MPC Container Ships ASA · OSL:MPCC
MPC Container Ships ASA — Q4 2020 Earnings Presentation
22 slides from MPC Container Ships ASA's earnings presentation, Feb 25, 2021
Slide 1: Q4 2020 Earnings Presentation
Q4 2020 Earnings Presentation 25 February 2021
Slide 2: 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. TO THE BEST KNOWLEDGE OF THE COMPANY, ITS
Slide 3: Content
Q4 2020 Earnings Presentation CONTENT 1. Company Highlights Q4 2020 2. Market Update 3. Company Outlook 4. Appendix 3
Slide 4: Q4 2020 Key Figures
Company Highlights Q4 2020 Q4 2020 KEY FIGURES FINANCIAL PERFORMANCE Net revenues: USD 39.3m (Q3 2020: USD 35.7m) EBITDA: USD 4.5m (Q3 2020: USD 2.7m), where adjusted (1) EBITDA was USD 7.6m Operational cash flow: USD 1.4m (Q3 2020: USD -0.3m), where adjusted (1) was USD 4.5m Net result: USD
Slide 5: Market & Operational Summary Q4 2020 and YTD 2021
Company Highlights Q4 2020 MARKET & OPERATIONAL SUMMARY Q4 2020 AND YTD 2021 Macroeconomic outlook Global recession in 2020 (global GDP -3.5%), significant recovery expected for 2021 (global GDP 5.5%) Second wave of lockdowns may negatively impact trade and retail sales, but not expected to prev
Slide 6: Content
Q4 2020 Earnings Presentation CONTENT 1. Company Highlights Q4 2020 2. Market Update 3. Company Outlook 4. Appendix 6
Slide 7: Strongest Market Momentum and Fundamentals in a Decade
Market Update: Overview STRONGEST MARKET MOMENTUM AND FUNDAMENTALS IN A DECADE Jan. 2017 Jan. 2018 Jan. 2019 Jan. 2020 Jan. 2021 Comment Freight rates (SCFI) 968.40 816.58 940.86 1,022.72 2,868.95 10-year high Charter rates (Clarksons TC Rate Index) 38.08 54.39 49.68 61.13 96.11 10-year high Idle ve
Slide 8: High Charter Rates and Low Idle Number
Market Update: Short-Term Dynamics HIGH CHARTER RATES AND LOW IDLE NUMBER CLARKSONS TIME-CHARTER RATE INDEX TIME-CHARTER RATES DEVELOPMENT USDk / day USDk / day 1k TEU grd 1.7k TEU grd 2.8k TEU 3.5k TEU 180 171.8 30 19 Feb. (yoy%) 160 25 24.0 (146%) 140 20 21.0 (118%) 120 100 97.5 15 14.8 (89%) 80 1
Slide 9: Longer Periods and Smaller Redelivery Window Decreased Risk Exposure
Market Update: Mid-Term Momentum LONGER PERIODS AND SMALLER REDELIVERY WINDOW DECREASED RISK EXPOSURE TIME-CHARTER RATE MOMENTUM (1-5.1k TEU) AVG. PERIOD AND REDELIVERY SPREAD (1-5.1k TEU) TC Rate Index Months Period Redelivery spread 300 12 11.9 10 250 8 200 6 3.9 150 4 3.6 2 100 1.5 0 0 Jan- Jan-
Slide 10: Small Order Book, Excess Demand Outlook, Improved Secondhand Market
Market Update: Long-Term Fundamentals SMALL ORDER BOOK, EXCESS DEMAND OUTLOOK, IMPROVED SECONDHAND MARKET ORDER BOOK DEVELOPMENT DEMAND AND SUPPLY GROWTH (TOTAL FLEET) TEUm Percent Percent 30 Total fleet Order book Orderbook-to-Fleet ratio (rhs) 8 5.6 5.6 5.7 23.635 35 6 25 3.8 4.0 1.9 3.6 30 4 2.9
Slide 11: Content
Q4 2020 Earnings Presentation CONTENT 1. Company Highlights Q4 2020 2. Market Update 3. Company Outlook 4. Appendix 11
Slide 12: Recent MPCC Performance vs. Market
Company Outlook RECENT MPCC PERFORMANCE VS. MARKET COMM. IDLE TIMES: MPCC OUTPERFORMS MARKET (1) RATES: MPCC RATES VS. LAST DONE (3) Better Same Worse Clarksons TC Rate Index Idle days market (2) Idle days MPCC No. of fixtures Index 14% 13% 30 110 11% 11% 12% 11% 20 100 10% 10% 20 29 10% 10 13 15 90
