Capital Tankers Corp. · OSL:CAPT
Capital Tankers — Q1 2026 Earnings Presentation
24 slides from Capital Tankers's earnings presentation, May 26, 2026
Slide 1: Capital Tankers Corp. Q1 2026 Presentation
Capital Tankers Corp. Q1 2026 Presentation May 26, 2026
Slide 2: Disclaimer
Disclaimer • Unless otherwise indicated, the information materials in this presentation and its appendices (collectively the "Presentation") have been produced by Capital Tankers Corp. (the "Company", and, together with the Company's subsidiaries, the "Group") solely for information purposes. • The
Slide 3: Q1 2026 Highlights
01 Q1 2026 Highlights
Slide 4: Company at a Glance
Capital Tankers Corp. Company at a Glance • Owned fleet of 30 tankers across VLCC, Suezmax and Aframax/LR2 • 12 vessels in the water • Fleet to expand to 17 vessels by Nov 2026 and to 30 by Q2 2028 Ultra modern fleet High specification dual-fuel fleet • 13 option vessels (2 Suezmax and 11 VLCC tanke
Slide 5: Capital Tankers – Q1 2026 Highlights
Capital Tankers – Q1 2026 Highlights Euronext Growth Oslo Listing & Fleet Expansion • $500m IPO with $454.1m of net proceeds including over-allotment1, $416.6m before over-allotment • Took delivery of six vessels in the quarter, and a further six since quarter-end; Sailing fleet of 12 tankers2 • Deb
Slide 6: Q1 2026 Financials
02 Q1 2026 Financials
Slide 7: Income Statement – Q1 2026 Highlights
Income Statement – Q1 2026 Highlights USD millions except earnings per Q1 2026 Post-Listing share data Total revenues 34.9 17.1 • Fleetwide TCE • $97,309 per day for Q1 2026 Voyage expenses (7.3) (2.5) • $162,303 per day for the Post-Listing Period TCE revenue 27.6 14.6 • Adjusted EBITDA Vessel oper
Slide 8: Balance Sheet – Q1 2026 Highlights
Balance Sheet – Q1 2026 Highlights USD millions As of Mar 31, 2026 • Strong Liquidity of $407.9m in cash & cash Vessels, net 614.1 equivalents Vessels under construction 794.3 Restricted cash 3.0 • Total assets of $1.8bn, with a fleet of 6 sailing and 24 under construction vessels Total non-current
Slide 9: Fleet Overview – Key Characteristics
Fleet Overview – Key Characteristics TOTAL FLEET AVERAGE AGE1 ECO PROFILE 30 1.1 yrs 23 DF • 18 Scrubber vessels • ~6.2m dwt one of the youngest fleets 77% dual-fuel | 60% scrubber-fitted # sailing Available Fleet Composition by Segment1 vessels fleet days VLCC 30 In 30 28 3.000 Segment Newbuild Tot
Slide 10: Options on Sponsor Shipbuilding Contracts
Options on Sponsor Shipbuilding Contracts Options on Shipbuilding contract Contract Price2 Intrinsic Value Paid, Dec-20264 # Vessel Type Delivery1 Shipyard Country Dual Fuel Scrubber ($m) ($m) 3 ($m) 1 Aison VLCC Feb-28 Hengli Shipbuilding China - Fitted 120.0 12.7 30.0 2 Amphiaraos VLCC Feb-28 Heng
Slide 11: Commercial Performance & Q2 2026 Guidance
Commercial Performance & Q2 2026 Guidance Q1 fleetwide TCE of $97,309/day; Q2 bookings average TCE of $146,336 per day on 73% of total available days Q1 2026 Actual TCE Q2 2026 Bookings Q1 2026 TCE1 Spot Time Charter Spot days Available Q2 2026 TCE1 Spot Time Charter Days covered ($/day) ($/day) % d
Slide 12: Financing Update
