MPC Container Ships reported its Q2 2026 financial results, highlighting high fleet utilisation, a substantial charter backlog and continued fleet renewal.
The Oslo-listed company recorded operating revenue of US$116.9 million, compared with US$137.9 million in the second quarter of 2025.
EBITDA reached US$95.4 million, down from US$107.4 million one year earlier. Adjusted for non-recurring items, EBITDA amounted to US$65 million, compared with US$80.7 million in the corresponding quarter.
Charter backlog supports earnings visibility
MPC Container Ships reported a charter backlog of US$2.2 billion.
Contract coverage stands at 99% for 2026, 85% for 2027, 60% for 2028 and 39% for 2029.
Fleet utilisation improved to 98.8% from 97.6% in the second quarter of 2025.
The adjusted average time charter equivalent rate reached US$24,951 per day. This compared with US$26,247 per day one year earlier.
“The second quarter was another quarter of consistent performance and a reminder of the value of contracted visibility in a market that remains volatile and hard to predict,” said Constantin Baack, CEO of MPC Container Ships.
“In our segment, the market stayed firm, with tight supply of modern tonnage and resilient demand from intra-regional trade and continued supply chain disruptions,” he added.
“Our fleet renewal strategy is delivering results, and our long-term charter coverage provides a natural hedge that secures earnings independent of market swings. With a contracted revenue backlog of US$2.2 billion and coverage extending well into 2028 and beyond, visibility has become one of our most valuable assets,” Baack continued.
Fleet renewal continues
The group’s fleet consisted of 65 vessels with an aggregate capacity of approximately 186,000 TEUs. This total included 17 newbuildings on order.
MPC Container Ships took delivery of one of these newbuildings in August.
The company also secured a new US$375 million senior secured term loan to finance ten newbuildings ordered in 2025.
Shortly after the end of the quarter, MPCC completed an oversubscribed private placement of US$107 million.
“We continued to advance our fleet renewal on a sound financial footing,” said Moritz Fuhrmann, Co-CEO and CFO of MPC Container Ships.
“We secured a new US$375 million senior secured term loan to finance ten of the newbuildings ordered last year, and shortly after quarter-end completed an oversubscribed US$107 million private placement that restored balance-sheet flexibility and brought in a number of new investors,” he added.
“Our balance sheet remains conservative, with moderate leverage and a significant portion of the fleet debt-free, positioning us to pursue further value-accretive opportunities for our shareholders,” Fuhrmann concluded.
Dividend and balance sheet
The company declared a recurring quarterly dividend of US$0.04 per share.
MPC Container Ships ended the quarter with 30 debt-free vessels and a leverage ratio of 28.4%.
