Contships Logistics (CONTSHIPS) Q1 2026 earnings summary

Executive summary

• Completed sale of five vessels in Q1 2026, generating $59.0 million in gross proceeds.

• Average fleet size was 28.5 vessels, with 27 vessels owned at quarter-end.

• Achieved 100% operational utilization and secured $207.3 million revenue backlog as of April 1, 2026.

• Paid $20.0 million dividend and completed a $25.0 million tap bond issue.

Financial highlights

• Q1 2026 net revenue was $43.7 million, down 6% year-over-year due to a smaller fleet.

• Net profit for Q1 2026 was $9.9 million, up from $3.0 million in Q1 2025.

• Average daily TCE rate rose to $15,360 from $11,751 year-over-year.

• Total expenses decreased to $21.2 million (49% of revenue) from $28.4 million (61% of revenue) year-over-year.

• Cash and cash equivalents plus time deposits totaled $229.1 million at quarter-end.

Outlook and guidance

• Near-term market conditions remain supportive due to high utilization and limited vessel availability.

• Average gross daily TCE rate for the remaining nine months of 2026 expected at ~$17,000.

• Medium-term risks include new vessel deliveries outpacing trade growth and potential normalization of charter rates if geopolitical disruptions ease.