The public offering will run from Tuesday through Thursday, while trading in the shares is scheduled to begin on Tuesday, Oct. 20, according to the timetable.
The company is moving toward listing on the Main Market of Euronext Athens through a public offering of up to 42 million new shares aimed at two investor categories: qualified investors and retail investors.
Provided the company achieves its fundraising target of approximately 250 million euros at the maximum offer price, it will issue 31,887,755 new shares.
In addition, cornerstone investors have committed under relevant agreements to subscribe for shares worth 70 million euros, equivalent to 8,928,570 new shares at the maximum offer price.
Listing timetable
The allocation of shares and announcement of the final offer price are scheduled for Thursday.
Settlement procedures are expected to be completed the following Monday, with payment for shares allocated to investors and the release of the relevant funds. The shares will be delivered on the same day through their registration in beneficiaries’ securities accounts in the Dematerialized Securities System (SAT) of Euronext Securities Athens.
The process is scheduled to conclude on Tuesday, when Capital Maritime Finance shares begin trading on the Main Market of the Athens Stock Exchange.
Investment program
CMF aims to finance an extensive fleet expansion program worth approximately $1.8 billion, involving 23 new vessels by the end of 2028. The program comprises 19 vessels under construction and four to be acquired under signed preliminary agreements, with a combined capacity of 120,874 twenty-foot equivalent units (TEU). Deliveries are scheduled in stages from the fourth quarter of 2026 through the fourth quarter of 2028.
As of Sept. 30, 2026, the group’s operating fleet consisted of 13 container ships with a combined capacity of 27,891 TEU.
Once all new vessels have been delivered, CMF’s fleet will total 36 ships. These will include 13 feeder vessels with capacities of 1,800-2,800 TEU and 10 dual-fuel LNG Neo-Panamax vessels of approximately 8,700 TEU each. The latter will be capable of using LNG, bio-LNG and e-LNG, offering fuel flexibility and reducing exposure to regulatory costs compared with conventionally fueled vessels.
Based on the Sept. 30, 2026, reference date and assuming all scheduled deliveries are completed, the fleet’s capacity-weighted average age will be just 0.5 years, making it one of the youngest globally. The entire fleet, including all vessels awaiting delivery, is covered by long-term time-charter contracts extending through 2038.
Financial performance
The company reported strong financial results for 2025, with group revenue of $122.85 million, EBITDA of $89.85 million, net profit of $64.94 million and net operating cash flow of $82.05 million.
Capital Maritime & Trading, which is controlled by Evangelos Marinakis, was the company’s sole shareholder when the prospectus was approved. Following the public offering, assuming proceeds of 250 million euros at the maximum offer price, Capital Maritime & Trading will retain approximately 75.8% of voting rights.
According to the prospectus, CMF also intends to adopt a shareholder-focused dividend policy, targeting distributions equivalent to 60%-70% of adjusted net profit for each financial year, with payments made quarterly.
