Marinakis tanker venture locks down $930m for 11 VLCC newbuilds

Greek shipowner Capital Tankers has lined up $930.3m in financing for 11 VLCC newbuildings under construction in China and South Korea, making further headway in funding its expanding crude tanker fleet.

The Evangelos Marinakis-backed company has signed four financing arrangements since late September, covering vessels booked at Hanwha Ocean, Dalian Shipbuilding Industry Co (DSIC) and Hengli Shipbuilding.

The largest portion, totalling $450.6m, covers five 307,000 dwt VLCCs at DSIC. Three vessels are being financed at between $89.6m and $90.9m each under an October agreement, with another two securing $89.6m apiece.

Capital Tankers has also arranged $241.8m for three 320,000 dwt LNG dual-fuel-ready VLCCs at South Korea’s Hanwha Ocean, alongside $237.9m for three 306,000 dwt vessels at Hengli in China.

The Hanwha financing carries a five-year repayment schedule, while the Chinese yard packages are structured over ten years. All include substantial balloon payments at maturity, ranging from $39.7m to $60.9m per vessel.

The company has not identified the financing providers.

Separately, Capital Tankers has disclosed a $64.5m sale-and-leaseback arrangement for its newly delivered 155,348 dwt LNG dual-fuel suezmax Amor, built at New Times Shipbuilding in China. The financing, arranged earlier this year, runs to October 2033, with a $40m final payment.

The latest financing commitments follow Capital Tankers’ $500m Oslo private placement earlier this year, which was upsized after strong investor demand as the Marinakis group brought its crude tanker business to the public market.

The owner has since continued adding tonnage. In June, it acquired three VLCC newbuilding contracts at Hengli from parent Capital Maritime & Trading at $122m apiece, with deliveries scheduled for the second half of 2027.

Capital Tankers now controls a 33-vessel fleet comprising 15 VLCCs, 10 suezmaxes and eight aframax/LR2 tankers. Seventeen vessels are trading, with another 16 due for delivery through mid-2028. The company also retains options for 13 additional crude tankers.

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