MPCC Bull 2022

Denne tråden er stengt for nye innlegg.
11.04.2022 kl 10:05
Kbkristi
MPCC 01.10.2021 kl 16:14 1501289

Da den gamle tråd ble stengt 1.10.21 med 10.513 innlegg og 2.007.448 leserklikk, åpnes ny.
Forrige tråd brakte oss fra 26.11.20 kr 4,96 til kr 21,20.
Må også legge til at vi i løpet av perioden har fått vår egen logo, hatt medlemsmøte på Tjøme og Mpc har laget en offisiell Caps, "first and only edition". Firmaet var stolte over å være det eneste containerrederiet i verden med egen «fan-club».
Alle skal jo sammenlikne seg med noe, så derfor nevnes pr dags dato:
OSEBX: 1164,43, MPCC: kr 21,20 (NN 11.798) og siden en del av oss er med i ER: € 3,80 (NN 751). (NN= antall aksjonærer i Nordnet)
Suksessen skyldes de 100 speidere som jobber sammen, og ikke mot hverandre.
Så om du er long, short eller ute, kom med saklig info :) Ibsen er saklig info :)

Link til første tråd: https://finansavisen.no/forum/thread/120245/view, siste side: https://finansavisen.no/forum/thread/120245/view/0/0?page=266
Helg11`s regneark: https://docs.google.com/spreadsheets/d/1a3YdATxno422KLYmlJAnTShft2cEaPunfYXI1AEQrTk/edit#gid=124036591
NetromK`regneark:. https://docs.google.com/spreadsheets/d/1cB_QoA8qM2piK6ZDoPqkuZ1phPwNEy4ubnGDd8x8khU/edit#gid=0
New Contex: https://www.vhbs.de/index.php?id=28&L=1
Operational update 18.1.2022: https://www.mpc-container.com/files/Public/17513/3488076/220118-market-and-company-update.pdf
https://www.marinetraffic.com/
Teknisk analyse: Market screener: https://m.marketscreener.com/quote/stock/MPC-CONTAINER-SHIPS-ASA-40531046/charts/
Link til 21-22 mai treffet i Stavanger: https://docs.google.com/forms/d/e/1FAIpQLSe_DLhlRW-ZWTDbvi4c8mhezuE_VAeqLHzJM6RIzm0HkKgiig/viewform?fbclid=IwAR1u1kYGZVh7cAz8oWLKeKQ_v_eU0_pkbZ3vj6kIG9avvzJxoA_cr_DlOXI
Redigert 16.03.2022 kl 21:33 Du må logge inn for å svare

Jeg så det. Men, jeg hadde lyst til å bidra med en nyhet i denne fantastiske tråden som har gitt meg så mye støtte. Jeg har holdt meg fast i de samme aksjene i over et år nå uten å selge. Litt kjøp har det blitt av og til. Jeg rekker aldri å legge ut noe før noen andre, men når denne spratt opp tenkte jeg, : AHA!, nå skal jeg bidra!!

Nok engang vil jeg takke alle gode krefter her inne. Takk.

EDIT : Jaggu klarte jeg å svare på mitt egent innlegg, isteden for det under. Kanskje jeg burde holde meg holde meg til å lese innlegg.

OG: Hvis Hegnar ikke har MPCC på forsiden av papirutgaven i morgen sender jeg klage :)
Redigert 18.11.2021 kl 19:04 Du må logge inn for å svare
VolumOpp
18.11.2021 kl 19:10 5285

Alltid positivt med innsidekjøp. Når tre insiderer velger å bruke egne penger på selskapet, veit dei nok kva som er på gang. Sjølv om ein skarve amatør tydeligvis har fleire aksjer en dei har tilsammen (får tru eit knallhardt lønnsregime i MPCC har skylda 😁) - er dette eit svært godt tegn.

https://m.shippingwatch.com/carriers/Container/article13477900.ece?utm_campaign=ShippingWatch%20Newsletter&utm_content=2021-11-18&utm_medium=email&utm_source=shippingwatch_com
Redigert 18.11.2021 kl 19:18 Du må logge inn for å svare

En kort oppsummering fra dagens rapport;

- Ved utgangen av Q3 hadde MPCC ca. 75 mUSD.
- Vet at selskapet får høyere inntjenning/overskudd i Q4 + har solgt skip til 222 mUSD.
- Selskapet øker guidingen for 2021
- Backlogen er økt til smått utrolig 840 mUSD.
- Dollaren styrker seg - er snart på 9 kr.
- Constantin påpeker at det blir utbetalt et stort utbytte i løpet av Q1 (ekstraordinært - basert på salg/inntjenning fra 2021), deretter utbytte for hvert kvartal (75 % av overskuddet)
- 3 innsidere + Mintzmyer har i dag kjøpt aksjer

Men kursen faller likevel 3 % og MCAP utgjør under 40 % av skipsverdiene. Skjønner godt kommentaren til Constantin at det mest lønnsomme "skipet" å kjøpe er sine egne aksjer.
Redigert 18.11.2021 kl 20:47 Du må logge inn for å svare

Ja - selv om det totalt er ca kr 500 000 en har brukt på kjøp av aksjer, viser dette at personer tett på virksomheten mener at selv etter en relativt kraftig kursstigning det siste året skal kursen videre opp. En ville ikke kastet bort kr 500 000 om en mente toppen var nådd - og det er positivt at det faktisk er 3 innsidere sol kjøper samtidig.
ejewil
18.11.2021 kl 19:34 5143

Rent taktisk kjøp for å få aksjen mere «innsidepositiv»? Ikke rare greierne, men innsidekjøp - er innsidekjøp.🤩


Dette er penger de ansatte tar av sin egen lomme - og det er ikke akkurat slik at de sitter med en stor post av aksjer fra før- så hvorfor skal de ha interesse i å gjøre aksje mer "innsidepositiv"? Hva mener du med at det er et taktisk kjøp?
Redigert 18.11.2021 kl 19:37 Du må logge inn for å svare
NetromK
18.11.2021 kl 19:36 5277

Dei har solgt skip for meir enn 163mUSD.
Cordelia, Anne Sibum og Stefan Sibum er også solgt i Q4, men gjort opp allereie.
Det skulle vel legge til 58 mUSD til din sum: 21,5x2 + 15,9.


Fra Question-and-Answer Session. Spørsmål 1.
Thank you. [Operator Instructions] You have a question just came through, it’s from the line of [J Mintzmyer] [ph]. You may ask you question.

Unidentified Analyst

37:32 Good morning, Constantin. Congrats on an excellent quarter all around.

Constantin Baack

37:37 Thanks J.

Unidentified Analyst

37:39 Yes. So, you've done everything as well as you possibly could have in terms of execution. All the charter roles have been impressive. You've been selling some ships at high prices, You’ve refinanced the debt, you’ve guided for a seventy five percent dividend policy. And you’ve done everything correct? And yet, if you look at the stock price, it's still languishing. You're trading at a fraction of adjusted NAV. I’ve heard some investors are a little bit concerned about the taxation structure of the dividend. Is there any way to focus on some value creation arbitrage by shifting to a share repurchase or is there any desire to move in that direction?

Constantin Baack

38:17 Yes, thanks for the question, J. And of course, I mean, we are looking at all kind of opportunities to make, to return capital to investors in the most [indiscernible] the way, right? And as I said, I mean, we have a clear distribution plan. We will want to return capital to investors and the obvious way of a quarterly dividend. And that's obviously also the opportunity for share buyback. And if you look at today's market. And if you look vessel acquisitions for example, I mean, the cheapest vessel you can buy in my book at least would be on stock.

38:17 So that is definitely an option looking where the share is trading today and where the implied value of some of the vessel sales is that we have conducted that we want to make use of that as well. So, it will be a combination potentially of doing the right thing at the right time. One is certainly a sustainable distribution that is reliable and also sustainable in a way and at the same time to act also opportunistic to some extent to potentially dislocation in share price versus the NAV. And I do agree, we trade at a significant discount to our NAV. So, to benefit from that by buying the cheapest vessel on the market, which is our own stock is certainly an option.

Unidentified Analyst

39:44 Yeah. Certainly Constantin it is great to hear that. Yeah. I mean, folks can figure out their own dividend tax situation, others just a little bit of pushback in the sense that a repurchase is both accretive right recruiting an arbitrage and you're also allowing folks to move in the stock at their own discretion, right? A dividend kind of forces their timing and forces their hand. I noticed a simplification. You're winding down the pool. You sold one of the joint venture assets. Can you talk a little bit strategically about the joint venture? Is that a long term structure still or do you get the sense with your partners that you're looking at monetizing and winding that down as well?

Constantin Baack

40:24 I mean, obviously in this market environment and we have a partner there and we have taken all the decisions jointly so far and I expect that to continue going forward. And I mean on each charter rollover, there is a decision to be made. And that decision is what's the charter value and what is a potential realizable asset value? And that's the point of time when we will reassess that and actually not only on the JV vessels. Also on other vessels. As you have seen, we've also sold a few other vessels.

40:55 So that is always and we factor in the decision and we factor in dry dock cycle. We factor in technical condition of the vessel, age of the vessel, etcetera. So, a lot of these factors will be affected. And I would not rule out and as I said, I mean, if we can sell vessels at an implied value of thirty five, forty NOK, it is certainly something to a seriously consider at that point of time.

41:22 So, we cannot rule out that we might be sell off of a few more vessels, but I wouldn't say that we desperately sell vessels because we have also concluded very attractive charter deals over the last couple of months and quarters. So, we would always benchmark each of those options against each other.

