MPC Container Ships ASA reports Q4 and twelve-month 2020 results

• Improved operating revenue, utilization and EBITDA compared to Q3 2020.
• Q4 2020 results still impacted by COVID and other non-recurring effects.
• Intense chartering activity both in Q4 2020 and YTD 2021 translates into significant charter backlog of ~USD 157m for FY 2021.

Oslo, 25 February 2021

Q4 and twelve-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 twelve-month period ended 31 December 2020.

• Total revenue was USD 45.6 million in Q4 2020 (Q3 2020: USD 41.2 million).
• EBITDA was USD 4.5 million in Q4 2020 (Q3 2020: USD 2.7 million), and adjusted EBITDA was USD 7.6m in Q4 2020.
• Net loss was USD 18.4 million in Q4 2020 (Q3 2020: USD 17.8 million), and adjusted net loss was USD 10.5m in Q4 2020.
• Utilization was 97.0% in Q4 2020 (Q3 2020: 93.8%).
• Average time charter equivalent ("TCE") was USD 8,115 per day in Q4 2020 (Q3 2020: USD 7,412 per day).
• Cash and cash equivalents stood at USD 39.3 million as at 31 December 2020. As at the same date, the Group has an equity ratio of 56.5% and a leverage ratio of 40.8%.

As at 31 December 2020, the Group has acquired and taken over 65 container vessels, whereof 57 are fully owned and 8 are operated in a joint venture.

For FY 2021, management currently expects, subject to certain assumptions, revenues in the range of USD 200-240m and EBITDA in the range of USD 90-120m.

The above indication is based on 68% fixed operating days charter coverage for FY 2021, reflecting ~USD 157m in contracted charter revenue. Please also note that the above indication is subject to assessments of the current macroeconomic and charter market environment. Accordingly, this indication involves a number of risks and uncertainties, and the actual future financial performance of the Company may vary significantly from the present outlook.

CEO Constantin Baack comments in relation to the announcement: "The year 2020 proved unexpectedly volatile, but the v-shaped recovery during the latter half boded very well for the container shipping industry in particular. Tonnage providers such as MPC Container Ships are greatly benefitting from the sharp upturn in charter rates, albeit with a certain time lag as our customers exhausted their pre-recovery charterparties to their fullest.

By now, the strong market momentum has pushed charter rates to 10-year highs whilst extending achievable charter periods. In the midst of these ideal market dynamics, MPC Container Ships has re-chartered out the majority of our fleet and will see more vessels coming open during the next months. As such, the company is accumulating a sizeable charter backlog and secured earnings.

The world has witnessed more than one demand disruption during the past few years, and one should not discard similar occurrences going forward. That being mentioned, we view the current market momentum and fundamentals as very compelling, and look forward to 2021."

Q4 and twelve-month 2020 earnings call and webcast:

The Company will host a webcast for the presentation of the Q4 2020 results commencing on Thursday 25 February 2021 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/) prior to the earnings call. 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/ecz386nr

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: 8783105

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.

Forward-looking statements:

This announcement includes forward-looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's regulatory filings and periodical reporting. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.