MPC Container Ships ASA publishes company update

OSLO,Norway,March 31,2022 -- MPC Container Ships ASA ("MPCC" or the "Company",and together with its subsidiaries,the "Group")is pleased to announce the following company update. The update includes the following:

Charter update on existing fleet

Over the past weeks,MPCC has concluded five additional fixtures,including four multi-year charters at very favourable rates securing employment up to 2027

The new fixtures add contracted charter revenues USD 220m additional projected EBITDA backlog of USD 180m

MPCC executes on an extraordinary opportunity to expand fleet with eco-design 5,500 TEU vessels

MPCC orders two 5,500 TEU wide beam eco-design vessels with attractive charters to ZIM Integrated Shipping Services (NYSE: ZIM) at favourable pricing,supporting long-term earnings visibility and distribution capacity

The newbuildings are contracted with Korean-based shipyard HJ Shipbuilding & Construction and delivery is expected in early 2024

The transaction adds contracted charter revenues USD 178m and additional projected EBITDA backlog of USD 138m

The contract price of USD 72,2m per vessel is covered by the expected cash flow from the initial charter of 7 years with a significantly front-loaded cash flow at an average TC of USD ~39,000/day

This commitment to newbuilds will have no negative impact on expected distributions in 2022 and 2023,but will support earnings visibility and accretive distribution potential from 2024 and onwards

The newbuilds will offer significant trading benefits under the new environmental regulation,and improve the environmental footprint of the MPCC fleet

CEO Constantin Baack comments in relation to the announcement: "Adhering to MPCC's value strategy,rational decision making and capital allocation,we are pleased to announce the conclusion of additional multi-year charter fixtures on our operating fleet,proving the continued strength in our segments. This is also supported by the execution of this extraordinary newbuilding opportunity as we have ordered two eco-design newbuilding with attractive charters attached,which fully mitigates residual value risk over its initial charter period,and thereafter provides for significant upside potential. This transaction increases the distribution potential in 2024 and onwards,without any impact on the expected distributions from our existing fleet.

This transaction demonstrates the Company's capability to identify and execute transactions that are both accretive in terms of earnings and environmental footprint in line with upcoming de-carbonization regulations. We will continue to execute on our distribution policy to shareholders whilst creating value by seizing selective growth opportunities as they arise."

For further details on the market and company update on the Company,please refer to the attached presentation.

The above information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Further information and contact:

For further information,please contact ir@mpc-container.com.

About MPC Container Ships ASA:

MPC Container Ships ASA (ticker code "MPCC") is a leading container tonnage provider with a focus on small to mid-size containerships. Its main activity is to own and operate a portfolio of container ships serving intra-regional trade lanes on fixed-rate charters. The Company is registered and has its business office in Oslo,Norway. For more information,please see our website: www.mpc-container.com.

Forward-looking statements:

This announcement includes forward-looking statements. Such statements are generally not historical in nature,and specifically include statements about the Company's plans,strategies,business prospects,changes and trends in its business,the markets in which it operates and its restructuring efforts. These statements are made based upon management's current plans,expectations,assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks,uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements,which speak only as of the date of this news release. Consequently,no forward-looking statement can be guaranteed. When considering these forward-looking statements,you should keep in mind the risks described from time to time in the Company's regulatory filings and periodical reporting. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time,and it is not possible for the Company to predict all of these factors. Further,the Company cannot assess the impact of each such factor on its business or the extent to which any factor,or combination of factors,may cause actual results to be materially different from those contained in any forward-looking statement.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/mpc-container-ships-asa/r/mpc-container-ships-asa-publishes-company-update,c3536510

The following files are available for download:

https://mb.cision.com/Public/17513/3536510/88329f0d670332a7.pdf

220331 Company Update