MPC stays in the red but foresees growth

Oslo - MPC Container Ships, the Norwegian company that operates a portfolio of 68 container vessels, whereof 60 are fully owned and 8 are operated in a joint venture, stays in the red. The company published its unaudited financial report for the nine-month period ended 30 September 2019 with a -11,435 million dollar loss.

But the company foresees attractive opportunities and charter rate recovery potential in a IMO 2020 environment. Commenting its financial report for the nine-month period ended 30 September 2019, the Norwegian company assures it is “well-prepared for IMO 2020.”

“The fuel-changeover programme is nearing completion and the scrubber installations are in execution in H2 2019, as is evident from the impact on the company’s utilization and results,” writes MPC in a press release. “Six out of ten vessels selected for exhaust gas cleaning system installation have been successfully retrofitted. We expect remaining four vessels to be equipped with scrubbers by end-of 2019 in accordance with the planned project schedule.”

According to the company’s chief executive officer, Constantin Baack, “prominent factors supporting improved market conditions are scrubber programme delays reaching well into 2020, increased ship recycling due to both the sulphur emissions cap regulations and ballast water management system code, and a continued low supply growth. In such a scenario, MPC Container Ships is well-positioned to capture the expected benefits”.