Q2 2024 MPC Container Ships ASA Earnings Call Transcript
Key Points
- MPC Container Ships ASA (MPZZF) reported strong financial results with top-line revenue of $131 million and EBITDA of $78 million.
- The company secured 17 vessel charters with an average duration of two years, adding approximately $300 million to the contracted revenue backlog.
- Fleet optimization efforts included selling older vessels and acquiring larger, younger tonnage, enhancing the fleet's overall value.
- The company declared a quarterly dividend of $0.10, marking the 11th consecutive dividend and bringing total distributions to $890 million over less than three years.
- MPC Container Ships ASA (MPZZF) maintained a high fleet utilization rate of approximately 98% for the quarter.
- The long-term market outlook remains uncertain due to supply-side dynamics, despite current strong performance.
- Financial figures showed a slight decreasing trend due to the legacy backlog running off.
- Operational expenses were slightly inflated at $7,500 per day for Q2 2024 due to one-off items.
- The company expects fleet utilization to be slightly lower in Q3 and Q4 due to a large number of upcoming dry dockings.
- The market for smaller feeder vessels has shown some downward corrections, with charter rates for vessels below 1,700 TEU experiencing a decline.
Good morning, and good afternoon, everyone. This is Constantin Baack, CEO of MPC Container Ships, and I'm joined by our CFO and Co-CEO, Moritz Fuhrmann. I would like to welcome you to our Q2 2024 earnings call.
Thank you for joining us to discuss MPC Container Ships second quarter earnings. This morning, we have issued a stock market announcement covering MPCC's second quarter results for the period ending June 30, 2024. The release, as well as the accompanying presentation for this conference call are available on the investor and media section of our website.
Please be advised that the material provided and our discussion today contain certain forward-looking statements and indicative figures. Actual results may differ materially from those stated or implied by forward-looking statements due to the risks and uncertainties associated with our business.
And on that note, I would like to hand over to Moritz, who will run you through the first part of our presentation.
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