- February 10, 2026
- Posted by: Contships
- Categories: News, Press
Fearnley Securities believes Greek owner will move in the market when attractive deals emerge
By Gary Dixon, Tradewinds
6 February 2026
Analysts expect Greek feeder boxship player Contships Logistics Corp to rebuild and modernise its fleet following a string of sales.
The Nikolas Pateras-controlled company has sold 20 ships for a combined $210m since the beginning of 2025.
Available liquidity was $236.7m on 1 February, the owner said in a statement to the Oslo bourse, where it has $200m of bonds listed.
Fearnley Securities analysts Sigurd Gjone Gabrielsen and Fredrik Dybwad said the fleet has been reduced to 27 vessels as Contships takes advantage of strong asset values.
“Fleet renewal is being discussed, and we expect to see Contships employ the funds once they see attractive investment opportunities,” they added.
Cash stands at a solid $157m, the Fearnley pair said.
The feeder market remains strong with fixtures being concluded at healthy levels, the analysts believe.
Recent bookings and contract extensions at $15,000 to $20,000 per day suggest the company is reaping the benefits of the strong market, they said.
Despite a shrinking fleet, revenue backlog is being maintained above $200m, the duo noted.
They added: “While the container ship charter market is currently strong, the 35% orderbook-to-fleet [ratio] together with a potential Red Sea reopening is expected to weaken the market balance.
“The feeder orderbook, however, remains at an acceptable level at 10% to fleet, and few vessels are tied up sailing around the Cape of Good Hope.”
Contships handed out $20m in dividends for the fourth quarter.
Contships has headroom to distribute more, but creditors are protected by the 40% net loan-to-value test, Gabrielsen and Dybwad added
