Evangelos Marinakis this week described the listing of Capital Maritime Finance on the Athens Stock Exchange through a €250 million public share offering as a “historic milestone” for the Greek capital market and a vote of confidence in Greece.
The move opens new opportunities for Greek investors to participate in ocean-going shipping through a company developing a fleet of 36 containerships and with $3.9 billion in contracted revenue from long-term charters.
“The public offering of Capital Maritime Finance on the Greek stock market is a milestone. A milestone that concerns not only us, but the Greek capital market as a whole, Greek and foreign investors and, more broadly, our country,” the founder of the Capital Group told reporters.
“We are on the final stretch toward the first exclusive listing of a shipping company on the Athens Stock Exchange. It is a historic event for the Greek capital market that opens access to shipping to the investing public, here in the country that gave birth to shipping and whose shipowners dominate globally,” he said.
Marinakis stressed that the choice of Athens was a deliberate decision that had been under consideration for years, despite the group’s long and successful presence in international financial markets.
“After many years, the time has come for us to have a listing exclusively on the Athens stock market, and I can tell you that it is something we had been thinking about for many years. What we really wanted was to make a serious effort, through a company made up of people with experience and a track record in the financial markets, to build something serious, something big, in our country,” he said.
“The decision to bring this company to the Greek stock market (Euronext Athens) is purely a decision to support and express confidence in Greece and the Greek stock market. To help build something big here in Greece, something serious, where the world’s largest shipping power is also active,” he added.
More than $2.5 billion raised from int’l markets
Marinakis referred to the track record of the group’s companies in international capital markets, noting that Capital Maritime Finance is not the first IPO carried out by the group.
“For 20 years we have been active in international capital markets, with admittedly great success. We are not the ones saying it, the figures are. To date, we have raised more than $2.5 billion from international capital markets,” he said.
That presence has created, he said, strong ties with the international investment community based on consistency, reliability and keeping commitments.
“The global investment community knows us well. For more than two decades we have built a relationship of trust that rests on very solid foundations. It is a rare relationship that is demonstrated in practice,” he said.
He placed particular emphasis on the business philosophy underpinning the group, saying reliability was the strongest guarantee it could offer partners and investors.
“I believe the greatest value, not only in shipping but in business and in life generally, is to stand by your word. To keep it regardless of market conditions. In shipping, our word is the greatest contract and, as many people know, most agreements are made over the telephone or with a handshake, while the signatures may come after the deal has already been completed. Everything is based on one’s word,” he said.
“We take this very seriously, which is why most of the business we do involves repeat partnerships with people who trust us and whom we trust. And this is something that those who have trusted us and invested in our companies know better than anyone,” he added.
In this context, he also placed particular emphasis on shareholder returns.
“Since 2007, we have distributed more than $1.1 billion in dividends. This is how we understand rewarding shareholders. In practice,” he said, linking the performance to the group’s long-term investment strategy.
‘For three generations, the sea has been our home’
Beyond the financial figures, the founder of Capital referred to the vision, values and philosophy behind everything the group does, as well as his family’s particular relationship with the sea.
“Shipping is not simply an industry in which we operate. It is a passion, a great pleasure, a great joy, a great love. For three generations, the sea has been our home. We know the opportunities it gives us. But also the responsibility we must always have when operating in this sector,” he said.
“Responsibility first and foremost for our people, our seafarers and their safety. Responsibility for the environment. And this is something that happens every day and has become part of our consciousness,” he explained.
Marinakis described shipping as “a central artery for the global economy,” referring also to geopolitical developments in recent years.
“We are fully aware of the role and importance of shipping for the entire planet. Particularly over the past four years, with the wars in Russia, Ukraine, the Gulf and the Red Sea, we see that shipping is needed more than ever. It is needed because it secures the supply chain for the entire world,” he said.
“The prosperity and progress of peoples depends directly on the ability of the entire industry to transport goods and products, under any circumstances, to every corner of the planet. From the energy that drives entire countries to the medicines that humanity needs every day. This is our role. Every hour, every day, 24 hours a day, throughout the year,” he added.
He was equally clear about how the group views its position in the industry.
“We do not follow developments. We shape them. With dynamism, responsibility, speed, consistency, reliability and, above all, tangible results, because those are what remain. Our goal is to create value every day. Value for investors, shareholders and seafarers, value for communities around the world,” he said.
Capital Maritime Finance and its containership strategy
The new investment initiative is based on the development of a company focused exclusively on container shipping.
As Marinakis said, “We designed a new company and positioned ourselves strategically in the containership sector. A company designed to overcome the cycles and volatility seen in international shipping. A state-of-the-art, new fleet of 36 latest-generation vessels that are safe and environmentally friendly. The result of a strong investment program through which we are continually expanding our fleet.”
“Vessels with high demand that are ideally suited to the commercial needs taking shape internationally. Vessels that perfectly serve the strong growth of major and regional routes. Long-term secured revenue of approximately $4 billion with the most reliable charterers, among the largest in the industry. Long-term, multiyear time charters that secure revenue with high visibility over the long term,” he continued.
“And, of course, experienced and reliable personnel, top seafarers who are in demand internationally. They are our people who consistently choose to be members of our family. At a time when everything appears to be changing, we have created a company that brings stability, security and visibility to shipping. A modern company with a new fleet, but one deeply rooted in the philosophy, principles and values of its founders,” he concluded.
Its investment program calls for a fleet of 36 vessels by the end of 2028, with particular emphasis on smaller containerships and Neo-Panamax vessels.
Fleet of 36 vessels with an average age of just 0.5 years
As Capital Maritime Finance CEO Gerasimos Kalogiratos explained, the fleet will consist of 26 smaller containerships with capacity of 1,800 to 2,900 TEUs and 10 Neo-Panamax vessels with capacity of approximately 8,800 TEUs, equipped with dual-fuel engines capable of using LNG.
Of the 36 vessels, 13 are already in operation, while 23 additional vessels are due to join the fleet by the end of 2028. Of these, 19 are newbuilds under construction and four will be acquired under purchase and sale agreements. Once the program is completed, the fleet’s capacity-weighted average age is expected to be just 0.5 years.
$3.9 billion in contracted revenue
According to Kalogiratos, all 36 vessels are covered by long-term contracts, with 100% of available employment days secured through 2034. Total contracted revenue backlog amounts to $3.9 billion, with contracts extending through 2038, and could reach $4.9 billion if charterers fully exercise their extension rights. The average remaining duration of the fixed-term contracts stands at 9.4 years.
The main charterers are France’s CMA CGM, with agreements covering 30 vessels and contracted revenue of $2.9 billion, and Unifeeder, a subsidiary of DP World, with six vessels and approximately $1 billion in revenue.
€250 million public offering
The public offering envisages raising €250 million through the issuance of new shares, with a maximum offering price of €7.84 per share. Of the total amount, €70 million is expected to come from cornerstone investors. The remaining investment commitments amount to $1.825 billion, with $1.6 billion in agreed debt financing and the balance to be covered by the public offering.
The planned dividend policy targets the distribution of 60% to 70% of adjusted net profits through quarterly dividends. The listing of Capital Maritime Finance on Euronext Athens also represents a test of the Greek capital market’s ability to attract a larger share of the investment activity of Greek-owned shipping.
Source: tovima.com
