OSLO, Norway, Feb. 28, 2019
OSLO, Norway, Feb. 28, 2019 /PRNewswire/ --
Q4 and twelve-month 2018 results:
MPC Container Ships ASA ("MPCC" or the "Company", together with its subsidiaries the "Group") today published its unaudited financial report for the twelve-month period ended 31 December 2018. The Group reports a net loss of USD -1.6 million for Q1 – Q4 2018.
As of 31 December 2018, the Group has acquired and taken over 69 container vessels, whereof 61 are fully owned and 8 are operated in a joint venture.
CEO Constantin Baack comments in relation to the announcement: "In 2018, MPC Container Ships grew and stabilised operations to become one of the world's largest owners of feeder container vessels. We assumed ownership of an additional 40 vessels, propelling the fleet to 69 ships, and listed the Company on the Mainboard of the Oslo Stock Exchange.
On the back of improved charter markets, revenues developed favourably in Q1 – Q3 2018. Contrarily, global trade tensions and political uncertainties led to a shift in sentiment in Q4 and earnings were affected by challenging shipping markets. Due to this and the Company's rapid ramp-up and expansion of operations, MPCC reports a net loss for FY 2018. Adjusting for non-recurring expenses would yield a balanced result.
Despite the geopolitical environment and charter markets having proven difficult also into 2019, we foresee upticks in demand growth paired with limited supply growth for smaller vessel segments, in sum pointing towards a market rebalancing. In addition, IMO 2020 implications (e.g. scrubber retrofits, tank cleanings and slow steaming) and accelerated vessel demolition activity should curb supply growth even further.
Going forward, MPCC will maintain a low cash break-even, prudent leverage profile and capital allocation (e.g. share buy-back programme as outlined below). As such, MPCC is positioned to benefit from expected market improvements whilst we ensure manoeuvrability under current conditions"
Q4 and twelve-month 2018 earnings call:
The Company will host a webcast for the presentation of the Q4 and twelve-month 2018 results commencing on 28 February 2019 at 15:00 hours CET. The presentation will be made available on the Company's webpage (www.mpc-container.com/#IR) from 12:00 hours CET. There will be a Q&A session after the presentation.
The webcast can be accessed through the following link:
Please note that for optimal viewing, it is recommended not to use VPN, but instead to connect directly to the internet. Please disable pop-up blockers in order to view the content in its entirety.
This event is being streamed. It is recommended that you listen via your computer speakers.
International/Toll Attendee Dial In: +44(0)2071928000
Conference ID: 2978965
Initiation of share buy-back programme:
Pursuant to the authority for the Company's Board of Directors to acquire shares in the Company, as granted by an extraordinary general meeting on 17 January 2019, the Board of Directors has resolved to initiate a share buy-back programme.
The share buy-back programme comprises up to 8,425,300 common shares, representing up to 10% of the Company's share capital.
When acquiring own shares the consideration per share may not exceed NOK 200, and shall in no event exceed the price of the last independent trade or the highest current independent bid at the Oslo Stock Exchange on the relevant trading day. The number of shares acquired per day shall not exceed 8,594, representing 25% of the average daily trading volume in January 2019 (excluding reported trades not matched via the stock exchange's electronic order book) of 34,376 shares.
Any acquired shares may for example be used as consideration in acquisitions or other transactions. The Board of Directors determines the methods by which the Company's shares can be acquired or disposed of. Any repurchased shares will be held as treasury shares.
The buy-back programme will commence today and will continue until the Company's next annual general meeting, scheduled for 25 April 2019. Any transactions in own shares will be continuously and promptly disclosed through the Oslo Stock Exchange and on the Company's webpage.
The above information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Further information and contact:
About MPC Container Ships ASA:
MPC Container Ships ASA (ticker code "MPCC") was formed in April 2017. Its main activity is to own and operate a portfolio of container ships with a focus on the feeder segment between 1,000 and 3,000 TEU. The Company is registered and has its business office in Oslo, Norway. For more information, please see our webpage: www.mpc-container.com
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
190228 MPCC - Q4 2018 Report