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Containerships plc: Containerships plc Interim Report Q1/2016

Market and company events

The business environment has remained challenging. Especially the inbound
volumes to Russia are still under pressure. The Company has continued to
replace the weak domestic market in Russia with growing volumes to and from
Finland and the Baltics. The westbound volumes have exceeded the eastbound

The Company has listed its bond and became a plc in the beginning of April.


This is the Company's first quarterly report according to IFRS. The
operational result in Q1 does not have any major one offs. The quarterly
report is not audited, only to annual report is going to be audited.

Containerships Group's net sales in the first quarter of 2016 amounted to EUR
49.1 million (€49.5m). Sales volume (carried TEUs) development was positive
and increased by 11.9%. However, the price level due to the sales mix and
market situation was clearly below last year, which resulted in sales
remaining at the same level as last year. Q1 2015 included the SECA
surcharge, which disappeared later in the year due to a drop in oil prices
and competition. This explains the price decrease in the first quarter
compared to the previous year.

EBITDA was at the same level as last year and EBIT was slightly better than
Q1/2015. Both were also above the budgeted Q1/2016. The performance
improvement (better utilization and less empty positioning) and decreased
bunkering costs lowered the costs during Q1, which was partly eaten up by
higher chartering costs. The total costs were at the same level as last year.

The other operating income was up mainly due to some recovery of the oil
hedging bookings from the year end. The net result of financial income and
expense was clearly negative, worsening the result with almost €3.3 million.
This was partly due to higher interest costs related to the bond financing
and the effect of the currency exchange rate. Last year, the Company enjoyed
the currency gain and currency hedging gain, which are missing from this
year. The key currency USD has remained at the same level, no significant
losses and gains were made during Q1. The Company is hedging its open
position with the USD at the current level. Net financial costs were €3.3
million higher than last year, from which the effect of the currency exchange
rate was €2.3 million. Net debt is at the same level as it was at the end of

Future outlook

Market conditions continue to be challenging. Despite that, the Company is
maintaining its financial targets for 2016 unchanged. Estimated sales growth
for 2016 is between 5-10% and the EBITDA target is at least EUR 13 million (a
growth of about 50%). This is based on focusing on segments and regions where
we can expect growth as well as improved efficiency of the operations.
Possible European recovery, economic growth including Russia relationships
and oil price development will have an effect on Containerships' performance.

The first four LNG vessels are targeted to be delivered during 2018, as
informed. However, the delivery of the first vessel will be delayed until
early 2018 due to a change in the shipyard. Re-negotiations of the two
company-own-financed vessels and two other vessels are ongoing.

The Company is going to publish the following stock releases about the 2016

Q2/2016 on August 16, 2016, Q3/2016 on November 15, 2016 and Q4/2016 and 2016
result on February 28, 2017

For more information, please contact:


Kari-Pekka Laaksonen, CEO Tel. +358 20 744

Jari Lepistö, CFO, Tel. +358 50 602 12, jari.lepisto(at)

Containerships Plc briefly

CONTAINERSHIPS provides every service its customers need to ensure safe and
rapid container shipping between Russia and the Baltic, Europe, UK, Ireland
and the North Sea, as well as between North Africa and the Mediterranean.
Containerships offers customers a choice of all standard and special
container sorts and complete coverage using sea, road, rail and river
container transportation.

Nasdaq Helsinki Ltd

Containership Interim report Q1 2016


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Containerships Oyj via Globenewswire


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