Unidentified Analyst

41:42 Certainly makes sense. Thanks for the great results and great commentary today.

Constantin Baack

41:47 Thanks, J. Take care.
Takk skal du ha. [Operatorinstruksjoner] Du har et spørsmål som nettopp kom gjennom, det er fra linjen til [J Mintzmyer] [ph]. Du kan stille deg spørsmål.

Uidentifisert analytiker

37:32 God morgen, Constantin. Gratulerer med et utmerket kvartal rundt omkring.

Constantin Baack

37:37 Takk J.

Uidentifisert analytiker

37:39 Ja. Så du har gjort alt så bra som du kunne ha gjort når det gjelder utførelse. Alle charterrollene har vært imponerende. Du har solgt noen skip til høye priser, du har refinansiert gjelden, du har veiledet for en syttifem prosent utbyttepolitikk. Og du har gjort alt riktig? Og likevel, hvis du ser på aksjekursen, er den fortsatt sytende. Du handler til en brøkdel av justert NAV. Jeg har hørt at noen investorer er litt bekymret for skattestrukturen til utbyttet. Er det noen måte å fokusere på verdiskapingsarbitrasje ved å gå over til et tilbakekjøp av aksjer, eller er det noe ønske om å bevege seg i den retningen?

Constantin Baack

38:17 Ja, takk for spørsmålet, J. Og selvfølgelig, jeg mener, vi ser på alle slags muligheter å gjøre, for å returnere kapital til investorer på den mest [usynlige] måten, ikke sant? Og som sagt, jeg mener, vi har en klar fordelingsplan. Vi vil ønske å returnere kapital til investorer og den åpenbare måten for kvartalsvis utbytte. Og det er selvsagt også muligheten for tilbakekjøp av aksjer. Og hvis du ser på dagens marked. Og hvis du for eksempel ser på anskaffelser av fartøy, mener jeg, det billigste fartøyet du kan kjøpe i boken min, vil i det minste være på lager.

38:17 Så det er definitivt et alternativ å se hvor aksjen handles i dag og hvor den implisitte verdien av noen av fartøysalgene er at vi har gjennomført at vi ønsker å benytte oss av det også. Så det vil potensielt være en kombinasjon av å gjøre det riktige til rett tid. Den ene er absolutt en bærekraftig fordeling som er pålitelig og også bærekraftig på en måte og samtidig opptre også til en viss grad opportunistisk til potensiell dislokasjon i aksjekurs kontra NAV. Og jeg er enig, vi handler med en betydelig rabatt til vårt NAV. Så å dra nytte av det ved å kjøpe det billigste fartøyet på markedet, som er vår egen aksje, er absolutt et alternativ.

Uidentifisert analytiker

39:44 Ja. Absolutt Constantin det er flott å høre det. Ja. Jeg mener, folk kan finne ut av sin egen utbytteskattesituasjon, andre bare en liten tilbakeskyting i den forstand at et tilbakekjøp både er en oppløftende rettighet å rekruttere en arbitrasje og at du også lar folk flytte inn i aksjen etter eget skjønn, Ikke sant? Et utbytte tvinger på en måte timingen deres og tvinger hånden deres. Jeg la merke til en forenkling. Du avvikler bassenget. Du solgte en av joint venture-eiendelene. Kan du snakke litt strategisk om fellesforetaket? Er det fortsatt en langsiktig struktur, eller forstår du med partnerne dine at du ser på å tjene penger og avvikle det også?

Constantin Baack

40:24 Jeg mener, åpenbart i dette markedsmiljøet, og vi har en partner der, og vi har tatt alle beslutningene i fellesskap så langt, og jeg forventer at det vil fortsette fremover. Og jeg mener ved hver charterovergang er det en beslutning som skal tas. Og den avgjørelsen er hva som er charterverdien og hva er en potensiell realiserbar aktivaverdi? Og det er tidspunktet da vi skal revurdere det og faktisk ikke bare på JV-fartøyene. Også på andre fartøy. Som du har sett, har vi også solgt noen få andre fartøyer.

40:55 Så det er alltid, og vi tar med avgjørelsen og vi tar med tørrdokksyklusen. Vi tar hensyn til fartøyets tekniske tilstand, fartøyets alder osv. Så mange av disse faktorene vil bli påvirket. Og jeg vil ikke utelukke, og som sagt, jeg mener, hvis vi kan selge skip til en underforstått verdi på trettifem, førti NOK, er det absolutt noe å vurdere seriøst på det tidspunktet.

41:22 Så vi kan ikke utelukke at vi kan selge ut noen flere fartøyer, men jeg vil ikke si at vi desperat selger fartøy fordi vi også har inngått svært attraktive charteravtaler i løpet av de siste månedene og kvartalene. Så vi vil alltid sammenligne hvert av disse alternativene mot hverandre.

Uidentifisert analytiker

41:42 Det gir absolutt mening. Takk for flotte resultater og flotte kommentarer i dag.

Constantin Baack

41:47 Takk, J. Pass på.

spørsmål 2.
Constantin Baack

41:52 Are there no questions on the phone. Otherwise, there are few questions through the web.

Operator

42:01 There are no further questions as of this moment on the phone.

Constantin Baack

42:04 Okay. Then I would just run through some of the questions on the web. The first question here is from [indiscernible]. He is and I will read it out and then answer it right away. The share has been strongly effective the last month by sales from large shareholders. Can you give some comments on potentially new divestments from main shareholders start back to [indiscernible] that those were the question from [indiscernible]?

42:31 I cannot, what I can say is that I firmly believe that the distribution plan that we have developed is a distribution plan that finds also the support of those shareholders in my view in any event. However, obviously, each of these shareholders has to take their own decisions. Yet, I believe that by implementing this distribution plan, we will have a very clear path to liquidity for investors and the very reliable and certainly plannable outlook given the strong cash backlog.

43:07 And as such, I think we as the company are doing and have done a lot of steps that will make investors sticky, and I'm hopeful and I expect that that will also be perceived by most of the investors. So, but again, I'm not the party you alluded to here. So, we will do what we can in order to address that, and I think we're on a very good track to that effect.

Constantin Baack

41:52 Er det ingen spørsmål på telefonen. Ellers er det få spørsmål gjennom nettet.

Operatør

42:01 Det er ingen flere spørsmål på telefonen for øyeblikket.

Constantin Baack

42:04 Ok. Da ville jeg bare kjørt gjennom noen av spørsmålene på nettet. Det første spørsmålet her er fra [usynlig]. Det er han, og jeg vil lese den opp og deretter svare på den med en gang. Aksjen har vært sterkt effektiv den siste måneden ved salg fra store aksjonærer. Kan du gi noen kommentarer om potensielt nye avhendelser fra hovedaksjonærer som starter tilbake til [usynlig] at det var spørsmålet fra [uskjellig]?

42:31 Jeg kan ikke, det jeg kan si er at jeg er overbevist om at distribusjonsplanen som vi har utviklet er en distribusjonsplan som også finner støtte fra disse aksjonærene etter mitt syn i alle fall. Men åpenbart må hver av disse aksjonærene ta sine egne beslutninger. Likevel tror jeg at ved å implementere denne distribusjonsplanen, vil vi ha en veldig klar vei til likviditet for investorer og de svært pålitelige og sikkert planbare utsiktene gitt den sterke kontantreserven.

43:07 Og som sådan tror jeg at vi som selskap gjør og har gjort mange skritt som vil gjøre investorene klissete, og jeg er håpefull og forventer at det også vil bli oppfattet av de fleste investorene. Så, men igjen, jeg er ikke partiet du hentydet til her. Så vi vil gjøre det vi kan for å løse det, og jeg tror vi er på et veldig godt spor med det.

Spørsmål 3.
There a second question by [indiscernible] and kindly ask you – kindly ask you to reconfirm that the company does not intend to order new builds?

43:44 That is confirmed. We do not intend to order new builds. We intend to distribute capital back to shareholders in the short term in the midterm. So, there’s currently no plan with regards to new builds.

Det andre spørsmålet av [ukjennelig] og vennligst spør deg - vennligst be deg om å bekrefte at selskapet ikke har til hensikt å bestille nybygg?

43:44 Det er bekreftet. Vi har ikke tenkt å bestille nybygg. Vi har til hensikt å distribuere kapital tilbake til aksjonærene på kort sikt på mellomlang sikt. Så det er foreløpig ingen plan med hensyn til nybygg.
fylla12
18.11.2021 kl 19:55 5405

Trusslene om utbytte og noe ekstra var troverdig ...

Golfbanen er stengt men vi kan bruke treningsfeltet.
Etter å ha svingt kølla en stund og kjøpt noen flere aksjer i MPCC
så ble den daglig rasjonen med øl byttet ut med en flaske Bollinger RD



Spørsmål 4.
Then as a question from [indiscernible] that's a bit of a longer question. I will nevertheless read it out. Congrats on some very good vessels sales. Is it correct assume that the one hundred and thirty five million dollars sales announced earlier will primarily be used to pay down debt while the two new vessels you announced today of roughly fifty million could be returned to shareholders? That’s the first question.

44:23 We would pretty much and that's the bridge on slide nineteen where we show that we will use around one hundred and twenty to one hundred and thirty million part of which, I mean, you can label it all vessel sales, operating cash. So, we will use part of that to definitely repay or to do the – execute the refinancing and other cash amounts will be available for a potential extraordinary, let's say, distribution as per our policy. Yes.

45:00 There’s a second part of the question where [indiscernible] says, in general, should investors expect that future vessel sales will lead to extraordinary dividends or share buybacks?