Slide 13: Operating Days & Fixed Revenue
Company Outlook OPERATING DAYS & FIXED REVENUE (1) FIXED OPERATING DAYS (CONSOLIDATED VESSELS) COMMENTS Operating days (open) Operating days (fixed) Consolidated vessels Assumed available days of 20,662 (2021) (2) and 20,440 (2022) ~1% Fixed charter revenues USD 157m (2021) and USD 46m (2022) ~1
Slide 14: Significant Earnings Capacity
Company Outlook SIGNIFICANT EARNINGS CAPACITY FY 2020 CASH BREAK-EVEN (“CBE”) (1) COMMENTS USD / day per vessel 9,000 Significant earnings capacity based on cash 8,000 1,471 break-even in current market environment 7,000 Already secured revenues for 68% of the days in 767 2021 at an average TCE
Slide 15: Well-Positioned to Benefit from Favourable Fundamentals
Company Outlook WELL-POSITIONED TO BENEFIT FROM FAVOURABLE FUNDAMENTALS CONTAINER SHIPPING MARKET Persistent short-term charter rate momentum driven by strong demand growth, trade flows and logistics, shifts in retail consumption/ trading patterns and shortage of container vessels / boxes Opportune
Slide 16: Content
Q4 2020 Earnings Presentation CONTENT 1. Company Highlights Q4 2020 2. Market Update 3. Company Outlook 4. Appendix 16
Slide 17: MPC Container Ships at a Glance
Appendix MPC CONTAINER SHIPS AT A GLANCE Leading intra-regional container tonnage provider offering flexible fleet, DEDICATED TONNAGE PROVIDER reliable, safe and efficient vessel operations and strong industry network #1 66 tonnage provider for vessels intra-regional trades Oslo Stock Exchange liste
Slide 18: Q4 2020 Financials
Appendix Q4 2020 FINANCIALS BALANCE SHEET AS PER 31 DEC. 2020 PROFIT & LOSS Q4 2020 USDm 31.12.2020 30.09.2020 USDm Q4 2020 Q3 2020 Assets 678.1 702.1 Operating revenues 45.6 41.2 Non-current assets 621.0 628.7 Gross profit 7.9 5.0 Current assets 57.1 73.3 EBITDA 4.5 2.7 thereof cash & cash equivale
Slide 19: ESG at MPC Container Ships
Appendix ESG AT MPC CONTAINER SHIPS ENVIRONMENTAL COMMITMENT • Significant investments in exhaust gas cleaning and ballast water management systems • Continuously optimise vessel operations and minimise environmental impact of our business by exploring viable options for emission reductions and exch
Slide 20: Fleet Employment Overview (1/3)
Appendix FLEET EMPLOYMENT OVERVIEW (1/3) Clarksons Rate MPCC Current Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- No. Vessel Cluster Charterer (USD/day) (1) Fixture (USD/day) 21 21 21 21 21 21 21 21 21 21 21 22 22 1 AS CAMELLIA 2,800 gls OOCL 21,000 20,000 DD (3) 2 AS CARINTHIA 2
Slide 21: Fleet Employment Overview (2/3)
Appendix FLEET EMPLOYMENT OVERVIEW (2/3) Clarksons Rate MPCC Current Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- Post Feb-22 No. Vessel Cluster Charterer (USD/day) (1) Fixture (USD/day) 21 21 21 21 21 21 21 21 21 21 21 22 22 (min. / max.) 26 AS CLEMENTINA 2,800 gls Heung-A 21,00
Slide 22: Fleet Employment Overview (3/3)
Appendix FLEET EMPLOYMENT OVERVIEW (3/3) Clarksons Rate MPCC Current Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- Feb- No. Vessel Cluster Charterer (USD/day) (1) Fixture (USD/day) 21 21 21 21 21 21 21 21 21 21 21 22 22 52 AS FLORETTA 1,300 grd Pool 12,750 Pool rate DD(4) 53 AS FRANZIS