Highlights
- Strong operating revenues of USD 162.1 million (+14% YOY) and EBITDA of USD 127.0 million
- Adj. EBITDA excl. non-recurring items of USD 114.3 million, up 24% YOY
- Profit for the period of USD 103.6 million resulting in EPS of USD 0.23
- Quarterly recurring dividend of USD 0.15 per share
- Fleet utilization was 97.8% (Q4 2021: 97.6%)
- Average TCE of USD 31,279 per day in Q4 2022 (Q4 2021: USD 23,103 per day)
- FY 2023 financial guidance for revenues of USD 610-630 million and EBITDA of USD 420-450 million
- Revenue backlog of USD 1.5 billion and contract coverage for 86% of operating days in 2023
As at December 31, 2022, the Group’s fleet consisted of 62 vessels, with an aggregate capacity of approximately 134,270 TEU.
For 2023, management currently expects, subject to certain assumptions, operating revenues in the range of USD 610-630 million and EBITDA in the range of USD 420-450 million, including expected gain from the sale of AS Cleopatra and AS Carinthia, announced in December 2022 and January 2023, and the settlement received for the early redelivery of AS Carlotta in January 2023.
Commenting on the results, CEO of MPC Container Ships, Constantin Baack said:
“We are pleased to report another strong quarterly result, rounding off the best financial year in MPCC’s history. This past year has brought a variety of challenges and opportunities, including a period with the highest charter rates in the history of container shipping as well as a rapid decline in freight- and charter rates throughout the second half of the year.
At MPCC, we focus on being agile and well-equipped to adjust our operations and strategy to fit with the prevailing market conditions. During the first half of 2022, we were able to capitalize on the strong markets by locking in long-term time charter contracts at very attractive rates, and at the end of the year we had contract coverage for 86% of operating days in 2023 and a charter backlog of USD 1.5 billion. We also continued to deleverage the company and currently operate with a low leverage of 16.1%.
Over the last few months, as part of our ongoing strategy for selective portfolio optimization, we have announced several new and accretive portfolio measures, which include continued divestments from our Bluewater joint venture and investments in younger, larger, scrubber-fitted vessels with existing charters contracts. These measures are not only earnings-accretive but also important efforts to maintain the long-term competitive position of MPCC.”
Commenting on the outlook for MPCC and the container shipping industry, Baack added:
“Vessel availability in the market is significantly reduced compared to historical averages. In addition, general improvements in the outlook for the global economy over recent months give reason for optimism in the medium-term outlook for container markets, in particular for intra-regional trades, for which the supply-demand balance appears considerably more encouraging than for the long-haul market.
With industry-low leverage and a robust charter backlog providing high earnings visibility for the coming year and beyond, MPCC remains in a very strong competitive position. In 2023, we will utilize our agile business model and financial flexibility to seize opportunities as they arise and will continue our focus on continuous fleet optimization while remaining highly committed to our policy for returning capital to our shareholders.”
Source: Hellenic Shipping News