45:08 Yes, that can be the expectation. Again, as I explained that should then be in the discretion of the board and to decide what's the most accretive way to return capital to investors, but there is a clear intention as articulated in the distribution plan to return that capital to investors.

45:29 Further on, what's the preference for dividends versus share buyback? There will definitely be a dividend. As I've mentioned too, I mean, there's a recurring element in the distribution plan. And a share buyback is obviously to some extent a very momentum driven opportunity that is being considered and will be considered always when looking at share price and NAV and other aspects. So, there is not a clear line in the sense as far as the extraordinary kind of events are concerned.

46:08 There's another part to the question where he says, and the two vessels you mentioned report that in connection with this that you've extended charters for four ships, can you elaborate on that please? I'm very happy to elaborate on that. This is in my view a very compelling transaction [client busy] [ph] containers. We have [indiscernible] has rightly, said, we have sold two vessels the AS Petulia, which is a joint venture ship, by the way, and the AS Palatia, which is hundred percent owned and two, two and five thousand TEU ships and we have in conjunction with that extended the charters on four vessels.

46:44 One is a two point five thousand TEU ship and three seventeen hundred TEU ships. And those are the forward extensions I have alluded to earlier. So, we have basically extended vessels that run out of charter, in Q4 this year, sorry next year, for another two years. And the extension rate and you can see that at the very end of the presentation, we have our charter backlog, sorry, our charter exposure illustrated in a chart, where we also explain the exact numbers.

47:18 So, we basically have concluded a charter, forward-charter for in excess of forty thousand dollars for the two and half thousand TEU ship that gives you an idea that this is a very strong forward fixture in [my book] [ph]. And that is not just extended for two years, but we have also been able to increase the charter higher as of today.

47:37 So, we're basically already increasing the charter for the first year, where we're still on a certainly way lower charter. So, the blended rate will be almost thirty thousand dollars for the next three years, basically. And for the seventeen relative implied rate is around thirty thousand dollars also on a forward extension.

47:56 So again, those vessels are in this consolations in more detail illustrated at the end of the deck in the footnote and those are two, sorry, three seventeen hundred and two point five thousand TEU ships. In my book, it does – this signals a few things. It signals firstly on the chartering side that you are able to fix forward at attractive rates and not a significant discount, meaning there's a concern about scarcity of assets by operators.

48:26 And secondly, when it comes to the vessel sales, and the sale prices for the two vessels that we sold is around thirty six million at piece. These vessels are in today's market below market charter rates, which would imply in my view at least roughly a negative charter value of eight million to nine million. So, effectively, these ships were sold at roughly forty five million apiece, which in my view is a very attractive and compelling proposition for selling those vessels.


Så som et spørsmål fra [uskjellig] er det et litt lengre spørsmål. Jeg skal likevel lese den opp. Gratulerer med godt salg av båter. Er det riktig å anta at salget på 135 millioner dollar som ble annonsert tidligere primært vil bli brukt til å betale ned gjeld mens de to nye fartøyene du annonserte i dag på omtrent femti millioner kan returneres til aksjonærene? Det er det første spørsmålet.

44:23 Det ville vi stort sett, og det er broen på lysbilde nitten der vi viser at vi vil bruke rundt hundre og tjue til hundre og tretti millioner deler av hvorav, jeg mener, du kan merke det alt skipssalg, driftskontanter. Så vi vil bruke en del av det til å definitivt tilbakebetale eller for å gjøre det – utføre refinansieringen og andre kontantbeløp vil være tilgjengelig for en potensiell ekstraordinær, la oss si, distribusjon i henhold til vår policy. Ja.

45:00 Det er en andre del av spørsmålet hvor [ukjennelig] sier, generelt, bør investorer forvente at fremtidige fartøyssalg vil føre til ekstraordinære utbytter eller tilbakekjøp av aksjer?

45:08 Ja, det kan være forventningen. Igjen, som jeg forklarte, bør det da være i styrets skjønn og bestemme hva som er den mest attraktive måten å returnere kapital til investorer på, men det er en klar intensjon som artikulert i distribusjonsplanen om å returnere den kapitalen til investorene.

45:29 Videre, hva er preferansen for utbytte fremfor tilbakekjøp av aksjer? Det blir garantert utbytte. Som jeg også har nevnt, mener jeg at det er et tilbakevendende element i distribusjonsplanen. Og et tilbakekjøp av aksjer er åpenbart til en viss grad en veldig momentumdrevet mulighet som vurderes og alltid vil bli vurdert når man ser på aksjekurs og NAV og andre aspekter. Så det er ikke en klar linje i betydningen når det gjelder den ekstraordinære typen hendelser.

46:08 Det er en annen del av spørsmålet der han sier, og de to fartøyene du nevnte rapporterer at du i forbindelse med dette har utvidet charter for fire skip, kan du utdype det? Jeg er veldig glad for å utdype det. Dette er etter mitt syn en svært overbevisende transaksjon [klient opptatt] [ph] containere. Vi har [uskjellig] har med rette, sagt, vi har solgt to fartøy AS Petulia, som er et joint venture-skip, forresten, og AS Palatia, som er hundre prosent eid og to, to og fem tusen TEU-skip og vi har i forbindelse med det utvidet kontraktene på fire skip.

46:44 Det ene er et to komma fem tusen TEU skip og tre sytten hundre TEU skip. Og det er de fremre utvidelsene jeg har referert til tidligere. Så vi har i utgangspunktet utvidet skip som går tom for charter, i Q4 i år, beklager neste år, i ytterligere to år. Og forlengelsesraten og du kan se at helt på slutten av presentasjonen har vi charterbacklogen vår, beklager, chartereksponeringen vår illustrert i et diagram, der vi også forklarer de nøyaktige tallene.

47:18 Så, vi har i bunn og grunn inngått et charter, forward-charter for i overkant av førti tusen dollar for to og et halvt tusen TEU-skipet som gir deg en ide om at dette er en veldig sterk forward-feste i [min bok] [ph ]. Og det er ikke bare forlenget med to år, men vi har også kunnet øke charteret høyere per i dag.

47:37 Så, vi øker i utgangspunktet allerede charteret for det første året, hvor vi fortsatt har et langt lavere charter. Så den blandede prisen vil i utgangspunktet være nesten tretti tusen dollar de neste tre årene. Og for de sytten relative underforståtte kursen er rundt tretti tusen dollar også på en forlengelse fremover.

47:56 Så igjen, disse fartøyene er i denne trøsten mer detaljert illustrert på enden av dekket i fotnoten, og det er to, beklager, tre sytten hundre og to komma fem tusen TEU-skip. I min bok gjør det det – dette signaliserer et par ting. Det signaliserer for det første på chartersiden at du er i stand til å fikse frem til attraktive priser og ikke en betydelig rabatt, noe som betyr at det er en bekymring for knapphet på eiendeler hos operatørene.

48:26 Og for det andre, når det kommer til fartøysalget, og salgsprisene for de to fartøyene vi solgte er rundt trettiseks millioner stykker. Disse fartøyene ligger i dagens marked under markedscharterrater, noe som etter mitt syn vil innebære i det minste grovt sett en negativ charterverdi på åtte til ni millioner. Så i realiteten ble disse skipene solgt for omtrent førtifem millioner stykket, noe som etter mitt syn er et veldig attraktivt og overbevisende forslag for å selge disse fartøyene.

Spørsmål 5.
Let me now just continue. So, the next question, there's still one more lag to it from [indiscernible], given the discount to NAV, do you think further vessels had, it is reasonable to assume in order to try to close the gap and on to close the valuation discount.

49:19 As I said, as I reply to J earlier, I mean, we would always look at charter opportunities versus realizable asset value and we will be very rational in assessing that and very clear. And that's also why we will not do new builds at this stage. So, it cannot be ruled out, but it can also not be rude out and you can see that from these forward fixtures that we simply harvest the value that we have inherent in our vessels by chartering them out.

49:49 Last part of the question was, any change you have noticed in terms of buying interest for ships, in other words opportunity for you to sell ships? Well, not really and the transaction that we've announced today on those two vessels sales speaks to itself. This is basically sell with respective to charter [attached] [ph] in combination with the forward fixture. We do see more appetite by liners and other parties to buy ships. So, no significant difference there? And the last question is, what's the appropriate cash level you target forward.

50:28 Conservatively, we would look at somewhere between sixty and eighty million in cash reserve, working capital, and cash reserve. As kind of ballpark figure going forward. Then as a question by [indiscernible] what will the extraordinary dividend in Q1 be? Where we will convey in the EGM as I have proposed or announced and as we have agreed with the board for Q1 next year. And obviously, we still want to complete the refinancing over the next couple of weeks, and then we will decide and obviously communicate and ask the EGM for approval of what we intend to pay as a dividend in Q1.


La meg nå bare fortsette. Så, det neste spørsmålet, det er fortsatt ett etterslep til det fra [ukjennelig], gitt rabatten til NAV, tror du flere fartøy hadde, er det rimelig å anta for å prøve å lukke gapet og videre for å lukke verdivurderingen rabatt.

49:19 Som jeg sa, som jeg svarer til J tidligere, mener jeg, vi vil alltid se på chartermuligheter versus realiserbar verdi, og vi vil være veldig rasjonelle i å vurdere det og veldig tydelige. Og det er også derfor vi ikke skal gjøre nybygg på dette stadiet. Så det kan ikke utelukkes, men det kan heller ikke være uhøflig, og du kan se at fra disse fremre armaturene at vi ganske enkelt høster verdien som vi har iboende i våre fartøyer ved å leie dem ut.

