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Capital Tankers, the Oslo-listed crude tanker company built from Evangelos Marinakis’s Capital Maritime & Trading, counts 15 VLCCs in its fleet, and one of them is in service. Marinakis is the Greek shipowner who bought Nottingham Forest in 2017 and owns Olympiacos, according to Forbes. On Monday, September 28, Capital Tankers announced the delivery of the dual-fuel Suezmax Ayrton, which lifted the number of vessels it has in service to 16. The 14 VLCCs not yet in service are under construction in South Korea and China, the first due in January 2027 and the last in May 2028. At the end of June the company still had $1.8066 billion of newbuilding payments scheduled across 20 vessels, those 14 VLCCs among them. Until December 31 it can also buy 11 more VLCCs and two Suezmaxes from Capital Maritime at shipbuilding contract prices that its own presentation totals at $1.4963 billion. Capital Maritime held every share before the Oslo listing and was to keep about three quarters after it, the company’s notices show. Those notices, the second-quarter report and the September 1 results call let this brief answer the headline’s question in three parts: who has paid so far, who pays the $1.8066 billion still due at June 30 and who would pay for the 11 option VLCCs. All three answers are below.
📋 In This Issue:
⚖️ The Story:
One VLCC in service and 14 under construction, how Capital Tankers was built from Capital Maritime, the bills still due, what management says covers them, the December 31 options, one shipowning group’s three newbuilding programs, the case against this brief and what the record supports
📊 By The Numbers:
The 15 and 14 VLCCs, the $1.8066 billion schedule, where the money has come from, the funding still to come, the 13 option vessels and Capital Maritime’s stake
🌍 Why It Matters:
What it changes for the VLCC broker, the charterer and crude trader, the lender and lessor and the shareholder
👀 What To Watch:
The November Suezmax, the November 30 report, the December 31 option deadline, the Athens listing, the next VLCC delivery in January 2027 and the falsifier that would change this brief’s answer
🚨 Gosships Signal:
Who has paid so far, who pays next and who would carry the 11 option VLCCs
