Mpc Container Ships Asa · OSL:MPCC
Mpc Container Ships Asa — Pareto Energy Conference 2024
25 slides from Mpc Container Ships Asa's conference presentation, Sep 12, 2024
Slide 1: Pareto Energy Conference
September 12, 2024 PARETO ENERGY CONFERENCE Moritz Fuhrmann, Co-CEO and CFO
Slide 2: Agenda
AGENDA 01 COMPANY INTRODUCTION 02 MARKET UPDATE 03 COMPANY OUTLOOK MPC Container Ships | Pareto Energy Conference | 2
Slide 3: Market-leading container ship company with strong financials and rational capital allocation
MARKET-LEADING CONTAINER SHIP COMPANY WITH STRONG FINANCIALS AND RATIONAL CAPITAL ALLOCATION Leading container Strong balance sheet and Clear strategy & tonnage provider significant earnings backlog investment principles #1 INTRA-REGIONAL TONNAGE PROVIDER STRONG BALANCE SHEET CAPITAL ALLOCATION » 59
Slide 4: Distinct focus on intra regional trade
DISTINCT FOCUS ON INTRA REGIONAL TRADE CHARACTERISTICS OF INTRA-REGIONAL TRADES FLEET EMPLOYMENT BY REGION » Advantageous supply dynamics » Feeder vessels play a crucial role in the supply chain by serving intra-regional trade lanes due to their versatility » Orderbook biased towards larger tonnage,
Slide 5: Agenda
AGENDA 01 COMPANY INTRODUCTION 02 MARKET UPDATE 03 COMPANY OUTLOOK MPC Container Ships | Pareto Energy Conference | 5
Slide 6: Red Sea disruptions continue to drive demand
RED SEA DISRUPTIONS CONTINUE TO DRIVE DEMAND DIVERSION AROUND THE CAPE OF GOOD HOPE SECONDHAND PRICES AND TIME-CHARTER RATES FOLLOW THE UPWARD HARPEX TREND 2nd Hand Price Index 5,000 140 2nd Hand Price Index HARPEX HARPEX Avg. 2016-2019 120 4,000 Rotterdam 100 3,000 +145% Suez Canal +29% 80 Strait o
Slide 7: Shipbuilding cycle trending towards larger vessels
SHIPBUILDING CYCLE TRENDING TOWARDS LARGER VESSELS M TEU DELIVERIES AND ORDERBOOK Fleet Orderbook 7.0 6.9 >17kTEU >20y 6.5 206 >17kTEU 49 12-17kTEU 1.1 15-19y 6.0 8-12k TEU 0-14y 5.5 3-8k TEU 1-3k TEU 467 12-17kTEU 230 5.0 <1k TEU 4.5 4.4 4.0 3.4 32 201 426 8-12k TEU 89 0.9 3.5 3.0 MPCC 329 535 633
Slide 8: Utilizing strong charter market to increase backlog
UTILIZING STRONG CHARTER MARKET TO INCREASE BACKLOG 1 Avg. Period in months Avg. Hire # Fixtures Hire in USD pd 25 11 9 15 12 21 22 24,000 22,329 22,000 20 19 20,678 20,000 15 18,000 10 16,333 9 8 16,000 7 7 15,086 6 5 14,091 14,690 14,000 0 0 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 MPC Cont
Slide 9: Agenda
AGENDA 01 COMPANY INTRODUCTION 02 MARKET UPDATE 03 COMPANY OUTLOOK MPC Container Ships | Pareto Energy Conference | 9
Slide 10: Robust backlog provides earnings visibility
ROBUST BACKLOG PROVIDES EARNINGS VISIBILITY FIXED OPERATING DAYS AND CHARTER BACKLOG / PROJECTED EBITDA 1, 2, 3 CHARTER BACKLOG AND COUNTERPARTIES Forward charter backlog 2, 3 / Proj. EBITDA 2 ,3, 4 USD 1.1bn / 0.7bn Contracted forward revenues (USDm) 1, 3, 5 234 379 190 290 Contracted forward TCE (
Slide 11: Update on upcoming vessels in FY24 & FY25
UPDATE ON UPCOMING VESSELS IN FY 24 & FY 25 NUMBER OF FIXED AND UPCOMING VESSELS 1 OPEN RATE SENSITIVITY Clarksons 10y Historical Average of USD ~16,150 pd 2 Open vessels Current Market Rates of USD ~26,850 pd 2 Fixed vessels 38 Operating Revenues 3 Net Profit 4 5 520 526 516 453 22 263 268 33 219 1
Slide 12: Providing significant shareholder returns
PROVIDING SIGNIFICANT SHAREHOLDER RETURNS EVENT- DIVIDEND DISTRIBUTIONS RECURRING TOTAL PERIOD DRIVEN DPS (NOK) DPS 893 USD million 44.4 2021 Q4 0.95 0.95 Event-driven 57.7 Recurring 227 Q1 1.30 3.30 4.60 57.7 62.1 Q2 1.57 0.42 1.98 2022 66.6 Q3 1.58 0.30 1.87 31.1 66.6 Q4 1.58 1.58 66.6 Q1 1.59 0.7
Slide 13: Strategic execution phase – resilient and ready
STRATEGIC EXECUTION PHASE – RESILIENT AND READY Q3 2021 Q2 2024 REVENUE BACKLOG (USD BN) 1.1 1.1 Robust revenue backlog providing strong earnings visibility DISTRIBUTIONS (USD M) 0 893 Total dividends of USD 893m distributed/declared High balance sheet flexibility. Further balance sheet DEBT-FREE VE
Slide 14: Well-positioned for continued value creation
2023 slide WELL-POSITIONED FOR CONTINUED Not updated VALUE CREATION SUMMARY » Strong financial and operational performance » Continuation of low-leverage strategy while executing on fleet optimization » Favorable dynamics for intra-regional tonnage (supply and demand) OUTLOOK » Robust revenue backlo
Slide 15: Appendix
APPENDIX MPC Container Ships | Pareto Energy Conference | 15
Slide 16: Overview of financing facilities
OVERVIEW OF FINANCING FACILITIES 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 1.1m + 8x USD 2.4m, 4x USD 1.
Slide 17: Condensed consolidated statement of profit or loss
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) (7,280) (6,29
Slide 18: Consolidated statement of financial position
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 premium
Slide 19: Condensed consolidated statement of cash flow
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 non-contr
Slide 20: Fleet employment overview
FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer 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 DD2 Sep-24 / Oct-2
Slide 21: Fleet employment overview
FLEET EMPLOYMENT OVERVIEW MPCC Current No Vsel Cluster Charterer 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 CYPRIA 2,800 gls Hapag-Lloyd 16,825 18,500 Feb-26 / Apr-26 27 AS FLORETTA 1,300 grd Crowley 16,800 Mar-
Slide 22: Fleet employment overview
FLEET EMPLOYMENT OVERVIEW MPCC Current No Vessel Cluster Charterer 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 SARA 1,700 grd Maersk 35,000 DD1 12,5002 Feb-27 / Apr-27 52 AS CASPRIA 2,800 gls ZISS 40,700 Mar-27 /
Slide 23: References
REFERENCES ROBUST BACKLOG PROVIDES EARNINGS VISIBILITY 1. Underlying min/max periods for contracted charter based on management assessment. Contracted Revenue and Projected EBITDA not including IFRS adjustments 2. Revenues / Periods / TCE’s / costs in good faith, but indicative only and subject to c
Slide 24: 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
Slide 25: MPC Container Ships
azz MPC ma CONTAINER SHIPS