MPC Container Ships executes further portfolio optimization measures

13 Dec 2022 16:31 CET

· Sale of joint venture vessels Carpathia and AS Cleopatra
· Commercial agreement for the redelivery of vessels Carpathia and AS Carlotta
· Total consideration USD 77.7m million, net USD 49.8m after joint venture
consolidation and transaction costs
· Board of Directors intends to declare event-driven distribution of USD
0.07/share

MPC Container Ships ASA ("MPCC" or the "Company") is pleased to announce new
measures for portfolio optimization and capital allocation. The Company has
entered into agreements to sell vessels Carpathia and AS Cleopatra as well as
commercial agreements for the early redelivery of vessels AS Carlotta and
Carpathia, against a cash compensation.

Following the sales of Carpathia and AS Cleopatra, MPCC will have reduced the
number of joint venture vessels from 8 to 3 since Q4 2021. AS Carlotta will
remain fully owned and operated by MPCC. The completion of the transactions is
subject to the successful redelivery and/or handover of the vessels.

"We are pleased to announce a new set of accretive portfolio measures in line
with our strategy for portfolio optimization and rational capital allocation,"
said CEO Constantin Baack. "By reducing the amount of joint venture vessels, we
further simplify and strengthen our corporate structure. With these
transactions, we also advance significant cash flows in an accretive way with an
emphasis on and commitment to returning capital to our investors. In addition,
we retain the future potential upside from our fully owned vessel, AS Carlotta."

"Going forward, MPC Container Ships remains in a favorable market position with
a strong balance sheet, and we are confident in our ability to continue to
create value by identifying and acting on attractive market opportunities,"
Baack continued.

The gross consideration expected to be received amounts to USD 77.7m (exact
amount dependent on timing). USD 52.5m relates to vessels Carpathia and AS
Cleopatra, which implies an NAV per share of approximately NOK 35. The total net
consideration, after joint venture consolidation effects and transaction costs,
is expected to amount to USD 49.8m.

The redelivery and settlement for AS Carlotta is expected to take place in
January 2023, after which the vessel will be open for new charters. Carpathia
was redelivered from the charterer in December 2022 and is expected to be
delivered to its new owner in December 2022. AS Cleopatra is expected to be
delivered to its new owner in January 2023.

Subject to the successful completion of the transactions, the Board of Directors
intends to declare an event-driven distribution of USD 0.07 per share, payable
in February 2023.

Please see the enclosed document for a summary of the transactions.

Contact
ir@mpc-container.com

About MPC Container Ships
MPC Container Ships ASA (ticker code "MPCC") is a leading container tonnage
provider focusing on small to mid-size container ships. 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 visit www.mpc
-container.com.

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578084_221213_MPCC_Transaction_Details_Appendix.pdf