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MPC Container Ships ASA reports Q3 and nine-month 2019 results

03 Δεκεμβρίου 2019.

mpcontainerQ3 and nine-month 2019 results:

MPC Container Ships ASA (“MPCC” or the “Company”, together with its subsidiaries the “Group”) published its unaudited financial report for the nine-month period ended 30 September 2019. The Group reports a net loss of USD 11.4 million for Q3 2019.

Total revenue was USD 46.0 million in Q3 2019 (Q2 2019: USD 47.8 million).

EBITDA was USD 4.5 million in Q3 2019 (Q2 2019: USD 8.1 million).

Utilization was 92.9% in Q3 2019 (Q2 2019: 93.0%). Considering off-hire related to retrofitting works, repositioning of these vessels and other technical off-hire, Q3 2019 utilization was 85.1% (Q2 2019: 90.9%).

Average time charter equivalent (“TCE”) was USD 8,718 per day in Q3 2019 (Q2 2019: USD 9,071 per day).

Cash and cash equivalents stood at USD 43.5 million as of 30 September 2019. As of the same date, the Group has an equity ratio of 59.3% and a leverage ratio of 38.2%.

As of 30 September 2019, the Group owns 68 container vessels, whereof 60 are fully owned and 8 are operated in a joint venture.

CEO Constantin Baack comments in relation to the announcement: “Despite a continuously challenging market environment burdened by a panoptic slowdown in world economic activity, the container shipping charter rate environment has stabilised in recent months. The feeder segment witnessed a moderate supply-demand rebalancing in Q3 2019, albeit with a more hesitant growth trajectory compared to larger vessel segments.

MPC Container Ships is well-prepared for IMO 2020. The fuel-changeover programme is nearing completion and the scrubber installations are in execution in H2 2019, as is evident from the impact on the company’s utilization and results. Six out of ten vessels selected for exhaust gas cleaning system installation have been successfully retrofitted. We expect remaining four vessels to be equipped with scrubbers by end-of 2019 in accordance with the planned project schedule.

We foresee attractive opportunities and charter rate recovery potential in a IMO 2020 environment. Prominent factors supporting improved market conditions are scrubber programme delays reaching well into 2020, increased ship recycling due to both the sulphur emissions cap regulations and ballast water management system code, and a continued low supply growth. In such a scenario, MPC Container Ships is well-positioned to capture the expected benefits”.

Full Report: MPA Container Ships ASA











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