The Hellenic Capital Market Commission approved the prospectus of Capital Maritime Finance Corp. for its public offering and the listing of its shares on Euronext Athens, during its meeting on Wednesday.
Specifically, according to a relevant announcement, the Hellenic Capital Market Commission approved the content of the prospectus of the company named “CAPITAL MARITIME FINANCE CORP.” for the public offering in Greece of up to 42 million new ordinary registered shares, for cash consideration and without preemptive rights for existing shareholders, and the primary listing of all its shares for trading on the Main Market of the Regulated Market of Euronext Athens.
The public offering will begin on Oct. 13 and run through Oct. 15, while trading of the shares on Euronext Athens is scheduled to begin on Oct. 20.
Piraeus Bank, Euroxx Securities, Eurobank and National Bank of Greece are the coordinators and lead underwriters of the public offering. Optima Bank and Credia Bank are the lead underwriters of the offering. The underwriters are Ambrosia Capital and CrediaPantelakis Securities, while the issue advisers are Piraeus Bank, Euroxx Securities and Eurobank.
How the New Shares Will Be Allocated
The public offering of up to 42 million new shares is addressed to the entire investment community, which is divided into two categories: qualified investors and retail investors. Provided that the target of raising approximately 250.0 million euros at the maximum offering price is achieved, 31,887,755 new shares will be issued.
In addition, Cornerstone Investors have committed to subscribe for 70.0 million euros under the Cornerstone Investor Agreements which, based on the maximum offering price, corresponds to 8,928,570 new shares.
Following completion of the public offering and determination of the offering price and the final amount of capital raised by the company, as well as the priority allocation of new shares to Cornerstone Investors, the Coordinators and Lead Underwriters will allocate the new shares to investors as follows:
(a) at least 30% of the new shares, namely at least 6,887,755 new shares, will be allocated to satisfy subscriptions by Retail Investors; and
(b) up to 70% of the new shares, namely up to 16,071,430 new shares, will be allocated among Qualified Investors and Retail Investors based on the total demand expressed by each category of investors. Once subscriptions by Retail Investors for 30% of the new shares, excluding the Cornerstone Shares, have been satisfied, the following factors will be taken into account in determining the final allocation percentage for each category of investors:
- demand from qualified investors;
- demand from the retail investor segment exceeding 30%, excluding the cornerstone shares;
- the number of subscription applications submitted by Retail Investors; and
- the need to achieve adequate free float.
The total expenses of the capital increase are estimated at approximately 10.717 million euros, based on the maximum offering price of 7.84 euros per new share and assuming that the company raises 250.0 million euros through the capital increase.
Greece’s First Shipping IPO
Capital Maritime Finance Corp. (CMF), controlled by Evangelos Marinakis’ interests, is carrying out the first exclusive listing of a shipping company on Euronext Athens. It is also the first shipping IPO in Greece involving the exclusive listing of all the company’s shares on Euronext Athens.
At the same time, it represents the first substantial step toward establishing Athens as a major global shipping hub.
Capital Maritime Finance Corp. (CMF) is targeting proceeds of 250 million euros through the IPO, with the funds raised earmarked to finance its shipbuilding program and cover working capital needs.
The company’s business model is based on a combination of long-term growth and investment value, centered on the containership market as well as other types of vessels, which are backed by long-term charters.
CMF already has multiyear contracts with strong, highly creditworthy charterers, providing significant revenue visibility and predictability, limiting its exposure to the shipping market’s pronounced cyclicality and, according to its strategy, strengthening its ability to provide consistent shareholder returns.
Capital Maritime Finance’s (CMF) profile
The company has a state-of-the-art fleet that, upon full delivery, will comprise 36 containerships. The fleet includes 13 vessels in operation and 23 under construction. The fleet’s average age will be just 0.5 years, weighted by TEU, as of Sept. 30, 2026 and assuming completion of all deliveries, making it one of the youngest and most efficient fleets in the world. The figure is weighted by TEU, assuming completion of delivery of all vessels.
$3.9 Billion in Contracted Revenue
One of the key features of CMF’s investment profile is the exceptionally high level of fleet coverage through long-term charters. One hundred percent of the fleet’s available capacity is already chartered, ensuring full coverage of available days through 2034.
Based on data as of Sept. 30, 2026, total contracted revenue stands at $3.9 billion, while the average remaining charter duration is 9.4 years.
US$1.8 Billion Investment Program
The remaining capital expenditure program through 2028 amounts to $1.8 billion. Of this amount, $1.6 billion is already covered through bank financing, according to data as of June 30, 2026. The remaining amount is planned to be financed organically through the operating cash flows generated by the company, combined with the estimated net proceeds from the Public Offering.
Dividend From the First Quarter of 2027
Management’s plans also include the implementation of an attractive and consistent dividend policy. The objective is to continuously reward shareholders through quarterly distributions based on the company’s adjusted net income.
The policy is supported by the secured cash flows generated by the company’s long-term charters, with distributions scheduled to begin in the first quarter of 2027.
The Capital Maritime Group
Overall, the Capital Maritime Group currently controls 179 vessels, including vessels under construction, and operates across the following different sectors: LNG and LPG carriers, crude oil and product tankers, dry bulk carriers, containerships and offshore support vessels. The group also has a presence on the New York, Oslo and the Athens stock exchanges, through two listed companies with a combined market capitalization of more than US$4 billion.
