Evangelos Marinakis, owner of Greek ships, aims to raise up to €200 million (equivalent to $226 million) through an initial public offering (IPO) by bringing 36 tankers to the public market in Athens. This transaction is designed for the exclusive listing of all shares of Capital Maritime Finance on the Euronext Athens stock exchange, and the proceeds will be allocated to shipbuilding programs and working capital.
Details of the Initial Public Offering
This public offering is introduced as the first public offering in the shipping sector that includes a full listing of the company's equity in Athens. Capital Maritime has assembled 36 tankers, of which 13 are currently operational and 23 others are under construction. The company's fleet consists of 26 non-equipped vessels and 10 dual-fuel LNG vessels with a capacity of approximately 8,800 TEU.
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Shipbuilding and Financing Plans
All available capacities in this fleet have been contracted in advance, and charter coverage continues until 2034. The projected revenue from contracts is estimated at around $3.9 billion, with an average remaining contract duration of 9.5 years. CMA CGM accounts for nearly $3 billion of these contracts, while Unifeeder, the operator of the maritime fleet under DP World, represents approximately $1 billion.
The new shipbuilding program is divided between South Korea and China. The fleet list of Capital Maritime indicates that 13 new vessels are under construction at HD Hyundai Heavy Industries, and six vessels with a capacity of 8,770 TEU are being built at HD Hyundai Samho. Four additional vessels with a capacity of 8,776 TEU are under construction by New Times Shipbuilding in China for hire with CMA CGM. Delivery of these vessels will continue until October 2028.
Capital Maritime has approximately $1.9 billion in remaining capital expenditure until 2028, of which $1.6 billion is covered by bank financing. The remainder is expected to be funded from operational cash flow and proceeds from the public offering.
This platform helps to gather a significant portion of tanker order plans in the past 18 months. In April 2025, the company controlled by Marinakis ordered 18 tankers at HD Hyundai, valued at approximately $1.26 billion, including LNG dual-fuel tankers of 1,800 TEU, 2,800 TEU, and 8,800 TEU. In June of the same year, two additional options for 8,800 TEU tankers were established, bringing the total number of these orders to 20 tankers valued at nearly $1.6 billion.
The transition to the Athens Stock Exchange is Marinakis's second significant introduction to the shipping market this year. In March, Capital Tankers raised about $500 million in a highly sought-after public offering and subsequently listed on Euronext Grant Oslo, described as the largest Western shipping listing in two decades. This move follows the entry of Star Bulk Carriers to the Euronext Athens last month. The owner of this company, Petros Pappas, raised $124.5 million in an Athens offering on September 16 while maintaining his American listing.
