MPC Container Ships ASA

Second-quarter operating revenues were $170 million, adjusted EBITDA was $65 million, and the dividend was $0.04 per share. The company said revenue backlog remained $2.2 billion, which it also described as translating into roughly $1.4 billion of projected EBITDA. Forward coverage was stated at 99% for 2026, 85% for 2027, 60% for 2028, and 39% for 2029, with contracted forward TCEs in the mid-$25,000s per day. On the balance sheet, management said pro forma liquidity is around $680 million including undrawn RCF capacity, gross debt is $450 million, and leverage is 28.4%. For guidance, Moritz Fuhrmann said the updated summer guidance remains unchanged for both top line and EBITDA, unless further vessel sales create book gains.

Constantin Baack emphasized that the quarter reflected a deliberate long-term strategy: modernizing the fleet, extending visibility through backlog, and keeping flexibility to act on opportunities. He said the recent vessel acquisitions fit the company’s plan to add younger, more fuel-efficient tonnage and expand into the 7,000 TEU segment, which he sees as attractive as intra-regional trades grow. His tone was confident and explanatory, with repeated emphasis that the company is positioned well regardless of market direction.

Moritz Fuhrmann focused on execution, coverage, and funding. He highlighted the 4-vessel acquisition, the $375 million senior secured term loan, the sale and handover of vessels, and the post-quarter private placement raising USD 107 million. He also cited around $680 million of pro forma liquidity, $450 million of gross debt, 30 debt-free vessels worth around $770 million at fair market value, and a 28.4% leverage ratio, framing the balance sheet as strong enough to support continued renewal and growth.

Analysts asked why the company did not raise guidance this quarter, and management said the guidance had already been updated during the summer and remains unchanged because 2026 coverage is essentially maxed out. Another question focused on capital allocation and whether the dividend policy could be revisited; Constantin Baack said the company still adheres to its adjusted dividend policy and views stable distributions as part of the strategy, even while retaining capacity for growth investments. On the market, analysts pressed on the unusually strong forward fixing environment, and management said charterers are facing scarcity, congestion, and infrastructure constraints, while fundamental demand has been better than expected.