• Full Year Revenue: $524 million USD.

• Q4 Revenue: $72 million USD.

• Full Year Adjusted EBITDA: $325 million USD.

• Q4 Adjusted EBITDA: $72 million USD.

• Backlog: $1.1 billion USD with 92% coverage for 2025 and 64% for 2026.

• Dividend Declared: $0.42 per share for the year, with a $0.09 per share dividend to be paid in March 2025.

• Operational Cash Flow: $77 million USD.

• Leverage Ratio: 28%.

• Fleet Utilization: Over 97%.

• Debt-Free Fleet: Approximately 2/3 of the fleet is debt-free.

• Revenue Guidance for 2025: $515 to $530 million USD.

• EBITDA Guidance for 2025: $290 to $310 million USD.

• Dividend Yield for 2024: 36% if shares were acquired in January 2024.

• Enterprise Value: Approximately $953 million USD.

• Warning! GuruFocus has detected 3 Warning Signs with SEE.

Release Date: February 25, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• MPC Container Ships ASA (MPZZF) reported a strong financial and operational performance for Q4 2024, with full-year revenue reaching $524 million.

• The company declared its 13th consecutive dividend, totaling $0.42 per share for the year, emphasizing shareholder returns.

• MPC Container Ships ASA (MPZZF) has a robust backlog of $1.1 billion, with 92% and 64% coverage for 2025 and 2026, respectively.

• The company successfully raised sustainable financing, including an ECA covered green loan and an unsecured sustainability bond.

• MPC Container Ships ASA (MPZZF) maintains a strong balance sheet with low leverage, with approximately two-thirds of its fleet being debt-free.

Negative Points

• The company's leverage ratio increased to 28% due to recent financing activities, although it remains at a low level.

• There is uncertainty regarding the impact of geopolitical events, such as the Red Sea crisis and US tariffs, on future container shipping demand.

• The charter market experienced a slowdown in activity ahead of the Chinese New Year, although it picked up afterward.

• The company's fleet age profile has not significantly improved since 2021, remaining between 14.5 and 15 years.

• Potential exposure to new US port fees could impact operations, although the exact effects are uncertain at this time.

Q & A Highlights

Q: Can you give guidance on the expected depreciation for Q1 2025 and full year 2025? A: The lower depreciation seen in Q4 2024 was due to an IFRS effect on the 4,800 EU vessels acquired. We expect these implications to normalize during 2025. - Constantin Baack, CEO

Q: What are you looking for in potential fleet optimization deals? A: We focus on younger, more modern eco vessels for secondhand acquisitions. We may consider slightly larger vessels within the 1,000 to 8,000 TU range, but not beyond 9,000 TU. - Constantin Baack, CEO