MPC Container Ships reported a $2.2 billion revenue backlog as of August 2026, alongside a fleet renewal program that has raised its eco-vessel share to 78% and increased average vessel size to 3,100 TEU since 2021.
The Norwegian feeder operator posted Q2 2026 operating revenues of $116.9 million, down from $137.9 million in the same period last year, while adjusted EBITDA declined to $65.0 million from $80.7 million. Fleet utilization remained high at 98.8%, with an adjusted average time charter equivalent rate of $24,951 per day. The company declared its 19th consecutive quarterly dividend of $0.04 per share.
Net debt fell to $22.0 million from $129.2 million in Q2 2025, and the leverage ratio dropped to 28.4% from 32.2%. Pro-forma liquidity stood at $680 million, including $122 million in undrawn revolving credit capacity. Gross debt totaled $448 million, with a fleet fair market value of $1.47 billion, including 30 debt-free vessels valued at $773 million.
MPC Container Ships completed the acquisition of four modern 7,000 TEU vessels for $340 million, funded via a $375 million senior secured term loan and a $107 million private placement. The vessels were chartered to a top-5 liner company under three-year fixed-rate agreements, generating $180 million in secured revenue and $140 million in secured EBITDA. Co-CEO Moritz Fuhrmann noted the deal included "real downside protection," with over 40% of the purchase price covered by initial charter EBITDA.
The company’s revenue backlog has doubled since Q3 2021, driven by a newbuilding program and strategic charter agreements. Available days fixed stand at 99% for the remainder of 2026, 85% for 2027, and 60% for 2028, with contracted forward TCE rates rising from $24,345 in 2026 to $25,893 in 2029. Approximately 96% of the backlog is secured with top-10 liner companies, with an average contract duration of 3.5 years.
Industry conditions remain tight, with fewer than 200 vessels available for charter in the next six months, approaching pandemic-era lows. The HARPEX container charter rate index stood at 2,343 in January 2026, while secondhand and newbuilding price indices remained elevated at 117 and 85, respectively. Structural distortions, including Red Sea diversions adding 12% to TEU-mile demand and record port congestion 17% higher than COVID-19 peaks, continue to support elevated freight rates.
Constantin Baack, Co-CEO, stated the $2.2 billion backlog and extended coverage into 2029 and beyond leave the company "very well positioned for the future."