49:49 Siste del av spørsmålet var, noen endring du har lagt merke til når det gjelder kjøpsinteresse for skip, med andre ord mulighet for deg til å selge skip? Vel, egentlig ikke, og transaksjonen som vi har annonsert i dag på salget av disse to fartøyene snakker til seg selv. Dette er i utgangspunktet selge med henholdsvis charter [vedlagt] [ph] i kombinasjon med forward-armaturen. Vi ser mer appetitt hos linjeskip og andre parter for å kjøpe skip. Så ingen vesentlig forskjell der? Og det siste spørsmålet er, hva er det riktige kontantnivået du retter deg mot fremover.

50:28 Konservativt sett vil vi se på et sted mellom seksti og åtti millioner i kontantreserve, arbeidskapital og kontantreserve. Som en slags ballparkfigur fremover. Så som et spørsmål fra [ufattelig] hva vil det ekstraordinære utbyttet i Q1 være? Hvor vi vil formidle i den ekstraordinære generalforsamlingen slik jeg har foreslått eller annonsert og som vi har avtalt med styret for Q1 neste år. Og åpenbart ønsker vi fortsatt å fullføre refinansieringen i løpet av de neste par ukene, og da vil vi bestemme og åpenbart kommunisere og be den ekstraordinære generalforsamlingen om godkjenning av hva vi har tenkt å betale som utbytte i Q1.

Spørsmål 6.
There’s a question by [indiscernible]. Hi, how do you view your minimum cash need going forward? I answered that already. To further, I’m thinking of your statement of a significant distribution in Q1 twenty twenty two as you will have around two hundred million cash by year end. After the reason vessel said and refinancing how much we believe is realistic to distribute in Q1 and dividend?

51:41 Same answer like to Jacob, just now, we will decide that once we have finalized the vessel hand overs because six vessels still have to be handed over. And that is in excess of one hundred and sixty million in cash. So, let's get that done first. Let's get the refinancing done and we will then convene the EGM accordingly, but we will act in line with the distribution plan at least that's what we will propose to EGM.


Det er et spørsmål fra [usynlig]. Hei, hvordan ser du på minimumsbehovet for kontanter fremover? Jeg har allerede svart på det. For å videre, tenker jeg på erklæringen din om en betydelig fordeling i Q1 twentytwentyto som du vil ha rundt to hundre millioner kontanter ved årets slutt. Etter årsaken skipet sa og refinansiering hvor mye vi mener er realistisk å dele ut i Q1 og utbytte?

51:41 Samme svar som til Jakob, akkurat nå vil vi bestemme at når vi har fullført fartøysoverdragelsen, fordi seks fartøyer fortsatt må overleveres. Og det er i overkant av hundre og seksti millioner i kontanter. Så la oss gjøre det først. La oss få refinansieringen gjort, og vi vil da innkalle til den ekstraordinære generalforsamlingen i henhold til dette, men vi vil handle i tråd med distribusjonsplanen, i det minste det er det vi vil foreslå for den ekstraordinære generalforsamlingen.

Spørsmål 7.
Then there is a question from Alexander [indiscernible], is listing in the U.S. still considered? Obviously, listening in the U.S. should never be ruled out for a stock-listed company. We however feel comfortable on the Oslo Stock Exchange and we believe we have a very good kind of investor base. Obviously, the investor base should always be expanded. We believe that with an implementation of our distribution plan we will attain further interest from investors and we will then assess the potential [as move] [ph] at that point in time.


Så er det et spørsmål fra Alexander [uskjellig], vurderes børsnotering i USA fortsatt? Åpenbart bør lytting i USA aldri utelukkes for et børsnotert selskap. Vi føler oss imidlertid komfortable på Oslo Børs og vi tror vi har en veldig god type investorbase. Det er klart at investorbasen alltid bør utvides. Vi tror at med en implementering av distribusjonsplanen vår vil vi oppnå ytterligere interesse fra investorer, og vi vil da vurdere potensialet [as move] [ph] på det tidspunktet.

Spørsmål 8.
And as a question of [indiscernible] only three months charter, is the vessel due to drydock or sale? The vessel is due to drydock, that's the short answer. We have fixed that vessel into drydock because we will have to do some work on the [cranes] [ph] in particular and therefore, we decided to fix the vessels for a short period in order to get her ready in Q1.


Og som et spørsmål om [usynlig] bare tre måneders charter, skyldes fartøyet tørrdokk eller salg? Fartøyet skyldes tørrdokk, det er det korte svaret. Vi har fikset det fartøyet i tørrdokk fordi vi må jobbe spesielt med [kranene] [ph], og derfor bestemte vi oss for å fikse fartøyene i en kort periode for å gjøre henne klar i Q1.

Spørsmål 9.
Indiscernible] asked the question to clarify on the earlier question. Is it fair to say that the recurring distributions will be dividends with event driven to also potentially include buybacks depending on the market? Yes, that is the plan.


Indiscernible] stilte spørsmålet for å klargjøre det tidligere spørsmålet. Er det rettferdig å si at de tilbakevendende utdelingene vil være utbytte med hendelsesdrevet til også å inkludere tilbakekjøp avhengig av markedet? Ja, det er planen.

Spørsmål 10.
Indiscernible] asked the question, will there be more forward fixtures for the available ships in first half twenty twenty two? I would not rule that out. We are in fact already in discussions on some of those positions and the question there is, will that be at a discount or not? And as we have shown with our latest four extensions, this has actually done at market, if not even to a slight premium to market.

53:50 So, one needs a very careful balance there. Because we are obviously de-risking the twenty twenty two positions basically every day by concluding forward charters, but we would always factor in what does that mean in terms of charter rate and how does it compare to current spot markets. But certainly, there are already discussions on forward positions.


Indiscernible] stilte spørsmålet, vil det være flere fremre kamper for de tilgjengelige skipene i første halvdel tjue-tjueto? Jeg vil ikke utelukke det. Vi er faktisk allerede i diskusjoner om noen av disse stillingene, og spørsmålet er, vil det være til rabatt eller ikke? Og som vi har vist med våre siste fire utvidelser, har dette faktisk gjort på markedet, om ikke engang til en liten premie til markedet.

53:50 Så man trenger en veldig nøye balanse der. Fordi vi åpenbart reduserer risikoen for de tjuetoto-posisjonene i utgangspunktet hver dag ved å inngå terminkontrakter, men vi vil alltid ta hensyn til hva det betyr når det gjelder charterkurs og hvordan det er sammenlignet med gjeldende spotmarkeder. Men absolutt, det er allerede diskusjoner om fremadrettede posisjoner.

Spørsmål 11.
There’s a question of [indiscernible]. Hi, Constantin, what will be the estimated interest relief with the new credit facility and the intended prepayment of the bonds and the DNB facility? I have the number somewhere here, but will we significant. I mean, we will look at one hundred and fifty bps less in March, and we will look at roughly two hundred and fifty less debt.

54:41 So, it will basically be that amount times that gap in the interest. So, that will be the relief. So, it will be quite significant. If we then look at [indiscernible] question here. And it says, if we come at a place, where there would be conflict in South China, see has there been any thoughts of what this would do to the container shipping, not an easy question, not an easy question at all.

55:00 I must confess and I don't know, I mean, it depends how long this would take, how that will affect it. I mean, this is certainly not a base case that would be a very unfortunate and unpleasant development. And it will in any given effect on the container market obviously, but I think I'm certainly not the best person to answer the likelihood of that happening, and I personally hope and expect that this is not going to happen. So, very tricky question. Not a clean answer, but as good as I can shoot from the – on that question.

55:49 So, just checking in. Moderator, are there any further questions through the phone line?

Det er et spørsmål om [usynlig]. Hei Constantin, hva blir den estimerte rentelettelsen med den nye kredittfasiliteten og den tiltenkte forskuddsbetalingen av obligasjonene og DNB-fasiliteten? Jeg har nummeret et sted her, men vil vi betydelig. Jeg mener, vi vil se på hundre og femti bps mindre i mars, og vi vil se på omtrent to hundre og femti mindre gjeld.

54:41 Så, det vil i utgangspunktet være det beløpet ganger gapet i renten. Så det vil være lettelsen. Så det vil være ganske betydelig. Hvis vi så ser på det [usynlige] spørsmålet her. Og det står, hvis vi kommer til et sted hvor det ville være konflikt i Sør-Kina, se om det har vært noen tanker om hva dette ville gjøre med containerfrakten, ikke et lett spørsmål, ikke et lett spørsmål i det hele tatt.

55:00 Jeg må tilstå, og jeg vet ikke, jeg mener, det kommer an på hvor lang tid dette vil ta, hvordan det vil påvirke det. Jeg mener, dette er absolutt ikke en base case som ville vært en veldig uheldig og ubehagelig utvikling. Og det vil i enhver gitt effekt på containermarkedet åpenbart, men jeg tror jeg absolutt ikke er den beste personen til å svare på sannsynligheten for at det skjer, og jeg personlig håper og forventer at dette ikke kommer til å skje. Så, veldig vanskelig spørsmål. Ikke et rent svar, men så godt jeg kan skyte fra – på det spørsmålet.

55:49 Så det er bare å sjekke inn. Moderator, er det flere spørsmål via telefonlinjen?

