Oslo-listed feeder player MPC Container Ships has seen profit shaved in the third quarter by lower freight rates.
Net earnings were $63.7m to 30 September, versus $68.2m in the same period of 2023.
The company’s 56 ships brought in revenue of $132.5m, against $184m.
The average time-charter equivalent earnings figure was $26,334 per day, down from $27,531 per day in the same quarter last year.
The owner still pointed to a “robust financial and operational performance”, characterised by high utilisation of 97.3%, although down from 98.7% in 2023.
The performance demonstrates the company’s “continued ability to capitalise on the strong market, strengthening long-term contract coverage and revenue visibility with a backlog of $1.2bn”, MPC Container said.
Vessel days for 2024 are now fully booked, and coverage has risen to 85% of open days in 2025, and 57% in 2026.
Fearnley Securities said Ebitda of $80m was a little ahead of consensus.
The 2024 Ebitda forecast has been raised to between $345m and $355m, compared to a consensus of $324m.
MPC Container is paying a dividend of $0.10 per share, meaning a total of $44.4m is going back to shareholders.
Disrupted market
Co-chief executive Constantin Baack described the boxship market as continuing to experience considerable influence from geopolitical disruptions.
“The quarter was marked by increased container demand as shippers frontloaded cargo to mitigate risks. This resulted in a strong freight market and limited idle fleet among tonnage providers,” he said.
Looking to 2025 and beyond, he added that the company is confident in its ability to continue driving growth and delivering value to shareholders.
“We are well positioned to navigate and create value in both favourable and challenging markets, and committed to enhancing our operational capabilities, expanding our market presence and pursuing sustainable growth initiatives,” Baack said.
Co-chief executive Moritz Fuhrmann said: “We are committed to the ongoing fleet renewal with a focus on optimisation and sustainability.
“Our strategic decisions have enabled us to utilise the capital markets efficiently, secure longer revenue visibility and execute key transactions to enhance our fleet composition, strengthening [MPC Container]’s long-term position at the same time as we continue to be an agile player in the dynamic market,” he added.
Two new feeder ships are on order at Taizhou Sanfu Shipbuilding in China for delivery in the fourth quarter of this year and the first quarter of 2025.
There is also a ship due in late 2026 from Wenchong Shipbuilding.
