Shippingtelegraph: Contships (N. Pateras) sees supportive market conditions for containership providers

Major container feeder vessels firm Contships Logistics Corp. is continuing its selling spree after the disposal since the start of 2025 of 20 container ships. In the meantime, the Greek shipowner has revealed a huge boost to its owned fleet after the delivery of 5 acquired ships. Nikolas D. Pateras-led Contships Logistics Corp. has a positive outlook for the containership tonnage providers, despite the challenges ahead. The owner of container feeder vessels said the market conditions in the near term remain supportive for the containership tonnage providers.

The company led by Nikolas D. Pateras, the group’s CEO and founder, completed last year the disposal of 15 container feeder vessels, Contship Air, Contship Leo, Contship Med, Contship Win, Contship Fun, Contship Gem, Contship Sun, Contship Key, Contship Lex, Contship Don, Contship Oak, Contship Zoe, Contship Ten, Contship Run and Contship Sea, which were delivered to their new owners. The aggregate proceeds from these vessel sales, before any commissions and sale related costs, were $152.2m.

During the fourth quarter of 2025, the group also entered into two additional memoranda of agreement to sell two container vessels, the Contship Max II and Contship Eve II. The container vessels Contship Max II and Contship Eve II were delivered to their new owners on January 22, 2026 and January 30, 2026, respectively, resulting in aggregate gross proceeds, before any commissions and sale related costs, of $28m.

In January this year, the shipowner also entered into three additional memoranda of agreement to sell three container vessels, the Contship Ray, Contship Ono and Contship Vie. The disposals of Contship Ray and Contship Ono were completed in January 2026, resulting in aggregate gross proceeds, before any commissions and sale related costs, of $20.75m. The disposal of Contship Vie is expected to be completed later in February 2026, resulting in aggregate gross proceeds, before any commissions and sale related costs, of $10.25m.

Meanwhile, the shipowner embarked on a buying spree as part of the group’s fleet renewal strategy.

During the year ended December 31, 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 $72m. 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 no additional debt was incurred.

An average of 38.3 vessels were owned and operated by the group during 2025, whereas as of December 31, 2025, the group owned 32 vessels. Following the completion of all these transactions, the group will own and operate 27 vessels.

Outlook for Containership Tonnage Providers:

Nikolas D. Pateras-led Contships Logistics Corp. said the market conditions in the near term remain supportive for containership tonnage providers, with high utilization and limited vessel availability continuing to underpin charter earnings. Forward cover across much of the fleet provides owners with strong cash-flow visibility over the coming quarters.

Further out, the balance of risk becomes increasingly asymmetric. A potential normalisation of Suez routings, combined with the delivery of a historically large newbuilding pipeline, could materially alter supply-demand dynamics and place pressure on charter rates, particularly for older and less fuel-efficient tonnage.

The timing and sequencing of these developments will be critical in determining the severity and speed of any market adjustment. As a result, visibility beyond the next few quarters remains constrained and highly sensitive to geopolitical and operational developments. The company said owners that prioritise forward employment, actively manage fleet age and technical competitiveness, and maintain disciplined capital allocation will be best positioned to preserve earnings resilience and optionality through the next phase of the cycle.

Fleet Employment

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

▪ CMA CGM declared its option to extend Contship Luv at $15,000/day for a further 6 months.

▪ CMA CGM declared its option to extend Contship Sky at $15,000/day for a further 6 months.

▪ Contship Uno chartered to a major liner company at $15,000/day on a 9-12 month time charter.

▪ Contship Ice chartered to a major liner company at $20,000/day on a 23-25 month time charter.

▪ Contship Rex II chartered to a major liner company at $20,000/day on a 23-24 month time charter.

▪ As of January 1, 2026, and as adjusted to incorporate all recent fixtures and vessels’ sale transactions finalized in early 2026, the group’s secured revenue backlog stands at $213.8m, estimated based on each vessel’s latest redelivery date.

▪ For the group’s 32 owned vessels, as of January 1, 2026, 7,990 days have been contracted for the period from January 1, 2026 to December 31, 2026, representing 80% charter coverage, after giving effect to all recent fixtures and vessels’ sale transactions finalized in early 2026, as disclosed above.

Fleet Operations & Revenues

➢ Fleet operational utilization was 99% for 2025.

➢ Fleetwide, the group achieved an average daily time charter rate, net of address commissions, of $14,720 for the year ended December 31, 2025, generating revenue of $203.7m and a profit of $38.1m.

➢ For 2026, the group is expected to achieve an average gross daily time charter rate of approximately $16,800.