MPC Container Ships ASA reported operating revenues of $170 million and adjusted EBITDA of $65 million for the second quarter of 2026, while securing a $2.2 billion contract revenue backlog that is projected to generate approximately $1.4 billion in EBITDA.
The Oslo-listed company, which operates a fleet of 67 vessels with an average capacity of 3,100 TEU, raised $107 million through an oversubscribed private placement of more than 44 million new shares. It also acquired four 2023/2024-built 7,000 TEU eco-vessels for $340 million and sold two vessels for $40 million, reducing gross debt to $450 million while maintaining net debt near zero.
Pro forma liquidity stands at about $680 million, including undrawn revolving credit capacity, with a leverage ratio of 28.4%. A new $375 million senior secured term loan facility was signed to support fleet expansion and refinancing.
Charter coverage remains robust, with 99% of available days for 2026 already contracted, 85% for 2027, and 60% for 2028. The forward contracted time charter equivalent rate is in the mid-$25,000s per day, providing visibility into earnings stability.
Co-CEOs Constantin Baack and Moritz Fuhrmann highlighted the company’s strengthened position, noting that the backlog and coverage through 2029 offer "very well positioned for the future" operational security. Fuhrmann added that "almost 100% of open days are covered for the rest of 2026," with minimal exposure to spot market volatility.
The company’s fleet modernization continues, with 78% of vessels classified as eco-friendly and an average build year improving to 2016 from 2007 in 2021. Since Q3 2021, MPC has invested roughly $1.8 billion in fleet renewal and distributed around $1.1 billion to shareholders.
Shares rose 1.63% to $28.05 in premarket trading, nearing the upper end of the 52-week range.
