MPC Container Ships ASA reports Q4 and twelve-month 2019 results
- Q4 2019 operating revenue USD 44.2 million. FY 2019 operating revenue USD 184.7 million.
- Q4 2019 EBITDA USD 4.8 million. FY 2019 EBITDA USD 22.1 million.
- Q4 2019 net loss USD 14.2 million. FY 2019 net loss USD 39.7 million.
- Equity ratio 57.2% as of 31 December 2019.
Oslo, 28 February 2020
Q4 and twelve-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 twelve-month period ended 31 December 2019. The Group reports a net loss of USD 14.2 million for Q4 2019 and a net loss of USD 39.7 million for FY 2019.
- Total revenue was USD 44.2 million in Q4 2019 (Q3 2019: USD 46.0 million).
- EBITDA was USD 4.8 million in Q4 2019 (Q3 2019: USD 4.5 million).
- Utilization was 95.7% in Q4 2019 (Q3 2019: 92.9%). Considering off-hire days related to retrofitting works, repositioning of these vessels and class renewals, Q4 2019 utilization was 88.6% (Q3 2019: 85.1%).
- Average time charter equivalent ("TCE") was USD 8,505 per day in Q4 2019 (Q3 2019: USD 8,718 per day) and USD 8,885 per day in FY 2019.
- Cash and cash equivalents stood at USD 40.2 million as of 31 December 2019. As of the same date, the Group has an equity ratio of 57.2% and a leverage ratio of 38.9%.
As of 31 December 2019, the Group has acquired and taken over 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: "By year-end 2019, while manoeuvring through trade war concerns and volatile markets, MPC Container Ships had delivered on our balanced IMO 2020 strategy and concluded CAPEX-intensive scrubber retrofit and fuel change-over programmes. The IMO 2020 preparations had noticeable impacts on the company’s H2 2019 utilization and financial results. However, all ten vessels selected for exhaust gas cleaning system investments have been successfully retrofitted and today enjoy longer-term employment at attractive terms, including fuel spread savings sharing mechanisms.
Whilst 2020 begun with an encouraging outlook as the global economy displayed first signs of recovery, the outbreak of the COVID-19 coronavirus has notably disrupted global supply chains and the short-term trade outlook. Despite this, overall container market fundamentals are intact and once container logistics return to normal, economic activity is expected to rebound and resume its growth trajectory."
Q4 and twelve-month 2019 earnings call and webcast:
The Company will host a webcast for the presentation of the Q4 2019 results commencing on 28 February 2020 at 15:00 hours CET / 09:00 hours EST. The presentation will be made available on the Company’s webpage (https://www.mpc-container.com/en/financial-reports/) from 12:00 hours CET / 06:00 hours EST. There will be a Q&A session after the presentation.
The event is being streamed. It is recommended that you listen via your computer speakers. 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.
The live webcast can be accessed through the following link:
https://digital.vevent.com/rt/mpc-container/index.jsp?seid=38
Alternatively, participants may dial in to the earnings call using the below dial-in information:
Norwegian LocalCall Dial-In (Oslo): +4723960264
US LocalCall Dial-In (New York): +16315107495
International/Toll Attendee Dial-In: +44(0)2071928000
Conference ID: 1286156
Following the earnings call, a post-call recording of the webcast will be made available on the Company’s webpage (https://www.mpc-container.com/en/financial-reports/).
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