Capital Tankers Corp. · OSL:CAPT
Capital Tankers — Investor Presentation (April 2026)
31 slides from Capital Tankers's investor presentation, April 2026
Slide 1: Capital Tankers Corp. Investor Presentation
Capital Tankers Corp. Investor Presentation April 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: Investment Case
01 Investment Case
Slide 4: This is Capital Tankers Corp
This is Capital Tankers Corp Company at a glance • Owned fleet of 30 tankers across VLCC, Suezmax and Aframax/LR2 segments: • 11 vessels operating, with 2 more vessels to be added in 2Q2026 • Fleet to expand to 17 vessels by Nov 2026 and to 30 by 2Q2028 Ultra modern fleet High specification dual-fue
Slide 5: Overview of Capital Tankers' super-eco fleet
Overview of Capital Tankers’ super-eco fleet In Service # Vessel Type Built Shipyard Country Dual Fuel Scrubber Delivered to CAPT Employment 1 Alimedon Aframax Jul-18 HD Hyundai Samho South Korea LNG Capable - March 9, 2026 Spot 2 Andreios Aframax Oct-18 HD Hyundai Samho South Korea LNG Capable - Ap
Slide 6: Overview of Capital Tankers' super-eco fleet - Options
Overview of Capital Tankers’ super-eco fleet - Options Shipbuilding contract options # Vessel Type Delivery Shipyard Country Dual Fuel Scrubber Contract Capital Tankers’ fleet of 30 +13 Price super-eco modern vessels 1 Aineas VLCC Feb-28 Hengli Shipbuilding China - Fitted 120.0 # of vessels 2 Ainos
Slide 7: Super-eco fleet with scrubbers and DF LNG capabilities
Super-eco fleet with scrubbers and DF LNG capabilities Prompt delivery of newbuilds boosts cash flow generation Ramp up of delivered vessels and available sailing days Key attributes # sailing Available vessels fleet days 4.0 yrs 30 30 3,000 VLCC Suezmax 27 0.4 yrs Aframax/LR2 8 25 24 2,500 -1.3 yrs
Slide 8: Newbuilding program is set to be fully financed
Newbuilding program is set to be fully financed Based on conservative leverage parameters Pro forma funding of remaining capex ($m) on pro forma fleet gross LTV of ~52%(1) 2,032 The Company is engaged in advanced negotiations with a diverse range ~474 of lenders to secure full financing for its newb
Slide 9: Debt secured at highly competitive terms
Debt secured at highly competitive terms Competitive financing terms with expected average margin of ~1.7% over SOFR Overview of arranged and contemplated debt facilities Extensive relationships with top shipping lenders Existing Debt New Debt # Vessel Type Delivery Status ($m) ($m) 1 Alimedon Afram
Slide 10: Illustrative cash break-even levels
Illustrative cash break-even levels Lean organization and modern fleet enables competitive cash break-even levels VLCC Suezmax Aframax/LR2 Est. cash break even ($/d) Est. cash break even ($/d) Est. cash break even ($/d) Opex(1) 9,100 Opex(1) 8,600 Opex(1) 8,100 SG&A(2) 939 SG&A(2) 939 SG&A(2) 939 In
Slide 11: Significant cash generation driving shareholder returns
Significant cash generation driving shareholder returns Strong earnings capacity with moderate cash break-even Pro forma earnings scenarios and indicative cash break-even of fully delivered fleet ($m) - ILLUSTRATIVE $/day VLCC Suezmax Aframax LR2 Indicative cash break-even(1) 170,000 140,000 110,000
Slide 12: Capital allocation focused on shareholder return
Capital allocation focused on shareholder return Significant distribution of free cash flow to shareholders Maintain strong liquidity and balance sheet resilience • Conservative leverage targets • Ample liquidity runway • Prudent refinancing and maturity management Targeting to returning capital to
Slide 13: Market Opportunity
02 Market Opportunity
Slide 14: 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 Long lead times for newbuild deliveries 12 14 50 Earliest deliveries for DWT deliveries - VLCC Suez Afra
Slide 15: Sanctioned crude tanker fleet is largely > 20 years
Sanctioned crude tanker fleet – is largely > 20 years Sanctioned vessels are unlikely to make a return to normal trading given age profile Large overlap of older vessels which are also sanctioned # sanctioned vessels under 20 years DWTm DWTm % Fleet (DWT) %, fleet 53 100 20% 19% of crude fleet suspe
Slide 16: Tanker market share dynamics are changing
Tanker market share dynamics are changing Emergence of “aggregator” with substantially more share than peers is new for tanker market VLCC market shares – highest concentration ever? Tanker market was strong pre-Iran War helped by Sinokor effect Iran War Starts Feb 28 140,000 Average Crude Weighted
Slide 17: Asset prices, Earnings & Valuation – all supportive
