olivLaw · European equity research
MPC Container Ships ASA MPCC.OL
Norway · Euronext Oslo Børs · ISIN NO0010791353 · Vertical: Listed companies from Norway
MPC Container Ships ASA is a provider of container tonnage focused on small to mid-size ships, operating vessels on intra-regional trade lanes under fixed-rate charters. In fiscal 2025 the company reported revenue of 517.8 million USD and a profit of 237.4 million USD, amid a favorable market and a broad fleet renewal programme.
At the close of 06 Nov 2026, MPC Container Ships ASA (MPCC.OL) stock was 23.90 NOK (−4.13% on the day), with beta 0.28, 52-week range 16.70–29.70 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 23.4
- oversold (≤ 30)
- Bollinger (20, 2)
- 24.60 – 30.58
- below the lower band · %B -0.12 · band width 21.7%
- SMA 50 / 200
- 27.85 / 24.41
- mixed trend
- MACD (12, 26, 9)
- -0.83 / -0.37
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −15.7% | −0.6% | −15.1 pp | — |
| 3 months | −1.5% | −4.2% | +2.7 pp | — |
| 6 months | +2.0% | +4.3% | −2.3 pp | — |
| Year to date | +35.5% | +7.5% | +28.0 pp | — |
| 1 year | +37.6% | +9.9% | +27.6 pp | −4.7% |
| 3 years | +71.4% | +49.8% | +21.5 pp | +12.7% |
| 5 years | +17.7% | +42.8% | −25.1 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 711.3 m | 540.9 m | 517.8 m |
| Revenue YoY | unavailable | −24.0% | −4.3% |
| Net income | 325.0 m | 266.7 m | 237.2 m |
| Net income YoY | unavailable | −17.9% | −11.1% |
| Diluted EPS | 0.73 | 0.60 | 0.53 |
| Diluted EPS YoY | unavailable | −17.8% | −11.7% |
| net % | 45.7% | 49.3% | 45.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 345.5 m USD
- Financial debt
- 503.9 m USD
- Net debt
- 158.5 m USD
- Equity
- 934.2 m USD
- Total assets
- 1.5 bn USD
- Debt / equity
- 0.54x
- Current ratio
- 3.27x
- ROE
- 27.1%
- ROA
- 17.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 711.3 m | 540.9 m | 517.8 m | esef· 21 Oct 2026verified |
| Gross profit | 540.6 m | 341.1 m | — | esef· 08 May 2025verified |
| Operating income | 336.3 m | 277.6 m | 261.8 m | esef· 21 Oct 2026verified |
| Interest expense | 18.4 m | 20.6 m | 38.2 m | esef· 21 Oct 2026verified |
| Pre-tax income | 325.8 m | 266.4 m | 237.6 m | esef· 21 Oct 2026verified |
| Income tax | 638.0 k | -323.0 k | 214.0 k | esef· 21 Oct 2026verified |
| Net income | 325.0 m | 266.7 m | 237.2 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.73 | 0.60 | 0.53 | esef· 21 Oct 2026verified |
| Dividend per share | 0.66 | 0.46 | 0.27 | esef· 21 Oct 2026derived |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 117.6 m | 125.7 m | 345.5 m | esef· 21 Oct 2026verified |
| Receivables | 23.7 m | 37.7 m | 59.4 m | esef· 21 Oct 2026verified |
| Inventories | 8.1 m | 7.2 m | 6.3 m | esef· 21 Oct 2026verified |
| Current assets | 181.5 m | 178.1 m | 492.3 m | esef· 21 Oct 2026verified |
| Total assets | 954.7 m | 1.2 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Short-term debt | 33.6 m | 44.0 m | 64.8 m | esef· 21 Oct 2026verified |
| Long-term debt | 93.0 m | 299.2 m | 439.1 m | esef· 21 Oct 2026verified |
| Current liabilities | 107.6 m | 114.4 m | 150.6 m | esef· 21 Oct 2026verified |
| Equity | 753.5 m | 817.6 m | 934.2 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 445.2 m | 444.5 m | 447.5 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 484.6 m | 323.9 m | 302.1 m | esef· 21 Oct 2026verified |
| Investing cash flow | -152.1 m | -313.0 m | -83.3 m | esef· 21 Oct 2026verified |
| Financing cash flow | -335.5 m | -1.3 m | 3.4 m | esef· 21 Oct 2026verified |
| Dividends paid | 293.1 m | 204.4 m | 119.9 m | esef· 21 Oct 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 3.52 – 16.74 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E4.85 – 16.74 (Mid 10.47)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)3.52 – 4.74 (Mid 4.04)
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.6% | 82 (vs peers) | 38% |
| Net margin · Quality | 45.8% | 97 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 6.9x | 82 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 3.3x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet89/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality88/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MPC CONTAINER SHIPS ASA (MPCC.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 517.8 m USD in 2025; YoY growth -4.3%; net margin 45.8%; ROE 27.1%.
