Capital Maritime Finance (CMF), owned by shipping magnate Evangelos Marinakis, is charting a course toward the Athens Stock Exchange, with its listing on Euronext Athens set to mark the first exclusively maritime company to enter the Greek capital market. The listing will take place through a public offering, targeting the raising of up to €200,000,000.
Capital Maritime Finance (CMF) sets course for the stock exchange
This move connects the Greek capital market with one of the most significant sectors of the Greek economy, reinforcing the goal of establishing Athens as an international shipping financial hub.
The funds raised will be directed toward financing CMF’s shipbuilding program and covering working capital requirements. The company’s business model is primarily based on the acquisition of container vessels and other ship types, which are deployed through long-term charter agreements.
High revenue visibility
A key advantage for the success of the Euronext Athens listing is the company’s high revenue visibility. 100% of the fleet’s available capacity is chartered, with operational day coverage extending through 2034. Total contracted revenue backlog stands at $3.9 billion, while the average remaining charter duration reaches 9.5 years.
Key clients include leading names in global liner shipping. CMA CGM, the world’s third-largest liner shipping company, holds contracts with CMF valued at nearly $3 billion, while Unifeeder, a subsidiary of DP World, accounts for nearly $1 billion. The agreements are long-term and structured as take-or-pay contracts, providing significant cash flow predictability.
Upon completion of all deliveries, CMF’s fleet will comprise 36 vessels, of which 13 are already in operation and 23 are currently under construction. The fleet’s mean weighted age at full delivery will be just two years. It includes 26 feeder vessels with a capacity of 1,800–2,900 TEU and 10 Neo-Panamax vessels of 8,800 TEU with dual-fuel LNG capability. The use of LNG, bio-LNG, and e-LNG reduces emissions and facilitates compliance with increasingly stringent environmental standards, including IMO CII, EU ETS, and FuelEU Maritime regulations. The majority of the fleet is rated in the top “A” category under the CII framework.
The financial profile is equally strong. The remaining investment program through 2028 amounts to $1.9 billion, of which $1.6 billion is covered by bank financing. The remainder is expected to be funded through operating cash flows and the net proceeds from the public offering.
Additionally, management has established a quarterly distribution policy based on adjusted net earnings, with dividend payments targeted to begin from the first quarter of 2027.
Favorable market fundamentals
- Fleet aging:
By 2029, 50% of vessels under 3,000 TEU and 32% of those in the 8,000–12,000 TEU range will be over 20 years old, boosting demand for CMF’s modern fleet.
- New regional trade routes:
The diversification of supply chains away from China is generating growth of up to 5.5% annually through 2027, increasing demand for flexible feeder and mid-sized vessels like those operated by CMF.
- Stricter environmental regulations:
Regulations targeting energy efficiency and carbon emission intensity (EEXI, CII, EU ETS, FuelEU Maritime) are raising operating costs for older vessels and accelerating their phase-out. CMF’s young fleet age and its 10 LNG dual-fuel vessels significantly reduce regulatory exposure and strengthen the company’s competitive position.
Originally published in Apogeumatini
