MPC Container Ships (MPCC) delivered solid operational and financial results in Q2 2024, driven by efficient operations and high fleet utilization. The company capitalized on favorable market conditions, significantly boosting its long-term contract coverage and charter backlog, which reached USD 1.1 billion. MPCC continued to enhance its fleet composition through key renewal and optimization initiatives, according to an article published on its website.
Strong Q2 2024 Results
The company declared a quarterly dividend of USD 0.10 per share, totaling approximately USD 44.4 million, marking the 11th consecutive quarterly dividend. Financial guidance for 2024 was also revised upwards, with expected operating revenues in the range of USD 510-520 million and EBITDA of USD 335-350 million.
MPCC maintained strong operations with a fleet utilization rate of 97.6% and an average time charter equivalent (TCE) of USD 26,742 per day. Operating revenues for the quarter stood at USD 130.9 million, with an EBITDA of USD 84.4 million, adjusted to USD 78.0 million for non-recurring items. Profit for the period was USD 64.8 million, with an adjusted profit of USD 58.4 million. Adjusted earnings per share (EPS) came in at USD 0.13.
As of June 30, 2024, MPCC’s fleet consisted of 55 vessels with an aggregate capacity of approximately 120,000 TEU.
Co-CEO and CFO Moritz Fuhrmann highlighted the effectiveness of MPCC’s strategy in securing long-term contracts and advancing fleet renewal initiatives, while CEO Constantin Baack noted the benefits of strong freight and charter rates in the first half of 2024. Looking ahead, MPCC is well-positioned to navigate market volatility and pursue opportunities that create lasting shareholder value.
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Source: MPC Container Ship
