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MPC Container Ships Reports Q4 2023 Results

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OSLO, Norway, Feb. 27, 2024 /PRNewswire/ —

Highlights 

Strong operating revenues of USD 152.8 million.EBITDA was USD 93.6 million, compared to USD 127.0 million in Q4 2022. Adj. for non-recurring items, EBITDA was USD 101.5 million (Q4 2022: USD 114.3 million).Non-recurring impairment charges of USD 34.9 million and USD 6.5 million in loss of disposal recorded in the period (both non-cash effective)Profit for the period was USD 35.7 million. Adj. for non-recurring items, the profit for the period was USD 78.5 million compared to USD 91.0 million in Q4 2022.Adj. EPS was USD 0.18 (Q4 2022: USD 0.21) and the Board declared a quarterly recurring dividend of USD 0.13 per share.Average TCE was USD 27,405 per day in Q4 2023, down from USD 31,279 in Q4 2022Fleet utilization was 98.2%, up from 97.8% in Q4 2022For 2024, management currently expects, subject to certain assumptions, operating revenues in the range of USD 435-470 million and EBITDA in the range of USD 240-280 million.As at December 31, 2023, the Group’s fleet consisted of 59 vessels, with an aggregate capacity of approximately 126,943 TEU. Of these vessels, three were categorized as held for sale.

Commenting on MPCC’s results in the fourth quarter and for the full year of 2023, CEO, Constantin Baack, said:

“As we reflect on the full year of 2023, I am pleased to share MPC Container Ships’ continued resilience, progress, and sustained strong financial performance. Throughout the year, we remained committed to delivering value to our shareholders, maintaining operational excellence in a volatile market environment with modest growth and geopolitical challenges.

Our financial performance in the fourth quarter underscores our consistent track record. Utilization remained high at 98.2%, and we continue to adhere to our low leverage-strategy, with our leverage standing at 13.3% at the end of 2023, whilst 38 vessels in our fleet are debt-free. Furthermore, our backlog remains robust, with contracted revenues of USD 1 billion and 78% of available trading days covered for 2024. Our backlog provides us with significant earnings visibility and reinforces our confidence in the year ahead.

A key feature of our performance is our commitment to shareholder returns. Throughout the year, we distributed approximately USD 293 million in dividends, corresponding to a dividend yield of 43% for the year. Including the dividend declared for the fourth quarter, our total dividends distributed and declared over the last twelve months amount to approximately USD 350 million, representing more than 50% of the company’s market cap at the beginning of 2023.”

Throughout 2023, MPCC has emphasized sustainability initiatives, aiming to reduce carbon emissions, and working closely with our charter customers to conclude mutual projects and investments, with an aim ti foster a more environmental maritime landscape.

Speaking to MPCC’s ESG ambitions and collaboration with customers, Constantin Baack added:

“In 2023, MPCC continued to prioritize sustainability as a means to drive forward our overall strategic goals. With investments into efficiency-enhancing retrofits together with our charter customers and several dual-fuel and eco-design newbuildings under construction, we aim to decrease GHG emissions and enhance the long-term competitiveness of our fleet, creating long-term shareholder value.

Furthermore, MPCC recently set new greenhouse gas emissions intensity reduction targets in line with the IMO’s industry carbon intensity targets, demonstrating our dedication to decreasing emissions while we remain strongly committed to our low-leverage strategy and distribution policy.”

