MPC Container Ships ASA reports Q2 and six-month 2019 results
- Q2 2019 operating revenue USD 47.8 million. H1 2019 operating revenue USD 94.5 million.
- Q2 2019 EBITDA USD 8.1 million. H1 2019 EBITDA USD 12.8 million.
- Q2 2019 net loss USD -6.4 million. H1 2019 net loss USD -14.1 million.
- Equity ratio 61.5% as of 30 June 2019.
Oslo, 30 August 2019
Q2 and six-month 2019 results:
MPC Container Ships ASA ("MPCC" or the "Company", together with its subsidiaries the "Group") today published its unaudited financial report for the six-month period ended 30 June 2019. The Group reports a net loss of USD -6.4 million for Q2 2019 and USD -14.1 million for H1 2019.
- Total operating revenue was USD 47.8 million in Q2 2019 (Q1 2019: USD 46.7 million). For H1 2019, total operating revenue was USD 94.5 million.
- EBITDA was USD 8.1 million in Q2 2019 (Q1 2019: USD 4.7 million). For H1 2019, EBITDA was USD 12.8 million.
- Utilization was 93.0% in Q2 2019 (Q1 2019: 89.9%) and 91.5% for H1 2019.
- Average time charter equivalent ("TCE") was USD 9,071 per day in Q2 2019 (Q1 2019: USD 9,240 per day) and USD 9,154 per day for H1 2019.
- As of 30 June 2019, the Group has an equity ratio of 61.5% and a leverage ratio of 35.8%.
As of 30 June 2019, the Group owns 68 container vessels, whereof 60 are fully owned and 8 are operated in a joint venture.
CEO Constantin Baack comments in relation to the announcement: "The container shipping industry continued to endure macroeconomic uncertainty in Q2 and H1 2019, one prominent contributor of which being the unpredictability surrounding the US-China trade tensions. Adding to this were other geopolitical impact factors such as the potential risk of a global economic slowdown or the impending IMO 2020 low sulphur regulations.
Despite this, in a scenario of modest growth, even more limited demand growth combined with the effects of IMO 2020 still point towards a market rebalancing. Several vessels have been taken out of service for scrubber retrofitting as of late, with many more to come before and after the January 2020 deadline.
Idle capacity and charter rates have improved across container segments since Q1 2019 and have not seen the usual seasonal drop over the summer, with various charter market indices indicating persistent activity.
In times of uncertainty, a strong balance sheet and prudent leverage profile is vital in order to balance risk, and MPC Container Ships remains well-positioned to benefit from the expected market improvements.”
Q2 and six-month 2019 earnings call:
The Company will host a webcast for the presentation of the Q2 2019 results commencing on 30 August 2019 at 15:00 hours CEST. The presentation will be made available on the Company’s webpage (www.mpc-container.com/#IR) from 12:00 hours CEST. There will be a Q&A session after the presentation.
The webcast can be accessed through the following link:
https://digital.vevent.com/index.jsp?eid=8329&seid=30
Please note that for optimal viewing, it is recommended not to use VPN, but instead to connect directly to the internet. Please disable pop-up blockers in order to view the content in its entirety.
This event is being streamed. It is recommended that you listen via your computer speakers.
International/Toll Attendee Dial In: +44(0)2071928000
Conference ID: 8897203
The above information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Further information and contact:
About MPC Container Ships ASA:
MPC Container Ships ASA (ticker code "MPCC") was formed in April 2017. Its main activity is to own and operate a portfolio of container ships with a focus on the feeder segment between 1,000 and 3,000 TEU. The Company is registered and has its business office in Oslo, Norway. For more information, please see our webpage: www.mpc-container.com