Capital Tankers Corp. · OSL:CAPT
Capital Tankers — Q2 2026 Earnings Presentation
24 slides from Capital Tankers's earnings presentation, Sep 1, 2026
Slide 1: Q2 2026 Earnings Presentation
Capital Tankers Corp. Q2 2026 Earnings Presentation September 1, 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: Q2 2026 Highlights
01 Q2 2026 Highlights
Slide 4: Company at a Glance
Capital Tankers Corp. Company at a Glance • Owned fleet of 33 VLCC, Suezmax and Aframax/LR2 tankers1 • 15 vessels on the water1 Ultra-modern fleet High specification dual-fuel fleet • Fleet to expand to 17 vessels by Nov 2026 and to 33 by Q2 2028 15x VLCC, 10x Suezmax and 8x Aframax/LR2 Majority of
Slide 5: Capital Tankers – Q2 2026 Highlights
Capital Tankers – Q2 2026 Highlights Fleet Expansion • Acquisition of 3x VLCC tankers for $122.7m per vessel with Q4 2027 delivery • Took delivery of seven vessels in the quarter, and a further two since quarter-end; Sailing fleet of 15 tankers1 • Debt of $308.6m drawn in the second quarter, $117.5m
Slide 6: Q2 2026 Financials
02 Q2 2026 Financials
Slide 7: Income Statement – Q2 2026 Highlights
Income Statement – Q2 2026 Highlights USD millions, except earnings Q2 2026 Q1 20261 per share data and TCE/day Total revenues 148.6 34.9 • Fleetwide TCE: $116,260 per day Voyage expenses (34.6) (7.3) TCE revenue 114.0 27.6 Vessel operating expenses (8.3) (2.4) • Adjusted EBITDA: $104.2m Depreciatio
Slide 8: Balance Sheet – Q2 2026 Highlights
Balance Sheet – Q2 2026 Highlights • Strong Liquidity of $356.7m in cash & cash equivalents, USD millions As of Jun 30, 2026 including restricted cash Vessels, net 1,290.1 • Total assets of $2,609.3m, including 13 sailing and 20 Vessels under construction 893.3 under construction vessels1 Restricted
Slide 9: Fleet Overview – Key Characteristics
Fleet Overview – Key Characteristics TOTAL FLEET AVERAGE AGE1 ECO PROFILE 33 1.1 yrs 23 DF • 21 Scrubber vessels • ~7.1m dwt one of the youngest fleets 70% dual-fuel | 64% scrubber-fitted # sailing Available vessels fleet days 35 3,000 Fleet Composition by Segment In 30 Segment2 Newbuild Total Dual
Slide 10: Acquisition of Three VLCC Newbuildings for Delivery in Q4 2027
Acquisition of Three VLCC Newbuildings for Delivery in Q4 2027 In the money acquisition with attractive deliveries The transaction • Three VLCC shipbuilding contracts acquired from Capital Maritime & Trading Corp. • Under construction at Hengli Shipbuilding. All three scrubber-fitted. • M/T Aspidofo
Slide 11: Options on Shipbuilding Contracts
Options on Shipbuilding Contracts Optional Fleet Highlights Delivery Profile Contract Intrinsic Paid Type # Shipyard, Country Delivery1 Scrubber Price Value Dec-26 VLCC Suezmax ($m) ($m)3 ($m)4 1 Hengli Shipbuilding, VLCC 11 4Q27–3Q28 Fitted 1,317.3 222.7 311.4 China 1 HD Hyundai Samho, Suezmax2 2 2
Slide 12: Commercial Performance & Q3 2026 Guidance
Commercial Performance & Q3 2026 Guidance Q2 fleetwide TCE of $116,260/day; Q3 spot bookings average TCE of $115,268/day on 78% of available days Q2 2026 Actual TCE Q3 2026 Bookings (Discharge to Discharge) Q2 2026 TCE Spot Time Spot Available Q3 2026 TCE Spot Time Charter Days covered ($/day) Chart
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 ~46%1 1,807 357 118 129 930 359 ~86 Remaining Capex on NB Cash² Debt Drawn³ Debt Secured Debt In Progress New Debt on NBs Excess Funding Program 1. LTV
Slide 14: Tanker Market – strong earnings, volatile market
03 Tanker Market – strong earnings, volatile market Source: The Economist
Slide 15: Shipping disruption – not just simple re-routing
Shipping disruption – not just simple re-routing Chain of crude shipping logistics undergoing change post Strait of Hormuz disruption Disruption not just about longer voyages but through different changes through the supply chain SHIP TO SHIP TRANSFERS New routes Ship to Ship transfers • Med and Wes
Slide 16: Loss of crude volumes offset by routing inefficiencies
Loss of crude volumes offset by routing inefficiencies Tonne-days captures better representation of current tanker market dynamic Crude Oil Tonne-Miles Development (-4% YTD) Crude Oil Tonne-Days Development (+6% YTD) 1250 240 1200 220 1150 200 1100 1050 180 1000 160 950 900 140 850 120 800 1 5 9 13
Slide 17: Positive signals from both the tanker asset and FFA markets
Positive signals from both the tanker asset and FFA markets Asset prices steadily rising for three year and FFA forecasts duration to this cycle Five year old vessels price rises over last three years Unweighted of TD22, TD20, TD25 and TD7 – M/T 160 40 150 140 35 130 5 year old valuation $m 120 30 1
Slide 18: The orderbook falls short of what it replaces
The orderbook falls short of what it replaces Tanker contracting high but global fleet age at 20 year high and rising By vessel count By dwt (m) 1400 250 1200 69.1 636 200 1000 49.7 800 150 29.4 257 600 315 33.2 100 31.3 292 400 211 24.2 134.3 154 50 94.0 200 437 304 59.5 195 0 0 Orderbook Aged 15+
Slide 19: The inventory rebuild could be 1bn+ barrels
The inventory rebuild could be 1bn+ barrels Commercial and strategic demand for higher reserves should drive a rebuild of scale Global commercial crude stocks have drawn c.400m bbls (EIA) The rebuild could be large in scale and duration 3300 1bn bbls at 2m bbl VLCC capacity = 500 cargoes, Rebuild co
Slide 20: Summary & Conclusion
04 Summary & Conclusion
Slide 21: Q2 2026 – Delivering on Our Strategy
Q2 2026 – Delivering on Our Strategy Fleet arriving in the strongest crude tanker market on record Strong Earnings despite • Fleetwide TCE of $116,260 per day heavy delivery schedule • Q3 78% spot bookings at $115,268 per day - VLCC on 1 year TC Continuous Fleet • Nine delivered since April Growth •
Slide 22: Appendix
Appendix
Slide 23: Fleet – In Service & Under Construction
Appendix Fleet – In Service & Under Construction In Service # Vessel Type Built Delivery to CAPT Shipyard Dual Fuel Scrubber 1 Aisopos LR2 2025 12-Jan-26 New Times SB LNG Ready Fitted 2 Aiolos LR2 2025 12-Jan-26 New Times SB LNG Ready Fitted 3 Aristotelis II VLCC 2026 10-Feb-26 Hengli Shipbuilding -
Slide 24: Thank you
Thank you