Marinakis' Capital Tankers Secures $930 Million in Financing for 11 VLCCs

Greek shipping company Capital Tankers, backed by shipowner Evangelos Marinakis, secured financing of $930 million ($930.3 million according to the contract details) for 11 newbuild VLCCs under construction in China and South Korea. The deal is part of the company's orderbook, which includes 16 vessels under construction.

The agreements were signed between September 29 and October 12 and cover vessels at three shipyards. At Hanwha Ocean in South Korea, financing was secured for three 320,000 dwt VLCCs, LNG dual-fuel ready, totaling $241.8 million, corresponding to the vessels Alterego II, Alexandros II and Apollonas II, with deliveries scheduled for 2027. At Dalian Shipbuilding Industry Co (DSIC) in China, $450.6 million was closed for five 307,000 dwt VLCCs, identified as Amfitrion II, Alexander the Great II, Anemos II, Akadimos and Amyntas II, the first four with delivery in 2027 and the last in 2028. At Hengli Shipbuilding, also in China, $237.9 million was allocated to three 306,000 dwt VLCCs, the vessels Aspidoforos, Armonikos and Aftarkis, scheduled for 2027.

According to the contract details, the Hanwha Ocean financing is repaid in 20 quarterly installments with a balloon payment at maturity, while the DSIC packages are structured in 40 quarterly installments, equivalent to a five-year scheme for South Korea and a ten-year scheme for the Chinese shipyards, according to Splash 247. Each agreement with Hengli provides for 40 quarterly installments of $1 million and a final balloon payment of $39.7 million. Final balloon payments per vessel range from $39.7 million to $60.9 million, and the company did not disclose the banks or entities that provided the funds.

Separately, Capital Tankers announced a sale-and-leaseback agreement worth $64.5 million for the suezmax Amor, of 155,348 dwt, with LNG dual-fuel capability and fitted with a scrubber, recently delivered by Chinese shipyard New Times Shipbuilding. The scheme provides for 28 quarterly installments of $0.9 million and a final balloon payment of $40 million maturing in October 2033.

With the delivery of the Amor, Capital Tankers' operating fleet rises to 17 vessels, within a contracted fleet of 33 units that includes 15 VLCCs, 10 suezmaxes and eight aframax/LR2 tankers, of which 23 are LNG dual-fuel capable or ready. The company also holds options for 13 additional tankers. The new financings add to a private placement in Oslo worth $500 million carried out this year, which was upsized due to strong investor demand, and to the June purchase of three VLCC newbuilding contracts at Hengli from parent company Capital Maritime & Trading for $122 million each, with deliveries expected in the second half of 2027.