MPC Container Ships (MPCC) Q1 2026 earnings summary

Executive summary

• Delivered solid Q1 2026 performance amid complex geopolitical and market conditions, maintaining high vessel utilization and strong chartering activity.

• Forward fixing activity covers 99% of open days in 2026, 69% in 2027, and 41% in 2028, providing strong revenue visibility and a $2 billion revenue backlog.

• Advanced fleet renewal strategy by selling older vessels and progressing on a 17-vessel new building program, increasing the eco share of the fleet to over 75%.

• Maintained a robust, conservatively leveraged balance sheet, supporting both shareholder returns and investment capacity.

• Declared a recurring dividend of $0.04 per share, representing 50% of adjusted net profit.

Financial highlights

• Q1 2026 operating revenues were $118.9 million; adjusted EBITDA reached $67.1 million, nearly flat year-over-year.

• Adjusted net profit was $39.9 million, with adjusted EPS of $0.09 per share.

• Operating cash flow was $69.5 million; total assets stood at $1.5 billion.

• Net debt reduced to $107.7 million, leverage ratio improved to 30.7%.

• Dividend per share for Q1 2026 was $0.04.

Outlook and guidance

• Raised full-year 2026 EBITDA guidance to $260 million-$280 million; revenue guidance unchanged at $450 million-$460 million.

• Forward contract coverage stands at 99% for 2026, 69% for 2027, and 41% for 2028.

• Approximately $2 billion in forward revenue backlog secured, translating to $1.2 billion in projected EBITDA.

• Continued focus on disciplined execution, fleet renewal, and opportunistic capital deployment.

• Market conditions expected to remain shaped by geopolitical developments and regulatory changes.