Market dip depresses earnings at MPC Container Ships

MPC Container Ships, the Oslo-listed shipping company, generated significantly lower profits in the fourth quarter of 2023 than in the previous year.

Pre-tax profit amounted to USD 93.6 million, compared to USD 127 million in the same period of the previous year. Profit fell by two-thirds from $103.6 million to $35.7 million. [ds_preview]

This is due to the significant decline in charter rates, which averaged $27,405/day, almost $4,000 lower than in the last three months of the previous year. Fleet utilization stood at 98.2% and was thus even slightly higher in comparison (97.8%).

MPC Container Ships posts a profit of USD 325 million

For the full year 2024, MPCC’s management expects revenues of $435-470 million and EBITDA in the range of $240-280 million. For 2023, the preliminary figures show revenue of USD 711 million with a profit of USD 325 million. The debt ratio was 13%.

MPC, Baack, MPC Container Ships
Constantin Baack (© MPC Container Ships)

Including the fourth quarter, dividends paid and declared in the last twelve months total around $350 million, which corresponds to more than 50% of the company’s market capitalization at the beginning of 2023, according to the statement.

As of 31 December, the Group’s fleet consisted of 59 vessels with a total capacity of around 126,943 TEU. Of these ships, three were still for sale. “Our order book remains very robust with contracted revenues of $1 billion and a fleet utilization of 78%,” said Constantin Baack, CEO of MPCC.

Related Articles

The MSC subsidiary SAS Shipping Agencies Services is taking over the Norwegian car carrier shipping...

The Finnish shipyard Meyer Turku, which belongs to the Papenburg-based Meyer Group, was unable to...

Almost three years after the takeover, the Italian company de Nora is selling Hyde Marine's...

The Hamburg-based MPP shipping company United Heavy Lift has completed its series of 19 newbuildings...

The French liner shipping company CMA CGM, the No. 3 in the global ranking, has...

The German start-up Cargokite is developing ships that are to be powered entirely by wind...


Get an overview of the week’s most important news directly to you inbox:

Copyright: © MPCC

Caption: © MPCC