Key figures

Q4 2023
                             (unaudited)

Q4 2022 (unaudited)

FY 2023 (unaudited)

FY 2022 (audited)

Operating revenues

USD m

152.8

162.1

711.3

616.8

EBITDA

USD m

93.6

127.0

518.4

522.3

Adjusted EBITDA

USD m

101.5

114.3

428.5

451.5

Profit for the period

USD m

35.7

103.6

325.1

435

Adjusted profit for the period

USD m

78.5

91.0

336.7

364.3

Operating cash flow

USD m

96.8

125.4

484.8

136.5

EPS

USD

0.08

0.23

0.73

0.98

Adjusted EPS

USD

0.18

0.21

0.76

0.82

DPS*

USD

0.13

0.15

0.64

1.03

Total ownership days

days

5,675

5,336

22,236

21,671

Total trading days

days

5,527

5,079

21,553

20,590

Utilization

98.2 %

97.8 %

98.1 %

97.9 %

Average TCE

per day

27,405

31,279

28,816

28,625

Average OPEX

per day

6,808

6,937

6,751

6,363

Leverage ratio

13.3 %

16.1 %

13.3 %

16.1 %

 

* Dividends per share (DPS) comprises the recurring dividend per share and any event-driven dividends per share declared for the period.

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

Q4 2023 Earnings Call:

Constantin Baack, CEO, and Moritz Fuhrmann, CFO, will present the results in an earnings call today at 15:00 CET / 09:00 ET, followed by a Q&A session. The earnings call can be accessed live via webcast or conference call and questions can be submitted orally or in writing. A recording of the earnings call will be available on demand at the Company’s website after the live event has concluded.

The Q4 2023 report and presentation materials are attached to this release and available at the Company’s website at https://www.mpc-container.com/investors/

The webcast can be accessed through the following link: https://channel.royalcast.com/landingpage/hegnarmedia/20240227_3/

Alternatively, participants may dial in using the below information:

NO: +47 21 95 63 42
DE: +49 30 2178 9327
UK: +44 20 3769 6819
US: +1 646 787 0157
DK: +45 78 76 84 90
SE: +46 40 682 06 20

PIN code: 304648

For more information, 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.

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.

The following files are available for download:

 

 

View original content:https://www.prnewswire.co.uk/news-releases/mpc-container-ships-reports-q4-2023-results-302072098.html

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China Southern Power Grid: Powering Asia-Pacific Prosperity Through Energy Cooperation

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SHENZHEN, China, Sept. 7, 2026 /PRNewswire/ — The following is a news report from Xinhuanet:

The Asia-Pacific Media Forum opened in Shenzhen, Guangdong Province, on September 5 under the theme “Building a Path to Shared Prosperity for the Asia-Pacific Community: Media Consensus and Action.” Qian Chaoyang, Chairman and Party Secretary of China Southern Power Grid Co., Ltd. (CSG), attended the forum and delivered remarks.

The Asia-Pacific region is a major engine of global economic growth, and clean, low-carbon, secure and efficient energy is essential to keeping that engine running smoothly. The region accounts for a significant share of global energy consumption. Its countries vary widely in their energy resources but have strong potential to complement one another, creating substantial opportunities for greater regional energy connectivity. CSG has consistently supported efforts to build an Asia-Pacific community with a shared future and has worked to become an important force in advancing energy connectivity across the region.

CSG highlighted progress in six areas across the Greater Bay Area: power supply, grid reliability, clean-energy integration, transmission technology, artificial intelligence and regional cooperation. Total electricity consumption across the Greater Bay Area exceeded 700 TWh, ranking ahead of the world’s other major bay areas; a stronger power grid, with average annual outage time per customer of less than 30 minutes and power supply reliability maintained at a world-class level; cleaner power, with approximately 180 billion kWh of clean electricity transmitted to the Greater Bay Area annually through the West-to-East Electricity Transmission project, installed renewable energy capacity exceeding 93 GW, and clean energy accounting for more than half of total installed capacity; more active innovation, with world-leading expertise in areas including complex large-scale power grid operations and flexible ultra-high-voltage direct-current (UHVDC) transmission; a smarter power system, with CSG’s proprietary power-sector foundation model, “Big Watt • Yudian,” receiving the top award at the World Artificial Intelligence Conference; and more open collaboration, with CSG launching and regularly convening the Guangdong-Hong Kong-Macao Power Enterprise Summit and establishing the Greater Bay Area Power Development Cooperation Organization to advance open, mutually beneficial regional power cooperation.   