Vanvittig travle tider på jobben for tiden, men jeg har i løpet av dagen så klart fulgt med på galskapen med ett halvt øye..
Jeg gir meg ikke på min etterhvert så gamle teori om at det er shorterne og de gode medhjelperne som fortsatt gjør oss et pek. Dersom det viser seg at det er noen av de tidligere nevnte norske storaksjonærene som velger å vekte seg ned på en dag som dette, så forstår jeg ingen ting. Dem kunne jo tjent store penger på å la aksjen klatre pent oppover før dem evt. valgte å ta gevinst. Jeg kan ikke begripe at noen av disse ønsker å trykke ned aksjekursen samme dagen som at kvartalsresultatene blir presentert.

Vi får svaret over helgen, men igjen.. dette er bare krydder i hverdagen. Med utbytte medfølger kursoppgang og shortskvis, så det er bare å glede seg.

Spørsmål 12.
Constantin Baack

56:01 Then we'll give it one more minute to see whether there are follow-up questions or further questions through the web. So, there's one more question that just came in from [indiscernible] how do you view vessel contracts? Do you expect most to last until maximum period? Thank you.

56:35 Well, that obviously always depends on the market environment at that point in time. So, if you want to be conservative, I would always calculate with a minimum period. But if the market stays strong and is stronger than obviously the max period will be used by the charters.

56:54 So, I'm pretty – I'm sure whether I have the crystal ball to that. So, conservative wise, and you should calculate with a win period. But again, if the market is stronger it will definitely be the max periods, certainly on those that we still roll over in this market at lower charter.


Constantin Baack

56:01 Så gir vi det ett minutt til for å se om det er oppfølgingsspørsmål eller flere spørsmål via nettet. Så, det er ett spørsmål til som nettopp kom inn fra [uskjellig] hvordan ser du på fartøyskontrakter? Forventer du at det meste varer til maksimal menstruasjon? Takk skal du ha.

56:35 Vel, det avhenger selvsagt alltid av markedsmiljøet på det tidspunktet. Så hvis du vil være konservativ, vil jeg alltid beregne med en minimumsperiode. Men hvis markedet forblir sterkt og er sterkere enn åpenbart vil maksperioden bli brukt av chartrene.

56:54 Så jeg er pen – jeg er sikker på om jeg har krystallkulen til det. Så, konservativt sett, og du bør beregne med en seierperiode. Men igjen, hvis markedet er sterkere vil det definitivt være de maksimale periodene, sikkert på de som vi fortsatt ruller over i dette markedet ved lavere charter.

Spørsmål 13.
I have few more questions that came in. [Indiscernible] thank you for very good presentation. Have any of the large liner companies contacted you for buying the whole company?

57:26 No, they didn’t. At least not to today. Then there's a question by [indiscernible]. Hi, thanks for a very interesting implementation. You talked about decarbonization of the fleet, and that it would take five to ten years unless I miss heard you, I was just wondering if there are set plans for decarbonizing the fleet. And if you could talk a little bit more about this?

57:53 Obviously, this could fill a long session, and we are obviously considering measures to improve our vessels, but we obviously operate fourteen year old, on average fourteen year old container ships. So, we seek to operate as efficient as possible. We seek to find solutions with our customers. And as I've mentioned earlier, even potential investments into the vessels. If it improves the efficiency and decarbonizes the fleet. Yet, obviously, you cannot switch a fourteen year old vessel overnight at least in absence of the right fuels to become completely carbon neutral. So, we are effectively working on it with our customers, with our technical team and consider certain improvements, but at least where the technology and the development is at this stage, we will not be able to get those vessels green overnight.

58:51 We rather think a full cycle approach to operate the vessels as efficiently for a longer period, up to a point in time when there is a – let's say, a clear and also efficient way to decarbonization of vessels available that would be the point in time to switch gears, but at this stage, and that is what I meant with five to ten years, I believe, especially on the supply of fuel side that will take another five to ten years and that's why we feel very well positioned with our company to delever payout dividends and prepare for whatever is ahead of us in the next three to ten years.

Jeg har noen flere spørsmål som kom inn. [Uskjellig] takk for en veldig god presentasjon. Har noen av de store linjerederiene kontaktet deg for å kjøpe hele selskapet?

57:26 Nei, det gjorde de ikke. I hvert fall ikke i dag. Så er det et spørsmål fra [uskjellig]. Hei, takk for en veldig interessant implementering. Du snakket om avkarbonisering av flåten, og at det ville ta fem til ti år med mindre jeg savner å høre deg, jeg bare lurte på om det er fastsatte planer for avkarbonisering av flåten. Og hvis du kunne snakket litt mer om dette?

57:53 Dette kan selvsagt fylle en lang sesjon, og vi vurderer selvsagt tiltak for å forbedre fartøyene våre, men vi opererer selvsagt fjorten år gamle, i gjennomsnitt fjorten år gamle containerskip. Derfor prøver vi å drive så effektivt som mulig. Vi søker å finne løsninger sammen med våre kunder. Og som jeg har nevnt tidligere, til og med potensielle investeringer i fartøyene. Hvis det forbedrer effektiviteten og dekarboniserer flåten. Likevel kan du selvsagt ikke bytte et fjorten år gammelt fartøy over natten i det minste i mangel av riktig drivstoff for å bli fullstendig karbonnøytral. Så vi jobber effektivt med det med kundene våre, med vårt tekniske team og vurderer visse forbedringer, men i det minste der teknologien og utviklingen er på dette stadiet, vil vi ikke kunne få disse fartøyene grønne over natten.

58:51 Vi tenker heller en fullsyklustilnærming for å drive fartøyene like effektivt over en lengre periode, opp til et tidspunkt da det er en – la oss si, en klar og også effektiv måte å dekarbonisere fartøyene tilgjengelig som ville være tidspunkt for å bytte gir, men på dette stadiet, og det var det jeg mente med fem til ti år, tror jeg, spesielt på forsyningssiden av drivstoff som vil ta ytterligere fem til ti år, og det er derfor vi føler oss veldig godt posisjonert med selskapet vårt for å dele ut utbytte og forberede seg på det som ligger foran oss i løpet av de neste tre til ti årene.

Spørsmål 14.
There’s another question by [indiscernible]. How much is the saving sharing mechanism per ship due to the previous [indiscernible] installations? And obviously, that is linked to the fuel spreads. We generally have eighty twenty in our favor or seventy five percent, twenty five percent savings sharing again in our favor. And then it depends on the spreads.

59:53 Usually the vessels, the slightly larger vessels on our fleet, they burn like forty tons a day. Slightly smaller vessels maybe somewhere between twenty eight and thirty. So, that's the daily consumption and you could generally calculate with around two hundred and eighty. So, let's say two fifty to two eighty days when they will actually consume fuel. So that would then be the calculation on that basis, but it really depends on the various [important factors] [ph].

60:23 For this year, we probably will get somewhere in the vicinity of six to nine million U.S. dollars out of the savings, but that was obviously a year with fairly low spreads and as the spread is widening, there's more upside to be gained.

60:41 Okay. And on that note, I think we are complete here with the questions through the web. Let’s have any further question through the phone line. Moderator, I would like to hand back to you and conclude the call. I would like to thank everyone for their time, interest, and questions, and look forward to very exciting Q4. And EGM early next year, and thanks everyone for your time and attention.

Operator

61:13 Thank you. And that concludes our conference for today. You may all disconnect. Thank you all for participating.

Det er et annet spørsmål fra [usynlig]. Hvor mye er sparemekanismen per skip på grunn av de tidligere [usynlige] installasjonene? Og det er åpenbart knyttet til drivstoffspredningene. Vi har vanligvis åtti tjue i vår favør eller syttifem prosent, tjuefem prosent sparing deler igjen i vår favør. Og så avhenger det av spredningene.

59:53 Vanligvis brenner fartøyene, de litt større fartøyene på vår flåte, som førti tonn om dagen. Litt mindre fartøyer kanskje et sted mellom tjueåtte og tretti. Så, det er det daglige forbruket, og du kan vanligvis beregne med rundt to hundre og åtti. Så la oss si to femti til to åtti dager når de faktisk vil forbruke drivstoff. Så det ville da vært beregningen på det grunnlaget, men det avhenger egentlig av de forskjellige [viktige faktorene] [ph].

60:23 For i år vil vi sannsynligvis komme et sted i nærheten av seks til ni millioner amerikanske dollar ut av sparepengene, men det var åpenbart et år med ganske lave spreads, og ettersom spredningen øker, er det mer oppside å hente. .

60:41 Ok. Og på det notatet tror jeg vi er komplette her med spørsmålene gjennom nettet. La oss ha ytterligere spørsmål via telefonlinjen. Moderator, jeg vil gjerne gi deg tilbake og avslutte samtalen. Jeg vil takke alle for deres tid, interesse og spørsmål, og ser frem til veldig spennende Q4. Og ekstraordinær generalforsamling tidlig neste år, og takk til alle for deres tid og oppmerksomhet.

Operatør

61:13 Takk. Og det avslutter vår konferanse for i dag. Dere kan alle koble fra. Tusen takk for at dere deltar.

Del 1 av Q3 2021 Earnings Conference Call November 18, 2021 9:00 AM ET

Company Participants

Constantin Baack - Chief Executive Officer

Conference Call Participants

Disclaimer*: This transcript is designed to be used alongside the freely available audio recording on this page. Timestamps within the transcript are designed to help you navigate the audio should the corresponding text be unclear. The machine-assisted output provided is partly edited and is designed as a guide.

Operator

00:03 Thank you all for standing by and welcome to today’s Q3 twenty twenty one Earnings Conference Call. [Operator Instructions]

00:19 I would now like to hand the call over to your speaker Mr. Constantin Baack. Thank you.

