- September 4, 2025
- Posted by: Dimitris Touloumis
- Category: Uncategorized
Greek shipowner Nikolas Pateras improves financing terms from his Nordic debut in January
03 September 2025
By Harry Papachristou
Contships Logistics, a major independent owner of feeder container ships, completed on Wednesday a $75m tap issue of a January bond that had marked its debut in the Oslo market.
The Nikolas Pateras-led company will issue the fresh batch of unsecured, five-year notes at 99% of par value, which is an improvement from the 98% it achieved in the original offer seven months ago.
This indicates high demand for the securities, proceeds of which Contships intends to use “towards general corporate purposes … which may include refinancing of existing financial indebtedness and acquisition of maritime assets”.
Market sources told TradeWinds that Contships was originally planning to raise about $50m when it hired Arctic Securities and Fearnley Securities last week to arrange investor meetings.
The tap issue brings the total amount of cash raised by Contships in the Nordic bond market this year to $175m. In January, Pateras became the first private Greek shipowner to sell bonds in Oslo, and his peers have followed in his footsteps since.
The Contships paper carries a coupon rate of 9%.
Market sources attributed the successful outcome of the tap this week to strong conditions in the Nordic shipping bond market and a positive perception of Contships.
The closely held company has published two sets of quarterly results since listing its bonds, and analysts have recommended it for its earnings visibility and charter
coverage.
With 38 vessels on the water, Contships describes itself as the world’s largest independent owner of container feeders with a focus between 900 teu and 2,000 teu.
Newbuilding activity in the sector has increased sharply lately and TradeWinds already reported that Pateras expressed interest in expanding as well, with up to 20
newbuildings.
The Greek tonnage provider invited yards to provide firm quotations for 1,300-teu feeder vessels for delivery in 2028 and 2029.
Following this market enquiry, however, Pateras stopped short of placing an order, clarifying he will not do so at any price amid rising newbuilding costs. Instead, he has been pursuing a gradual fleet renewal strategy with moves in the secondhand market.
Market watchers believe that conservative stance may have won the traditional Greek owner some additional kudos with investors this week.
Arctic Securities and Fearnley Securities acted as joint bookrunners and Clarksons Securities was co-manager in connection with the placement of the tap issue.
Source: TradeWinds
