Containerships Oyj - Quarterly report

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 volumes.

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

Result

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 2015.

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
result

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:

CONTAINERSHIPS PLC

Kari-Pekka Laaksonen, CEO Tel. +358 20 744 1364, kari-
pekka.laaksonen(at)containerships.fi

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


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.


DISTRIBUTION:

Nasdaq Helsinki Ltd
www.containershipsgroup.com/about-us/for-investors


[HUG#2013135]

Attachments:

Containership Interim report Q1 2016.pdf