Norwegian short-sea container line MPC Container Ships ASA posted a 67% year-over-year increase in operating revenue to $170 million for the second quarter of 2026, alongside adjusted EBITDA of $65 million. The company declared a $0.04 per-share dividend, marking its 19th consecutive quarterly payout.
MPC’s contract revenue backlog stood at $2.2 billion as of August 2026, with projected EBITDA contributions of approximately $1.4 billion. Net debt remained near zero, while pro forma liquidity reached $680 million, including undrawn revolving credit capacity. The leverage ratio was reported at 28.4%.
Shares rose 1.63% in premarket trading to $28.05, nearing the upper end of the 52-week range. Analysts had forecast EPS of $0.0754 and revenue of $101.73 million for the period.
The company’s pro forma fleet comprises 67 vessels, 78% of which are eco-vessels, rising to 83% on a TEU-weighted basis. Average vessel size increased to about 3,100 TEU from roughly 2,100 TEU in 2021, while the average fleet build year improved from 2007 to 2016. Thirty vessels are debt-free, with a fair market value of approximately $770 million.
MPC completed a $107 million private placement in June, issuing over 44 million new shares, and secured a $375 million pre- and post-delivery term loan facility. It also acquired four 2023/2024-build 7,000 TEU eco-vessels for $340 million on three-year time charters and sold five vessels for a total of $40 million.
Charter coverage remains near full for 2026 at 99%, with 85% for 2027, 60% for 2028 and 39% for 2029. The contracted forward TCE rate sits in the mid-$25,000s per day, while current charter market levels range from about $21,000 per day for 1,300 TEU units to up to $32,000 per day for 3,500 TEU tonnage.
Co-CEOs Constantin Baack and Moritz Fuhrmann highlighted strong fleet visibility and disciplined growth. Fuhrmann noted that "almost 100% of open days are covered for the rest of 2026," while Baack stated that the backlog "leaves us very well positioned for the future."
