Contships Logistics (CONTSHIPS) Q2 2025 earnings summary

Executive summary

• Achieved net profit of $12.9 million for the six months ended June 30, 2025, down from $34.2 million year-over-year.

• Revenue for H1 2025 was $97.1 million, a 1% increase from H1 2024, driven by higher TCE rates despite a smaller fleet.

• Completed sale of six vessels for $50.2 million and acquired five vessels for $71.9 million, all unencumbered.

• Issued $100 million 5-year senior unsecured sustainability-linked bond at 9% coupon, listed on Oslo Stock Exchange.

• Secured revenue backlog of $227 million as of July 1, 2025, with 77% charter coverage for the next 12 months.

Financial highlights

• Q2 2025 net revenue: $50.8 million (up 11% YoY); H1 2025 net revenue: $97.1 million (up 1% YoY).

• Q2 2025 profit: $9.9 million (down from $29.2 million YoY); H1 2025 profit: $12.9 million (down from $34.2 million YoY).

• Average daily TCE rate for H1 2025: $12,508 (up from $11,514 YoY); Q2 2025: $13,275 (up from $11,093 YoY).

• Cash and cash equivalents at June 30, 2025: $85.7 million.

• Shareholders’ equity at June 30, 2025: $390.2 million.

Outlook and guidance

• Feeder containership segment outlook remains positive due to aging fleet, limited newbuilds, and robust intra-regional trade.

• Anticipated intra-regional trade growth of ~3% per annum expected to support demand.

• Market faces medium-term pressure from historically high containership orderbook and potential Red Sea normalization.

• H2 2025 expected average gross daily time charter rate: ~$15,100.