Greek shipowner Evangelos Marinakis’ Capital Tankers Corp. delivered particularly strong financial and operational results in the second quarter of 2026, reporting $92.9 million in net profit as strong tanker rates and heavy exposure to the spot market boosted earnings.
Capital Tankers forms part of the Capital Maritime group founded by Marinakis. The company was incorporated in the Marshall Islands in January 2026, with Capital Maritime & Trading Corp. as its parent and Evangelos Marinakis as the ultimate beneficial owner of the parent company. Capital Tankers also maintains its address at the Capital Building on Iasonos Street in Piraeus, Greece.
The company, which began trading on Euronext Growth Oslo in March, has rapidly expanded its tanker fleet while maintaining a predominantly spot-market strategy.
Strong second-quarter performance
Capital Tankers generated $148.6 million in total revenue during the second quarter, while net charter revenues on a time charter equivalent (TCE) basis reached $114 million.
The fleet achieved average daily net TCE of $116,260, reflecting the particularly strong tanker-market conditions during the period.
The company’s substantial exposure to the spot market played a central role in its performance, accounting for 83% of total fleet employment.
Suezmax tankers achieved average spot TCE of $166,754 per day, while Aframax/LR2 vessels generated average daily TCE of $104,229.
Across the fleet, average spot TCE reached $126,022 per day, highlighting the strength of the tanker market during the quarter.
Strong start to the third quarter
The positive market environment has continued into the third quarter.
Capital Tankers has already secured employment for 79% of its available vessel days, with average daily net TCE estimated at $113,681.
The level of forward coverage gives the company greater visibility over near-term revenues while tanker rates remain strong, although the market continues to experience significant volatility.
$92.9 million net profit
The strong charter-market performance translated directly into earnings.
Adjusted EBITDA reached $104.2 million, representing a 70% margin, while net profit reached $92.9 million, or $0.70 per share.
The net profit margin exceeded 62%, demonstrating the significant operating leverage generated by the company’s predominantly spot-market employment strategy.
Capital Tankers also strengthened its balance sheet during the quarter.
Total equity reached $2.061 billion, an increase of $451.5 million from the first quarter.
Total debt stood at $523.9 million, while cash and restricted deposits totalled $356.7 million.
As a result, net debt stood at just $167.2 million, giving the company substantial financial flexibility as it continues to invest in fleet expansion.
Dividend for shareholders
Capital Tankers’ board also approved a dividend of NOK 3 per share for the second quarter, in line with management’s commitment to returning value to shareholders.
The dividend ex-date is set for September 10.
Marinakis shipping group accelerates fleet expansion
At the same time, Capital Tankers continues to expand and modernise its fleet at a rapid pace.
The company took delivery of seven new tankers during the second quarter, comprising three Suezmax and four Aframax/LR2 vessels.
Following the end of the quarter, it added another two modern tankers — one LR2 and one Suezmax.
The additions brought the company’s operational fleet to 15 vessels, comprising one VLCC, six Suezmax, four Aframax and four LR2 tankers, with total capacity of approximately 2.15 million dwt.
The company describes its wider fleet as comprising 33 tankers, with 15 currently operational and 18 under construction. It expects the fleet to reach 17 vessels by November 2026 and all 33 vessels by the second quarter of 2028.
The age profile of the operating fleet also underlines its modern character. Its weighted average age stood at just 2.2 years as of June 30.
33 tankers on order
Capital Tankers’ expansion strategy extends well beyond its current 15-vessel operating fleet.
The company’s newbuilding programme covers 33 tankers, with 18 vessels scheduled for delivery by the second quarter of 2028.
It also holds options for a further 13 vessels, including 11 VLCCs, providing additional scope to expand the fleet.
The company’s fleet strategy also reflects a strong emphasis on modern and environmentally efficient tonnage. Capital Tankers says its wider fleet includes vessels with LNG-capable or LNG-ready propulsion systems and scrubber technology.
A growing Greek shipping presence in Oslo
The rapid expansion of Capital Tankers adds another publicly listed company to the international shipping interests associated with the Marinakis family.
Capital Tankers’ board includes Miltiadis Marinakis, described by the company as a third-generation shipowner, while CEO Gerasimos (Jerry) Kalogiratos brings more than two decades of experience in shipping and finance.
The company therefore combines a Greek shipping ownership and management base in Piraeus with an international corporate and capital-markets presence through its Euronext Growth Oslo listing.
With strong spot-market exposure, a young operating fleet, substantial newbuilding commitments and a healthy balance sheet, Capital Tankers enters the second half of 2026 with significant momentum.