The estimated value range is 4.19–10.74 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 24.6%
- Net margin: 45.8%
- Interest coverage: 6.9x
- Current ratio: 3.3x
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for MPCC.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
MPC Container Ships ASA is a provider of container tonnage focused on small to mid-size ships, operating vessels on intra-regional trade lanes under fixed-rate charters. In fiscal 2025 the company reported revenue of 517.8 million USD and a profit of 237.4 million USD 1, amid a favorable market and a broad fleet renewal programme 1.
SWOT
Strengths
- Fleet on long-term time charters with a significant forward backlog, giving visibility on revenue 1.
- A large number of debt-free vessels supports dividend capacity and financial flexibility 1.
- A fleet renewal programme with alternative-fuel newbuildings reduces emissions and appeals to sustainability-minded customers 1.
Weaknesses
- Interest-bearing debt rose in 2025 compared with earlier years, and leverage is higher than at the end of 2023 1.
- Revenue and profit declined slightly in 2025 compared with 2024, showing sensitivity to charter rates 1.
- Focus on intra-regional lanes and small to mid-size ships limits diversification versus larger industry segments 1.
Opportunities
- Demand for regional and feeder transport could support new charter contracts, especially for newer alternative-fuel ships 1.
- The quarterly dividend policy and selective sales of older ships can add value for shareholders 1.
- Retrofit investment and low-emission ships could help win contracts with customers pursuing decarbonisation 1.
Threats
- A sharp rise in newbuilding supply could push charter rates down when existing contracts are renewed 1.
- Geopolitical tensions in the Middle East and the Red Sea can disrupt routes and operating costs 1.
- Compliance costs under emission rules, including the EU ETS, could affect older vessels in the fleet 1.
Risks
- Dependence on charter ratesmedium
Financial results depend on charter rate levels, which could fall if vessel supply grows quickly at contract renewal.
- Rising indebtednessmedium
Interest-bearing debt has grown compared with earlier years, which could limit financial flexibility if revenue declines.
- Geopolitical risk on sea routeshigh
Tensions in the Middle East and the Red Sea may affect routes, fuel costs and demand in ways that are hard to anticipate.
- Residual value risk for shipsmedium
The value of older vessels can fluctuate, and sales at unfavourable prices could reduce results from disposals.
- Emission regulationlow
Carbon intensity requirements and inclusion in the EU trading system could add costs for vessels that are not adapted.
Investment thesis
What would need to be true (bull case)
- Long-term charter commitments and a substantial backlog offer visibility on future revenue if the market stays favourable.
- A quarterly dividend policy tied to profit can provide regular distributions to shareholders if profit holds up.
- A new dual-fuel methanol fleet could attract customers requesting low-emission transport.
What would break the thesis
- Revenue and profit declined slightly in 2025, and a drop in charter rates could reduce margins quickly.
- Interest-bearing debt has increased, which could limit flexibility if the market deteriorates.
- A large orderbook could press charter rates when existing contracts are renewed.
