIEW 02 COMPANY OVERVIEW 03 FINANCIALS 04 MARKET OVERVIEW 05 SUSTAINABILITY 06 RISK FACTORS 07 APPENDIX MPC Container Ships | Credit Investor Presentation | 5
Slide 6: Transaction Summary
TRANSACTION OVERVIEW TRANSACTION SUMMARY TRANSACTION OVERVIEW PRO-FORMA CAPITALIZATION » MPCC is a leading global container shipping company, owning and operating a fleet of 601 container ships. USDm Q2 2024 Adj PF Bond Issue » The Company is contemplating the issuance of USD 100 million senior unse
Slide 7: Summary of Terms and Conditions
TRANSACTION OVERVIEW SUMMARY OF TERMS AND CONDITIONS Issuer: MPC Container Ships ASA Status: Senior unsecured sustainability-linked Initial Issue Amount: USD 100 million Maximum Issue Amount: USD 200 million Purpose of the Bond Issue: General corporate purposes of the Group, including refinancing of
Slide 8: Committed to Making the MPCC Fleet More Environmentally Friendly
TRANSACTION OVERVIEW COMMITTED TO MAKING THE MPCC FLEET MORE ENVIRONMENTALLY FRIENDLY SUSTAINABILITY-LINKED FINANCING FRAMEWORK SECOND PARTY OPINION FROM AMERICAN BUREAU OF SHIPPING (“ABS”) The Sustainability-Linked Financing Framework is aligned with Second Party Opinion¹: ICMA’s Sustainability-Lin
Slide 9: Key Credit Highlights
TRANSACTION OVERVIEW KEY CREDIT HIGHLIGHTS Leading position in the » A key partner for the leading liners, as the #1 tonnage provider in the <5.5k TEU (twenty-foot equivalent unit) segment with a global footprint. intra-regional » Attractive fleet of increasingly modern tonnage, having invested subs
Slide 10: Presenting Team
TRANSACTION OVERVIEW PRESENTING TEAM Constantin Baack, CEO Served as CEO since foundation of the company in April 2017. Mr. Baack has 20 years of operational, management and investment experience in shipping, corporate strategy, capital markets, finance and alternative assets. Moritz Fuhrmann, Co-CE
Slide 11: Agenda
01 TRANSACTION OVERVIEW 02 COMPANY OVERVIEW 03 FINANCIALS 04 MARKET OVERVIEW 05 SUSTAINABILITY 06 RISK FACTORS 07 APPENDIX MPC Container Ships | Credit Investor Presentation | 11
Slide 12: Market-Leading Container Ship Company with Strong Charter Backlog and Earnings Visibility
COMPANY OVERVIEW MARKET-LEADING CONTAINER SHIP COMPANY WITH STRONG CHARTER BACKLO G AND EARNINGS VISIBILITY 60 vessels #1 position USD ~609m With total capacity of Largest tonnage provider Asset coverage from debt- ~132k TEU and USD ~1.3bn in intra-regional trade free vessels3 market value1 worldwid
Slide 13: MPCC Charters Out Its Vessels to Liner Companies on Time Charters
COMPANY OVERVIEW MPCC CHARTERS OUT ITS VESSELS TO LINER COMPANIES ON TIME CHARTER S, ENSURING EARNINGS VISIBILITY AND DEBT SERVICING CAPACITY TONNAGE PROVIDERS – KEY CHARACTERISTICS LINER COMPANIES – KEY CHARACTERISTICS » Vessels are operated on regularly scheduled service » Vessels are chartered ou
Slide 14: Strong Growth to Become a Leading, Well-Capitalized Tonnage Provider
COMPANY OVERVIEW THE COMPANY HAS UNDERGONE STRONG GROWTH TO BECOME A LEADING, WEL L- CAPITALIZED TONNAGE PROVIDER 2017 2018 2019 2020 2021 2022 2023 CORPORATE » Founded with strong » Listed on the Oslo » Fleet renewal » Recapitalization » Sharp upturn in » Continued portfolio » Increasing contract s
