The Greek company strengthens its position in the feeder container market and aims for growth with a solid financial strategy
Athens – The Greek company Contships Logistics Corp., specialized in container feeder ships, has announced the extension of the charter contracts with the French company Cma Cgm for two of its ships: Contship Ace (1,256 teu) and Contship Zen (1,072 teu). The extensions will have a duration between 21 and 24 months, with gross daily rates of 16,500 and 15,500 dollars respectively.
According to the president and CEO Nikolas D. Pateras, these renewals will contribute approximately 22 million dollars to the company’s revenue backlog, which will thus rise to 209 million starting from October 1, 2025. The Contships fleet now numbers 35 ships, consolidating the company’s role as one of the largest independent shipowners in the world in the feeder segment.
Simultaneously, the company announced an important financial initiative: by October 2025, approximately 102 million dollars will be voluntarily advanced in repayments of existing loans contracted with five Greek banking institutions: Alpha Bank, CrediaBank, Eurobank, National Bank of Greece and Piraeus Bank.
After these repayments, the residual secured bank debt will drop from 116.5 million to 14.5 million dollars, while the unsecured bonds maturing in 2030 will remain at 175 million. The available liquidity will be approximately 101.6 million dollars, also including the expected proceeds from the sale of the ship Contship Ten, scheduled for the end of October 2025.
Pateras explained that the company is using its excess liquidity to voluntarily reduce its secured debt, thus lowering the gross Ltv (Loan-to-Value) ratio to 3%. This will lead to a reduction of scheduled repayments for 2026 by 29.5 million dollars and a cut in interest of approximately 4.2 million.
With a feeder market still solid — confirmed by the recent agreements with Cma Cgm — Contships expects to continue generating strong cash flows. The combination of financial solidity and operational growth will allow the company to further strengthen its balance sheet and seize new opportunities for fleet acquisition and renewal.
