The listing of Capital Maritime Finance Corp. on the Main Market of Euronext Athens is entering its final stage.
Capital Maritime Finance will offer up to 42 million new ordinary registered shares with a nominal value of $0.04 each. The shares will be issued through a cash capital increase, with no pre-emption rights for existing shareholders. The offer price is capped at €7.84 per share. The binding price range will be announced on Monday 12 October.
The company aims to raise around €250 million, with the amount potentially reaching €300 million.
Following the issue, the total number of shares will rise to up to 142 million, from 100 million currently. New investors will hold up to 29.6% of the share capital.
The public offering will open on Tuesday 13 October at 10:00 and close on Thursday 15 October at 16:00, via the Electronic Bookbuilding system. The allocation and announcement of the final offer price will take place on the same day. The shares will be credited to investors’ accounts on Monday 19 October. Trading on the exchange will begin on Tuesday 20 October.
The syndicate
A broad syndicate of banks and brokerage firms is participating in the transaction:
- Advisers and Joint Global Coordinators: Piraeus Bank, Eurobank and Euroxx
- Joint Global Coordinator: National Bank of Greece
- Joint Bookrunners: CrediaBank and Optima bank
- Bookrunners: CrediaPantelakis and Ambrosia Capital
| Indicative date | Event |
|---|
| 07.10.2026 | Initial determination by the Euronext Athens Listing and Market Operations Committee that the conditions for listing the shares on the Euronext Athens Regulated Market have been met, subject to the achievement of sufficient free float as stipulated in the Euronext Athens Rule Book. |
| 07.10.2026 | Approval of the Prospectus by the Board of Directors of the Hellenic Capital Market Commission. |
| 07.10.2026 | Publication of the Prospectus (on the websites of the Company, Euronext Athens, the Issue Advisers, the Joint Global Coordinators, the Joint Bookrunners and the Bookrunners). |
| 07.10.2026 | Publication of an announcement on the availability of the Prospectus and the opening of the Public Offering, in accordance with Article 21 of the Prospectus Regulation, on the websites of Euronext Athens and the Company. |
| 12.10.2026 | Publication of an announcement setting the binding offer price range on the websites of Euronext Athens and the Company. |
| 13.10.2026 | Opening of the Public Offering and investor subscriptions via the Electronic Bookbuilding system (Greek time, 10:00 a.m.). |
| 15.10.2026 | Closing of the Public Offering and investor subscriptions via the Electronic Bookbuilding system (Greek time, 16:00). |
| 15.10.2026 | Allocation and announcement of the offer price. |
| 19.10.2026 | Release of investors’ funds and payment by Qualified Investors and Retail Investors for the shares allocated to them. |
| 19.10.2026 | Delivery of the shares to investors by crediting them to their designated Securities Accounts in the Dematerialised Securities System (DSS), based on an allocation file from Euronext Securities Athens approved by the Company.
Publication of an announcement on the outcome of the Public Offering and the start of trading in the shares. |
| 19.10.2026 | Euronext Athens issues its decision on the listing. |
| 20.10.2026 | Trading in the shares begins on Euronext Athens. |
Key details of the Public Offering
- The company is proceeding with a Public Offering of up to 42,000,000 new ordinary registered voting shares (with a nominal value of US$0.04 each), aiming to raise approximately €250.0 million (with a maximum offer price of €7.84 per share) and list all its shares on the Main Market of Euronext Athens.
- Net proceeds from the capital increase are estimated at approximately €239.3 million after expenses and are intended to finance the acquisition of 23 new container ships within 24 months. Any proceeds in excess of this amount, up to €300.0 million, may be used for general corporate purposes or the partial repayment of existing debt.
- The announcement setting the binding offer price range is scheduled for 12.10.2026, while the Public Offering is scheduled to open on 13.10.2026 at 10:00 a.m. and close on 15.10.2026 at 16:00.