Slide 15: Distinct Focus on Intra-Regional Trade in Global Markets
COMPANY OVERVIEW DISTINCT FOCUS ON INTRA-REGIONAL TRADE IN GLOBAL MARKETS CHARACTERISTICS OF INTRA-REGIONAL TRADES FLEET EMPLOYMENT BY REGION3 » Advantageous supply dynamics » Feeder vessels play a crucial role in the supply chain by serving intra-regional trade lanes due to their versatility » Orde
Slide 16: MPCC Owns and Operates a Large and Increasingly Modern Fleet
COMPANY OVERVIEW MPCC OWNS AND OPERATES A LARGE AND INCREASINGLY MODERN FLEET, FACILITATING LONGER TERM EMPLOYMENT SIGNIFICANT PART OF THE FLEET IS ECO DESIGN OR TO BE RETROFITTED 1 WITH A CORE FOCUS ON THE INTRA-REGIONAL SEGMENT 1-2k TEU 2-3k TEU >3k TEU 3x Dual-Fuel Methanol Vessels Currently unde
Slide 17: Prudent and Selective Approach to Fleet Renewals
COMPANY OVERVIEW A PRUDENT AND SELECTIVE APPROACH TO FLEET RENEWALS HELPS MAINTAI N MPCC’S COMPETITIVE POSITION FOR THE FUTURE S&P ACTIVITY FROM 2022 – Q2 2024 NEWBUILD ORDERS CONTRIBUTE USD ~319M TO THE EBITDA BACKLOG Sales Acquisitions ~107,500 ~5 ~2,600 15 25 ~17 ~2,300 ~75,000 Vessels Avg. Age A
Slide 18: Utilizing the Strong Charter Market to Increase Charter Backlog
COMPANY OVERVIEW ACTIVELY UTILIZING THE STRONG CHARTER MARKET TO INCREASE CHARTER BACKLOG AND CASHFLOW VISIBILITY # of fixtures Avg. hire Avg. period in months Months 7 7 9 8 19 6 Hire in USD/d 25 24,000 22 23,000 21 22,329 22,000 20 21,000 20,678 20,000 15 15 19,000 12 18,000 11 10 17,000 9 16,333
Slide 19: Majority of the Backlog Is with the Largest Liners
COMPANY OVERVIEW MAJORITY OF THE BACKLOG IS WITH THE 10 LARGEST LINERS CHARTER BACKLOG AND COUNTERPARTIES LINERS HAVE SIGNIFICANTLY LOWER LEVERAGE TODAY VS. 2019 (USD BN)1 Net debt / Book Equity Cash and cash equivalents Book Equity REGIONAL 1.1x 109 4% 110 1.2 100 1.1 90 1.0 TOP 10 80 0.9 20% USD 1
Slide 20: Track Record of Selective Fleet Renewals and Balance Sheet Flexibility
COMPANY OVERVIEW STRONG TRACK RECORD OF EXECUTING ON SELECTIVE FLEET RENEWALS TO OPTIMIZE FLEET PORTFOLIO AND IMPROVE BALANCE SHEET FLEXIBILITY GROWTH PHASE: FLEET BUILD-UP STRATEGIC EXECUTION PHASE: FLEET OPTIMIZATION CAPITAL ALLOCATION 140 Clarksons 2nd Hand Price Index 120 Strong commitment to
Slide 21: Solid Revenue Backlog While Increasing Debt-Free Vessel Values
COMPANY OVERVIEW MAINTAINED A SOLID REVENUE BACKLOG WHILST INCREASING DEBT-FREE VESSEL VALUES TO USD ~609 MILLION OVER THREE YEARS Q3 2021: END OF GROWTH PHASE Q2 2024: CURRENT STATUS Robust revenue backlog providing strong earnings REVENUE BACKLOG (USDbn) 1.1 1.1 visibility High balance sheet flexi
Slide 22: Potential Fleet Acquisition in Line with Fleet Renewal Strategy
COMPANY OVERVIEW POTENTIAL FLEET ACQUISITION IN LINE WITH FLEET RENEWAL STRATEGY CONTEMPLATED ACQUISITION ATTRACTIVE RISK / REWARD CONTEMPLATED FUNDING STRUCTURE1 USDM USDM » The Company has the option2 to acquire 4x 3,500-4,500 TEU wide-beam eco-design vessels, on average ~10 years old for a total
