MPC Container Ships (MPCC) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered strong operational and financial results, with adjusted EBITDA of USD 66.2 million and adjusted net profit of USD 48.2 million, despite macroeconomic and geopolitical uncertainties.

• Revenue backlog reached USD 1.1 billion, with 96% and 77% coverage of open days for 2025 and 2026, supporting high earnings visibility.

• Ongoing fleet renewal with sale of seven older vessels and delivery of dual-fuel methanol newbuildings.

• Declared 14th consecutive dividend of USD 0.08 per share, surpassing USD 1 billion in total dividends since 2022.

• Reaffirmed FY2025 guidance: revenues USD 485–500 million, EBITDA USD 305–325 million.

Financial highlights

• Q1 2025 operating revenues were USD 127.1 million, with adjusted EBITDA of USD 66.2 million and adjusted net profit of USD 48.2 million.

• Operating cash flow was USD 75.4 million; cash and cash equivalents rose to USD 225.7 million by March 31, 2025.

• Net debt at USD 207.3 million, leverage ratio at 32.2%, and gross debt at USD 437–440 million.

• 33 debt-free vessels valued at USD 800–802 million, with no debt maturities before 2027.

• Dividend of USD 0.08 per share declared for Q1 2025, with USD 39.9–40 million paid in dividends during the quarter.

Outlook and guidance

• Reaffirmed FY2025 revenue guidance of USD 485–500 million and EBITDA of USD 305–325 million.

• Focus on sustainable dividend policy, green technology investments, and strategic fleet renewal.

• Nearly full utilization for 2025 and 80% coverage for 2026, with strong forward visibility.

• Market outlook notes supply growth outpacing demand in 2025–2026, but intra-regional trades expected to outperform.