MPC Container Ships has presented its quarterly results for the first quarter of 2025.
The company said it delivered, "strong operational and financial performance," in the first quarter, supported by, "a solid contract backlog that provides high visibility into earnings for 2025 and 2026."
MPC Container Ships' strategic fleet renewal efforts progressed with the divestment of what it termed "less efficient vessels" and the delivery of a modern, dual-fuel vessel.
The company also expanded its sustainability-linked bond with a US$75 million tap issue and entered the Japanese financing market for the first time.
MPC Container Ships reported a charter backlog of US$1.1 billion with almost full contract coverage for 2025 (96 per cent) and high coverage for 2026 (77 per cent). Operating revenues for the quarter reached US$127.1 million (US$147.5 million in Q1 2024) while gross operating profit totalled US$77.8 million (US$96.1 million in Q1 2024).
Gross profit adjusted for non-recurring items was US$66.2 million (US$96.3 million in Q1 2024).
Profit for the period was US$59.7 million (US$76.5 million in Q1 2024) and US$48.2 million adjusted for non-recurring items (US$76.7 million in Q1 2024).
As of March 31, 2025, MPC Container Ships' fleet consisted of 59 vessels, with an aggregate capacity of approximately 141,000 TEUs.
"In Q1 2025, we advanced our fleet renewal strategy with the delivery of our first dual-fuel newbuilding and the sale of seven older vessels, enhancing both efficiency and sustainability," said MPC Container Ships' Co-CEO and CFO Moritz Fuhrmann.
"On the financing side, we strengthened our position through a successful tap issue of our sustainability-linked bond and entered the Japanese financing market, reinforcing our commitment to sustainable growth and long-term value creation."
"Despite the current geo-political, macro-economic and regulatory environment, the container market continues to show resilience, supported by strong second-hand demand, firm time-charter rates as well as durations, and basically no idle capacity," added MPC Container Ships' CEO Constantin Baack.
"While the overall orderbook remains significant, the limited new supply in the small to mid-size segment, combined with an ageing fleet and shifting trade patterns, presents a favourable supply-demand dynamic as well as opportunities for modernisation and acquisitions. In this environment, we are taking a measured approach to new investments."