Almost six months after its entry into Euronext Growth Oslo, Capital Tankers (CAPT) has begun to stand out as one of the interesting success stories of the shipping market in 2026.
Based on the close of September 15, Capital Tankers' share stood at 182.44 Norwegian kroner, approximately 36% higher than the price of 134 kroner at which it began trading on March 17.
Compared with the levels of early June, the rise approaches 60%, following an initial period of intense volatility.
Capital Tankers, in which the main shareholder is Capital Maritime & Trading Corp. of Evangelos Marinakis, was listed on the Oslo stock exchange following a private placement totaling approximately $500 million. Strong investor demand had led to an increase in the size of the transaction, while Euronext had described the listing as the largest of a shipping company in Western markets over the past two decades.
Since then, interest has gradually shifted from the IPO itself to the execution of the business plan. Capital Maritime remains the main shareholder, maintaining substantial exposure to the company's further course, as Capital Tankers proceeds with the implementation of its fleet growth program.
At the time of its listing in March, nine vessels were in operation. In early September, the operating fleet had already reached 15 vessels, while based on the current delivery schedule it is expected to increase to 17 by early November.
In total, the company's fleet numbers 33 tankers, of which 18 are under construction, with deliveries extending through the second quarter of 2028. At the same time, Capital Tankers has options for another 13 newbuild vessels, 11 VLCCs and two Suezmaxes, which, if exercised, could further expand its fleet.
On September 1, the company also announced its first full quarterly results since its listing. For the second quarter of 2026, Capital Tankers reported revenue of $148.6 million and net profit of $92.9 million, while the average daily TCE for the entire fleet stood at $116,260.
These performances were recorded during a particularly strong, but also volatile, period for the tanker market. Geopolitical developments and disruptions in oil trade flows, among other things around the Strait of Hormuz, caused significant fluctuations in freight rates. Capital Tankers' high exposure to the spot market (83% in the second quarter) allowed it to take advantage of the positive environment in freight rates, while at the same time increasing the sensitivity of its results to market fluctuations.
New dividend distribution
At the same time, the board of directors approved a dividend of 3 Norwegian kroner per share for the second quarter, following the dividend of 0.50 kroner per share for the first quarter of the year. Payment of the new dividend has been scheduled for September 18.
The six-month period remains short for drawing safe long-term conclusions, especially in a sector as cyclical as shipping. However, Capital Tankers' course to date combines three elements that the market closely monitors after a new listing: positive stock market performance, strong initial financial results, and progress in implementing the investment plan.