Strong Quarterly and Full-Year Financials
Q4 2025 revenue of approximately $126M and adjusted EBITDA of ~$75M; full-year 2025 operating revenue $518M and adjusted EBITDA $306M. Operational cash flow for full-year 2025 was $302M.
Robust Forward Revenue Backlog and Contract Coverage
Secured approximately $2.0B in forward revenue backlog, translating to ~ $1.2B projected EBITDA on minimum contracted periods. Contract coverage of 97% for 2026, 58% for 2027 and 35% for 2028, providing multiyear earnings visibility.
Active Fleet Renewal and Newbuilding Program
Increased newbuilds on order to 17 (including six 3,700 TEU vessels contracted against 10-year time charters). Total newbuilding CapEx ~ $850M; recent additional vessel contract price ~$293M with projected EBITDA coverage of ~$288M. Average fleet age improved from 2007 to 2015 and fleet size stands at ~68 vessels.
High Utilization and Strong Charter Market Execution
Vessel utilization above 98%; completed 20 fixtures throughout 2025 (and YTD 2026 fixtures averaging 2-year durations with rates north of $20,000/day, including a recent fixture at >$27,000/day for two years). Majority of fleet fixed for 2026 with only ~3% open days.
Divestments and Capital Recycling
Proactively divested 11 older/smaller vessels (avg age ~18 years, ~1,500 TEU) with total sales proceeds > $150M; proceeds redeployed into newbuilding program and fleet modernization. Company indicates implied NAV per share uplift (example sale corresponding to mid NOK 30/share).
Liquidity and Conservative Balance Sheet
End-2025 liquidity ~$425M (pro forma ~$477M including expected Q1 yard payments and undrawn RCF), undrawn RCF upsized to $130M. Gross debt ~$472M, net debt reduced to ~$150M, and leverage ~33% (described as moderate). 32 debt-free vessels with fair market value near $800M.
Shareholder Returns Maintained
Declared 17th consecutive dividend of $0.05 per share for Q4 (50% of adjusted net earnings for Q4); full-year 2025 dividend totaled $0.23 per share. Company has returned over $1B to shareholders since initiating recurring dividends.
Sustainability Target Achieved Ahead of Schedule
Senior unsecured sustainability-linked bond KPI required 10% GHG reduction by 2029; MPCC reports a 16.5% reduction already (driven by retrofits and sale of older tonnage). Retrofits (~$8M across 12 vessels) improved efficiency up to 25% in some cases.