# Contships Logistics reports strong earnings and higher cash reserves

- **Source:** https://pelavox.com/contships-logistics-nine-month-2026-results/
- **Publisher:** pelavox. (The voice of shipping)
- **Author:** Jason Nicholson
- **Published:** 2026-11-04T15:00:00+00:00
- **Updated:** 2026-11-03T11:11:30+00:00
- **Section:** Business / Company Results
- **Type:** News
- **Topics:** Container Feeders, Contship Jet, Contships Logistics, Fleet Renewal, Q3 2026 Results

Contships Logistics Corp. reported revenue of US$129.8 million and a profit of US$33.3 million for the first nine months of 2026, supported by high fleet utilisation and continued demand for container feeder vessels.

The company operated an average of 27.5 vessels during the period, achieving operational utilisation of 98%. Its average daily time charter rate, net of commissions, reached US$15,734, while cash generated from vessel operating activities amounted to US$43.8 million.

Contships ended September with 27 vessels in its fleet, following the disposal of five container feeders earlier in the year. The vessels *Contship Ray*, *Contship Max II*, *Contship Ono* and *Contship Eve II* were delivered to their buyers in January, followed by *Contship Vie* in February. The transactions generated aggregate gross proceeds of US$59 million before commissions and related expenses.

The company’s financial position strengthened during the nine-month period, with cash, cash equivalents and time deposits increasing by 67% from the end of 2025 to US$262 million. Contships reported consolidated net cash of US$50 million, while bank debt stood at US$12 million and outstanding bonds totalled US$200 million at the end of September.

Shareholders’ equity reached US$460.1 million. During the year, Contships also completed a US$25 million tap issue under its existing sustainability-linked bond, which matures in February 2030 and carries an annual coupon of 9%.

## Charter coverage and fleet renewal

Contships recently secured additional employment for two vessels. *Contship Sky* was renewed with CMA CGM at US$16,250 per day for 11–13 months, while *Contship Way* was fixed with Ocean Network Express (ONE) at US$16,500 per day for 21–24 months.

As of 1 October 2026, the company’s secured revenue backlog stood at US$205.8 million, calculated using the latest contractual redelivery dates and incorporating the impact of the loss of *Contship Jet*. Contships also reported full charter coverage for the final quarter of 2026, representing 2,419 contracted vessel days.

For the October–December period, the company expects to achieve an average gross daily time charter rate of approximately US$17,050.

Fleet renewal remains another priority. On 1 October, Contships entered into a letter of intent with Hubei Guangji Green Energy Shipbuilding Group for up to 30 next-generation container vessels, each with a capacity of 1,324 TEU. The proposed programme comprises 10 firm vessels and two additional option groups of 10 vessels each.

The company is evaluating capital-raising alternatives to support the potential newbuilding investment following interest from financing providers. However, no final financing decision has been made, and the letter of intent should not be treated as confirmation that all 30 vessels have been ordered.

## Contship Jet loss and shareholder distributions

The financial update also addressed the loss of *Contship Jet*, which was struck by three unmarked maritime drones in the Black Sea on 28 October, approximately 15 nautical miles off the Bulgarian coast.

The vessel sustained significant damage and developed a list of approximately 20–30 degrees, prompting its master and crew to abandon ship. All 18 crew members were safely evacuated to Varna, Bulgaria, with no serious injuries reported. The vessel subsequently sank on 29 October and was declared a total loss.

Contships stated that *Contship Jet* was covered by hull and machinery, protection and indemnity, and war risk insurance. Taking account of this coverage and its liquidity position, the company does not expect the incident to materially affect its liquidity or planned fleet renewal investments.

Separately, Contships distributed US$40 million to shareholders on 8 October, bringing total dividend payments during 2026 to US$60 million, including a US$20 million distribution in February.

Looking ahead, the company intends to target a payout ratio of approximately 100% of net income, subject to board approval, its financial position and capital allocation requirements.

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Cite as: "Contships Logistics reports strong earnings and higher cash reserves", pelavox., 4 November 2026, https://pelavox.com/contships-logistics-nine-month-2026-results/