Capital Tankers Corp. · OSL:CAPT
Capital Tankers — Investor Presentation (April 2026)
30 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: • 6 vessels operating, with 7 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-fuel flee
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 Aisopos LR2 Jan-25 New Times SB China LNG Ready Fitted January 12, 20
Slide 6: Overview of Capital Tankers' super-eco fleet - Options
Overview of Capital Tankers’ super-eco fleet - Options Shipbuilding contract options(2) Contract # Vessel Type Delivery Shipyard Country Dual Fuel Scrubber Price 1 Aineas VLCC Feb-28 Hengli Shipbuilding China - Fitted 120 2 Ainos VLCC Feb-28 Hengli Shipbuilding China - Fitted 120 Capital Tankers’ fl
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 Average age # sailing Available 30 3.9 yrs vessels fleet days 30 VLCC 3,000 0.3 yrs Suezmax 27 Aframax/LR2 -0.6 yrs 8
Slide 8: 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 $/day VLCC Suezmax Aframax LR2 Super Eco premium(1) Indicative cash break-even(2) 12
Slide 9: Newbuilding program is set to be fully financed
Newbuilding program is set to be fully financed Based on conservative leverage parameters Pro forma funding of remaining capex ($m) on pro form fleet gross LTV of ~52%(1) 2,032 The Company is engaged in advanced negotiations with a diverse range ~415 of lenders to secure full financing for its newbu
Slide 10: 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 11: 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 12: Spot market exposure through Heidmar pools
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 professional
Slide 13: 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 • Ongoing deleveraging and conservative leverage targets • Ample liquidity runway • Prudent refinancing and maturity management Targeting
Slide 14: Market Opportunity
02 Market Opportunity
Slide 15: 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 % Crude Tanker Orderbook in % of Fleet yrs DWTm 50% Earliest del
Slide 16: Tanker market share dynamics are changing
Tanker market share dynamics are changing Emergence of “aggregator” with substantial more share than peers is new for tanker market VLCC market shares – highest concentration ever? VLCC market shares, adjusted for sanctioned vessels Remaining "independent" Shadow and sanctioned fleet Sinokor holds a
Slide 17: 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 18: Fleet age matters in the crude tanker market
Fleet age matters in the crude tanker market Share of fleet above 20 yrs increasing Loadings drop significantly after vessels Avg. age of the fleet highest since 2000 rapidly turn 23 yrs % of total crude fleet 100% = Loadings (kbd) in year 19 Age, VLCC Suezmax Aframax years 89% 87% 15 36% Partly dri
Slide 19: Latest Market Developments
03 Latest Market Developments
Slide 20: VLCCs most impacted by SoH situation
VLCCs most impacted by SoH situation Crude vessels stuck in ME Gulf Share of seaborne volumes – VLCC 63% out of ME Gulf VLCC 6 60 63 SUEZMAX 1 17 AFRAMAX 1 11 PANAMAX 1 2 16 14 MR 1 9 6 7 5 0 10 20 30 40 50 60 70 VLCC Suezmax Afra MR Panamax Handy Ballast Laden Source: Gibsons Source: Gibsons 19
Slide 21: VLCCs committed in ballast to the West
Record number of VLCCs ballasting West VLCCs committed to ballast to the west – number of vessels Count of laden VLCCs 70 460 440 60 VLCCs committed in ballast to the West # 420 50 400 # of laden VLCCs 40 380 30 360 20 340 10 320 0 300 Source: Gibsons Source: Gibsons 20
Slide 22: Afra/LR2s count - number of vessels
21 Afra/LR2s count - number of vessels 350 370 390 430 450 470 490 410 2026.01.01 Source: Gibsons 2026.01.04 2026.01.07 2026.01.10 2026.01.13 2026.01.16 2026.01.19 2026.01.22 2026.01.25 Afra/LR2 number of vessels 2026.01.28 2026.01.31 Total West 2026.02.03 2026.02.06 2026.02.09 2026.02.12 2026.02.15
Slide 23: Freight rates have rocketed during the current phase
Freight rates have rocketed during the current phase Crude spot rates ($ per day) Atlantic crude spot rates ($ per day) 700,000 250,000 Lack of tonnage thanks to 1) Reluctance of tankers to abandon the Mideast in Routes beyond the Mideast case flows resume Gulf have remained strong via 600,000 combi
Slide 24: Context for current freight rates
Context for current freight rates Average weekly earnings since 2016 for VLCC, Suezmax & Aframax Average Annual freight rates for VLCC, Suezmax and Aframax 450,000 180,000 400,000 160,000 350,000 Spike since Iran War 140,000 higher than past 300,000 Suez & Afra earnings higher 120,000 than VLCC sinc
Slide 25: Crude is starting to flow
Crude is starting to flow Crude will start to flow as measures take place (SPR, re-route) Tehran Toll system coming? End April 10 Today 16 0 5 10 15 20 25 Iran exports UAE re-routing Saudi re-routing SPR crude release Public/industry-obligated products release Floating storage release Other public/c
Slide 26: Demand Destruction – research suggests concern >$130
Demand Destruction – research suggests concern >$130 Based on prices since 2007 History would suggest oil price $130-150 demand destructive Oil prices been low in recent years but tend to peak at $100 160 Brent crude price monthly average since 2007 $per barrel 140 120 100 80 60 40 20 0 Apr-2006 Apr
Slide 27: 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 28: Inventory build – strong & immediate post Russia-Ukraine
Inventory build – strong & immediate post Russia-Ukraine Arguably this a bigger shock than 2022 with likely bigger reaction globally in terms of inventory 2850 Russian invasion Ukraine Feb 2022 2800 EIA commercial crude m bbls invengtory 2750 2700 2650 2600 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22
Slide 29: Covid shows demand bounces back quickly
Covid 19 shows demand bounces back quickly Demand took longer but tonne miles rebound quicker Global Oil Demand mbpd Global crude tanker tonne miles 12000 106 104 10000 102 Crude tanker tonne mile demand (000mn) 100 8000 98 96 6000 94 92 4000 90 88 2000 86 84 0 2013 2014 2015 2016 2017 2018 2019 202
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