Contships Logistics Corp. Reports Financial Results for Q1 2026

Contships Logistics Corp. (the “Group” or “Contships” or “Company”), today announced its unaudited financial and operating results for the three months ended March 31, 2026.

Highlights

Fleet Composition

• During the first quarter 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.
• An average of 28.5 vessels were owned and operated by the Group during the first quarter of 2026, whereas as of March 31, 2026, the Group owned 27 vessels.

Fleet Employment

In terms of time charter contract arrangements, the Group recently concluded the following fixtures:

• M/V Contship Eco was renewed with X-Press Feeders at a daily rate of $12,500 for a period of 18-24 months.
• M/V Contship Jet was fixed with ZIM at a daily rate of $20,500 for a period of 22-24 months.
• CMA CGM declared its option to extend the charter of M/V Contship Way at a daily rate of $15,000, in direct continuation, for a further 5-7 months.

As of April 1, 2026, and as adjusted to incorporate all recent fixtures, the Group’s secured revenue backlog stands at $207.3 million, estimated based on each vessel’s latest redelivery date.

For the Group’s 27 owned vessels, as of April 1, 2026, 6,575 days have been contracted for the period from April 1, 2026 to December 31, 2026, representing 89% charter coverage, after giving effect to all recent fixtures, as disclosed above.

Fleet Operations, Revenues & Profit

• Fleet operational utilization was 100% for the three months ended March 31, 2026.
• Fleetwide, the Group achieved an average daily time charter rate, net of address and brokerage commissions, of $15,360 for the three months ended March 31, 2026, generating revenue of $43.7 million and a profit of $9.9 million.
• For the remaining nine months of 2026, the Group is expected to achieve an average gross daily time charter rate of approximately $17,000.

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 quarter 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 February 26, 2026, the Company paid a $20.0 million dividend to its shareholders distributing part of its accumulated profits.
• As of March 31, 2026, bank debt amounted to $12.0 million and outstanding bonds amounted to $200.0 million.
• Cash and cash equivalents and time deposits amounted to $229.1 million in aggregate as of March 31, 2026. The Group was net cash positive, with net cash of $17.1 million on a consolidated basis.
• As of March 31, 2026, shareholders’ equity amounted to $417.1 million.

The Q1 2026 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 27 container feeder vessels in operation.