Constantin Baack

00:24 Thank you, operator. Good afternoon, and good morning, everyone. This is Constantin Baack, I’m the CEO of MPC Container Ships, and I would like to welcome you to our Q3 twenty twenty one earnings call. Thanks for joining us to discuss the third quarter earnings. This morning, we have issued a stock market announcement covering MPCC’s first quarter results for the period ending September thirty, twenty twenty one. The release, as well as the accompanying presentation for this conference call are available on the Investor and Media section of our website.

00:56 Please note and be advised that the material provided and our discussion today contain forward-looking statements, and certain indicative figures. Actual results may differ materially from those stated or implied by forward-looking statements due to risks and uncertainties associated with our business.

01:14 Now, let me start the presentation with a quick look at the agenda. I would very much like to, and that is on slide number three, I would very much like to give a quick company highlights for Q3 and year to date twenty twenty one, followed by market update before we then look forward and I will provide an outlook on the company going forward.

01:41 On that note, let me start off with an executive summary on slide number four, you see few key indicators. Let me run you through some of them. We obviously in a continuously very strong container market both in terms of freight rates, freight volumes, as well as charter rates as a reference the HARPEX index increased by almost three hundred percent year to date.

02:12 If we look at our very own company, we look at a significant EBITDA, sorry significant revenue backlog on the back of fifty three fixtures concluded year to date. And since January, we have contracted revenue volume of one point one billion U.S. dollars some of which we have already basically digested in the actual figures.

02:34 Furthermore, we have taken a number of portfolio management steps by acquiring twelve vessels and selling eleven vessels. I will elaborate on that in a bit more detail as we go through.

02:48 Furthermore, we have commenced in June, July this year a substantial balance sheet optimization program, which is a combination of replacing debt and also de-levering the company. We have taken out in that context one hundred and eighty million in additional financing from HCOB, which will be drawn in the weeks to come and we have also concluded seventy million RCF with CIT. More on that later on and how that will positively affect our company going forward.

03:21 Furthermore, we have improved our EBITDA guidance for full year twenty twenty one to above three hundred million, so three zero five to three fifteen is our official guidance for twenty twenty one. This important to note includes sales or sales gains on certain vessel sales of around one hundred million U.S. dollars.

03:49 Furthermore, and that is a combination of our continuous backlog and our efforts so also optimize the balance sheet. We are now ready for significant quarterly distributions to shareholders starting as early as early next year in Q1 twenty two. And we will distribute as a quarterly and recurring and distribution, seventy five percent of adjusted net profit. I will get to that in a bit more detail in a minute.

04:19 Furthermore, we have seen a significant improvement in our share liquidity. We are now, we have been included as of September in the OBX index with a twenty five most liquid stocks on the Oslo Stock Exchange and we look at an average turnover of more than one hundred fifteen million per day.

04:44 On that note, let me continue with some KPIs. I think very importantly, as a general comment, we have obviously now digested most of the legacy charters that we still brought into twenty twenty one from twenty twenty. And we have now renewed a number of vessels. I mentioned a number of fixtures this year with fifty three, which is a reflection of us being able to roll over the charters into a much better market environment with significantly higher rates and significantly longer periods.

05:17 As a result of that, the net revenues have increased significantly from Q3 – from Q2 to Q3 from sixty three point five million to more than hundred and ten million U.S. dollars. Similar picture on EBITDA and even more pronounced net results where we have seen a very significant increase in profitability and performance and the same applies to earnings per share as a result of, as I just said, significantly improved charter book and improved TCE per day across the fleet and consequently EBITDA per day in vessel, which is part of operational performance in the middle part of this slide, where you can also see a very solid fleet utilization.

06:05 And as I said, a significant improvement in both average TCE and average EBITDA quarter on quarter.

06:13 Finally, and very importantly, looking at the balance sheet, we have increased our cash position and we will continue to increase the cash position on the back of profitable operations as well as some of the vessel sales and I'll allude to that later on. And we look at a very moderate leverage, and that's just the balance sheet leverage of thirty five percent and we will continue to delever the business going forward, but not at the expense of distribution, but that can happen in parallel given our significant charter and EBITDA backlog.

06:50 Let we now highlight a few corporate and financial developments in Q3. And first of all, to start with the corporate side, we have been able to close the stronger and container acquisition early August, adding another eleven vessels to the MPCC fleet. I'll look in more detail on the acquisitions and how we have been able to de-risk those acquisitions and actually already bring them into the money and later on in the presentation.

07:22 On the ESG side, we have continued to work on our ESG strategy to meet new and upcoming regulations. We have also taken part in the industry rating with Oslo Stock Exchange, the ESG one hundred program where we have been rated B-minus by an independent organization Oslo Stock Exchange, which is among the shipping peers that have taken part in that program, a very positive outcome and we will nevertheless continue to work on improvement of this rating.

07:59 Furthermore, and some of which I already mentioned earlier, we have worked on the optimization of our balance sheet by replacing existing financings with cheaper more flexible financings and by obtaining kind of additional financing that we will use to delever the company and gain more flexibility within the balance sheet, more on that's soon.

08:24 On the financial side, we have from Q4 onwards around almost a shape below one billion in revenue backlog. We have fixed EBITDA from Q4 onwards of around eight forty million, which includes roughly one hundred of secured gains from vessel sales or assumed gains some vessel sales. Some of the vessels still have to be handed over.

08:51 And furthermore, we see a potential additional upside in EBITDA of more than three fifty million from vessels that we expect to win with the charters until Q2 next year based obviously current market rates and periods. So that number is subject to change, but it is an indication of what we believe can be achieved over the next couple of quarters in what we believe will remain a strong market.

09:19 Now from the corporate and financial side and the highlights to the market and operations. We, obviously looking at the market, we have seen continuous improvement of the macroeconomic outlook, obviously differing from region to region, but the GDP growth of shape below six percent for this year, and just below five percent for next year is a very positive development compared to twenty twenty.

09:51 And we have also seen a very strong trade recovery in terms of TEO growth and TEO is transported of eight percent and roughly four percent is expected for next year. And the supply chain disruptions is obviously amplifying the situation to a large extent regarding entire capacity, what that means on the market and on our business in particular, I will explain in a few minutes.

10:16 Furthermore, market fundamentals, supply demand balance in particular, favorable in our [second] [ph] segment more on that later on, but we are extremely positive about the supply side. And from what I said earlier on the microeconomic outlook also on the demand side in particular for smaller vessels and into a regional trade.

10:35 If you then look at the operational side of things, we have been able to achieve very solid fleet utilization [with COVID] [ph], and we are very kind of pleased about this. And we have at the same time also taken certain measures on the chartering side. Next to the fixtures we are in the process of dissolving the thirteen hundred and fifty ninety TEU High Reefer Pool as of first January, twenty twenty two.

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11:05 A pool is good and in a more shaky market. We believe that the pool membership does not add significant value in today's market environment and as a consequence we have decided to dissolve this pool effective first January, twenty twenty two. Certain COVID related to challenges remain, and we are thankful and grateful to the cruise on board of our vessels that they keep up the good work and in a very – admittedly very still very challenging and market environment and are happy to report that we have a very solid technical performance of the fleet as we speak.

11:44 The fixed activity, at the bottom of slide seven, and obviously, Q1, Q2, and Q3 what we have seen is a strengthening in extension in durations that we have been able to a period, charter period that we've been able to obtain and an improvement of rates. If you then look at Q4 twenty twenty one, the periods have come down a bit and the rates have come down a bit, but there’s a very distinct reason for that.

12:15 And the reason is that out of the eight vessels we actually had four forward extensions, which are extensions of Q4 twenty twenty two positions already now, which in my view is a very strong signal as to the continuous stability of the charter market and those we only extended two years from Q4 twenty twenty two onwards, and therefore, reducing the average period that we have shown here. That is important to note.

12:41 It's part of the deal and where we have actually sold two vessels, as we have announced today, as [indiscernible] and at the same time have extended four charters of three seventeen hundred and one two half thousand TEU vessel. The implied extension rate for vessels is more than forty thousand dollars and for the two point five thousand TEU vessel and around thirty thousand dollars for the seventeen hundred TEU vessel. So, a very strong signal for those forward extensions in our view.

13:13 Now, let's look at some of the portfolio optimization measures. As I've mentioned, we have acquired twelve ships, we have sold eleven ships. On slide number eight, you can see a bridge of the vessel sales from left to right. Of the eleven vessels that we have sold, five vessels have been sold and handed over already with sales proceeds of around ninety million U.S. dollars.

13:40 The corresponding acquisition price for these five units was forty two million. And so we have been able to generate a significant profit on those units. At the same time, we still have six vessels, six additional vessels that we have sold and asked to be handed over. The names are shown on this list amongst others AS Palatia and AS Petulia where the sale was just announced today. So, we have in total six more vessels that will be handed over and hence the sale concluded in the course of Q4 this year.

14:17 Having said that, we would then end up with eleven disposals until year-end and total sales prices of more than two fifty million U.S. dollars that compares very favorable to the initial acquisition prices of around one hundred million and we believe this, first of all was a strategic decision to dispose certain of these assets, but also in order to facilitate the refinancing and free up significant collateral and as I will mentioned a few minutes as part of our balance sheet optimization program.

14:50 Now, we have also been active on the buying side because we have seen and that was actually pre-summer market consolation where there was a decoupling of asset prices and charter values that you can actually generate. We have bought eleven ships out of the Songa transaction and we have bought one additional ship AS LAETITIA. In total the acquisition price and you can see that at the most right column of this bridge, total acquisition price for those twelve vessels was two twenty five million U.S. dollars.

