MPC Container Ships ASA reports Q3 and nine-month 2020 results

• Q3 2020 operating revenue USD 41.2 million. YTD Q3 2020 operating revenue USD 126.3 million.
• Q3 2020 EBITDA USD 2.7 million. YTD Q3 2020 EBITDA USD 11.6 million.
• Q3 2020 net loss USD 17.8 million. YTD Q3 2020 net loss USD 46.1 million.
• Equity ratio 57.1% as at 30 September 2020.

Oslo, 20 November 2020

Q3 and nine-month 2020 results:

MPC Container Ships ASA ("MPCC" or the "Company", together with its subsidiaries the "Group") today published its unaudited financial report for the nine-month period ended 30 September 2020. The Group reports a net loss of USD 17.8 million for Q3 2020.

• Total revenue was USD 41.2 million in Q3 2020 (Q2 2020: USD 39.1 million).
• EBITDA was USD 2.7 million in Q3 2020 (Q2 2020: USD 1.4 million).
• Utilization was 93.8% in Q3 2020 (Q2 2020: 84.5%).
• Average time charter equivalent ("TCE") was USD 7,412 per day in Q3 2020 (Q2 2020: USD 7,938 per day).
• Cash and cash equivalents stood at USD 50.2 million as at 30 September 2020. As at the same date, the Group has an equity ratio of 57.1% and a leverage ratio of 39.1%.

As at 30 September 2020, the Group has acquired and taken over 66 container vessels, whereof 58 are fully owned and 8 are operated in a joint venture.

CEO Constantin Baack comments in relation to the announcement: "For container shipping, the operating environment YTD 2020 has been genuinely bipolar. The charter market pre-summer hit perilously low levels as a consequence of COVID-related port closures and global lockdowns, only to recuperate this autumn to 10-year highs across vessel segments.

Part of the recent rally in charter rates was caused by catch-up effects in the aftermath of COVID lockdowns and adhering bottlenecks in international trade. The favourable mid- to long-term fundamentals of container shipping, however, still persist. In fact, the pandemic has necessitated changes in trading patterns which reconfirm the need for a flexible fleet of intra-regional vessels. At the same time, the order book for new tonnage remains at a record low.

In a very strong Q4 2020 charter market and until end-of Q1 2021, MPC Container Ships expects to renew or enter into new charter contracts for up to 40 vessels, a significant portion of our total fleet. Whilst our Q3 2020, and to some degree Q4 2020, financials are affected by the depressed market during the spring and summer months, the strong fixtures concluded as of late will significantly improve the company’s position in 2021 and onwards."

Q3 and nine-month 2020 earnings call and webcast:

The Company will host a webcast for the presentation of the Q3 2020 results commencing on Monday 23 November 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://edge.media-server.com/mmc/p/vsgqvpd2

Alternatively, participants may dial in to the earnings call using the below dial-in information:

Norwegian LocalCall Dial-In (Oslo): +47 23 96 02 64

US LocalCall Dial-In (New York): +1 (631) 510-7495

International/Toll Attendee Dial-In: +44 (0) 2071 928000

Conference ID: 1799254

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:

For further information, please contact ir@mpc-container.com.

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 serving intra-regional trade lanes. The Company is registered and has its business office in Oslo, Norway. For more information, please see our website: www.mpc-container.com.