Mpc Container Ships Asa · OSL:MPCC
Mpc Container Ships Asa — Q1 2025 Earnings Presentation
34 slides from Mpc Container Ships Asa's earnings presentation, May 22, 2025
Slide 1: Q1 2025 Earnings Call
May 22, 2025 Q1 2025 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 | Q1 2025 Earnings Presentation | 2
Slide 3: Highlights: Executive Summary
HIGHLIGHTS EXECUTIVE SUMMARY Q1 HIGHLIGHTS: » Solid financial and operational performance leading to Q1 adj. EBITDA of USD 66m USD 127m Q1 2025 OPERATING REVENUES » Strong backlog: close to full coverage with 96% of open days covered in 2025, and 77% in 2026 » Quarterly dividend of USD 0.08 per shar
Slide 4: Financial and Operational Performance
HIGHLIGHTS FINANCIAL AND OPERATIONAL PERFORMANCE PROFIT OR LOSS FINANCIAL KPIs Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024 Gross Revenues USD m 127.1 130.0 147.5 Adj. EPS USD 0.11 0.11 0.17 Adj. EBITDA USD m 66.2 72.3 96.3 DPS USD 0.08 0.09 0.13 Adj. Net Profit USD m 48.2 50.7 76.7 Op. Cash Flow
Slide 5: Continued Strong Charter Market and Stable Asset Values
HIGHLIGHTS CONTINUED STRONG CHARTER MARKET AND STABLE ASSET VALUES OPERATIONAL HIGHLIGHTS YTD 2025 CHARTERING OPERATIONS & PROJECTS » YTD chartering activity underlines robust market momentum and continued forward » 2x 1,300 TEU dual-fuel Methanol newbuildings delivered in Q1 & Q2 2025 fixing due to
Slide 6: Continued Execution of Fleet Optimisation
HIGHLIGHTS CONTINUED EXECUTION OF FLEET OPTIMISATION S&P ACTIVITY: SINCE Q2 2021 STRATEGIC APPROACH TO FLEET RENEWAL AND OPTIMIZATION STRATEGIC EXECUTION PHASE Sales Acquisitions » Continued use of the S&P and charter market to optimize fleet towards younger and more fuel-efficient vessels Vessels 3
Slide 7: Robust and Flexible Balance Sheet
HIGHLIGHTS ROBUST AND FLEXIBLE BALANCE SHEET » USD 437m in gross debt covered by USD 1.5bn in asset values » USD 207m net debt, 3.4x covered by the company‘s projected EBITDA backlog » 33 debt free vessels with USD 802m FMV imply high balance sheet flexibility with no maturities until 2027 » Weighte
Slide 8: Continued Good Cash Generation Supports Fleet Renewal and Dividends
HIGHLIGHTS CONTINUED GOOD CASH GENERATION SUPPORTS FLEET RENEWAL AND DIVIDENDS CASH FLOW BRIDGE FOR Q1 2025 USD million » Continuing our fleet renewal, with investing cash flow mainly comprising of the investments in vessels -22 (upgrades and regulatory) as well as -40 newbuilding, while disposing o
Slide 9: Agenda
AGENDA 01 HIGHLIGHTS 02 MARKET UPDATE 03 COMPANY OUTLOOK MPC Container Ships | Q1 2025 Earnings Presentation | 9
Slide 10: Volatility Will Remain... As Insecurities Mount
MARKET UPDATE VOLATILITY WILL REMAIN… …AS INSECURITIES MOUNT TRANSPACIFIC FREIGHT INDEX (SCFI USWC) 9,000 8,000 USTR Red-Sea Opportunities 7,000 Orderbook 6,000 Decarbonization US-Tariffs Inventories 5,000 4,000 Tariff-Pause 3,091 Net-Zero Framework 3,000 2,000 1,872 Uncertainties 1,000 0 Jan-16 Jan
Slide 11: Timecharter Market and S&P: Resilient and Demand-Driven
MARKET UPDATE TIMECHARTER MARKET AND S&P: RESILIENT AND DEMAND-DRIVEN TIMECHARTER INDEX (“HARPEX”) 5,000 4,000 » Charter rates remained robust in Q1 2025 due to scarce 3,000 +157% availability 2,000 1,000 0 Jan.-16 Jan-17 Jan.-18 Jan-19 Jan.-20 Jan-21 Jan.-22 Jan-23 Jan.-24 Jan-25 CLARKSON SECOND-HA
