MPC Container Ships has reported its financial results for the first quarter of 2026, delivering solid operational and financial performance backed by a strong contract backlog.
Contract coverage and backlog
The company holds a charter backlog of USD 2.0 billion. Contract coverage stands at 99% for 2026, 69% for 2027 and 41% for 2028, providing strong revenue visibility across the coming years.
Financial performance
Operating revenues reached USD 118.9 million in Q1 2026, compared to USD 127.1 million in Q1 2025. EBITDA came in at USD 68.0 million, against USD 77.8 million a year earlier. Adjusted EBITDA, excluding non-recurring items, was USD 67.1 million, up from USD 66.2 million in Q1 2025. The adjusted average time charter equivalent rate was USD 25,040 per day.
Fleet and balance sheet
Fleet utilisation reached 99.1%, up from 96.0% in Q1 2025. The fleet comprised 51 vessels with a combined capacity of approximately 130,000 TEU. A further 17 newbuildings are on order, bringing total capacity to around 170,000 TEU. The balance sheet remains conservatively structured, with 30 debt-free vessels and a leverage ratio of 30.7%.
Dividend
The company declared a quarterly recurring dividend of USD 0.04 per share.
Full year guidance
MPC Container Ships maintained its 2026 financial guidance, targeting operating revenues of USD 450 to 460 million and EBITDA in the range of USD 260 to 280 million.
“The first quarter of 2026 marked a solid start to the year for MPC Container Ships, against one of the most disrupted operating environments in recent years. In the segments where MPCC operates, we continue to see limited availability of modern feeder tonnage and an orderbook concentrated in larger vessels underpinning a favorable supply and demand balance” said Constantin Baack, chief executive officer, MPC Container Ships.
“By closing a revised and upsized RCF with HCOB, we have further strengthened our balance sheet flexibility and investment capacity, ensuring that MPC Container Ships can act decisively across market cycles. The consistent execution of our capital allocation strategy has resulted in a significant reduction in debt costs over the past years, combined with a manageable leverage ratio of around 30%. With 30 debt-free vessels, our balance sheet remains conservatively structured, giving us the flexibility to fund our fleet renewal program while maintaining sustainable distributions to shareholders” said Moritz Fuhrmann, co-chief executive officer and chief financial officer, MPC Container Ships.
