Greek shipping magnate Evangelos Marinakis is preparing to take his shipping company, Capital Maritime Finance, public in Athens. The company plans to raise up to $226 million through an initial public offering (IPO). The funds will be used to finance a new shipbuilding program and working capital. Capital Maritime Finance operates a fleet of 36 container ships, with 13 already in operation and 23 under construction.
The fleet comprises 26 container ships without cranes, with capacities ranging from 1,800 to 2,900 twenty-foot equivalent units (TEU), and ten New Panamax ships that can run on liquefied natural gas (LNG) and dual-fuel, with a capacity of approximately 8,800 TEU. All available capacity is chartered, with lease contracts running until 2034. The company estimates its contracted revenue at around $3.9 billion, with an average remaining lease term of 9.5 years.
Major charterers include CMA CGM, with contracts worth around $3 billion, and United Feeders, a subsidiary of Dubai Ports World, with contracts worth approximately $1 billion. The new shipbuilding projects are split between South Korea and China. Capital Maritime Finance has 13 new container ships under construction at HD Hyundai Heavy Industries, as well as six LNG-powered ships with a capacity of 8,770 TEU at HD Hyundai Samho.
Additionally, New Times Shipbuilding in China is building four more LNG-powered ships with a capacity of 8,776 TEU for CMA CGM. Deliveries will continue until October 2028. The company has capital expenditures of around $1.9 billion until 2028, which will be covered by bank facilities and the IPO proceeds. This move is part of a larger trend in the shipping industry, with many companies seeking to expand their fleets.
Capital Maritime Finance's IPO is seen as a significant development in the Athens market. The company's decision to list in Athens follows the recent IPO of Star Bulk Carriers, which raised $124.5 million in the Greek capital. Marinakis' move is also seen as a vote of confidence in the Greek economy, which has been recovering in recent years.
The IPO will be marketed as the first public listing in the shipping sector to include an exclusive listing of the company's entire capital in Athens. The proceeds will support the company's ambitious growth plans, including investments in new ships and infrastructure. Capital Maritime Finance's expansion plans are part of a broader trend in the global shipping industry.
Marinakis' company, Capital, had previously placed orders for 18 container ships at HD Hyundai within a program valued at around $1.26 billion. The orders included feeder ships with a capacity of 1,800 TEU, ships with a capacity of 2,800 TEU, and ships with a capacity of 8,800 TEU that can run on dual-fuel, including LNG.
Key points
- Capital Maritime Finance plans to raise up to $226 million through an IPO in Athens.
- The company's fleet comprises 36 container ships, with 13 already in operation and 23 under construction.
- The IPO proceeds will be used to finance a new shipbuilding program and working capital.