Slide 23: Contemplated Acquisition's Impact on Pro-Forma Capitalization
COMPANY OVERVIEW CONTEMPLATED ACQUISITION’S IMPACT ON PRO-FORMA CAPITALIZATION FLEET VALUE LOAN-TO-VALUE1 PRO-FORMA CAPITALIZATION 1,513 1,333 PF Bond PF S&P USDm Q2 2024 Adj Adj2 Issue transaction 34% Senior unsecured bonds – 100 100 – 100 31% Senior secured debt3 173 – 173 108 281 Gross debt 173 1
Slide 24: Agenda
01 TRANSACTION OVERVIEW 02 COMPANY OVERVIEW 03 FINANCIALS 04 MARKET OVERVIEW 05 SUSTAINABILITY 06 RISK FACTORS 07 APPENDIX MPC Container Ships | Credit Investor Presentation | 24
Slide 25: Strong Financial Metrics
FINANCIALS STRONG FINANCIAL METRICS REVENUE AND EBITDA (USDm) EQUITY RATIO Revenues Book Equity / Total Assets 711 75% 79% 77% EBITDA 617 615 70% 70% 522 518 56% 385 415 290 278 172 181 16 2020 2021 2022 2023 H1 2024 LTM Q2 2024 2020 2021 2022 2023 Q2 2024 PF Q2 20242 CASH AND CASH EQUIVALENTS1 (USD
Slide 26: Robust Backlog Provides Significant Earnings Visibility
FINANCIALS ROBUST BACKLOG PROVIDES SIGNIFICANT EARNINGS VISIBILITY HISTORICAL REVENUE BACKLOG DEVELOPMENT FIXED OPERATING DAYS AND CHARTER BACKLOG / PROJECTED EBITDA 1, 2, 3 (USDBN) Top 10 counterparties Forward charter backlog 2, 3 / Proj. EBITDA 2 ,3, 4 USD 1.1bn / 0.7bn Top 20 counterparties Carg
Slide 27: Overview of Key Terms on Existing Debt Portfolio
FINANCIALS OVERVIEW OF KEY TERMS ON EXISTING DEBT PORTFOLIO Facility Type Outstanding 30/06/24 Total capacity Interest rate # Contractual repayment profile Maturity HCOB RCF USD 0m USD 96.7m 295bps + SOFR 13 Commitment will be reduced starting in Mar 2024 – Dec 2027 Dec. 2027 Pre- & Post- 48x USD 1.
Slide 28: Industry-Low Leverage and a Flexible Balance Sheet
FINANCIALS OPERATING WITH INDUSTRY-LOW LEVERAGE AND A FLEXIBLE BALANCE SHEET 1 ENCUMBERED VESSELS DEBT-FREE ENCUMBERED VESSELS DEBT-FREE VESSELS USDM USDM USDM 496 339 270 ~202 173 ~151 ~97 100 FMV2 Proj. EBITDA Debt Outstanding FMV2 Proj. EBITDA Undrawn RCF FMV2 Proj. EBITDA Debt-free Backlog3 end
Slide 29: Vessel Values Covering All Financial Indebtedness
FINANCIALS VESSEL VALUES COVERING ALL FINANCIAL INDEBTEDNESS BRIDGE FROM Q2 2024 TO PF Q2 2024 CAPITALIZATION (USDm) FLEET VALUE (USDM)3,4 LOAN-TO-VALUE4,5 Fleet Debt-free vessels Gross Loan-to-Value Net Loan-To-Value 1,333 144 609 31% 11% Q2’24 PF Q2’24 173 169 140 RECYCLING VALUE (USDM)3,4 RECYCLI
Slide 30: Agenda
01 TRANSACTION OVERVIEW 02 COMPANY OVERVIEW 03 FINANCIALS 04 MARKET OVERVIEW 05 SUSTAINABILITY 06 RISK FACTORS 07 APPENDIX MPC Container Ships | Credit Investor Presentation | 30
Slide 31: MPCC Specializes in the Intra-Regional Feeder Segment
MARKET OVERVIEW MPCC SPECIALIZES IN THE INTRA-REGIONAL FEEDER SEGMENT OVERVIEW OF THE GLOBAL CONTAINER FLEET DIFFERENT SIZES OPERATE DIFFERENT TRADE ROUTES 0 500 1,000 1,500 2,000 # vessels MPCC & feeder segment serves intra-regional <1k TEU 1,250 Operates in similar trade as MPCC, although more nic
Slide 32: The New Alliance Structure Can Benefit Feeder Tonnage Providers
