MPC Container Ships posts higher YOY profit in Q4 2024 despite revenue drop

Norway's MPC Container Ships (MPCC) recently presented its quarterly results for the fourth quarter of 2024 and for the full year 2024.

MPCC said it continued its robust operations with high fleet utilisation of 97.4 per cent (Q4 2023: 98.2 per cent) and average TCE of US$25,190 per day (Q4 2023: US$27,405 per day).

Operating revenues in Q4 2024 reached US$130 million, indicating a drop from US$152.8 million in Q4 2023. EBITDA during the period also decreased, ending at US$83.3 million compared to US$93.6 million in Q4 2023. EBITDA adjusted for non-recurring items was US$72.3 million (Q4 2023: US$101.5 million).

Profit for the period was US$61.7 million (Q4 2023: USD 35.7 million) and US$50.7 million adjusted for non-recurring items (Q4 2023: US$78.5 million). Adjusted earnings per share was US$0.11 compared to US$0.18 in Q4 2023.

"We are pleased to have been able to deliver a year of both high investment activity as well as high shareholder returns," said MPCC Co-CEO and CFO Moritz Fuhrmann.

"During the year we welcomed two eco-designed 5,500TEU vessels, as well as four 3,800TEU wide beam eco-design vessels to our fleet, vessels that represent an integral part of our fleet renewal and emissions reduction strategy."