15:24 If you then look at how we have been able to de-risk that investment already now with significant upside going forward, you can see that we look at the scrap value of around forty seven million and that four hundred dollars per [indiscernible] ton EBITDA contribution year to date, plus the sale proceeds because three of the vessels we have already flipped and taken over in August and already sold them in October at a very significant profit, plus secured EBITDA backlog on this very fleet means that basically, we have covered the total acquisition price already to date with more charters coming up in the quarters ahead.

16:05 And we firmly believe that this will be a significant upside in this transaction that we might be able to realize already over the next couple of quarters with more upside ahead.

16:18 On that note, I would like to continue with a short market update before we look forward for the company. I would like to start off with some, let's say more short-term market momentum on the top right here on slide number eleven you can see the freight rate indicators, the blue line is the SCFI Index, the [Technical Difficulty] index and the red line is the Annual World Seaborne Container Trade volumes. As you see both are at a very high point in history, actually at an all-time high.

17:01 And we see the significant increase certainly in freight rates from, let's say, over the last eighteen to twenty four months, which is very significant. And the interesting part and the same applies to the container charter market is that not just the rates have increased also the periods are very solid. So, the contracts for – the freight contracts that carry us get from their customers, so the liners get from their customers has also increased to up to three years even with a longer fixed freight rate, and not just index linked, which in turn has stabilized the market and will in our view stabilize the markets for the years ahead.

17:44 Furthermore, the more the significant growth and search and trade volumes has been amplified by port congestions and supply chain disruptions and that you can see on top left and congestions are still at record high, in particularly at U.S. West Coast and in Asia. And this is a situation that at least in our view will not ease anytime soon, whether that's a twenty twenty two event or even beyond remains to be seen, but overall, the combination of very strong trade volumes and congestions and disruptions in the supply chain continue to be a very significant driver of the positive markets.

18:27 And on the bottom left, you see the idle statistics, basically since January twenty twenty one we have seen almost negligible and highly fleet. So, a very significant part of the vessels have has been digested, and we are moving sideways ever since So, we basically have full employments across the fleets. And if we then look at the next slide, with charter rates and periods, very important to note on the top left that we have seen a very significant increase in charter rates that has flattened out some order over the last couple of weeks yet the period business.

19:09 So, the longer term charters in our case that three to four year charters they are still at very high levels. So, it's not that the rates fall of the cliff here, to the contrary we see very active interests of charters to charter vessels on longer periods. And the only thing that has changed to some extent is the hype of the very short term charters at extremely high rates.

19:32 We have also been able to charter out a few vessels for a few round voyages at about one hundred thousand dollars in charter rate. And this market has come down, yet the period market remains very, very firm, and with strong rates and significant interest. Of course, the activity has come down somewhat as a result of more and more vessels being taken out of the market, but that does not mean that the rates or the periods are in any way effective they stay from.

20:04 On the top right, you see periods and redelivery spreads. Periods have come down somewhat recently. The main reason there is that in general, the extensions now are that the new charters are smaller vessels. That's one reason. The next reason is that some owners have taken an opportunistic view and have actually chartered out vessels for a short periods, which obviously falls into that statistic to benefit from the top markets over the last couple of months.

20:31 And lastly and that is applicable for us. We have been able to secure quite a number of forward fixtures. And then on a forward picture like the four fixtures that I've mentioned earlier, where we were able to extend Q4 twenty twenty two positions for two years and actually already get an uplift in charters today that only adds two years. So that is only accounted for as a two year extension.

20:56 So those are the effects that affect the periods statistics here. And finally, you can see at the bottom left the forward availability, which has basically fallen off the cliff as a result of more and more vessels being chartered out for long periods. So forward availability is at a very, very low point in history and we believe that we will continuously lead a very sustainable charter market environment.

21:25 Now, let's look forward somewhat more and from, kind of momentum assessment to the mid-term outlook of the market. Here on the left hand side, we have seen, we have illustrated the supply demand development for the overall market. You have seen, obviously in twenty twenty a significant gap between supply and demand, leading to a disrupted market back then, but we have ever since seen a significant demand growth and that is also expected to outpace the supply side next year in the overall market.

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22:00 Coming from the overall market to the right hand side, the more, relevant for our business activities, the intra-regional trades and the vessel sizes that serve intra-regional trades, ninety seven percent of vessels employed in intra-regional trades are below five thousand TEU. So, within our target bracket. And there you can see that the order book, so the supply growth is very, very low to moderate and the demand growth is expected actually to be very significant for twenty twenty one and twenty twenty two.

22:31 So, from that kind of adverse perspective, let's look further down into the different trades. We see a very encouraging mid-term outlook for supply and demand, especially for intra-regional trade. If you look at, kind of the left hand side, we look at the fleet development. And if we look at the right hand side, we see the trade development in terms of demand.

22:57 And what we do see is that there is a very healthy and solid growth on the intra-regional development when it comes to the demand side, right. There is a very, very moderate development if growth at all in the smaller sizes. And that's a result of each profile of vessels, very limited supply in terms of order book. So, we believe that dynamic is very helpful going forward.

23:24 Now, let's look a bit – in a bit more detail on the order book because obviously we have seen very significant newbuilding contracting activity. The order book to fleet ratio increased quite a bit since also last year to more than twenty percent at present. However, if you look at the detail, you see that the order book is biased pretty much towards the larger tonnage.

23:46 At the top left, you can see that illustrated. And at the top right, you see how that order book actually will be delivered. I personally would argue that some of the supply chain disruptions will in fact lead to further delays in deliveries because shipyards are slower and logistics are much more complicated. So, I would actually expect that that will also have implications on the deliveries.

24:11 Having said that, the deliveries in our size and segment over the next two to three years are not significant and are certainly not significant when one looks at the [indiscernible] profile at the same time. And the required fleet renewals that is needed in that size and segment at least over the next five to ten years. So at the bottom left, you can see that and almost twelve percent of the global fleet below five thousand TEUs above twenty five years of age.

24:37 So, a very significant part requires replacement over the next five years in any event and likely even more. And therefore, we are extremely positive and actually believe that the order book will not have a significant impact on our business.

24:53 Now, last drill down is on the demand side, and actually on intra-regional versus global trade and more specifically on regional trade at the bottom left, you see the types of vessels that serve regional trades and ninety eight percent is below five thousand TEU. We believe that is a very important indicator because it shows that it's not just about size restrictions and all the like it's about rotation, about turnaround times, and actually stability. So the smaller vessels are in the high demand as we speak, and they will continue to be in high demand in intra-regional trades, which grow significantly as we speak.

25:36 Now, let's continue with the company outlook on slide eighteen. If we look at, where is our charter coverage at the moment. Top left, you see the coverage by quarter for twenty twenty two in terms of open days and fixed days. Dark blue is the fixed days, light blue is the open days. So, for this year, we're basically done.

26:00 We have one more vessel to be fixed. But for next year, we already have roughly eighty percent of the days covered. And if you look at the red circles on top of those columns, you see that with those eighty days, compared to the almost one hundred percent of the days we've covered for this year already, we already have a significantly higher fixed revenue.

26:23 So, on that basis, we expect twenty twenty two to be a much stronger year than twenty twenty one from a pure revenue generation perspective. Also for twenty twenty three, we are already at fifty percent roughly and also twenty twenty four, we have some coverage even going into twenty twenty five at the moment with respect to fixed revenues on top.

26:47 Now, this is obviously a snapshot and the moving elements because if you look at the bottom left where we have illustrated the charter, upcoming charter renewals based on current redelivery and expectations. So, one more vessel in Q4.

27:04 So, we have few more vessels in Q1, Q2, Q3, Q4 and we have illustrated for indicative purposes the gray circles, the expected additional revenue backlog that can be generated on the basis of current market environment. So, on the right hand side, we have therefore illustrated with the Clarksons, yes for three year charters for vessels of our size and segment.

27:30 And have used those estimates of those current market figures to calculate the additional EBITDA backlog. So, we believe a significant potential going forward and for additional revenue and certainly also EBITDA backlog on that basis.

27:53 If we now and I touched on that earlier, look at the refinancing efforts that we have undertaken, not yet reflected in the Q3 financials, but we have here for illustrative purposes look at the pro forma debt and debt structure and development. If you look at the top left, you can see the gross debt as the balance sheet day Q3 twenty twenty one with three different facilities.

28:23 One is the senior secured bond, the CIT RCF, and the DNB acquisition finance. We had at that point in time and that you can see on top of that column three unencumbered vessels, and we are now in process of not only reducing the debt, but also replacing the debt with more with better price debt and more flexible debt. And very importantly, we will in that connection free up a significant part of our fleet that we will have more than fifty percent of our feet actually unencumbered, which is thirty four vessels.

28:59 So what will we do, we will basically apply generated from vessel sales and from operations to facilitate the refinancing in conjunction with the newly agreed HCOB financing. We expect to complete those steps in the course of the next couple of weeks. Certainly still in Q4 is the target and the expectation.

29:22 And we will then end up with pro forma gross debt at the end of Q4 twenty twenty one likely in the vicinity of two hundred and thirty five million with just the CIT RCF and HCOB remaining. With that on the top right gives you an idea of the respective collateralization of our assets and you see the unencumbered vessels at the very left where we expect to end up with thirty four on a pro forma basis with thirty four unencumbered vessels.

