Contship Logistics, which owns feeder ships in Greece, has signed two new contracts with CMA CGM and Ocean Network Express (ONE). This move is aimed at securing employment for its fleet and preparing for a comprehensive fleet renewal program.
Contract Details
Recently, in its third-quarter earnings report, Contship announced that the Contship Sky vessel has been extended for 11 to 13 months with CMA CGM at a daily rate of $16,250. Additionally, the Contship Way vessel has been leased to ONE for 21 to 24 months at a rate of $16,500 per day. The exact start date for these contracts has not yet been determined.
Fleet Renewal Strategy
Contship is securing long-term employment for its feeder ships while simultaneously working to reduce its risks by selling older vessels. In the first nine months of 2026, the company sold five container ships, generating total revenue of $59 million from these sales. By the end of September, Contship's fleet consisted of 27 owned vessels.
The recent contracts have been signed as Contship prepares to enter into ownership of new vessels on a larger scale. In October, the company signed a letter of intent to purchase 10 container ships of 1,324 TEU from Hubei Guangji Green Energy Shipbuilding in China. Additionally, two other sets of 10 options are also included in this plan.
Financial Outlook and New Financing
The fleet renewal program could be larger than Contship's current fleet if all options are exercised. The company has also stated that it is evaluating financing options for the new ships, and no final agreements have been made on this matter yet. Contship's outstanding lease contract revenue has reached $205.8 million as of the latest report.