Financing Update Existing New Debt # Vessel Type Delivery1 Status Debt2 ($m) ($m) 1 Alimedon Aframax Jul-18 - - - 2 Andreios Aframax Oct-18 - - - 3 Areios Aframax Nov-18 - - - 4 Ameinon Aframax Apr-19 - - - 5 Aisopos LR2 Jan-25 41 - Drawn 6 Aiolos LR2 Jan-25 41 - Drawn Additional debt of $241m New d
Slide 13: Newbuilding Program Funding
Newbuilding Program Funding Funded with Cash on Hand & Conservative Debt Assumptions Funding of remaining capex ($m) on pro forma fleet gross LTV of ~49%1 1,880 408 241 314 750 1,062 ~145 Remaining capex on Cash2 Debt drawn 3 Debt Secured New debt Excess funding newbuilding program2 On newbuilds 13
Slide 14: Tanker Market
03 Tanker Market
Slide 15: Suezmax & Aframax Rates Remain Elevated
Suezmax & Aframax Rates Remain Elevated Rate recalibration post initial spike on Iran War, still significantly higher than Q1 & Q2 long term averages Suezmax & Aframax rates recalibrating but 3-4x long run Q2 average 400.000 350.000 300.000 TCE earnings per day 250.000 200.000 150.000 100.000 50.000
Slide 16: Strait of Hormuz – Global Markets Flexible
Strait of Hormuz – Global Markets Flexible Impact is substantial – but market’s affirmative counter action has been swift Hormuz Disruption – Net Effect 25,0 Physical Re-routing 20,0 1,3 5,0 Temporary Stock Effects 15,0 0,7 0,3 mb/d 3,0 10,0 20,3 2,5 13,0 1,3 5,0 6,2 - Pre-War Hormuz Iran Still Saud
Slide 17: Whenever the world normalizes – Crude inventories will rise
Whenever the world normalizes – Crude inventories will rise Commercial & Strategic need for higher reserves & energy security will likely drive inventory build Inventory builds historically have led to elevated rate cycles Scale of inventory rebuild could be very large 140.000 1,2 4900 Potential for
Slide 18: Market strength supported by long-term fundamentals
Market strength supported by long-term fundamentals Rates supported by structural demand and constrained effective supply Crude tanker orderbook is increasing… … but aging fleet is a bigger issue Consolidation on scale not seen before 14 50 Total Tanker Orderbook % Fleet 13 45 12 Average since 1996
Slide 19: Summary & Conclusion
04 Summary & Conclusion
Slide 20: Q1 2026 at a Glance
Capital Tankers Corp. Q1 2026 at a Glance • $500m IPO with $454.1m of net proceeds including over-allotment • Fleet of 12 sailing tankers of 2.8 years of age1, Ultra modern fleet High specification dual-fuel fleet 12x VLCC, 10x Suezmax and 8x Aframax/LR2 Majority of fleet LNG dual-fuel scrubber fitt
Slide 21: Appendix
Appendix
Slide 22: Fleet – In Service & Under Construction
Appendix Fleet – In Service & Under Construction In Service # Vessel Type Built Delivery to CAPT Shipyard Dual Fuel Scrubber 1 Alimedon Aframax 2018 9-Mar-26 HD Hyundai Samho LNG Capable - 2 Andreios Aframax 2018 16-Apr-26 HD Hyundai Samho LNG Capable - 3 Areios Aframax 2018 15-Apr-26 HD Hyundai Sam
Slide 23: Capital Tankers – Capex Schedule On Order Fleet
Appendix Capital Tankers – Capex Schedule On Order Fleet Schedule for On Order Fleet ($m) Vessel 2026 2027 2028 TOTAL Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1 Aristoklis 55.7 - - - - - - - - 55.7 2 Ataraktos 85.5 - - - - - - - - 85.5 3 Androklos 45.3 - - - - - - - - 45.3 4 Archelaos 65.4 - - - - - - - - 65.4 5
Slide 24: Thank you
Thank you