Capital Tankers (CAPT) Investor presentation summary

Fleet overview and expansion plans

• Operates a fleet of 30 tankers across VLCC, Suezmax, and Aframax/LR2 segments, with 11 vessels currently in service and 19 on order, plus 13 options available at yard cost until year-end 2026.

• Fleet is ultra-modern, with 23 vessels dual-fuel LNG capable or ready, targeting significant fuel and emissions savings.

• Plans to expand to 17 vessels by November 2026 and 30 by Q2 2028, with options for further growth.

• Majority of the fleet is fitted with scrubbers and optimized for regulatory compliance and fuel efficiency.

Financial strategy and capital structure

• Raised approximately $500 million in an oversubscribed IPO, the largest shipping IPO in 20 years, and plans to uplist to the main Oslo Stock Exchange and pursue a U.S. listing.

• Newbuilding program is fully financed with a pro forma gross LTV of 52%, and advanced negotiations are ongoing with a diverse range of lenders.

• Debt is secured at competitive terms, with an average margin of 1.7% over SOFR, and relationships with top shipping lenders.

• Lean organization and modern fleet enable competitive cash break-even levels, with significant premium over 2025 average spot rates.

Shareholder returns and capital allocation

• Targets to distribute 70-80% of free cash flow to equity (FCFE) to shareholders once the fleet is fully delivered, and 30-40% during the construction period.

• Maintains conservative leverage, strong liquidity, and disciplined allocation to accretive growth investments.

• Dividend policy is anchored to cash flow generation, with opportunistic capital deployment for value creation.