Contships Logistics (CONTSHIPS) Q2 2026 earnings summary

Executive summary

• Achieved net profit of $20.3m for H1 2026, up 57% year-over-year, despite a 13% revenue decline to $84.9m due to a smaller fleet after vessel disposals.

• Five vessels sold in H1 2026 for $59.0m gross proceeds; average fleet size reduced to 27.8 vessels.

• High operational utilization at 98% and 98% charter coverage for the remainder of 2026.

• Completed $25m tap issue of sustainability-linked bond and paid $20m dividend in February 2026.

Financial highlights

• Revenue for H1 2026: $84.9m (down 13% YoY); net profit: $20.3m (up 57% YoY); operating profit: $26.0m (up 34% YoY).

• Average TCE rate: $15,421/day (up 23% YoY); average opex: $5,345/day (down 1% YoY).

• Cash & equivalents: $234.0m; time deposits: $15.0m; total liquidity: $249.0m.

• Bank debt: $12.0m; outstanding bonds: $200.0m; shareholders' equity: $447.1m.

Outlook and guidance

• Expected H2 2026 average gross charter rate: ~$17,000/day.

• Revenue backlog as of July 1, 2026: $240.7m; 98% charter coverage for H2 2026.

• Near-term market conditions remain supportive, but medium-term risks from newbuilding deliveries and potential normalization of shipping routes.