Capital Tankers (CAPT) Q1 2026 earnings summary

Executive summary

• Completed one of the largest shipping IPOs in two decades, raising $454.1 million in net proceeds and listing on Euronext Growth Oslo on March 17, 2026.

• Fleet expanded to 12 vessels in service, with 18 under construction and 13 options available for delivery through 2028.

• Declared a maiden dividend of NOK 0.50 per share for Q1 2026, representing 51% of post-listing net income.

• Focus on high-specification, dual-fuel, LNG-ready fleet with significant emissions savings potential.

Financial highlights

• Q1 2026 total revenues: $34.9 million; adjusted EBITDA: $25.7 million; net income: $23.1 million; EPS: $0.21.

• Post-listing period (March 17–31): revenues $17.1 million, net income $14.1 million, adjusted EBITDA $14.6 million; EPS: $0.11.

• Fleetwide daily TCE: $97,309 for Q1 2026; $162,303 for post-listing period.

• Strong liquidity with $407.9 million in cash and equivalents and total assets of $1.84 billion as of March 31, 2026.

• Conservative leverage: $218.4 million debt, net cash position of $189.5 million, equity/total assets at 87.4%.

Outlook and guidance

• 71–73% of Q2 2026 available fleet days booked at average TCE of $146,336–$153,059/day; Q2 EBITDA expected to exceed $110 million.

• Fleet to expand to 17 vessels by November 2026 and 30 by Q2 2028, with options for 13 additional vessels through 2028.

• Management expects a constructive multi-year rate environment, supported by strong market fundamentals and potential global inventory restocking.