Slide 12: Limited Forward Availability... and Ongoing Forward Fixing
MARKET UPDATE LIMITED FORWARD AVAILABILITY… …AND ONGOING FORWARD FIXING FORWARD AVAILABILITY (1-6 MONTHS) FORWARD FIXTURES (>30 DAYS) No. of vessels Percent of total fixtures 1,400 80% 75% 1,200 70% 60% 54% 1,000 50% 800 -44% YoY 37% 40% 600 32% 30% 25% 400 20% 13% 200 10% 6% 0 0% Jan- Jan- Jan- Jan
Slide 13: Regional Markets Grow... But Regional Fleets Not So Much
MARKET UPDATE REGIONAL MARKETS GROW… …BUT REGIONAL FLEETS NOT SO MUCH DIVERGING GROWTH TRENDS ON THE DEMAND SIDE VESSELS 1,000-8,000 TEU VESSELS > 8,000 TEU MPCC CORE SEGMENT CAGR 2024-2026 Mainlane trades 0.9% 30% 6% 47% OB-to-fleet ratio OB-to-fleet ratio OB-to-fleet ratio Intra-Regional 3.5% of w
Slide 14: Market Outlook
MARKET UPDATE MARKET OUTLOOK KEY TOPIC DESCRIPTION REGULATIONS » Newbuilding markets could create opportunities around the IMO Net Zero-Framework implications » Trade tensions create uncertainties, uncertainties impacting future growth » Escalating US tariffs could lead to stronger links among US pa
Slide 15: Agenda
AGENDA 01 HIGHLIGHTS 02 MARKET UPDATE 03 COMPANY OUTLOOK MPC Container Ships | Q1 2025 Earnings Presentation | 15
Slide 16: Well-Timed Rational Capital Allocation Has Created Value Across Cycles
OUTLOOK WELL-TIMED RATIONAL CAPITAL ALLOCATION HAS CREATED VALUE ACROSS CYCLES Phase 1. Growth – Fleet Build-up 2. Strategy Execution 3. Way Forward Investments / 4,500 Divestments 6x 29x 39x (vessel count1) 70x Time charter 2,500 index 0 Jan.-17 Jan.-25 Market » Bottom of the cycle with depressed a
Slide 17: Rebalancing Capital Allocation for Accretive Growth Opportunities
OUTLOOK REBALANCING CAPITAL ALLOCATION FOR ACCRETIVE GROWTH OPPORTUNITIE S Phase 3. Way Forward Capital Allocation Strategy 4,500 » Strategic and opportunistic growth, both in second hand and newbuildings, with focus on managing residual risk Time Continuous » Focus on accretive deals for P&L and lo
Slide 18: Strong Charter Backlog Provide High Visibility into Earnings
OUTLOOK STRONG CHARTER BACKLOG PROVIDE HIGH VISIBILITY INTO EARNINGS ROBUST BACKLOG PROVIDES EARNINGS VISIBILITY1,2,3 NUMBER OF FIXED AND UPCOMING VESSELS 1yr Redelivery window Open vessels Fixed vessels Forward charter backlog2,3/ Proj. USD 1.1bn / 0.7bn EBITDA2,3,4 61 4 54 Contracted forward 4 TCE
Slide 19: Strong Value Proposition: Low Risk & Significant Upside
OUTLOOK STRONG VALUE PROPOSITION: LOW RISK & SIGNIFICANT UPSIDE VALUATION BRIDGE OPEN RATE SENSITIVITY Clarksons 10y Historical Average of USD ~18,300 pd3 Current Market Rates of USD ~29,700 pd3 » Current Enterprise value is more than fully covered by the projected EBITDA backlog of USD ~0.7bn and t
Slide 20: Final Remarks
FINAL REMARKS » Strong operational execution with high contract coverage supporting forward visibility into 2025 and 2026 » Disciplined capital allocation, with continued dividend distributions and strategic fleet renewal to enhance efficiency and sustainability » Strengthened financial flexibility
Slide 21: Questions & Answers
QUESTIONS & ANSWERS Q1 2025 Earnings Presentation | 21
Slide 22: Appendix
APPENDIX MPC Container Ships | Q1 2025 Earnings Presentation | 22
Slide 23: Charter Backlog Secured in Top Liner Counterparts
