Longship sails through rough waters with fleet renewal and refinancing

Longship Group B.V. reported challenging market conditions in 3Q25, with weak demand and persistent oversupply impacting freight rates. The company's TCE declined to €4,441 from €5,909 in 2Q25, contributing to a YTD 3Q25 net income loss of €4.486m, a significant decline from a €1.326m profit in 3Q24. Total assets grew to €262.5m in 3Q25 from €240.9m in 2Q25, though book equity decreased to €93.7m from €95m.

Strategically, Longship is focused on fleet modernization and securing long-term contracts. The company added JOHANN to its fleet and finalized a five-year contract for two PMAX series vessels. The report also highlights the delivery of LONGEDEN, LONGSEA, and LONGSTAR, with LONGSAIL expected in November. The first PMAX hull, LONGPEARL, is on schedule for a 1Q26 launch.

Financing for all eight PMAX vessels is fully committed, and additional liquidity is being generated through refinancing of LONGSEA, LONGSTAR, LONGERA, LONGEON, and LONGEDEN. The company repurchased €3.9m of its own bond, strengthening its financial position for ongoing fleet expansion. Longship’s current fleet includes 20 vessels on the water, with 8 newbuildings under construction as part of its eco-fleet expansion.