Capital Tankers has made significant progress in expanding its tanker fleet by securing $930.3 million in financing for the construction of 11 new VLCC tankers. These vessels are currently being built in China and South Korea.
Financing Details
The company, backed by Evangelos Marinakis, has signed four financing agreements since late September, which include ships ordered from Hanwha Ocean, Dalian Shipbuilding Industry Co (DSIC), and Hengli Shipbuilding. The largest portion of this financing, totaling $450.6 million, is allocated to five VLCC tankers with a capacity of 307,000 dwt at DSIC.
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Construction and Delivery Schedule
Three ships under an agreement signed in October have been financed between $89.6 million and $90.9 million each, while two other ships have each received $89.6 million in financing. Additionally, Capital Tankers has secured $241.8 million for three dual-fuel VLCC tankers with a capacity of 320,000 dwt at Hanwha Ocean and $237.9 million for three other vessels with a capacity of 306,000 dwt at Hengli in China.
While the financing from Hanwha includes a five-year repayment plan, the financing packages from Chinese yards are scheduled for ten years. All these agreements include significant payments at maturity, ranging from $39.7 million to $60.9 million for each vessel.
Separately, Capital Tankers has also announced a sale and leaseback agreement worth $64.5 million for its new dual-fuel LNG vessel Amor, with a capacity of 155,348 dwt, which is being built at New Times Shipbuilding in China. This financing, arranged earlier this year, will continue until October 2033 and includes a final payment of $40 million.
Recent financings follow Capital Tankers' $500 million private placement in Oslo, which was increased due to high demand from investors. The group is currently continuing to add to its fleet capacity, having purchased three VLCC tanker construction contracts at Hengli for $122 million each in June. Delivery of these vessels is scheduled for the second half of 2027.
Currently, Capital Tankers has a fleet comprising 33 vessels, including 15 VLCCs, 10 Suezmax tankers, and 8 Aframax/LR2 tankers. Of these, 17 vessels are in operation, and 16 more will be added to the fleet by mid-2028. The company also holds options for an additional 13 crude tankers.
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