Q3 2024 MPC Container Ships ASA Earnings Call Transcript
Key Points
- MPC Container Ships ASA (MPZZF) reported strong financial and operational results for Q3 2024, with an adjusted EBITDA of USD78 million.
- The company has significantly increased its charter backlog by more than 30% since the beginning of the year, now standing at USD1.2 billion.
- MPC Container Ships ASA (MPZZF) successfully issued a heavily oversubscribed USD125 million unsecured sustainability-linked bond, enhancing investment capacity.
- The company acquired four modern 3,800 TEU eco-vessels, securing long-term charters with Hapag-Lloyd, which enhances fleet composition and charter backlog.
- MPC Container Ships ASA (MPZZF) declared its 12th consecutive dividend, reflecting a strong commitment to returning capital to shareholders, with a total of USD937 million distributed over less than three years.
- The long-term market outlook remains uncertain due to supply-side dynamics, despite the current strong charter market.
- Net debt increased to approximately USD60 million due to newbuild deliveries and asset acquisitions, although leverage remains low at 19%.
- Year-on-year revenue and EBITDA have declined due to lower average charter rates compared to the previous year.
- The cash position slightly reduced by USD26 million quarter-to-quarter, impacted by dividend payments and asset acquisitions.
- The company faces potential competition from smaller Chinese players entering the container tonnage provider market, although it believes it is well-positioned to handle this.
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 Q3 2024 earnings call. Thank you for joining us to discuss MPC Container Ships' third-quarter earnings.
This morning, we have issued a stock market announcement covering MPCC's third-quarter results for the period ending September 30, 2024. The release, as well as the accompanying presentation for this conference call, are provided on our website under the Investors and Media section.
Please be advised that the material provided and our discussion today contains certain forward-looking statements and indicative figures. Extra results may differ materially from those stated or implied by forward-looking statements due to the risks and uncertainties associated with our business.
Before I hand over to Moritz who will provide a detailed review of the past quarter, let me share some initial reflections on the quarter. We
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