Capital Maritime Finance Corp. (CMF) is launching the first shipping IPO in Greece, with the exclusive listing of all its shares on Euronext Athens. This simultaneously marks the first major step toward establishing Athens as a powerful global shipping hub. According to sources, the company affiliated with Vangelis Marinakis aims to raise up to €200 million through the IPO, with the proceeds earmarked to fund its shipbuilding program and meet working capital requirements.
CMF’s offering represents a well-balanced mix of long-term growth and investment value, built around a business plan focused on acquiring container vessels and other ship types under long-term charter agreements.
Already secured with long-term charters from reliable, top-tier charterers, the company achieves strong revenue visibility and predictability, independent of market cyclicality — maintaining a unique ability to consistently reward its shareholders.
Key fleet and operating model highlights
- High revenue visibility: 100% of the fleet’s available capacity is fully chartered, securing 100% day coverage through 2034. Total contracted revenue backlog stands at $3.9 billion, with an average remaining charter duration of 9.5 years*. *Data as of 30.06.2026
- Top-tier blue-chip charterers: Charters are backed by long-term “take-or-pay” contracts with global liner shipping leaders, including CMA CGM (the world’s third-largest liner company — CMF contracts valued at nearly $3 billion) and Unifeeder (a DP World subsidiary — CMF contracts valued at nearly $1 billion)*. *Data as of 30.06.2026
- Young, technologically advanced fleet: The company operates a state-of-the-art fleet that, upon full delivery, will comprise 36 container vessels. The fleet currently includes 13 vessels in operation and 23 under construction. The fleet’s weighted average age will be just 2 years upon full delivery, making it one of the youngest and most efficient fleets in the world.
- World-class team — three generations at sea: The company is staffed by the most experienced and specialized professionals in the industry — people who, across three generations, have been defined by outstanding professionalism, consistency, and reliability.
- Cutting-edge technology and dual-fuel LNG capabilities: The fleet consists of 26 vessels with a capacity of 1,800–2,900 TEU (feeder type) and 10 vessels with a capacity of 8,800 TEU (Neo-Panamax type) equipped with dual-fuel LNG capability. The ability to operate on LNG, bio-LNG, and e-LNG drastically reduces emissions. The advanced technologies integrated into the fleet position CMF in full compliance with the most stringent environmental regulations (IMO CII, EU ETS, FuelEU Maritime, and others). The fleet also incorporates technologies that enable CMF to achieve significant operational cost savings. The majority of CMF’s vessels are rated in the top “A” category of the CII index.
Strong financial profile and attractive dividend policy
- Fully funded investment program: Of the remaining $1.9 billion capital expenditure program through 2028, $1.6 billion is covered by bank financing*. The remainder is planned to be met organically through the company’s operating cash flows, combined with the estimated net proceeds from the Public Offering.
*Data as of 30.06.2026
- Attractive dividend yield: Management has established a dividend policy targeting the continuous and consistent reward of its shareholders, with distributions based on Adjusted Net Earnings on a quarterly basis. This policy is supported by secured cash flows and is targeted to commence in the first quarter of 2027.
Exceptionally favorable sector fundamentals
- Global fleet aging: In the sub-3,000 TEU vessel category, 50% of the existing global fleet will be over 20 years old by 2029. Similarly, this figure stands at 32% for vessels in the 8,000–12,000 TEU range. This structural shortage of modern vessels in the relevant categories creates strong demand for CMF’s young and modern fleet.
- Growth of alternative regional trade routes: The diversification of supply chains away from China is driving growth on select regional routes at estimated rates of up to 5.5% annually for 2027. This trend significantly reinforces the need for flexible, maneuverable vessels (feeder and mid-sized types) — precisely the type of fleet CMF operates.
- Tightening environmental regulations: IMO regulations on energy efficiency and carbon emission intensity (EEXI, CII), along with European Union regulations (EU ETS, FuelEU Maritime), are increasing the operational and regulatory costs of older, less efficient vessels and are expected to accelerate their phase-out. Given CMF’s fleet’s low average age and its ten dual-fuel LNG vessels, the company estimates that its fleet is subject to comparatively lower regulatory costs — further strengthening its competitive position.
