Marinakis locks $930m for 11 VLCCs as tanker fleet surges
Greek owner secures financing for 11 VLCC newbuilds at Chinese and South Korean yards.
Greek shipping firm Capital Tankers has secured $930.3 million in financing to support the construction of 11 very large crude carriers (VLCCs) at shipyards in China and South Korea. The funding marks a significant step in the company’s efforts to expand its crude tanker fleet under the leadership of Evangelos Marinakis.
The company has finalized four separate financing deals since late September, covering vessels at three major shipbuilders. The largest portion, amounting to $450.6 million, is allocated to five 307,000-deadweight-ton (dwt) VLCCs under construction at Dalian Shipbuilding Industry Co (DSIC). Three of these vessels are financed at $89.6 million to $90.9 million each, while the remaining two have secured $89.6 million apiece.
Breakdown of financing agreements: VLCCs
In South Korea, Capital Tankers has arranged $241.8 million for three 320,000 dwt LNG dual-fuel-ready VLCCs at Hanwha Ocean. Meanwhile, three 306,000 dwt vessels at China’s Hengli Shipbuilding have received $237.9 million in financing. The repayment terms differ by shipyard: the Hanwha Ocean deal spans five years, while the Chinese packages extend over a decade. All agreements include substantial balloon payments at maturity, ranging from $39.7 million to $60.9 million per vessel.
Hanwha Ocean
Additionally, the company has completed a $64.5 million sale-and-leaseback arrangement for its newly delivered 155,348 dwt LNG dual-fuel suezmax tanker, Amor, built at New Times Shipbuilding in China. This financing, structured until October 2033, includes a final payment of $40 million. The providers of the financing have not been disclosed.
Strategic growth and fleet development
The latest funding follows a $500 million private placement in Oslo earlier this year, which was expanded due to strong investor interest as the Marinakis group introduced its crude tanker operations to the public market. In June, Capital Tankers acquired three VLCC newbuilding contracts from its parent company, Capital Maritime & Trading, at $122 million each, with deliveries expected in the second half of 2027.
The company now manages a fleet of 33 vessels, including 15 VLCCs, 10 suezmaxes, and eight aframax/LR2 tankers. Currently, 17 of these vessels are operational, while the remaining 16 are scheduled for delivery by mid-2028. Capital Tankers also holds options for 13 additional crude tankers, reinforcing its position in the global shipping market.
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