Capital Tankers Corp. announces the acquisition of three Scrubber-Fitted VLCC Newbuildings with 2027 deliveries
Capital Tankers Corp. (the “Company”, “CAPT”, “we” or “us”), an international shipping company focused on crude oil transportation, today announced the acquisition from Capital Maritime & Trading Corp. (“Capital Maritime”) of three VLCC shipbuilding contracts for vessels under construction at Hengli Shipbuilding (Dalian) Co., Ltd. (“Hengli” or the “Shipyard”), with deliveries scheduled in 2027. Capital Maritime previously acquired these three VLCC shipbuilding contracts, originally ordered by an affiliate of Hengli, with expected deliveries in September, October and November 2027 (the “2027 SBCs”). Capital Maritime offered the 2027 SBCs to the Company at the original contract price of $122.0 million per vessel, plus $0.7 million per vessel for financing and other costs incurred by Capital Maritime in connection with the 2027 SBCs. Indicative vessel appraisals value the 2027 SBCs at $150.0 million each, or a value accretion of $82.1 million compared to the acquisition price across the three shipbuilding contracts.
The upfront cost to assume the 2027 SBCs, payable by June 30, 2026, is $37.3 million per vessel ($111.8 million in total) and covers the construction payments and financing and other costs borne by Capital Maritime to date. The remaining $85.4 million per vessel (total $256.2 million) will be paid upon each vessel’s delivery from the 2 Shipyard. We expect to fund the upfront payment with cash on hand, while the balance is expected to be financed through a combination of debt and cash on hand.
Following the acquisition of the 2027 SBCs, the Company retains the original 13 options, comprising 11 VLCC and two Suezmax vessels (the “Optional Vessels”). The Company can exercise any or all of the 13 options at the original contract price until December 31, 2026. Thereafter, the Company retains a right of first refusal on any future sale of these vessels. Capital Maritime does not currently control crude tanker vessels other than the Optional Vessels.
Capital Tankers Corp. Announces the successful delivery of one lr2 dual fuel tanker, taking the sailing fleet to twelve vessels
Capital Tankers Corp. (the “Company”, “CAPT,” “we” or “us”), an international shipping company, focused on crude oil transportation, announced the delivery of an LR2 tanker, the M/T Androklos (112,500 DWT, Dual Fuel LNG capable, New Times Shipbuilding Co., Ltd., China) to its fleet. This brings the Company’s sailing fleet to twelve tankers.
The Company is expecting to take delivery of one more vessel during the current quarter (one Suezmax in June 2026) with four more vessels (one LR2 and three Suezmax tankers) during the rest of 2026. At the end of this year, the Company expects to own 17 vessels (one VLCC, eight Suezmax, four Aframaxes and four LR2 tankers) on the water, out of a total fleet of 30 vessels.
Capital Tankers Corp. Announces first quarter 2026 financial results
Capital Tankers Corp. (Euronext Growth Oslo: CAPT) (“Capital Tankers”, “CAPT”, the “Company”, “we” or “us”) announced its financial results for the first quarter ended March 31, 2026, its first quarterly report since the Company’s admission to trading on Euronext Growth Oslo on March 17, 2026.
Quarterly Highlights
• On March 17, 2026, the Company completed an initial public offering and was admitted to trading on Euronext Growth Oslo under the ticker “CAPT”, with net proceeds of $416.6 million (the “IPO”). The stabilisation period and partial exercise of the over-allotment option were completed on April 15, 2026, with the new share capital arising from the over-allotment exercise registered on April 17, 2026. Total net proceeds including the overallotment amounted to $454.1 million.
• During the First Quarter, the Company took delivery of six vessels, comprising one VLCC, two Suezmax tankers and three Aframax/LR2 tankers. As of March 31, 2026, the weighted average age of the fleet was 1.4 years. Subsequent to quarter-end and through the date of this release, the Company has taken delivery of six further vessels, bringing the sailing fleet to twelve vessels: one VLCC, four Suezmax and seven Aframax/LR2 tankers. Page 2 of 15
• The VLCC M/T Aristotelis II secured a one-year time charter at $100,000 per day with a major trader. The remainder of the sailing fleet operates in the spot market.
• Net income of $23.1 million for the First Quarter, $14.1 million for the Post-Listing Period.
• Fleetwide time charter equivalent (“TCE”) earnings¹ of $97,309 per day for First Quarter; $162,303 per day for the Post-Listing Period.
• Adjusted EBITDA¹ of $25.7 million for the First Quarter and $14.6 million for the Post-Listing Period.
• Total new debt drawn of $137.0 million during the First Quarter, excluding $82.5 million of debt assumed from Capital Maritime & Trading Corp. (“Capital Maritime”), with a further $241.0 million drawn subsequent to quarterend. As of the date of this release, total new debt drawn since inception amounts to $378.0 million, excluding $82.5 million of debt assumed from Capital Maritime, and we have $314.1 million of secured undrawn financing.
• The Board of Directors declared a cash dividend of NOK 0.50 per share for the first quarter of 2026. The exdividend date is June 4, the record date is June 5, 2026, and the dividend will be paid on or about June 16, 2026.
• In the second quarter of 2026 to date, approximately 71% of available fleetwide spot days have been booked at an average TCE rate of $153,059 per day on a discharge-to-discharge basis.
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