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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.

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Copyright: © MPCC

Caption: © MPCC