Eurobank Equities projects a dividend yield of approximately 7% for 2027 for Capital Maritime Finance (CMF), based on the maximum offering price of €7.84 per share in the upcoming public offering. At the same time, the brokerage firm anticipates a significant increase in the company’s financial metrics over the coming years, as CMF’s transport capacity is expected to quintuple by 2028. In its commentary, prompted by the publication of the prospectus, Eurobank Equities highlights the visibility of revenues and the company’s long-term charter agreements. As the firm notes, CMF’s business model more closely resembles that of an infrastructure company with secured contracts rather than a traditional shipping company reliant on vessel trading and freight rate fluctuations.
Read more: Capital Maritime Finance: Green light for listing on Euronext Athens
Capital Maritime: Dividend forecast and fleet expansion
The company currently operates 13 container vessels, and plans to add 23 newly built ships by 2028. According to Eurobank Equities, this expansion is expected to substantially strengthen the company’s financial performance, although the commentary does not include detailed revenue or profitability forecasts for upcoming fiscal years.
In 2025, CMF recorded revenues of $122.8 million, EBITDA of $89.9 million, and net profits of $64.9 million. The fleet expansion and the projected fivefold increase in transport capacity create, according to the firm, the conditions for a significant boost to these results.
The company targets quarterly distributions equivalent to 60%–70% of adjusted net earnings. At the maximum offering price, Eurobank Equities estimates the expected 2027 dividend yield at approximately 7%, compared to roughly 6% offered by other infrastructure investments such as Athens International Airport.
$3.9 billion in contracted revenues
A central element of the analysis is the fleet’s expansion under already secured long-term charters, with no exposure to the spot market. This approach significantly limits the impact of freight rate volatility on results and provides exceptionally high revenue visibility for a shipping company, according to Eurobank Equities.
Contracted future revenues amount to $3.9 billion, with an average remaining charter duration of 9.4 years and full employment coverage through 2034.
Regarding the public offering, CMF aims to raise approximately €250 million, with the possibility of increasing this to €300 million, through the issuance of up to 42 million new shares. The company has already secured binding commitments totaling €70 million from prominent Greek business figures, representing 28% of the primary fundraising target. Eurobank Equities describes these commitments as a meaningful anchor ahead of the book-building process.
At the maximum offering price, the pre-money equity valuation stands at approximately €784 million, rising to approximately €1 billion following the capital raise.
The binding price range is set to be announced on October 12. The public offering will take place from October 13–15, with trading expected to commence on October 20.
