Contships Logistics reports financial results for the second quarter and six months ended June 30, 2025

Contships Logistics announced its unaudited financial and operating results for the three and six months ended June 30, 2025.

Highlights

Fleet Composition

– During the first six months of 2025, the Group completed the disposal of six
container feeder vessels, M/V Contship Air, M/V Contship Leo, M/V Contship Med,
M/V Contship Win, M/V Contship Fun and M/V Contship Gem were delivered to their
new owners. The aggregate proceeds from the six vessel sales, before any
commissions and sale related costs, were $50.2 million.
– During the first six months of 2025, the Group entered into three additional
memoranda of agreement to sell three container vessels, M/V Contship Sun, M/V
Contship Key and M/V Contship Lex. The disposals of M/V Contship Sun and M/V
Contship Key were completed in July 2025, the aggregate proceeds of which,
before any commissions and sale related costs, were $17.9 million. M/V Contship
Lex is expected to be delivered to its new owners in September 2025, the
proceeds of which, before any commissions and sale related costs, are expected
to be $10.7 million.
– During the six months ended June 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 40.4 vessels were owned and operated by the Group during the
first six months of 2025, whereas as of June 30, 2025, the Group owned 41
vessels. Following the completion of all recent transactions, the Group will own
and operate 38 vessels.

Fleet Employment

In terms of time charter contract arrangements, the Group recently concluded the
following fixtures:
– Contship Vow fixed to Unifeeder at $15,950/day on a 12-14 month time
charter.
– Contship New fixed to MSC at $15,000/day on a 23-24 month time charter.
– CMA CGM declared its option to extend Contship Uno at $13,500/day in direct
continuation for a further 3-6 months.

In terms of time charter contract arrangements, for the vessels delivered to the
Group during the six months ended June 30, 2025, the following time charters
were in place at the date of each vessel’s delivery:
– Contship Max II fixed to King Ocean at $11,000/day for a remaining period
of 9-12 months.
– Contship Rex II fixed to CMA CGM at $13,500/day for a remaining period of
8-9 months.
– Contship Eve II fixed to CFS at $17,650/day for a remaining period of 8-10
months.
– Contship Pep II fixed to COSCO at $23,600/day for a remaining period of
22-24 months.
– Contship Ana II fixed to MSC at $23,500/day for a remaining period of 22-24
months.

– As of July 1, 2025, and as adjusted to incorporate all recent fixtures and
including the five vessel acquisitions, the Group’s secured revenue backlog
stands at $227 million, estimated based on each vessel’s latest redelivery date.

– For the Group’s currently owned 39 vessels 10,761 days have been contracted
for the period from July 1, 2025 to June 30, 2026, representing 77% charter
coverage.

Fleet Operations & Revenues

– Fleet operational utilization was 98% for the six months ended June 30, 2025.
– Fleetwide, the Group achieved an average daily time charter rate, net of
address commissions, of $13,490 for the first half of 2025, generating revenue
of $97.1 million.
– For the second half of 2025, the Group is expected to achieve an average gross
daily time charter rate of approximately $15,100.

Financial Developments

– On February 11, 2025, the Group completed a $100 million 5-year senior
unsecured sustainability-linked bond issue with a 9.0% coupon in Norway. Bond
proceeds are expected to be utilized for general corporate purposes and to
provide support to the Group’s fleet renewal program. On July 11, 2025 the
Company’s bond was successfully listed on the Oslo Stock Exchange.
– During the first six months of 2025, the Group entered into discussions with
each of its lenders to reduce its cost of debt by reducing the margin in all
bank loan facilities, as well as extending the maturities of certain loan
facilities, providing flexibility going forward. These amendments, which have
already been effective in all of the Group’s facilities, have decreased the
Group’s weighted average margin to 2.01% based on total bank debt outstanding as
of June 30, 2025.
– During the first six months of 2025, the Group prepaid $19.2 million of its
long-term financing liabilities in conjunction with the abovementioned six
vessel sales (M/V Contship Air, M/V Contship Leo, M/V Contship Med, M/V Contship
Win, M/V Contship Fun and M/V Contship Gem).
– Post quarter end, the Group prepaid $4.6 million of its long-term financing
liabilities in connection with the sale of two container feeder vessels (M/V
Contship Sun and M/V Contship Key) which were completed in July. Net proceeds
of $13.3 million were added to the Group’s cash and cash equivalents following
the two sales.
– The Group expects to prepay approximately $2.3 million of its long-term
financing liabilities in connection with the sale of one container feeder vessel
(M/V Contship Lex) during the current quarter.
– After the delivery of M/V Contship Lex to its new owners, net proceeds of $8.4
million will be added to the Group’s cash and cash equivalents.
– Cash and cash equivalents amounted to $85.7 million at the end of the six
months ended June 30, 2025.
– As of June 30, 2025, bank debt amounted to $137.5 million, outstanding bonds
amounted to $100.0 million, equating to total debt of $237.5 million.
– As of June 30, 2025, shareholders’ equity amounted to $390.2 million.
– Profit for the six months ended June 30, 2025, amounted to $12.9 million.