Contships Logistics Corp. announced its unaudited financial and operating results for the three and nine months ended September 30, 2026.
Highlights
Fleet Composition
-During the first nine months of 2026, the Group completed the disposal of five container feeder vessels. As a result, the vessels M/V Contship Ray, M/V Contship Max II, M/V Contship Ono, M/V Contship Eve II were delivered to their new owners in January 2026 and M/V Contship Vie was delivered to its new owner in February 2026. The aggregate gross proceeds from these vessel sales, before any commissions and sale related costs, were $59.0 million. – -On October 1, 2026, the Group entered into a Letter of Intent (“LOI”) with Hubei Guangji Green Energy Shipbuilding Group Co., Ltd. for the construction of 30 next-generation 1,324 TEU container vessels, 10 firm, with options for an additional 10 plus 10 vessels.
– An average of 27.5 vessels were owned and operated by the Group during the first nine months of 2026, whereas as of September 30, 2026, the Group owned 27 vessels.
On October 28, 2026, M/V Contship Jet was attacked by unmarked sea-drones in the Black Sea, approximately 15 nautical miles off the Bulgarian coast. According to reports received and the statement provided by the Master, the vessel was struck by three drones. The vessel sustained significant damage and began listing by approximately 20-30 degrees, following which the Master and crew abandoned the vessel. All 18 crew members were safely evacuated and transported to Varna, Bulgaria. Fortunately, no serious injuries have been reported. Following the incident, the vessel sank on October 29, 2026, and was deemed a total loss. M/V Contship Jet, together with all other vessels in the Group’s fleet, is covered by Hull & Machinery, Protection & Indemnity (P&I) and War Risk insurance. Accordingly, the incident is not expected to have a material impact on the Group’s liquidity position or its planned fleet renewal investments, taking into account the insurance coverage in place and the Group’s strong liquidity position.
Fleet Employment
In terms of time charter contract arrangements, the Group recently concluded the following fixtures:
– M/V Contship Sky was renewed with CMA CGM at a daily rate of $16,250 for a period of 11-13 months.
– M/V Contship Way was fixed with ONE at a daily rate of $16,500 for a period of 21-24 months.
– As of October 1, 2026, and as adjusted to incorporate all recent fixtures and the effect of the incident of M/V Contship Jet, the Group’s secured revenue backlog stands at $205.8 million, estimated based on each vessel’s latest redelivery date.
– On a fleet-wide basis, as of October 1, 2026, 2,419 days have been contracted for the period from October 1, 2026 to December 31, 2026, incorporating all recent fixtures and the effect of the incident of M/V Contship Jet disclosed above, representing 100% charter coverage.
Fleet Operations, Revenues & Profit
– Fleet operational utilization was 98% for the nine months ended September 30, 2026.
– Fleetwide, the Group achieved an average daily time charter rate, net of address and brokerage commissions, of $15,734 for the nine months ended September 30, 2026, generating revenue of $129.8 million and a profit of $33.3 million.
– Cash provided by vessels’ operating activities totaled $43.8 million during the nine months ended September 30, 2026.
– For the remaining three months of 2026, the Group is expected to achieve an average gross daily time charter rate of approximately $17,050.
Financial Developments
– In January 2026, the Group successfully completed a $25.0 million tap issue under its outstanding senior unsecured sustainability-linked bond maturing on February 11, 2030, carrying a coupon of 9.0% per annum. The tap issue was priced at 102.75%, reflecting continued investor support and the issuer’s strong access to the market. Proceeds from the tap issue are expected to be utilized for general corporate purposes of the Group.
– During the first nine months of 2026, the Group prepaid $1.5 million of its long-term financing liabilities in conjunction with the sales of M/V Contship Ray, M/V Contship Ono and M/V Contship Vie.
– On October 1, 2026, the Company announced a letter of intent for the construction of 30 next-generation 1,324 TEU container vessels, 10 firm, with options for an additional 10 plus 10 vessels. Following inbound interest in financing the newbuildings, the Company is evaluating various capital raising alternatives together with its financial advisors. No final decision has been made and there can be no assurance that or at what point in time any transaction will occur. The Company will provide further updates when and if required.
– On October 8, 2026, the Company paid a $40.0 million dividend to its shareholders distributing part of its accumulated profits. Dividend distributions during 2026 and up to the date of this report amounted to $60.0 million in aggregate, including the $20.0 million dividend paid on February 26, 2026. Looking ahead, the Company intends to target a payout ratio of approximately 100% of net income, subject to the Board’s discretion and the Group’s financial position and capital allocation requirements.
– As of September 30, 2026, bank debt stood at $12.0 million and outstanding bonds amounted to $200.0 million.
– Cash and cash equivalents and time deposits increased by 67% from December 31, 2025, to an aggregate of $262.0 million as of September 30, 2026. The Group was net cash positive, with net cash of $50.0 million on a consolidated basis.
– As of September 30, 2026, shareholders’ equity amounted to $460.1 million.