In the case of MPCC, one could easily argue either way, having covered 92% and 55% of earnings days in ’26 and ’27, earnings are substantially de-risked in the short to medium term. In terms of valuation, the company screens attractively on a NAV-basis (P/NAV: 0.68x), while offering a P/E of 7.7x and 11.4x in ’26 and ’27. However, as the total container market is facing considerable overcapacity going forward and box-rates are plummeting; we struggle to see how the feeder fleet can keep defying ....