CSG is also contributing to the development of an Asia-Pacific community with a shared future by sharing its experience in building, operating and governing the “electricity-powered Greater Bay Area,” as well as its experience in regional cooperation. The company has built 17 high-voltage power transmission links with Vietnam, Laos and Myanmar and is exploring the development of a regional electricity market in the Lancang-Mekong region. More than 84 TWh of electricity has already been exchanged across national borders, with clean energy accounting for more than 90% of the total.

Pluz Energía Perú, operated by CSG, ranks first in its local market for power supply reliability, while power outages in three demonstration zones established in partnership with Laos have declined by 70%. CSG has also hosted the Global South Power Partnership Development Forum and signed more than 50 partnership agreements. The company has trained nearly 2,000 energy professionals from partner countries and implemented a number of small-scale, high-impact community projects, including the Vinh Tan Light initiative in Vietnam and the Dok Champa project in Laos.

Looking ahead, CSG said it plans to work with regional partners to capitalize on complementary energy resources and expand cross-border energy cooperation across the Asia-Pacific.

The forum brought together more than 400 representatives from over 40 countries and regions, as well as United Nations agencies and international organizations.

View original content:https://www.prnewswire.com/apac/news-releases/china-southern-power-grid-powering-asia-pacific-prosperity-through-energy-cooperation-302871476.html

SOURCE Xinhuanet

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Frost & Sullivan Appoints Janesh Janardhanan as Global Partner and Head of Subscriptions

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Janardhanan to lead the strategic direction, commercial growth and global expansion of Frost & Sullivan’s analytics, subscription and Growth Generator platforms

SAN ANTONIO, Sept. 7, 2026 /CNW/ — Frost & Sullivan, the global analytics and growth advisory firm, today announced the appointment of Janesh Janardhanan as Global Partner and Head of its Subscriptions business. In this role, Janardhanan assumes P&L leadership of the company’s global subscription portfolio, encompassing its analytics business, its subscriptions platform, and its Growth Generator data platform.

The appointment reflects Frost & Sullivan’s continued investment in its recurring-revenue subscription offerings, which provide clients worldwide with continuous access to intelligence, growth opportunity analytics, and decision-support tools. Janardhanan will be responsible for driving the strategic direction, commercial performance, and global expansion of these platforms.

“I am honored to take on the leadership of Frost & Sullivan’s Subscriptions business at such a pivotal moment,” said Janesh Janardhanan, Global Partner and Head of Subscriptions, Frost & Sullivan. “Our analytics, data, and Growth Generator platforms sit at the heart of how clients identify and act on their next opportunities for growth. My focus will be on deepening the value we deliver, scaling our platforms globally, and ensuring our subscribers stay ahead of the transformations reshaping their industries.”

Janardhanan brings extensive experience in commercial leadership, analytics, and growth strategy to the role. He is a graduate of Harvard Business School (GMP) and holds an MBA and a Bachelor of Engineering from the National University of Singapore.

Under his leadership, Frost & Sullivan’s Subscriptions business will continue to expand its coverage, enrich its content and data assets, and strengthen the technology platforms that power insight and growth for organizations across the globe.

About Frost & Sullivan

For more than six decades, Frost & Sullivan has helped clients accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The company’s Growth Pipeline as a Service provides corporate leadership teams and their growth strategy partners with continuous research, insight, and analytics that drive transformational growth strategies. For more information, visit www.frost.com.

Your Transformational Growth Journey Starts Here: Schedule Your Growth Pipeline Dialog™ with the Frost & Sullivan team.

