Contships Logistics Corp., the world’s largest independent owner of container feeder vessels between 900 TEU and 2,000 TEU, has announced its unaudited financial and operating results for the third quarter and nine months ended 30 September 2025. The Company currently operates 34 feeder vessels.
Fleet Developments
During the first nine months of 2025, Contships sold 11 feeder vessels, generating $99.2 million in gross proceeds. In the third quarter, the company agreed to sell two more vessels — M/V Contship Zoe and M/V Contship Ten — for $21 million, with both sales completed in October.
Moreover, the Group also acquired five vessels (two 2,000 TEU and three 1,300 TEU units) for $71.9 million, funded entirely with cash on hand. After all transactions, Contships now owns and operates 34 vessels.
Fleet Employment
Recent charter fixtures include:
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Contship Ivy – $15,500/day, 18–24 months (Cosco)
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Contship Jet – $15,000/day, six-month extension (CMA CGM)
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Contship Fox – $16,500/day, 23–25 months (CFS)
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Contship Ace – $16,500/day, 21–24 months (CMA CGM)
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Contship Zen – $15,500/day, 21–24 months (CMA CGM)
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Contship Vie – $16,500/day, 14–16 months (Maersk)
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Contship Cup – $21,000/day, 23–26 months (ZIM)
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Contship Era – $15,500/day, 23–26 months (ZIM)
Moreover, as of 1 October 2025, Contships reports a secured revenue backlog of $245 million. For the period from October 2025 to September 2026, the fleet has 9,683 contracted days, representing 78% charter coverage.
Operations & Revenues
Furthermore, fleet utilisation reached 99% for the nine-month period. Contships achieved an average net time-charter rate of $14,333/day, generating $154 million in revenue and $24.5 million in profit.
Additionally, for Q4 2025, the Group expects an average gross time-charter rate of about $15,700/day.
Financial Developments
The company strengthened its balance sheet through a series of financing actions. In February 2025, Contships issued a $100 million, five-year sustainability-linked bond at a 9% coupon, listed in July. A $75 million tap issue followed in September and listed in October.
Also, Contships reduced its bank debt, prepaying $35.6 million related to vessel disposals, followed by $102 million in voluntary prepayments in October. Total bank debt now stands at $14.5 million, and the company reduced its weighted average margin to 1.30%.
In addition, as of 30 September 2025, the Group reported:
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$204.2 million in cash and cash equivalents
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$116.5 million in bank debt
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$175 million in bonds
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$398.6 million in shareholders’ equity
Available liquidity as of 1 November 2025 is approximately $111 million. The company paid a $20 million dividend on 9 October 2025.