Asset prices, Earnings & Valuation – all supportive Robust spot and time charter markets continue to underpin tanker valuations Asset values continue to strengthen Room for further asset value appreciation & undemanding valuations 5-year-old ECO tanker secondhand prices 5-year-old ECO EV/EBITDA 140
Slide 18: Asset prices – well underpinned with further upside
Asset prices – well underpinned with further upside VLCC historical pricing – NB & Resales Suezmax historical pricing – NB & Resales Aframax historical pricing – NB & Resales 200 120 95 180 110 85 160 100 75 140 90 65 120 80 55 100 70 Latest quote 45 80 Korea VLCC NB 60 $135m 2029 delivery 60 50 35
Slide 19: Shrinking yard capacity and booked out yard slots
Shrinking yard capacity and booked out yard slots Number of active yards has decreased sharply # of active yards 2010 2025 Effective ship building capacity significantly constrained -50% -65% -32% -57% -50% Container and LNG newbuilding rush taking up yard slots 746 Aging fleet replacement will cons
Slide 20: Modern tonnage provides structural earnings premium
Modern tonnage provides structural earnings premium Significant fuel and regulatory cost benefits compared to eco vessels ✓ Earnings premium potential of ~$9-16k/day by 2028 at forward curve pricing and regulatory Immediate efficiency advantage vs 2015 eco vessels frameworks (EU ETS and Fuel EU) Cap
Slide 21: Latest Market Developments
03 Latest Market Developments
Slide 22: Freight rates have rocketed during current phase
Freight rates have rocketed during current phase But rates were already strong before Iran War Crude spot earnings - $ per day based on 2015 built (Eco) scrubber fitted earnings for each category 450,000 400,000 350,000 Q4 2025 Averages Q1 2026 Averages Average crude tanker earnings ($ per day) VLCC
Slide 23: Whenever the world normalizes – Crude inventory will rise
Whenever the world normalizes – Crude inventory will rise Commercial & Strategic need for higher reserves & energy security will likely drive inventory build Inventory builds between 2009-10, 2014-2016 & 2019-2020….. ….Historically have led to elevated freight rate cycles 140,000 1.2 3300 1.2 3200 1
Slide 24: Inventory build was immediate post Russia-Ukraine
Inventory build was immediate post Russia-Ukraine Arguably this a bigger shock than 2022 but SoH likely to remain focal point EIA commercial crude bbls (m) inventory – rebound post Russia-Ukraine Focus for Transit – Straits of Hormuz 2850 Russian invasion Ukraine Feb 2022 2800 Million barrels 2750 2
Slide 25: Appendix
Appendix
Slide 26: Summary of management agreements
Appendix Summary of management agreements Technical Management Agreement (Technical Manager: Capital Ship Management Corp.) Under the Group's operating model, the vessels are expected to be technically and crew managed by Capital Ship Management Corp. ("CSM" or the "Technical Manager"), which is a r
Slide 27: Capital Tankers – Capex Schedule On Order Fleet
Appendix Capital Tankers – Capex Schedule On Order Fleet Schedule for On Order Fleet ($m) USD Million 2026 2027 2028 TOTAL Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1 Androklos 45.3 - - - - - - - - 45.3 2 Archelaos 65.4 - - - - - - - - 65.4 3 Aristodimos 19.5 55.7 - - - - - - - 75.1 4 Athinagoras 8.0 45.3 - - - -
Slide 28: Spot market exposure through Heidmar pools
Appendix Spot market exposure through Heidmar pools Long established pool operations led by highly skilled team with >100 yrs combined experience Commercial strategy Heidmar’s Pool & Commercial Management Operations Established pool service provider >40 years of history Supported by 8 chartering pro
Slide 29: VLCC DF TCE premium vs 2015 Eco vessel
Appendix VLCC DF TCE premium vs 2015 Eco vessel TCE premium earnings per day at LNG and VLSFO price scenarios LNG price (per mmbtu) ▪ Based on latest market outlook, price is forecasted to range at the levels of $9 - 0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 $11.0 $12.0 $13.0 $14.0 10 /MMBtu. Newbuild DF VLC
Slide 30: Suezmax DF TCE premium vs 2015 Eco vessel
Appendix Suezmax DF TCE premium vs 2015 Eco vessel TCE premium earnings per day at LNG and VLSFO price scenarios LNG price (per mmbtu) ▪ Based on LNG Market Outlook, price is forecasted to range at the levels of $9 -10 0 $5.0 $6.0 $7.0 $8.0 $9.0 $10.0 $11.0 $12.0 $13.0 $14.0 /MMBtu, for LNG vessels.
Slide 31: Proven advantage of LNG dual fuel technology
Appendix Proven advantage of LNG dual fuel technology Future-proofed fleet through super-eco dual fuel vessels Best-in-class vessel specifications Fuel cost advantage of Suezmax Alkinoos, delivered Aug-2025 - ILLUSTRATIVE Capital Tankers’ new dual-fuel vessels have superior All in fuel cost ($/day)