What to watch
- Development of quarterly revenue and profitQ1 2026
- Dividends declared against the 30–50% of profit range2026
- Delivery of the 17 vessels under construction and their integration into the fleet2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
MPC Container Ships ASA is a leading provider of container tonnage, focusing on small to mid-size container ships. It owns and operates a portfolio of vessels serving intra-regional trade lanes on fixed-rate charters to global liner shipping companies and regional carriers 1. The company is headquartered in Oslo, with key locations in Hamburg and Rhoon, and has been listed on the Oslo Stock Exchange since May 2018 under the ticker MPCC 1. At 31 December 2025 the fleet consisted of 51 vessels with approximately 129192 TEU of capacity, plus 17 newbuildings under construction 1.
The fleet strategy aims at long-term sustainability and robustness of operations, with fixed-rate contracts and a focus on intra-regional lanes that connect major ports with smaller regional ports 1. In 2025 the company entered into construction contracts for 16 vessels, with average eight-year time-charter contracts 1. The forward charter backlog reached 2.1 billion USD 1.
The shareholder distribution policy aims at quarterly dividends of 30–50% of profit for the period after CAPEX, working capital and liquidity needs 1. Total dividends declared for fiscal 2025 were approximately 102.1 million USD 1. Total interest-bearing debt was 503.9 million USD at 31 December 2025, with a leverage ratio of 33.0% 1.
Segments
Small and mid-size ships on intra-regional lanes
The core segment is small and mid-size container ships chartered on fixed-rate contracts on intra-regional lanes linking major ports with regional ports 1. The operating fleet stood at 51 vessels at year-end 2025 1.
New dual-fuel methanol vessels
Two 1300 TEU dual-fuel vessels, NCL Vestland and NCL Nordland, were delivered in 2025 and can run on green methanol, enabling up to 95% lower CO2 emissions than conventional ships 1. They are designed for Norwegian coastal operations 1.
Vessel sales and retrofits
Ten vessels built on average around 2007 were sold in 2025, and the company invests in retrofits for energy efficiency across the existing fleet 1.
Market context
The container market in 2025 was shaped by the Red Sea crisis, which rerouted vessels around the Cape of Good Hope and raised freight rates 1. The orderbook was substantial, yet there were hardly any idle vessels for most of the year, keeping time-charter rates at solid levels 1. Geopolitical tensions in the Middle East after 31 December 2025 have affected international shipping, although the group's direct exposure is limited 1.
The feeder charter market tightened, with forward fixing of tonnage increasing as prompt vessels became sparse 1. This context favours operators with available ships and long-term contracts, but it remains sensitive to new deliveries and to the reopening of routes through the Suez Canal 1.
Trends
- Red Sea crisis and rerouting of vesselstailwind
Rerouting around the Cape of Good Hope limited available capacity and supported freight and charter rates 1.
- Large newbuilding orderbookheadwind
A substantial orderbook dominates supply and low recycling keeps existing tonnage in service; if deliveries accelerate, pressure on rates could increase 1.
- Carbon emission regulationmixed
Implementation of the IMO Carbon Intensity Indicator and the inclusion of shipping in the EU Emission Trading System may impose compliance costs on older ships while favouring alternative-fuel tonnage 1.
- Demand for regional and feeder transporttailwind
Intra-regional services play a pivotal role in connecting major ports with smaller ports, supporting demand for the company's tonnage 1.
Competitive position
The company competes in the charter market for small and mid-size container ships, where feeder operators and tonnage owners pursue the same contracts with liner companies. Differentiation rests on the new alternative-fuel fleet, vessel availability and financing structure 1.
The competitive edge depends on winning attractive long-term charters and keeping debt low, factors that could matter more if the market tightens 1. Investment funds and other regional owners exert constant pressure on charter rates 1.
- Other feeder and intra-regional ship owners
Operators with comparable fleets on intra-regional lanes that compete for the same charters with liner companies.
- Global liner operators with owned fleets
Liner companies that prefer to own their ships can reduce demand for chartered tonnage.
- Investment funds in container tonnage
Financial investors buying newbuildings can intensify competition for long-term charter contracts.
- Regional ship owners
Regional owners operating similar routes can offer available tonnage on shorter terms.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / MPC Container Ships ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.