Media Contact:

Kristina Menzefricke
Marketing & Communications
Global Customer Experience, Frost & Sullivan
kristina.menzefricke@frost.com

View original content:https://www.prnewswire.com/news-releases/frost–sullivan-appoints-janesh-janardhanan-as-global-partner-and-head-of-subscriptions-302871457.html

SOURCE Frost & Sullivan

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Sony Electronics and Hello Kitty Team Up for Limited-Edition Headphone Collection

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Sony Store-exclusive bundles pair select Sony headphones with custom Hello Kitty accessories featuring thoughtful, character-inspired design details

SAN DIEGO, Sept. 7, 2026 /PRNewswire/ — Sony Electronics Inc. today announced a limited-edition collaboration with Hello Kitty, one of Sanrio’s most beloved and recognizable characters. Available only through the Sony Store, the collection pairs select Sony headphones with exclusive Hello Kitty collaboration merchandise, bringing together Sony’s premium audio experience and Hello Kitty’s iconic charm. Pre-orders begin later this holiday season1.

The limited-edition collaboration is available with the following Sony headphones:

WH-1000XM6 Wireless Noise Canceling HeadphonesWH-CH730N Wireless Noise Canceling HeadphonesWH-CH530 Wireless Headphones

Available with select pink/sand pink and black colorways of the WH-1000XM6, WH-CH730N, and WH-CH530 headphones, each collaboration bundle includes a Sony Store exclusive Hello Kitty carrying case and tote bag2. Designed to hold headphones and added space for everyday essentials, the carrying case blends Hello Kitty’s signature charm with Sony’s premium, minimalist design aesthetic. Thoughtful details throughout the collaboration celebrate Hello Kitty’s world and her connection to music, entertainment, and everyday creativity, while each headphone model is paired with its own uniquely designed tote bag for everyday use.

Bringing together Sony’s audio expertise and Hello Kitty’s timeless appeal, the limited-edition collection celebrates self-expression, entertainment, and personal style. The exclusive accessories allow fans to enjoy Hello Kitty’s iconic world not only while listening to music, but also as part of their everyday routine at home and on the go.

To receive updates on this collaboration bundle, please visit https://cloud.email.sel.sony.com/HelloKittyxSony 

About Sony Electronics Inc.

Sony Electronics is a subsidiary of Sony Corporation of America and an affiliate of Sony Group Corporation, one of the most comprehensive entertainment companies in the world, with a portfolio that encompasses electronics, music, motion pictures, mobile, gaming, robotics and financial services. Headquartered in San Diego, California, Sony Electronics is a leader in electronics for the consumer and professional markets. Operations include research and development, engineering, sales, marketing, distribution, and customer service. Sony Electronics creates products that innovate and inspire generations, such as the award-winning Alpha Interchangeable Lens Cameras and revolutionary high-resolution audio products. Sony is also a leading manufacturer of end-to-end solutions from 4K professional broadcast and A/V equipment. Visit http://www.sony.com/news for more information.

About Sanrio

Sanrio is the global lifestyle brand best known for Hello Kitty, who was created in 1974, and home to many other beloved character brands such as My Melody, Kuromi, LittleTwinStars, Cinnamoroll, Pompompurin, gudetama, Aggretsuko, Chococat, Badtz-maru and Keroppi. Sanrio was founded on the philosophy that a small gift can bring happiness and friendship to people of all ages. Since 1960, this philosophy has served as the inspiration to offer quality products, services, and activities that promote communication and inspire unique consumer experiences across the world. Today, Sanrio’s business extends into the entertainment industry with several content series, gaming offerings, and theme parks. Sanrio boasts an extensive product lineup that is available in over 130 countries. Sanrio hopes to bring smiles to everyone’s faces with their vision of “One World, Connecting Smiles.” To learn more about Sanrio, please visit www.sanrio.com and follow @sanrio and @hellokitty on Facebook, Instagram, Twitter, TikTok, Pinterest, and subscribe to the Hello Kitty and Friends YouTube Channel.

1 The collaboration will be available in limited quantities in select countries and regions. Available headphone models will vary by market and may include the WH-1000XM6, WH-CH730N and WH-CH530
2 Availability of collaboration bundles and headphone models varies by country/region.

 

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SOURCE Sony Electronics, Inc.

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