Capital Tankers, part of the group led by Vangelis Marinakis, is set to list on the Oslo Stock Exchange. The company, with assets valued at approximately 13.4 billion dollars, is proceeding with a private placement offering aimed at raising 345 million dollars, and with the next step being the listing of the company’s shares on Euronext Growth Oslo.
The new company, part of Marinakis’ group, has a privately owned fleet of 30 tankers, of which three are already operating, five will be delivered soon, while 22 are under construction. Specifically, these vessels include 12 VLCCs, 10 Suezmaxes and eight Aframax/LR2s.
In addition, the company has 13 options for the construction of additional tankers, which can be exercised until December 31, 2026.
It is noted that Marinakis’ shipping group recently placed an order for 11 very large container ships (VLCC) at shipyards in China.
Investment details
According to the information, the majority of the fleet is capable of burning LNG dual-fuel or LNG-ready and equipped with exhaust gas cleaning systems (scrubbers), an element that supports improved energy efficiency, reduced emissions and enhanced commercial performance.
The commercial strategy includes exposure to the spot and short-term market, supported by a competitive operating cost structure.
The targeted dividend policy envisages distributions of approximately 30%–40% of free cash flow to equity, after deducting working capital and other reserves as decided by the Board of Directors, during the shipbuilding phase, increasing to approximately 70%–80% when the fleet has been fully delivered.
Capital Tankers offers a unique investment opportunity in the newest and most technologically advanced fleet of crude tankers on the stock markets, backed by one of the world’s leading shipping companies, with strong cash flow generation potential, attractive valuation, 13 shipbuilding options and a clear commitment to shareholder returns, said CEO Jerry Kalogiratos.
Following the listing, the company intends to consider, at a later date, an uplisting on the main market of the Oslo Stock Exchange, as well as a possible dual listing in the US, subject to the required approvals and corporate decisions, as well as market conditions.
It is noted that another shipping company of the group, Capital Clean Energy Partners, is already listed on the US stock markets (NASDAQ).
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