The company, controlled by Evangelos Marinakis, is launching the first exclusive listing of a shipping company on Euronext Athens. Capital Maritime Finance Corp. (CMF) is initiating the first shipping IPO in Greece, with an exclusive listing of all its shares on Euronext Athens.
At the same time, this marks a significant step toward establishing Athens as a major global shipping hub.
According to reports, the company—controlled by Evangelos 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 proposal offers a balanced mix of long-term growth and investment value, driven by a business plan focused on the acquisition of container ships and other vessel types secured by long-term charters. By securing long-term charters with reliable, top-tier charterers, the company achieves strong revenue visibility and predictability, regardless of market cyclicality, thereby maintaining a unique ability to consistently reward its shareholders.
Key fleet and operating model characteristics
- High Revenue Visibility: 100% of the fleet's available capacity is fully chartered, ensuring 100% day coverage through 2034. The total contracted revenue backlog stands at $3.9 billion, with the average remaining charter duration reaching 9.5 years*.
*data as of June 30, 2026
- Leading Blue-Chip Charterers: Charters are based on long-term "take-or-pay" contracts with global liner shipping leaders, such as CMA CGM (the world's third-largest liner company – contracts with CMF totaling nearly $3 billion) and Unifeeder
(a DP World subsidiary – contracts with CMF totaling nearly $1 billion)*.
*data as of June 30, 2026
- **Young, High-Tech Fleet:** The company operates a state-of-the-art fleet that, upon full delivery, will comprise 36 container ships. The fleet includes 13 operational vessels and 23 under construction. The weighted average age of the fleet will stand at just 2 years upon full delivery, making it one of the youngest and most efficient fleets globally.
- **Top-Tier Personnel – Three Generations at Sea:** The company is staffed by highly experienced and specialized personnel—individuals who, for three generations, have been characterized by exceptional professionalism, consistency, and reliability.
- **Cutting-Edge Technology & Dual-Fuel LNG Capabilities:** The fleet consists of 26 feeder-type vessels (1.8–2.9k TEU capacity) and 10 Neo-Panamax vessels (8.8k TEU capacity) featuring dual-fuel (LNG) capabilities. The ability to use LNG, bio-LNG, and e-LNG drastically reduces pollutant emissions. The cutting-edge technologies incorporated into the fleet ensure the company’s full compliance with the strictest environmental regulations (IMO CII, EU ETS, FuelEU Maritime, etc.). At the same time, the fleet features technologies that enable CMF to achieve significant operational cost savings. The majority of CMF’s vessels are rated in the highest category, "A," under the CII index.
Strong financial profile & 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 balance is planned to be funded organically through the company’s operating cash flows, combined with the estimated net proceeds from the Public Offering.
*data as of June 30, 2026
- Attractive Dividend Yield: Management has established a dividend policy aimed at continuously and consistently rewarding shareholders, targeting quarterly distributions based on Adjusted Net Income. This policy is supported by secured cash flows, and the aim is for it to commence in the first quarter of 2027.
Highly favorable fundamentals in the operating sector
- Global Fleet Aging: In the vessel category with a capacity of less than 3,000 TEU, 50% of the existing global fleet will be over 20 years old by 2029. Meanwhile, this figure stands at 32% for the 8,000–12,000 TEU category. This structural shortage of modern vessels in the relevant category creates strong demand for CMF’s new, modern fleet.
- Growth of Alternative Regional Routes: The diversification of supply chains away from China is driving growth on selected regional routes at rates estimated to reach up to 5.5% annually by 2027. This trend significantly boosts the need for vessels with operational flexibility (feeder and mid-sized types)—the very vessels that make up CMF’s fleet.
ELNAVI Newsletter
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