APPENDIX CHARTER BACKLOG SECURED IN TOP LINER COUNTERPARTS CHARTER BACKLOG DEVELOPMENT AND COUNTERPARTIES REGIONAL 2% TOP 10 » 90% of revenue backlog with top 10 liners and cargo-backed 7 CARGO-BACKED 19% » More than 2 years average remaining contract duration 71% TOP 20 8% MPC Container Ships | Q1
Slide 24: MPCC Dividend Policy
APPENDIX MPCC DIVIDEND POLICY In support of the objective to maximize shareholder returns, MPC Container Ships’ intention is to pay regular dividends by way of distributing 30-50% 75% of net profits after considering CAPEX and working capital requirements, including liquidity reserves, and non-recur
Slide 25: Overview of Financing Facilities
APPENDIX OVERVIEW OF FINANCING FACILITIES Facility Type Pre-delivery Outstanding 31/03/25 Total capacity Interest rate # Repayment profile Maturity Commitment will be reduced starting in Mar 2024 – Dec HCOB RCF USD 0m USD 100m /75m 295bps + SOFR 131 Dec. 2027 2027 quarterly 48x 1.1m + 8x 2.4m, 4x 1.
Slide 26: Calculation of Recurring Dividend for Q1 2025
APPENDIX CALCULATION OF RECURRING DIVIDEND FOR Q1 2025 USD million Q1 2025 (unaudited) 1 Operating revenue 127.1 EBITDA 77.8 Profit for the period 59.7 Adjustment related to vessel sales -3.2 Adjustment related to normalized depreciation -8.4 Adjusted profit for the period 48.2 No. of shares outstan
Slide 27: Condensed Consolidated Statement of Profit or Loss
APPENDIX CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS Q1 2025 Q1 2024 In USD thousands (unaudited) (unaudited) Operating revenues 127,082 147,543 Commissions (2,991) (3,991) Vessel voyage expenditures (6,342) (3,344) Vessel operation expenditures (38,332) (37,421) Ship management fees (2,591)
Slide 28: Consolidated Statement of Financial Position
APPENDIX CONSOLIDATED STATEMENT OF FINANCIAL POSITION March 31, 2025 Dec 31, 2024 March 31, 2025 Dec 31, 2024 in USD thousands in USD thousands (unaudited) (audited) (unaudited) (audited) ASSETS EQUITY AND LIABILITIES Non-current Assets Equity Vessels 1,041,995 1,003,460 Share capital 48,589 48,589
Slide 29: Condensed Consolidated Statement of Cash Flow
APPENDIX CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW Q1 2025 Q1 2024 Q1 2025 Q1 2024 in USD thousands in USD thousands (unaudited) (unaudited) (unaudited) (unaudited) Profit (loss) before income tax 59,538 76,058 Dividends paid (39,933) (57,938) Income tax expenses paid - - Additions from non-cont
Slide 30: Fleet Employment Overview
APPENDIX FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer Remark May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Min / Max Fixture (USD/day) 1 AS FRANZISKA1 1,300 grd Maersk A/S 17,000 May-25 / Jun-25 2 AS FABIANA1 1,300 grd Maersk
Slide 31: Fleet Employment Overview
APPENDIX FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer Remark May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Min / Max Fixture (USD/day) 26 AS COLUMBIA 2,800 gls Maersk A/S Retrofit 24,000 Sep-26 / Oct-26 27 AS CONSTANTINA 2,800
Slide 32: Fleet Employment Overview
APPENDIX FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer Remark May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Min / Max Fixture (USD/day) 51 AS NORA 3,500 grd CMA CGM Retrofit 40,000 28,000 Feb-28 / Apr-28 52 AS NINA 3,500 gls Ma
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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