Greece’s Capital Group Plans Launch of Large, Pure-Play Tanker Company

After starting a large bet on the crude oil tanker segment, Greek shipping tycoon Evangelos Marinakis’ Capital Group is pursuing the launch of a publicly traded, pure-play tanker company that will rival the largest companies in the sector. Capital Tankers is expected to be listed on Euronext Growth Oslo by mid-March and reports it will explore uplisting to the main list of the Oslo Stock Exchange and a potential dual listing in the United States in due course.

Capital Tankers, which is being incorporated in the Marshall Islands, has engaged Fearnley Securities and Pareto Securities as joint global coordinators and Clarksons Securities and SB1 Markets as the joint bookrunners for a private placement that could raise as much as $345 million with its overallotment. The filing is expected around March 10, and the listing would be completed around March 17.

It is a newly established company that will focus on the crude oil tanker segment, taking over the vessels ordered by Capital Maritime & Trading. It highlights that the strategy will focus on spot and short-term market exposure, and it will be supported by a competitive operating cost structure. It will be backed by CMTC, which it highlights is a global shipowner with an established public markets track record, including through NASDAQ-listed Capital Clean Energy Carriers Corp.

“Capital Tankers offers a unique opportunity to invest in the youngest, most technologically advanced crude tanker fleet in the public markets, backed by one of the world's leading shipping companies,” said Jerry Kalogiratos, who is the CEO of the new company

When completed, the fleet will be 30 vessels with the company highlighting that the majority will be LNG dual-fuel capable or LNG-ready and fitted with scrubbers. By comparison, CMB.TECH’s Euronav has a fleet of 31 tankers, while Frontline, which is the largest in the sector, has 75 tankers.

Capital Tankers’ fleet will consist of 12 VLCCs, 10 Suezmax vessels, and eight Aframax/LR2 tankers. It highlights that three are already in operation and five will be delivered within the next three months. An additional 22 tankers are on order, and the company further holds 13 options on a fixed price until December 31, 2026. It will also have a first right of refusal for a period of 10 years on tanker newbuilds or vessel employment opportunities of a minimum of 12 months that CMTC becomes aware of in its operations.

The proceeds from the private placement will be primarily used to fund the ongoing construction program.

The new company is projected to have an equity valuation of approximately $13.4 billion when it is launched. It represents major play on the tanker sector and bets on the industry being poised for significant growth as the shadow fleet is expected to fade away through new regulations, enforcement, and a potential peace agreement between Russia and Ukraine.