Contships Logistics Corp. has reported its unaudited financial and operating results for the fourth quarter and full year ended December 31, 2025, highlighting an extensive fleet renewal program, high operational utilization, and a strong liquidity position.
Fleet renewal and portfolio reshaping
During 2025, the group completed the acquisition of five container vessels, including two vessels of 2,000 TEU and three vessels of 1,300 TEU, at a total acquisition cost of USD 72.0 million, including preliminary expenses. Two vessels were delivered in May 2025 and three in June 2025, with all acquisitions funded through available cash and without incurring additional debt.
In parallel, Contships carried out a major fleet divestment program. During the year, the group sold 15 container feeder vessels, generating USD 152.2 million in gross proceeds before commissions and sale-related costs. In the fourth quarter of 2025, two further sale agreements were signed for M/V Contship Max II and M/V Contship Eve II, both delivered to new owners in January 2026, resulting in USD 28.0 million in gross proceeds.
In January 2026, Contships entered into agreements to sell M/V Contship Ray, M/V Contship Ono, and M/V Contship Vie. The first two sales were completed in January 2026, generating USD 20.75 million, while the sale of M/V Contship Vie is expected to be finalized later in February 2026, with expected proceeds of USD 10.25 million.
The group owned and operated an average of 38.3 vessels during 2025. As of December 31, 2025, Contships owned 32 vessels, a figure expected to decline to 27 vessels following completion of all announced transactions.
Charter coverage and revenue backlog
Contships continued to secure forward employment for its fleet through a series of time charter agreements and extensions, with daily charter rates ranging between USD 15,000 and USD 20,000 and contract durations of up to 25 months.
As of January 1, 2026, the group’s secured revenue backlog stood at USD 213.8 million, calculated based on the latest contracted redelivery dates. For the 32 vessels owned at year-end, 7,990 days were contracted for the 2026 calendar year, representing 80% charter coverage, after reflecting all recent fixtures and vessel sale transactions.
Operational performance and earnings
Fleet operational utilization reached 99% during 2025. The group achieved an average daily time charter rate of USD 14,720, net of address commissions, generating USD 203.7 million in revenue and USD 38.1 million in profit for the year.
For 2026, Contships expects to achieve an average gross daily time charter rate of approximately USD 16,800, reflecting improved market conditions and contracted coverage.
Balance sheet and liquidity
In February 2025, the group completed a USD 100.0 million five-year senior unsecured sustainability-linked bond issuance with a 9.0% coupon, followed by a USD 75.0 million tap issue in September 2025. In January 2026, a further USD 25.0 million tap issue was completed, bringing total outstanding bonds to USD 200.0 million.
During 2025, Contships prepaid USD 39.0 million of long-term debt linked to vessel sales and completed additional voluntary bank debt prepayments totaling USD 99.6 million. As of December 31, 2025, bank debt stood at USD 13.5 million, later reduced to USD 12.0 million following early 2026 prepayments.
Cash and cash equivalents amounted to USD 156.6 million at year-end 2025. Following completed asset sales, financing activities, and cash generated from operations, the group’s available liquidity stood at approximately USD 236.7 million as of February 1, 2026. Shareholders’ equity totaled USD 427.1 million as of December 31, 2025.
Dividend distributions during 2025 amounted to USD 32.5 million, including a USD 20.0 million dividend paid in October 2025, reflecting the group’s continued focus on shareholder returns alongside balance sheet strength.
