MPC Container Ships (MPCC) Q2 2026 earnings summary

Executive summary

• Achieved solid operational and financial performance in Q2 2026, with high fleet utilization and a contracted revenue backlog of $2.2 billion, securing earnings visibility into 2028.

• Nearly 100% of open days covered for 2026, 85% for 2027, 60% for 2028, and 39-40% for 2029, providing high earnings visibility.

• Acquired four modern 7,000 TEU vessels on three-year charters and secured a $375 million senior secured term loan for fleet renewal.

• Sold five vessels, completed a $107 million private placement, and fixed seven vessels on forward positions with a top-three liner company.

• Fleet modernization and transformation continue to drive strong backlog and cash flow visibility for years ahead.

Financial highlights

• Q2 2026 operating revenues were $116.9 million, adjusted EBITDA was $65.0 million, and a $0.04 per share dividend was distributed.

• Adjusted net profit reached $39.0 million, with adjusted EPS of $0.09.

• Operating cash flow for Q2 2026 was $71.7 million.

• Pro forma liquidity is around $680 million, net debt close to zero or $22.0 million, and 30 vessels are debt-free, valued at $770–773 million.

• Leverage ratio at 28.4%, equity ratio at 65.1%.

Outlook and guidance

• Revenue backlog stands at $2.2 billion, with projected EBITDA of $1.4 billion.

• Forward charter coverage extends to 2029, with more than 25% of available days covered for 2030 and beyond through the new building program.

• Guidance remains unchanged due to high coverage and earnings visibility; only further vessel sales could impact EBITDA guidance.

• Management confident in ability to pursue further value-accretive opportunities.

• Dividend policy remains stable, with a focus on both growth and capital returns to investors.