Capital Maritime Finance Corp. (CMF), a company affiliated with Greek shipowner Evangelos Marinakis, is moving forward with plans to list its entire share capital exclusively on Euronext Athens, in a deal being pitched as the first shipping IPO of its kind in Greek market history. The company is targeting proceeds of up to €200 million ($226 million), with funds earmarked for its newbuilding programme and working capital needs. CMF has assembled a fleet of 36 containerships, comprising 26 gearless feeders in the 1,800 teu to 2,900 teu range and ten LNG dual-fuel neo-panamax vessels of about 8,800 teu, of which 13 are already trading and another 23 are under construction at HD Hyundai Heavy Industries, HD Hyundai Samho and New Times Shipbuilding in China, with deliveries running through October 2028.
All of the fleet’s available capacity is under contract, with charter coverage stretching through 2034 and a contracted revenue backlog of roughly $3.9 billion, against an average remaining charter duration of about 9.5 years as of June 30. CMA CGM accounts for close to $3 billion of those contracts, while Unifeeder, the feeder operator controlled by DP World, represents almost $1 billion. CMF still has about $1.9 billion of capital expenditure remaining through 2028, of which $1.6 billion is covered by bank financing, with the balance expected to come from operating cash flow and IPO proceeds; management has indicated it plans to begin quarterly dividend distributions starting in the first quarter of 2027.
Source: Splash247 — https://splash247.com/marinakis-brings-36-ship-boxship-platform-to-athens-ipo/
Tags: Marinakis, Euronext Athens, Container Ships, IPO, Greek Shipping