MARKET OVERVIEW THE NEW ALLIANCE STRUCTURE CAN BENEFIT FEEDER TONNAGE PROVIDERS Current Alliance Structure 2025 Alliance Structure 2M Alliance Gemini Cooperation Cooperations that MSC incurs Established in 2015 for 10 years to 2025 (termination) Established in 2025 for minimum 5 years I. Zim will ha
Slide 33: Container Shipping Trends Are Directly Influenced by Global Trade
MARKET OVERVIEW CONTAINER SHIPPING TRENDS ARE DIRECTLY INFLUENCED BY GLOBAL TRAD E GDP GROWTH & GLOBAL CONTAINER SEABORNE TRADE GLOBAL CONTAINER TEU-MILES Percent Percent 18 18 16.9 GDP growth World Seaborne Container Trade TEU-miles 16 2000-19 Avg. GDP Growth 16 2002-19 Avg. TEU-miles Growth 14 Wor
Slide 34: Impact of the Red Sea Disruption on Container Shipping and Feeder Demand
MARKET OVERVIEW IMPACT OF THE RED SEA DISRUPTION ON CONTAINER SHIPPING - AND FEEDER DEMAND IMPACT OF THE CAPE OF GOOD HOPE DIVERSIONS CAPE OF GOOD HOPE REROUTING What is the impact on the container shipping market? Rotterdam » The Red Sea situation is adding 17% TEU-mile growth – assuming that Suez
Slide 35: Global and Intra-Regional Demand Development
MARKET OVERVIEW GLOBAL AND INTRA-REGIONAL DEMAND DEVELOPMENT TOTAL MARKET INTRA-REGIONAL MARKETS % % 10 9.6 10 Supply growth (Net fleet growth) Supply growth (Net fleet growth) 8.3 Demand growth (Container trade growth) 8 Demand growth (Container trade growth) 8 5.1 5.8 6 6 5.4 4.0 1.3 4 3.7 3.4 3.6
Slide 36: Feeder Segment Has an Aging Fleet and Modest Orderbook
MARKET OVERVIEW THE FEEDER SEGMENT CONSISTS OF AN AGING FLEET AND A RELATIVELY M ODEST ORDERBOOK AGE STRUCTURE OF FLEET AND ORDERBOOK BY NUMBER OF VESSELS Fleet Orderbook OB as % of fleet % of fleet >20 years >=25y 20-24y 213 17+kTEU 77 36% 0% 15-19y 10-14y 5-9y 466 12-17kTEU 218 47% 0% 0-4y 657 30
Slide 37: Shipbuilding Cycle Trending Towards Larger Vessels
MARKET OVERVIEW SHIPBUILDING CYCLE TRENDING TOWARDS LARGER VESSELS SHIPYARDS ARE FULLY BOOKED THROUGH 2025/26 FOR LARGER VESSELS DELIVERIES AND ORDERBOOK AS CONTAINERSHIP NEWBUILDING PRICES CONTINUE TO SOAR M TEU M CGT Deliveries Orderbook Containership Newbuilding Prices Index (RHS) Index 7.0 6.8 >
Slide 38: Spot Market Tightens While Periods Reach Highest Level Since Pandemic
MARKET OVERVIEW SPOT MARKET TIGHTENS WHILE PERIODS REACH HIGHEST LEVEL SINCE PAN DEMIC FORWARD AVAILABILITY DROPS SIGNIFICANTLY FIXTURE DURATIONS INCREASED DRASTICALLY No. of Vessels Months 1,400 40 5-6 months Avg. Period (1-5.1k TEU) 1,300 3-4 months Avg. Redelivery spread (1-5.1k TEU) 1,200 1-2 mo
Slide 39: Strong Timecharter and Secondhand Market Despite Macro Uncertainty
MARKET OVERVIEW STRONG TIMECHARTER AND SECONDHAND MARKET, DESPITE MACRO ECONOMIC UNCERTAINTY HARPEX 2nd Hand Price Index PERIOD S&P DEALS FIXTURES 5,000 140 2nd Hand Price Index Since July 2024 ~35 ~220 HARPEX YTD 2024 ~170 ~1,090 HARPEX Avg. 2016-2019 120 4,000 100 3,000 +145% 80 +29% 2,000 1,982 6
Slide 40: Agenda
01 TRANSACTION OVERVIEW 02 COMPANY OVERVIEW 03 FINANCIALS 04 MARKET OVERVIEW 05 SUSTAINABILITY 06 RISK FACTORS 07 APPENDIX MPC Container Ships | Credit Investor Presentation | 40
Slide 41: Sustainability Is a Key Focus Area and Strategic Priority
