Contships fixes feeder charters, signs 30-ship newbuilding LOI

By James Calloway

Contships Logistics Corp. has signed a letter of intent for 30 next-generation 1,324-TEU container feeders, with 10 vessels firm and options for 20 more, while operating a 27-ship fleet.

The LOI, placed through wholly owned subsidiary CLC Newbuildings Inc., names Hubei Guangji Green Energy Shipbuilding Group in China as the builder. Ten ships are firm, followed by two lots of 10 options each; pricing and delivery dates remain undisclosed.

Contships has not tied the proposed orders to trade lanes, service strings or delivery years. Shippers and forwarders cannot yet map the potential capacity onto specific origin-destination flows or carrier schedules.

What rates did CMA CGM and ONE fix?

The Nikolas D. Pateras-led owner has booked two 2008-built vessels at disclosed daily rates:

• Contship Sky: CMA CGM fixed the vessel at $16,250 per day for 11 to 13 months.
• Contship Way: Ocean Network Express (ONE) fixed the vessel at $16,500 per day for 21 to 24 months.

Marseille-based CMA CGM and ONE now have committed feeder tonnage for their respective terms. For Contships, the fixtures extend employment for two older ships while the company reduces its exposure to older vessels through disposals.

For shippers and forwarders, the charters offer continuity on any carrier service deploying the vessels. But Contships disclosed no service string, port rotation or sailing schedule, so the fixtures do not identify where capacity will tighten or loosen.

The $250 difference between the headline daily rates does not establish a market-wide rate trend. Contships disclosed no comparable charters or broader rate benchmark; carriers and forwarders have two fixed vessel prices, not evidence of a wider pricing move.

What did the disposals and newbuilding plan mean?

Contships completed five feeder sales during the first nine months of 2026:

• Contship Ray
• Contship Max II
• Contship Ono
• Contship Eve II
• Contship Vie

The company received $59 million in aggregate gross proceeds before commissions and sale-related costs. That is not a net sale value, and Contships did not specify how much cash remained after those expenses or how it would allocate the proceeds.

Against that churn, Contships owned and operated an average of 27.5 vessels during the first nine months and owned 27 at the end of September. The five exits and potential 30-vessel intake position the owner for fleet renewal and possible expansion, but undisclosed delivery dates prevent a firm capacity forecast.

For carriers and forwarders, the LOI represents a future order pipeline rather than confirmed near-term capacity. Even the 10 firm ships have no disclosed delivery date, while the 20 optional ships add another layer of uncertainty.

What happened to Contship Jet?

The master reported that three unmarked sea drones struck Contship Jet in the Black Sea on Oct. 28, approximately 15 nautical miles off Bulgaria’s coast.

Contship Jet sustained significant damage, listed by approximately 20 to 30 degrees, and the master and crew abandoned the vessel.

All 18 crew members were evacuated and transported to Varna, Bulgaria; no serious injuries were reported.

The vessel sank on Oct. 29, 2026, and was deemed a total loss.

That removed one vessel from service, but Contships disclosed no replacement assignment, affected sailing schedule or cargo disruption.

Contships said Contship Jet, together with all other vessels in the group’s fleet, is covered by Hull & Machinery, Protection & Indemnity (P&I) and War Risk insurance.

In its report, Contships said: “Accordingly, the incident is not expected to have a material impact on the group’s liquidity position or its planned fleet renewal investments, taking into account the insurance coverage in place and the group’s strong liquidity position.”

The company has not disclosed the policy deductible, insurance payout or settlement timing. Its assessment nevertheless limits the expected financial effect of the total loss on its liquidity and fleet-renewal plans.

Watch the exercise of the 20 newbuilding options, shipyard pricing and delivery dates, and the insurance treatment of the total loss. Until those points emerge, CMA CGM and ONE have fixed feeder cover at $16,250 and $16,500 per day, while shippers and forwarders still lack lane-level guidance on how much capacity Contships will add or replace.