Highlights
- Charter backlog increased to USD 1.2 billion with increased contract coverage for 2025 (85%) and 2026 (57%)
- Quarterly recurring dividend of USD 0.10 per share, bringing aggregated total dividends to USD 937 million declared since February 2022
- The financial guidance for 2024 increased to operating revenues in the range of USD 525-535 million (previous: USD 510-520 million) and EBITDA in the range of USD 345-355 million (previous: USD 335-350 million).
- Continued robust operations with high fleet utilization of 97.3% (Q3 2023: 98.7%) and average TCE of USD 26,334 per day (Q3 2023: USD 27,531).
- Operating revenues of USD 132.5 million (Q3 2023: USD 184.0 million) and EBITDA of USD 84.8 million (Q3 2023: USD 140.4 million). EBITDA adjusted for non-recurring items was USD 78.7 million (Q2 2023: USD 105.7 million).
- Profit for the period was USD 63.7 million (Q3 2023: USD 68.2 million) and USD 57.5 million adj. for non-recurring items (Q3 2023: USD 81.6 million).
- Adj. EPS was USD 0.13 (Q3 2023: USD 0.18).
- As at September 30, 2024, the Group’s fleet consisted of 56 vessels, with an aggregate capacity of approximately 128,000 TEU.
Commenting on MPCC’s results in the third quarter, Co-CEO and CFO Moritz Fuhrmann, said:
“MPCC’s performance in the third quarter demonstrates continued value creation, highlighting our ability to take great advantage of the strong market, seizing opportunities and executing effectively. We are committed to the ongoing fleet renewal with a focus on optimization and sustainability. Our strategic decisions have enabled us to utilize the capital markets efficiently, secure longer revenue visibility and execute key transactions to enhance our fleet composition, strengthening MPCC’s long-term position at the same time as we continue to be an agile player in the dynamic market. We also continue to distribute attractive quarterly dividends, providing shareholders with consistent returns.”
Reflecting on recent market trends and the outlook, CEO Constantin Baack added:
“Throughout the quarter, and 2024, the container market has continued to experience considerable influence from geopolitical disruptions, and the quarter was marked by increased container demand as shippers frontloaded cargo to mitigate risks. This resulted in a strong freight market and limited idle fleet amongst tonnage providers. MPCC has successfully capitalized on the market situation and enhanced our solid charter backlog to USD 1.2 billion with 2024 fully booked, and contract coverage of 85% and 57% of open days in 2025 and 2026, respectively. This provides great revenue visibility going forward and strengthens our ability to deliver robust results and dividends over the coming years.
As we look forward to 2025 and beyond, we are confident in our ability to continue driving growth and delivering value to our shareholders. We are well positioned to navigate and create value in both favorable and challenging markets, and committed to enhancing our operational capabilities, expanding our market presence, and pursuing sustainable growth initiatives.”
The above information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Source: MPC Container Ships
