1. Homepage
  2. Equities
  3. Norway
  4. Oslo Bors
  5. MPC Container Ships ASA
  6. News
  7. Summary
    MPCC   NO0010791353

MPC CONTAINER SHIPS ASA

(MPCC)
  Report
Real-time Oslo Bors  -  10:26 2022-08-10 am EDT
23.90 NOK   +1.01%
07/16Mandatory notification of Trade by closely associated party of a primary insider
AQ
07/14Mandatory notification of Trade by closely associated party of a primary insider
AQ
07/12Mandatory notification of Trade by closely associated party of a primary insider
AQ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

MPCC orders two carbon-neutral 1,300 TEU newbuildings in partnership with industrial group Elkem and North Sea Container Line

07/04/2022 | 02:33am EDT
Oslo, 4 July 2022 - MPC Container Ships ASA ("MPCC" or the "Company", and
together with its subsidiaries, the "Group") is pleased to announce the
following company update:

  · MPCC has contracted two carbon-neutral 1,300 TEU newbuildings at Chinese
-based shipyard Taizhou Sanfu Ship Engineering for delivery in the second half
of 2024.
  · The vessels come with a dual fuel engine setup which enables operation on
methanol as well as conventional MGO, allowing MPCC to take a significant leap
forward in its commitment to use carbon-neutral solutions in regional container
trades together with strong partners.
  · The vessels come with 15-year time charters to North Sea Container Line AS
(NCL), backed by CoAs from various parties, including a 15-year CoA with
Norwegian industrial group Elkem ASA.
  · The contract price of USD 39m per vessel is covered by the contracted cash
flows from the 15-year time charter with NCL at an initial rate of EUR
~16,300/day, before inflationary adjustment mechanisms.
  · The transaction will provide earnings visibility into 2040 supporting MPCC's
distribution policy, with no negative impact on expected distributions in
2022/2023.
  · The project has been awarded NOK 13.7 million by Enova, owned by the
Norwegian Ministry of Climate and Environment, and NOK 60 million from the NOx
fund, the Norwegian business sector's fund to reduce emissions.
  · The vessel owning entities will be majority owned by MPCC (90.1%) together
with Topeka MPC Maritime AS (9.9%), a joint venture between Topeka Holding AS
(zero emission shipping company owned by Wilhelmsen Group) and MPC Capital AG.

CEO Constantin Baack comments in relation to the announcement: "I am excited to
announce the order of two carbon-neutral newbuildings with long-term time
charters. Together with our partners NCL and Elkem, this project allows us to
set up a green transportation corridor in Northern Europe, proving our ability
to identify and execute on opportunities that are accretive whilst allowing us
to make the right move towards a further decarbonisation of the fleet. It also
demonstrates that we can meet ambitious environmental goals by joining forces
with like-minded partners and we are looking forward to facilitating a green
container shipping supply chain along the Norwegian coastline.

We believe that regional container trades with their specific features such as
predictable trading profiles and manageable investments in fuel infrastructure
will likely become the first truly green shipping trades.

With this project we continue to execute our selective growth strategy whilst
mitigating residual value risk and renewing our fleet. The economics of this
deal will support MPCC's distribution potential from 2024 onwards.

With the most recent USD 71m dividend payment, MPCC has YTD 2022 distributed a
total of USD 271m to its shareholders, emphasizing our strong commitment to
returning capital to investors, which will remain our key priority going
forward."

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.

This stock exchange announcement was published by Andreas Nguyen, Investor
Relations at MPC Container Ships ASA, on 4 July 2022 at 08:30 CEST.

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") is a leading container tonnage
provider with a focus on small to mid-size containerships. Its main activity is
to own and operate a portfolio of container ships serving intra-regional trade
lanes on fixed-rate charters. 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.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

Stocks mentioned in the article
ChangeLast1st jan.
ELKEM ASA 0.73% 38.8 Real-time Quote.29.18%
MPC CONTAINER SHIPS ASA 1.01% 23.9 Real-time Quote.-3.63%
All news about MPC CONTAINER SHIPS ASA
07/16Mandatory notification of Trade by closely associated party of a primary insider
AQ
07/14Mandatory notification of Trade by closely associated party of a primary insider
AQ
07/12Mandatory notification of Trade by closely associated party of a primary insider
AQ
07/11Mandatory notification of Trade - Primary Insiders
AQ
07/06Mandatory notification of Trade - Primary Insiders
AQ
07/04Mandatory notification of Trade - Primary Insiders
AQ
07/04Norway's MPC Container Contracts Two New Carbon-neutral Ships at China-based Shipyard
MT
07/04Elkem, North Sea Container Line to Commission Two Methanol-Fueled Ships from MPC Contai..
MT
07/04MPCC orders two carbon-neutral 1,300 TEU newbuildings in partnership with industrial gr..
AQ
07/04MPCC orders two carbon-neutral 1,300 TEU newbuildings in partnership with industrial gr..
AQ
More news
Financials (USD)
Sales 2022 670 M - -
Net income 2022 413 M - -
Net Debt 2022 53,5 M - -
P/E ratio 2022 2,70x
Yield 2022 26,3%
Capitalization 1 115 M 1 115 M -
EV / Sales 2022 1,74x
EV / Sales 2023 1,52x
Nbr of Employees 24
Free-Float 57,4%
Chart MPC CONTAINER SHIPS ASA
Duration : Period :
MPC Container Ships ASA Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends MPC CONTAINER SHIPS ASA
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Last Close Price 2,51 $
Average target price 3,72 $
Spread / Average Target 48,1%
EPS Revisions
Managers and Directors
Constantin Baack Chief Executive Officer & Managing Director
Benjamin Pfeifer Group Chief Financial Officer
Ulf Holländer Chairman
Laura Carballo Beautell Independent Director
Ellen Merete Hanetho Independent Director