SUSTAINABILITY SUSTAINABILITY IS A KEY FOCUS AREA AND A STRATEGIC PRIORITY FOR VALUE CREATION KEY DEVELOPMENTS FY 2023 INVESTING INTO FLEET RENEWAL IMO-ALIGNED GHG EMISSIONS INTENSITY AND YTD 2024 AND OPTIMIZATION REDUCTION TARGETS1 -40.0% Fleet in full compliance with EEXI, CII, Secondhand eco-
Slide 42: Illustration of Decarbonization Strategy in Execution
SUSTAINABILITY ILLUSTRATION OF DECARBONIZATION STRATEGY IN EXECUTION Completion of first retrofit incl. Delivery of 2x DF methanol First onboard synthetic charterer participation vessels diesel fuel trial in ‘25 KEY SUSTAINABILITY EFFORTS First ESG report in 2019 Q1 Q2 Q3 Q4 Investment into e-fu
Slide 43: Agenda
01 TRANSACTION OVERVIEW 02 COMPANY OVERVIEW 03 FINANCIALS 04 MARKET OVERVIEW 05 SUSTAINABILITY 06 RISK FACTORS 07 APPENDIX MPC Container Ships | Credit Investor Presentation | 43
Slide 44: Risk Factors (1/6)
RISK FACTORS RISK FACTORS (1/6) RISK FACTORS An investment in the bonds (the "Bonds") invol ves inhe re nt risks. These risks incl ude , but are not limite d to, risks attributable to MP C Containe r Ship s ASA (the "Issue r" or the "Compa ny"), its subsidia ries (togethe r with the Issue r, the "G
Slide 45: Risk Factors (2/6)
RISK FACTORS RISK FACTORS (2/6) 1.2.2 Substan tial cap ital e xp enditures ar e r e q uir ed to m ain tain op e rating cap acity of th e G r oup by r e n ewal of th e fle et The Group's fl eet of 58 vessel s (including the three newbuilds currentl y under construction but without the two vessels hel
Slide 46: Risk Factors (3/6)
RISK FACTORS RISK FACTORS (3/6) 1.3 Risks related to the Group's operations 1.3.1 Op e r ation an d m an agement of a con tain er ve sse l f l e et in vol ves a sign if ican t r isk The Group is depe nde nt on the op era tiona l p erforma nce of its owne d containe r vessels a nd ma y e xp erie nce
Slide 47: Risk Factors (4/6)
RISK FACTORS RISK FACTORS (4/6) 1.4 Risks related to financing and market risk 1.4.1 Th e G r oup is subje ct to de bt se r vice obl igation s an d cove nants un de r its f in ancial ar r an gements an d br e ach of an y such p aym ent obl igation s an d/or cove n ants coul d h ave a m ate r ial adv
Slide 48: Risk Factors (5/6)
RISK FACTORS RISK FACTORS (5/6) 1.5 Risk related to laws, regulations and litigation 1.5.1 C om pliance with a wide var ie ty of com p lex laws an d r e gulations in cluding e n vir onmental laws an d r e gulations m ay be e xp ensive an d n on -com pliance m ay h ave an adve r se e ffe ct on th e G
Slide 49: Risk Factors (6/6)
RISK FACTORS RISK FACTORS (6/6) 1.6.2 Th e Issue r m ay h ave in sufficient fun ds to m ake r e q uired r e p urchases of Bon ds The Bond Terms provide for certain re de mption a nd repurchase me chanics in re spe ct of the Bonds which entail rede mp tion or rep urcha se with a p re mium, eithe r vo
Slide 50: Agenda
01 TRANSACTION OVERVIEW 02 COMPANY OVERVIEW 03 FINANCIALS 04 MARKET OVERVIEW 05 SUSTAINABILITY 06 RISK FACTORS 07 APPENDIX MPC Container Ships | Credit Investor Presentation | 50
