Capital Tankers (CAPT) Investor presentation summary

Fleet overview and expansion

• Operates a fleet of 30 tankers across VLCC, Suezmax, and Aframax/LR2 segments, with 6 vessels in operation and 7 more to be added in 2Q2026, expanding to 17 by Nov 2026 and 30 by 2Q2028.

• Holds 13 shipbuilding options for additional vessels, available at yard cost until year-end 2026, with right of first refusal thereafter.

• 23 vessels are LNG dual-fuel capable or ready, supporting significant fuel and emissions savings.

• Fleet is ultra-modern, with an average age of 3.9 years and high LNG dual-fuel and scrubber penetration.

Financial strategy and shareholder returns

• Raised $435 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.

• Targets distribution of 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 a clear dividend policy anchored to cash flow generation and emphasizes disciplined capital allocation for accretive growth.

• Newbuilding program is fully financed with a gross loan-to-value of ~52%, leveraging relationships with top shipping lenders and securing debt at an average margin of ~1.7% over SOFR.

• Lean organization and modern fleet enable competitive cash break-even levels, with significant premiums due to LNG optimization.

Market positioning and commercial strategy

• Operates through Heidmar pools, providing full spot market exposure and upside to market movements, supported by a highly experienced commercial team.

• Focuses on cost-efficient pool operations and scaling effects to drive down per-vessel costs.

• Benefits from strong tanker market fundamentals, including supportive long-term demand, constrained effective supply, and an aging global fleet.

• Market share dynamics are shifting, with increased consolidation and the emergence of large aggregators in the VLCC and Suezmax segments.