MPC Container Ships reported a $2.2 billion revenue backlog as of August 26, 2026, alongside progress on fleet renewal initiatives during its Q2 2026 earnings presentation. The backlog, which supports approximately $1.4 billion in projected EBITDA, represents a doubling from $1.1 billion in Q3 2021, providing visibility through 2029 and beyond.
Operating revenues for the quarter totaled $116.9 million, down from $137.9 million in Q2 2025, while adjusted EBITDA declined to $65.0 million from $80.7 million year-over-year. Fleet utilization remained high at 98.8%, with an adjusted average time charter equivalent (TCE) rate of $24,951 per day. The company maintained its 19th consecutive quarterly dividend at $0.04 per share, while its leverage ratio improved to 28.4% from 32.2% in the prior-year period.
Net debt decreased significantly to $22.0 million at quarter-end, compared with $129.2 million in Q2 2025, while gross debt stood at $448 million against a fleet fair market value of $1.47 billion. Pro-forma liquidity totaled $680 million, including $122 million in undrawn revolving credit facility capacity.
Fleet expansion included the acquisition of four modern 7,000 TEU vessels for $340 million, secured under three-year fixed-rate charters with a top-5 liner company. The deal generated $180 million in secured revenue and $140 million in secured EBITDA, covering roughly 41% of the acquisition price. Funding was supported by a $375 million senior secured term loan facility and a $107 million private placement, alongside vessel sales totaling approximately $40 million.
The company’s eco-vessel share reached 78% of the fleet by August 2026, up from negligible levels in 2021, with an average vessel build year improving from 2007 to 2016. Average vessel size increased from approximately 2,100 TEU to 3,100 TEU over the same period. Forward contract coverage stood at 99% for the remainder of 2026, 85% for 2027, 60% for 2028, and 39% for 2029, with more than 25% of available days covered beyond 2030 via the newbuilding program.
Market dynamics highlighted structural distortions, including Red Sea diversions adding roughly 12% to TEU-mile demand and port congestion running 17% higher than COVID-19 peak levels. Global capacity tied up in delays reached approximately 5%, while fewer than 200 vessels remained available in the immediate six-month forward market. Container demand growth was projected at 3.5–4% for 2026.
Approximately 96% of the revenue backlog is secured with top-10 liner companies and cargo-backed contracts, featuring an average remaining contract duration of 3.5 years. Major counterparties include MSC, Hapag-Lloyd, CMA CGM, Maersk, Evergreen, ZIM, ONE, and COSCO SHIPPING.
