Capital Tankers, the Oslo-listed tanker owner backed by Evangelos Marinakis, is expanding its fleet by adding three very large crude carrier (VLCC) newbuilding contracts, according to a company announcement reported by Splash247. The acquisition adds capacity at a time when the crude oil shipping market is closely watching fleet growth—these vessels will join a sector that moves millions of tonnes of crude daily.
Transaction Details
Capital Tankers agreed to acquire the three VLCC newbuilding contracts from its parent company, Capital Maritime & Trading Corp., Splash247 reported. The vessels are under construction at China's Hengli Shipbuilding and are scheduled for delivery in September, October, and November 2027.
The shipbuilding contracts were originally ordered by an affiliate of Hengli before being acquired by Capital Maritime, which has now transferred them to Capital Tankers at the original contract price of $122 million per vessel plus $700,000 per vessel in financing and related costs. According to the company, independent indicative appraisals place the value of the three VLCC contracts at approximately $150 million per vessel, implying an estimated value uplift of about $82 million across the transaction.
Capital Tankers will make an upfront payment of $37.3 million per vessel, or $111.8 million total, by the end of June. The payment covers construction instalments and financing costs already incurred by Capital Maritime. The remaining $85.4 million per vessel, totalling $256.2 million, will be paid upon delivery. The company said it expects to fund the initial payment from cash on hand, while the remaining commitments will be financed through a combination of debt and available liquidity.
Fleet and Orderbook Growth
The acquisition further strengthens Capital Tankers' growing orderbook. The company currently owns a fleet of 33 modern crude and product tankers, comprising 15 VLCCs, 10 suezmaxes, and eight aframax/LR2 vessels, according to Splash247. Of those, 13 are currently trading while 20 newbuildings are scheduled for delivery between 2026 and 2028. The three new VLCCs will be part of that newbuilding program.
Capital Tankers also retains options for 13 additional crude tanker newbuildings — 11 VLCCs and two suezmaxes — which can be exercised at the original contract prices until the end of December 2026. Should those options lapse, the company will retain a right of first refusal on any future sale of the vessels.
| Item | Amount per Vessel | Total (3 Vessels) |
|---|---|---|
| Original contract price | $122 million | $366 million |
| Financing & related costs | $700,000 | $2.1 million |
| Independent appraisal value | ~$150 million | ~$450 million |
| Upfront payment (by June 30) | $37.3 million | $111.8 million |
| Remaining payment upon delivery | $85.4 million | $256.2 million |
Implications for Crude Oil Shippers
For logistics professionals managing crude oil movements, Capital Tankers' fleet expansion signals increased tanker availability in the 2027–2028 timeframe. With 20 newbuildings already scheduled and options for 13 more, the company could add up to 33 new crude tankers over the next two to three years, depending on option exercises. This additional capacity may affect market dynamics for VLCC spot rates on major east-west routes, though current rate levels were not discussed in the release. Shippers should monitor Capital Tankers' delivery schedule as the vessels approach completion, as the company's expanding fleet could increase competition for crude cargoes.
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