Capital Maritime Finance Corp. (CMF) is launching Greece’s first shipping IPO, with all of its shares to be listed exclusively on Euronext Athens.
At the same time, the transaction marks the first tangible step towards establishing Athens as a major hub for global shipping.
According to information, the Evangelos Marinakis-backed company aims to raise €200 million through the IPO, with the proceeds intended to fund its new-building programme and working capital requirements.
CMF’s investment proposition combines long-term growth potential with investment value through a business plan focused on the acquisition of containerships, as well as other vessel types, backed by long-term charters.
With long-term charters already secured with reputable, top-tier counterparties, the company benefits from strong revenue visibility and predictability across market cycles, providing a solid foundation for its long-term growth.
Key Fleet and Operating Model Highlights
High Revenue Visibility: 100% of the fleet’s available capacity is fully chartered, providing 100% coverage of available fleet days through 2034. The company’s contracted revenue backlog stands at $3.9 billion, with an average remaining charter duration of 9.5 years.*
*Data as of 30 June 2026.
Top-Tier Blue-Chip Charterers: CMF’s charters are structured as long-term “take-or-pay” contracts with leading global liner companies, including CMA CGM – the world’s third-largest liner company, with contracts with CMF worth nearly $3 billion – and Unifeeder, a subsidiary of DP World, with contracts with CMF worth nearly $1 billion.*
*Data as of 30 June 2026.
Young, High-Specification Fleet: On full delivery, the company’s state-of-the-art fleet will comprise 36 containerships, including 13 vessels currently in operation and 23 under construction. The fleet’s TEU-weighted average age will be just two years upon full delivery, placing it among the youngest and most efficient fleets globally.
Experienced Team – Three Generations at Sea: The company is supported by a highly experienced and specialised team, with maritime expertise spanning three generations and a track record defined by professionalism, consistency and reliability.
Advanced Technology & Dual-Fuel LNG Capability: The fleet comprises 26 feeder vessels with capacities ranging from 1,800 to 2,900 TEU and ten 8,800 TEU Neo-Panamax vessels with dual-fuel LNG capability. The ability to use LNG, bio-LNG and e-LNG significantly reduces pollutant emissions. The advanced technologies incorporated across the fleet allow the company to comply fully with some of the most stringent environmental regulations, including IMO CII, EU ETS and FuelEU Maritime. At the same time, the fleet incorporates technologies that provide CMF with the potential to achieve significant operating cost savings. The majority of CMF vessels are rated in the highest “A” category under the CII framework.
Strong Financial Profile & Attractive Dividend Policy
Fully Funded Investment Programme: Of the company’s remaining $1.9 billion capital expenditure programme through 2028, $1.6 billion is covered by bank financing.* The balance is expected to be funded organically through operating cash flows generated by the company, together with the estimated net proceeds from the Public Offering.
*Data as of 30 June 2026.
Attractive Dividend Policy: Management has established a dividend policy targeting quarterly distributions based on Adjusted Net Income, with distributions expected to commence in the first quarter of 2027.
Highly Supportive Industry Fundamentals
Global Fleet Ageing: In the segment of vessels below 3,000 TEU, 50% of the existing global fleet is expected to be more than 20 years old by 2029. The corresponding figure for vessels in the 8,000–12,000 TEU segment is 32%. This structural shortage of modern tonnage in the relevant segments is creating strong demand for CMF’s young and modern fleet.
Growth of Alternative Regional Trade Routes: The diversification of supply chains away from China is supporting growth across selected regional trade routes, with annual growth rates estimated at up to 5.5% in 2027. This trend is further increasing the need for vessels offering greater deployment flexibility, particularly feeder and mid-sized vessels, which form the core of CMF’s fleet.
Tightening Environmental Regulatory Framework: IMO regulations on energy efficiency and carbon intensity, including EEXI and CII, together with European Union regulations such as the EU ETS and FuelEU Maritime, are increasing the operating and regulatory costs associated with older, less efficient vessels and are expected to accelerate their retirement. Given the low average age of CMF’s fleet, including its ten dual-fuel LNG vessels, the company believes its fleet is exposed to comparatively lower regulatory costs, further strengthening its competitive position.