- The Public Offering’s Issue Advisers are Piraeus Bank, EUROXX and Eurobank. Its Joint Global Coordinators are Piraeus Bank, EUROXX, Eurobank and National Bank of Greece. The Joint Bookrunners are CrediaBank and Optima bank, while the Bookrunners are CrediaPantelakis Securities S.A. and Ambrosia Capital Hellas.
Strong demand from prominent cornerstone investors
- A key feature of the Public Offering is the firm commitments from cornerstone investors, which, among other things, underscore the attractiveness of the issue. The cornerstone investors include:
- Companies associated with Evangelos Mytilineos, with a commitment totalling €20 million.
- Companies associated with Socratis Kokkalis, with a commitment totalling €20 million.
- Companies associated with Giannis Vardinogiannis, with a commitment totalling €15 million.
- Companies associated with George Peristeris, with a commitment totalling €15 million.
Strategy & objectives
- CMF is an international shipping company specialising in the sea transport of containers. Its fleet is employed under long-term time charters at predetermined rates on a take-or-pay basis with internationally recognised charterers, with the aim of generating predictable, contracted cash flows and limiting exposure to seasonal and cyclical fluctuations in freight rates.
- In addition, as part of its growth strategy and where attractive opportunities arise, CMF may expand into other shipping segments and vessel categories, provided they meet the core principles of the Company’s strategy: securing long-term charters at the time of acquisition with reliable, high-quality counterparties, and achieving accretive returns.
- Financially, the company aims to:
- maintain high revenue coverage through long-term time charters with staggered expiries, limiting rechartering risk,
- pursue prudent financing and a balanced capital structure, with planned debt reduction,
- adopt a shareholder-focused capital allocation policy aimed at stable distributions to shareholders,
- pursue selective growth through acquisitions backed by secured charters.
Fleet expansion to high technological standards
- As at 30.09.2026, the Group’s operating fleet comprises 13 container ships with a total capacity of 27,891 TEU.
- CMF is also implementing an extensive fleet expansion plan worth approximately $1.8 billion, adding 23 new vessels with a total capacity of 120,874 TEU. These will be delivered in stages from the fourth quarter of 2026 to the fourth quarter of 2028.
- Once all the new vessels have been delivered, CMF’s total fleet will comprise 36 vessels, including 13 feeder vessels (1,800–2,800 TEU) and 10 dual-fuel LNG Neo-Panamax vessels (approximately 8,700 TEU), capable of using LNG, bio-LNG and e-LNG. This offers fuel flexibility and reduces exposure to regulatory costs compared with conventionally fuelled vessels.
- As at 30.09.2026, assuming all deliveries are completed, the Company’s fleet will have an average age of just 0.5 years, weighted by capacity in TEU, making it one of the youngest fleets in the world.
Fully contracted revenues and leading international charterers
- The entire fleet, including all new vessels awaiting delivery, is covered by long-term time charter contracts extending to 2038.
- The weighted average remaining term of the charter contracts is 9.4 years, providing excellent visibility on future revenues and protection from fluctuations in the freight market.
- Revenue visibility is complete, with 100% of available employment days already contracted through 2034.
- Total minimum projected revenues from the charters entered into amount to approximately $3.9 billion, rising to approximately $4.9 billion when extension options under the charter contracts are included.
- The charterer portfolio comprises leading international liner operators, with CMA CGM accounting for 74.8% and Unifeeder for 24.9% of the contracted revenue backlog.
Strong financial performance and a robust financial position
- In 2025, the Group recorded revenue of $122.85 million, EBITDA of $89.85 million and net profit of $64.94 million.
- In the first half of 2026, revenue was $57.46 million, EBITDA was $39.73 million and net profit was $29.93 million.
- Net cash from operating activities amounted to $82.05 million in 2025 and $50.37 million in the first half of 2026.
- As at 30.06.2026, net debt stood at $235.5 million, while the Group’s equity stood at $416.1 million.