A $2.2bn backlog and coverage running to 2029 carry the owner through a volatile market, with fleet renewal funded and moving.
MPC Container Ships (Oslo Børs: MPCC) reported operating revenues of $116.9 million for the second quarter of 2026, down from $137.9 million in the same quarter of 2025. EBITDA came to $95.4 million against $107.4 million a year earlier. Stripped of non-recurring items, EBITDA was $65.0 million, compared with $80.7 million.
The adjusted average TCE rate eased to $24,951 per day from $26,247. Fleet utilization moved the other way, rising to 98.8% from 97.6%.
The Oslo-listed owner holds a contracted charter backlog of $2.2 billion. Coverage stands at 99% for 2026, 85% for 2027, 60% for 2028 and 39% for 2029. Chief Executive Officer Constantin Baack commented:
“The second quarter was another quarter of consistent performance and a reminder of the value of contracted visibility in a market that remains volatile and hard to predict.
In our segment the market stayed firm, with tight supply of modern tonnage and resilient demand from intra-regional trade and continued supply chain disruptions.
Our fleet renewal strategy is delivering results, and our long-term charter coverage provides as a natural hedge that secures earnings independent of market swings.
With a contracted revenue backlog of USD 2.2 billion and coverage extending well into 2028 and beyond, visibility has become one of our most valuable assets.”
The board declared a recurring quarterly dividend of $0.04 per share.
Fleet and financing
The group counted 65 vessels of 186,000 teu at the end of the quarter, of which 17 were newbuildings on order. One newbuilding was delivered in August.
Co-Chief Executive Officer and Chief Financial Officer Moritz Fuhrmann added:
“We continued to advance our fleet renewal on a sound financial footing. We secured a new USD 375 million senior secured term loan to finance ten of the newbuildings ordered last year, and shortly after quarter-end completed an oversubscribed USD 107 million private placement that restored balance-sheet flexibility and brought in a number of new investors.
Our balance sheet remains conservative, with moderate leverage and a significant portion of the fleet debt-free, positioning us to pursue further value-accretive opportunities for our shareholders.”
The balance sheet carries 30 debt-free vessels and a leverage ratio of 28.4%.
About MPC Container Ships:
MPC Container Ships ASA (ticker code “MPCC”) is a leading container tonnage provider focusing on small to mid-size container ships. 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 visit www.mpc-container.com.
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