Contships Logistics has announced its financial results for the second quarter and six months ended 30 June 2026.
The container feeder shipowner generated revenue of US$84.9 million and a profit of US$20.3 million during the first half of the year.
Cash generated by vessel operations reached US$39.2 million.
The fleet achieved operational utilisation of 98%, while the average daily time charter rate, net of address and brokerage commissions, stood at US$15,421.
Contships completes five vessel sales
Contships completed the disposal of five container feeder vessels during the first half of 2026.
Contship Ray, Contship Max II, Contship Ono and Contship Eve II were delivered to their new owners in January. Contship Vie followed in February.
The five sales generated aggregate gross proceeds of US$59 million before commissions and transaction-related costs.
Contships owned and operated an average of 27.8 vessels during the first six months of the year. Its fleet comprised 27 vessels as of 30 June 2026.
New charter agreements concluded
Contships completed six charter fixtures with ZIM, CMA CGM, COSCO and Unifeeder.
| Vessel | Charterer | Daily rate | Period |
|---|---|---|---|
| Contship Art | ZIM | US$18,600 | 22-26 months |
| Contship Cub | CMA CGM | US$16,500 | 22-26 months |
| Contship Day | COSCO | US$19,900 | 24-26 months |
| Contship Gin | CMA CGM | US$21,500 | 23-25 months |
| Contship Luv | Unifeeder | US$16,750 | 14-16 months |
| Contship Vow | Unifeeder | US$16,750 | 14-16 months |
Contship Art, Contship Cub, Contship Day, Contship Gin and Contship Vow received charter extensions. Contship Luv was fixed with Unifeeder.
Revenue backlog reaches US$240.7 million
The company’s secured revenue backlog stood at US$240.7 million as of 1 July 2026, after including the latest fixtures.
Contships calculated the backlog based on each vessel’s latest contractual redelivery date.
For the period from 1 July to 31 December 2026, the company had secured contracts covering 4,854 operating days across its 27 vessels.
This represented charter coverage of 98% for the second half of the year.
Contships expects to achieve an average gross daily time charter rate of approximately US$17,000 during the remaining six months of 2026.
Cash holdings increase
Cash, cash equivalents and time deposits reached US$249 million as of 30 June 2026.
This represented an increase of 59% from the end of 2025.
Bank debt stood at US$12 million, while outstanding bonds totalled US$200 million.
Shareholders’ equity amounted to US$447.1 million at the end of the reporting period.
Contships completes bond tap issue
In January, Contships completed a US$25 million tap issue under its existing senior unsecured sustainability-linked bond.
The bond matures on 11 February 2030 and carries an annual coupon of 9%.
The tap issue was priced at 102.75%. Contships intends to use the proceeds for general corporate purposes.
During the first half, the company also prepaid US$1.5 million of long-term financing liabilities in connection with the sales of Contship Ray, Contship Ono and Contship Vie.
Contships paid a US$20 million dividend to its shareholders on 26 February 2026, distributing part of its accumulated profits.
Fleet remains focused on feeder vessels
Contships Logistics specialises in container feeder ships ranging from 900 to 2,000 TEUs.
Following the vessel disposals completed during the first half, the company operates a fleet of 27 feeder vessels.
