A major shipping company based on the Greek stock exchange, a modern fleet of 36 ships and long-term contracts that ensure revenue predictability is what the Capital group aspires to create, with the listing of Capital Maritime Finance (CMF) on the Athens Stock Exchange.
The vision behind the venture was presented by Vangelis Marinakis and CEO Jerry Kalogiratos, highlighting both the importance of choosing Athens and the business model of a company based on contracted revenues of about $4 billion.
The vote of confidence and the value of one's word
Vangelis Marinakis described the listing of CMF as a vote of confidence in Greece and the Greek stock exchange, noting that it is a plan the group had been working on for many years.
As he mentioned, the goal was to establish a serious business effort, with people who have experience and a proven track record in capital markets, in order to create "something serious, something big in our country".
He recalled that Capital has raised more than $2.5 billion from capital markets, while since 2007 it has distributed over $1.5 billion in dividends. This, as he explained, is a course that has created strong bonds of trust with the international investment community.
He made special reference to the reliability that characterizes business relationships in shipping, where many agreements are closed with a handshake or over the phone, even before the signatures follow.
In this context, he focused on the so-called repeat business, that is, repeated collaborations with the same business partners, which are based on mutual trust and keeping commitments.
For Mr. Marinakis, this philosophy is a key element of the group's and the new company's identity, which was designed to limit its exposure to the cycles of the shipping market.
At the same time, he referred to the relationship of three generations of his family with the sea and the responsibility towards seafarers, their safety and the environment. He described shipping as the central artery of the global economy, especially in times of geopolitical turmoil.
Kalogiratos: "Why Athens changes the facts"
For his part, Jerry Kalogiratos pointed out a timeless contradiction. Although Greek shipowners control the largest commercial fleet in the world, the Greek saver or institutional investor who wanted to invest in Greek shipping was forced to look for shares on foreign stock exchanges.
Having presented group companies to investors in New York, London and Oslo for two decades, he explained that conditions are now changing.
The inclusion of the Athens Stock Exchange in Euronext, a European stock exchange group with about 1,800 listed companies, expands the international visibility of Greek businesses and their access to a larger pool of investors.
At the same time, the Capital group already has significant experience from the domestic market, with bond issues totaling €500 million, while the listing of Alter Ego Media in 2025 highlighted, according to Kalogiratos, the interest of institutional and private investors.
Finally, as he stressed, CMF will not have a parallel listing abroad, with Athens being its only stock market for trading.
The fleet and the $4 billion contracts
The company currently has 13 ships, with the fleet expected to increase to 32 by the third quarter of 2027 and to 36 in 2028. Of these, 26 are feeders and the remaining 10 are larger containerships, with a capacity of about 9,000 containers, with the ability to use LNG.
This is a particularly new fleet, as, if all the ships had already been delivered, their average age would be less than one year.
The most important element, however, is that all 36 ships have secured charters, with an average duration of 9.4 years. The minimum contracted revenues approach $4 billion and can reach $5 billion if extension options are exercised.
The agreements have been concluded with CMA CGM and Unifeeder of the DP World group, two major international charterers.
Kalogiratos explained that the predetermined daily rates offer protection from a possible market downturn, while at the same time limiting the benefits from a possible upturn. The company thus chooses the visibility of cash flows, without substantial exposure to the spot charter market until 2036.