Capital Tankers Corp. takes delivery of Suezmax M/T Amor and secures funding for 11 VLCC newbuilds.
Capital Tankers Corp. (OSL:CAPT) has taken delivery of the dual-fuel Suezmax tanker M/T Amor, financed through a $64.5 million sale-leaseback transaction. The lease agreement involves quarterly repayments of $0.9 million and a final balloon payment of $40 million. Alongside the delivery, the company arranged financing packages for 11 Very Large Crude Carrier (VLCC) newbuildings. Individual loans range between $79.2 million and $90.9 million per ship, with balloon payments structured from $39.7 million to $60.9 million.
These developments strengthen the company's operating capacity and de-risk its capital expenditure plans for upcoming fleet expansions through 2028. Adding M/T Amor brings Capital Tankers Corp.'s active fleet to 17 vessels, with plans to grow to 33 ships once all newbuildings are delivered. Additionally, 23 of the total 33 vessels will be dual-fuel ready or capable, potentially offering fuel cost efficiencies and helping meet environmental regulations.
Investors should monitor fixture rates, charter coverage for the new fleet, and future refinancing requirements given the significant balloon payments due on the loan structures. Shares of Capital Tankers Corp. were trading down 1.77% at 191.6 NOK following the announcement.
Key points
- Capital Tankers Corp. accepted delivery of dual-fuel Suezmax M/T Amor using a $64.5 million sale-leaseback arrangement.
- The company secured loan financing ranging from $79.2 million to $90.9 million each for 11 VLCC newbuilds set for delivery by 2028.
- The additions will expand the total fleet from 17 to 33 vessels, with 23 configured to be dual-fuel ready or capable.
- Lease and loan structures include quarterly amortization alongside balloon obligations between $39.7 million and $60.9 million.
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What new vessel did Capital Tankers Corp. acquire?
Capital Tankers Corp. took delivery of M/T Amor, a dual-fuel Suezmax tanker, funded through a $64.5 million sale-leaseback agreement with quarterly amortization payments of $0.9 million.
How is Capital Tankers Corp. expanding its fleet?
The company has arranged debt financing for 11 VLCC newbuilds scheduled for delivery through 2028, which will expand its total operational fleet from 17 to 33 ships.
What are the key financial terms for the new VLCC loans?
The loans for the 11 VLCC vessels range from $79.2 million to $90.9 million per ship, featuring structured amortizations and final balloon payments between $39.7 million and $60.9 million.