Slide 51: MPC Capital - Leading Investment Manager and Operator
APPENDIX MPC CAPITAL - LEADING INVESTMENT MANAGER AND OPERATOR OF MARITIME AND ENERGY INFRASTRUCTURE Established in 1994, MPC Capital is a leading investment and asset manager, powering profitable growth in maritime and energy infrastructure with a proven track record 280 EMPLOYEES EUR 4.8 BILLION i
Slide 52: MPCC Is Well Underway in Its Comprehensive Fleet Renewal Program
APPENDIX MPCC IS WELL UNDERWAY IN ITS COMPREHENSIVE FLEET RENEWAL PROGRAM HISTORICAL CAPEX (USDM) H2 2024 CAPEX (USDM)2 Vessel acquisition (incl. installment) Vessel acquisition (incl. installment) Drydock, retrofit, maintenance and upgrades Drydock, retrofit, maintenance and upgrades 286 41 253 48
Slide 53: Corporate Structure
APPENDIX CORPORATE STRUCTURE MPC Container Ships ASA (as per September 19, 2024) 50%(6) 50%(1) 100% 100% 100% 100% 90% 90.1%(2) 100% Palmaille 75 Bluewater Holding 9 vessels Einundachtzigste MPCC Second Financing MPCC Fourth Financing 5% AS Shipping 5% MPCC Schifffahrtsgesellschaft MPC Container Shi
Slide 54: Condensed Consolidated Statement of Profit or Loss
APPENDIX CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS In USD thousands Q2 2024 Q2 2023 H1 2024 H1 2023 (unaudited) (unaudited) (unaudited) (unaudited) Operating revenues 130,899 194,368 278,442 374,491 Commissions (3,762) (5,421) (7,753) (10,551) Vessel voyage expenditures (3,936) (3,448) (7,2
Slide 55: Consolidated Statement of Financial Position
APPENDIX CONSOLIDATED STATEMENT OF FINANCIAL POSITION June 30, 2024 Dec 31, 2023 June 30, 2024 Dec. 31, 2023 in USD thousands in USD thousands (unaudited) (audited) (unaudited) (audited) ASSETS EQUITY AND LIABILITIES Equity Non-current Assets Share capital 48,589 48,589 Vessels 728,750 691,291 Share
Slide 56: Condensed Consolidated Statement of Cash Flow
APPENDIX CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW H1 2024 H1 2023 H1 2024 H1 2023 in USD thousands in USD thousands (unaudited) (unaudited) (unaudited) (unaudited) Profit (loss) before income tax 140,989 221,245 Dividends paid (115,619) (164,461) Income tax expenses paid - (173) Additions from
Slide 57: Fleet Employment Overview
APPENDIX FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer Remark Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Min / Max Fixture (USD/day) 1 AS FATIMA1 1,300 gls COSCO 11,500 Aug-24 / Sep-24 2 AS PAOLA1 2,500 grd CMA CGM 28,900 DD
Slide 58: Fleet Employment Overview
APPENDIX FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer Remark Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Min / Max Fixture (USD/day) 26 AS FELICIA 1,300 grd ZISS 24,000 Mar-26 / May-26 27 AS PATRIA 2,500 grd KMTC 25,0001 DD2
Slide 59: Fleet Employment Overview
APPENDIX FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer Remark Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Min / Max Fixture (USD/day) 51 AS PAMELA 2,500 grd COSCO 37,500 DD2 Evergreen – 26,500 Mar-27 / Apr-27 52 AS CASPRIA 2,
Slide 60: MPC
MPC ___ CONTAINER SHIPS
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