Contships Logistics Corp. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2025

11 Nov 2025 17:00 CET

Athens, Greece, November 11, 2025
Contships Logistics Corp. (the “Group” or “Contships” or “Company”), today
announced its unaudited financial and operating results for the three and nine
months ended September 30, 2025.

Highlights

Fleet Composition

- During the first nine months of 2025, the Group completed the disposal of 11
container feeder vessels, M/V Contship Air, M/V Contship Leo, M/V Contship Med,
M/V Contship Win, M/V Contship Fun, M/V Contship Gem, M/V Contship Sun, M/V
Contship Key, M/V Contship Lex, M/V Contship Don and M/V Contship Oak, which
were delivered to their new owners. The aggregate proceeds from these vessel
sales, before any commissions and sale related costs, were $99.2 million.
- During the third quarter of 2025, the Group entered into two additional
memoranda of agreement to sell two container vessels, M/V Contship Zoe and M/V
Contship Ten. Both disposals were completed in October 2025, resulting in
aggregate gross proceeds, before any commissions and sale related costs, of
$21.0 million.
- During the nine months ended September 30, 2025, the Group completed the
acquisitions of two 2,000 TEU vessels and three 1,300 TEU vessels at an
aggregate acquisition cost, including preliminary expenses, of $71.9 million.
Two of the vessels were delivered in May 2025 and three vessels were delivered
in June 2025. Each of the five vessel acquisitions was financed using cash on
hand, and the vessels remain unencumbered.
- An average of 39.8 vessels were owned and operated by the Group during the
first nine months of 2025, whereas as of September 30, 2025, the Group owned 36
vessels. Following the completion of all recent transactions, the Group
currently owns and operates 34 vessels.

Fleet Employment

In terms of time charter contract arrangements, the Group recently concluded the
following fixtures:
- Contship Ivy renewed with Cosco at $15,500/day on a 18-24 month time
charter.
- CMA CGM declared its option to extend Contship Jet at $15,000/day in direct
continuation for a further 6 months.
- Contship Fox renewed with CFS at $16,500/day on a 23-25 month time charter.
- Contship Ace renewed with CMA CGM at $16,500/day on a 21-24 month time
charter.
- Contship Zen renewed with CMA CGM at $15,500/day on a 21-24 month time
charter.
- Contship Vie renewed with Maersk at $16,500/day on a 14-16 month time
charter.
- Contship Cup renewed with ZIM at $21,000/day on a 23-26 month time charter.
- Contship Era renewed with ZIM at $15,500/day on a 23-26 month time charter.
- As of October 1, 2025, and as adjusted to incorporate all recent fixtures, the
Group’s secured revenue backlog stands at $245.0 million, estimated based on
each vessel’s latest redelivery date.
- For the Group’s currently owned 34 vessels 9,683 days have been contracted for
the period from October 1, 2025 to September 30, 2026, representing 78% charter
coverage.

Fleet Operations & Revenues

- Fleet operational utilization was 99% for the nine months ended September 30,
2025.
- Fleetwide, the Group achieved an average daily time charter rate, net of
address commissions, of $14,333 for the nine months ended September 30, 2025,
generating revenue of $154.0 million and a profit of $24.5 million.
- For the fourth quarter of 2025, the Group is expected to achieve an average
gross daily time charter rate of approximately $15,700.

Financial Developments

- On February 11, 2025, the Group completed a $100.0 million 5-year senior
unsecured sustainability-linked bond issue in Norway with a 9.0% coupon. The
bond was successfully listed on the Oslo Stock Exchange on July 11, 2025.
- Subsequently, on September 10, 2025, the Group completed a tap bond issue of
$75.0 million, under the same bond, also carrying a 9.0% coupon per annum, which
was listed on the Oslo Stock Exchange on October 17, 2025. Proceeds from both
issues are expected to be utilized for general corporate purposes and to support
the Group’s fleet renewal program.
- During the first nine months of 2025, the Group reduced its cost of debt by
reducing the margin in all bank loan facilities, as well as extending the
maturities of certain loan facilities. These amendments have decreased the
Group’s weighted average margin to 2.02% based on total bank debt outstanding as
of September 30, 2025.
- During the first nine months of 2025, the Group prepaid $35.6 million of its
long-term debt in conjunction with the completed sales of 11 vessels (M/V
Contship Air, M/V Contship Leo, M/V Contship Med, M/V Contship Win, M/V Contship
Fun, M/V Contship Gem, M/V Contship Sun, M/V Contship Key, M/V Contship Lex, M/V
Contship Don and M/V Contship Oak) and one additional vessel (M/V Contship Zoe)
sold in October 2025.
- As of September 30, 2025, bank debt amounted to $116.5 million, outstanding
bonds amounted to $175.0 million.
- In October 2025, the Group completed voluntary partial bank debt prepayments
totaling $102.0 million, including $2.4 million related to the sale of M/V
Contship Ten, which was finalized in October 2025. Following the partial
prepayments, the Group’s total outstanding bank debt balance is $14.5 million.
- As part of these transactions, the Group agreed with certain lenders to reduce
the margins of several of its bank loan facilities. Following the effectiveness
of these margin reductions, the Group’s weighted average margin decreased from
2.02% to 1.30% based on total bank debt outstanding after all prepayments.
- On October 9, 2025 the Company paid a $20.0 million dividend to its
shareholders distributing part of its accumulated profits.
- Cash and cash equivalents amounted to $204.2 million as of September 30, 2025.
Following the aforementioned S&P and financial developments and cash generated
from operations, the Group’s available liquidity as of November 1, 2025 stands
at approximately $111.0 million.
- As of September 30, 2025, shareholders’ equity amounted to $398.6 million.

The Q3 2025 report is attached to this release and is available on the Company's
website: https://contships-logistics.com/financial-reports/

For more information, contact: ir@contships-logistics.com

About Contships Logistics Corp.
Contships Logistics Corp. is the world’s largest independent owner of container
feeder vessels focused on vessels between 900 TEU and 2,000 TEU. The Company has
34 container feeder vessels in operation.

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659344_CLC Unaudited Consolidated Interim Accounts Q3 2025 11.11.2025.pdf