29:55 What does that give us? First of all, very low balance sheet risk., We significantly reduced pro forma debt and cost of debt, a very high flexibility due to the significant number of unencumbered vessels and very importantly and that has been a very important goal of that exercise, the high discretion on capital allocation decisions because we will have way more flexible distribution and covenants and we will be able to distribute capital to investors more on that in a minute.


Del
30:51 Now, let me run you through some important capital allocation considerations and the execution of our distribution plan and some indicative sensitivities on open rates. I would start with the latter.

31:06 On the left hand side, you see some sensitivities in terms of operating revenues, EBITDA and net profit based on the existing fixed rates and applying certain rate assumptions to the open rates. Again, this is an illustration in an indicative sensitivity, but from top to bottom we look at the current market rates. We look at twenty year historical averages and ten year historically averages for our vessel baskets according to Clarksons.

31:38 And we have basically looked at Q4 twenty twenty one and the year twenty twenty two and twenty twenty three. On that basis, we have also with the board of directors and discussed and agreed on a distribution plan that we intend to execute once we have EGM approval and I'll get to that in a few minutes, that consists of two components, one is a component that we call recurring distributions and that will be based on seventy five percent of adjusted net problems, adjusted in particular for one off effect such as vessel sales, etcetera, because they will be covered by event driven distributions I'll get to that in a minute.

32:24 And the idea is to dividend out or to distribute out a significant part of our profit generation, which is in-line with what we have said from the very beginning since inception of MPC Container Ships. On the basis of those assumptions that would translate roughly for twenty twenty two, for example, to a quarterly distribution of around fifty dollars to sixty million U.S. dollars or roughly around one per quarter and share. That is what might be expected on the basis of these indicative sensitivities.

32:57 It will be calculated quarterly and we plan to commence this in Q1 for Q4 twenty twenty one. And we also will have an event driven nonrecurring distribution scheme, which is based on other proceeds such as vessel sales and that will then be distributed by way of extraordinary dividends or share buyback to be applied according to the discretion of the Board of Directors.

33:27 Both elements will be, kind of presented in EGM, which we plan to convene for early twenty twenty two to get authorization by the general meeting of shareholders for this distribution plan. And I can say, we are excited to present it to everyone and to be in a position to now return capital to investors.

33:50 On the capital allocation side, to other legs that are important to highlight in my book is the level strategy, and we have already delevered the company, improved the balance sheet significantly, and we'll do so with the execution of the last steps on our refinancing plan. And yet we will continue to deliver through regular debt repayments and some cash build up. And that is what we intend to do on the leverage side.

34:21 Growth should be selective and only if accretive such as the Songa transaction as I have alluded to earlier where we believe we have been able to generate a very attractive and accretive transaction for shareholders on a per share basis. Especially adding the distribution capacity of that fleet.

34:42 And we expect that that provides a significant opportunity going forward, always considering that we want to maintain our dividend on distribution plans in place as just alluded to a few minutes across.

34:57 That brings me to the, kind of concluding remarks on the presentation itself, and then I'm very happy to open the floor for discussion. And we will continue to see in our view in the short-term a very strong market. I have alluded to some other points and believe that the next few quarters will continue to be very strong.

35:20 We have locked in significant charter revenues, but we are still ideally positioned to benefit from further upswing of technologies, further strong market. And in the midterm, as I mentioned, the supply dynamics in our view are attractive, extremely compelling, especially in the smaller sizes and the supply side is basically [captured] [ph] soon for the next two years. And we are very positive to that effect.

35:43 In the long run, obviously, the landscape will be affected by the theme of energy transition and obviously decarbonization of the industry is a very important aspect. Yet, that is in our of view nothing that will affect the market in the next one or two years. It will and has to be done, but that would take another five to ten years in our outlook.

36:08 Now, how do we behave in that market? We believe we are with our very transparent and what we would argue active and rational capital allocation strategy. And professional asset and portfolio management, we will continue to act opportunistic in order to get treated on a per share basis within our defined strategy with a focus on intra-regional tonnage, and we will continue to reduce residual value risk or mitigate residual value risk as a measure of principle.

36:41 And on that basis, we believe we are certainly well positioned to now start distributing capital to shareholders, but we have dividends and our share buybacks. And we will certainly continue our discipline on our capital allocation strategy and decisions and move ahead on that basis. And on that note, I would like to hand over to your moderator, and I'm looking forward to receiving some questions.
Redigert 18.11.2021 kl 21:43 Du må logge inn for å svare

32:24
Utbytte 1 dollar pr aksje pr kvartal fra og med Q4 2021??!!
To muligheter:
a) jeg er teit og misforstår
b) jeg må utvide garasjen for det blir jo hinsides...flere og tredve kroner i utbytte pr aksje i 2022
Hvem kan oppklare meg?
DonRvD
18.11.2021 kl 21:33 5903

Ikke dollar. Var vel 0,11 dollar pr aksje

svarer meg selv: var teit og misforsto. En drøy krone kvartalet pr aksje. 50-60 millioner dollar i utbytte pr kvartal.
(ca 450 millioner aksjer, aksjekurs 19,25 gir markedsverdi 8,6 milliarder)
coronet
18.11.2021 kl 23:35 5211

AS FLORETTA avgikk Manzanillo (Panama) 7.oktober direkte i ballast til Tuzla (Tyrkia) hvor hun ankom 25.oktober. Befinner seg fremdeles på verksted.
kaliber
18.11.2021 kl 23:43 5260

Aksjekursen synker uansett hvor mye det skrives om selskapet, hva er årsaken?

Og er ikke det langt dårligere enn regnearket tilsier?
Pilegrim
19.11.2021 kl 07:15 4656

Her er det mange som må ha det inn med teskje og må vente helt til kroner og øre i utbyttemeldingen kommer. Si meg en aksje på Oslo børs som vi vet kommer med fetere utbytter framover. Ingen.
Revidert: Det nærmeste jeg kommer er Golden Ocean Group, men bulk er usikkert spesielt om Kina eiendomsmarkedet faller sammen.
Redigert 19.11.2021 kl 08:33 Du må logge inn for å svare
Struts
19.11.2021 kl 07:24 4682

Det er muligens en viss logikk i at når inntjeningen går opp, så går aksjekursen motsatt vei. Men må innrømme at for meg er logikken tilnærmet lik fraværende. Jaja, ikke første gang jeg misforstår markedet. Uansett, fra Førstereis’ referat (takk!) av presentasjonen i går noterer jeg imens Baacks kommentarer rundt salgene av =AS PETULIA= og =AS PALATIA= på rundt 2,570 TEU bgt 2008 og 2006 (som altså oppnådde $ 35.8 mill hver), noe som vi også antydet var en del under markedsverdier (vi anslo $ 40.25 og 39.25 mill 24.10.21). Dette rebekrefter Baack under intervjuet (slik jeg leser det), og anslår faktisk at T/C-fri ville verdiene (da diskontert for nåværende eksisterende T/C’er) ha ligget i området rundt $ 45 mill pr enhet. Mao. betydelig OVER de verdier vi opererer med i dag. Kommer selv ikke til å oppjustere verdier for nå, men det kan være greit å ha i bakhodet (eksempelvis dersom/når det rapporteres flere salg som underbygger dette).

Kort referat fra handler iht VPS-loggen pr dags dato (men da antagelig handler foretatt rundt tirsdag). Tall, særlig fra utenlandske banker, kan være misvisende.

Topp 50 reduserer med 848’ aksjer, og har med det 69.97% av aksjene. Disse tall (som de nedenfor) kan variere noe fra når på dagen man innhenter dem.

På salgssiden: The Bank of NY Mellon reduserer i FIRE beholdninger med hhv. 494’, 273’, 215’ og 128’ aksjer (til resp. 4,026’, 1,261’, 2,397’ og 1,599’ totalt), J.P. Morgan bank Luxembourg ned 162’ (1,322’), UBS AG London minus 159’ (720’) og Klaveness Invest ned 108’ (7,033’ totalt). Ellers bare noen små endringer.

På plussiden: Clearstream Banking opp 154’ (6,601’ totalt), Avanza Bank pluss 153’ (1,713’), Goldman Sachs + 103’ (835’), Norron Sicav (svensk basert fond) + 100’ (1,100’), Nordnet Livsforsikring opp 80’ (4,676’), Morgan Stanley opp 52’ (1,879’), Nordnet Bank pluss 48’ (2,720’) og Intec International (Ole Andre Hellem på Vinterbro, driver innen pumpeteknikk, eiendomsutleie mm.) + 20’ (2,350’ totalt). Ellers bare noen mindre endringer.

PS. På oppdatert VPS-liste (nå) står det at topp 50 faktisk ØKER med 4,619' aksjer, og har med det 71.2% av aksjene...
Redigert 19.11.2021 kl 07:31 Du må logge inn for å svare
VolumOpp
19.11.2021 kl 07:31 4683

Regnearket tilsier EPS på litt over 8 kr/aksje i 2022. 1 kr/kvartal = 4 kr/år. Så ble det kommunisert i går at det vil komme tilleggsutbytte allerede i Q1-22. Så da snakker me kanskje 6-7 kr i utbytte for neste år. 75% av 8 kr, rekner du ut sjølv....

Stått opp på feil fot i dag Pilgrim, eller er du fortsatt skuffet over aksjeutviklingen etter fremleggelse av Q3-2021?

Jeg mener å ha lest, men kan selvsagt ta feil at det ble antydet et utbytte på $0,11 for Q1-2022. Jeg vet selvsagt at dette ikke er hugget i stein, jeg spør rett og slett bare om ikke dette er langt under det forventningene er, og evt hvorfor.