According to its announcement, it decided to voluntarily prepay within October 2025 approximately USD 102 million from its existing loan facilities with Alpha Bank S.A., CrediaBank S.A., Eurobank S.A., National Bank of Greece S.A. and Piraeus Bank S.A.
The company is the first private Greek shipping company to introduce a bond to the Norwegian market and raised with absolute success, twice within 2025, a total of USD 175 million.
Mr. Nikolas D. Patras, chairman and CEO of Contships, stated:
“We are using our excess liquidity to perform voluntary loan prepayments, reducing our gross LTV to 3% and, therefore, reducing principal repayments for 2026 by USD 29.5 million and reducing the expected 2026 interest cost by USD 4.2 million.”
At the same time, he emphasized that “with the feeder container ship markets remaining strong, as evidenced by the recent charter extensions agreed with CMA CGM, we expect to continue generating strong cash flows. This, combined with our strategic initiative for the voluntary prepayment of our secured debts, will further strengthen our balance sheet, as we actively pursue acquisition opportunities for the expansion and renewal of our fleet.”
Following these prepayments:
The company agreed to extend its charters with CMA CGM for two vessels – the Contship Ace (1,256 TEU) and the Contship Zen (1,072 TEU) – for a period of 21 to 24 months.
The gross daily charters are USD 16,500 and USD 15,500, respectively.
These charter extensions are expected to contribute approximately USD 22 million to the company’s revenues, which will increase to USD 209 million from October 1, 2025.
Contships Logistics Corp. is the largest independent private feeder containerships company in the world, focusing on vessels between 900 TEU and 2,000 TEU. The company has 35 feeder vessels in operation.
