Capital Tankers Corp. reports strong second quarter results

Capital Tankers Corp. reported net income of $92.9 million for the second quarter ended June 30, 2026, Hellenic Shipping News Worldwide reported. The company achieved fleetwide time charter equivalent earnings of $116,260 per day during this period. Revenue for the quarter reached $148.6 million, with TCE revenue totalling $114.0 million. The board declared a cash dividend of NOK 3.0 per share. As of the end of the quarter, the company held $356.7 million in cash and cash equivalents, while total interest-bearing debt stood at $523.9 million. Shareholders' equity increased to $2,061.3 million during the three-month period.

During the second quarter, the company expanded its fleet by taking delivery of seven vessels, consisting of three Suezmax and four Aframax/LR2 tankers. As of June 30, 2026, the fleet's weighted average age was 2.2 years. Subsequent to the quarter-end, the company added two more vessels, bringing the total sailing fleet to 15 units. This modern fleet includes one VLCC, six Suezmax, four Aframax, and four LR2 tankers. Of these vessels, nine are equipped with scrubbers, and 12 are either LNG dual-fuel capable or ready. The total aggregate capacity of the sailing fleet is 2,148,473 dwt.

In a move to further grow its fleet, Capital Tankers Corp. announced on June 15, 2026, the acquisition of three VLCC shipbuilding contracts from Capital Maritime & Trading Corp. These vessels are currently under construction at Hengli Shipbuilding (Dalian) Co., Ltd., with deliveries anticipated in 2027. The company's financial activity also included drawing $308.6 million in new debt during the second quarter, with an additional $117.5 million drawn after the quarter concluded. Net cash from financing activities reached $1,065.2 million since the company's inception on January 9, 2026, supported by IPO proceeds and capital contributions.

Market conditions for crude tankers remained robust throughout the second quarter. The closure of the Strait of Hormuz led to a reduction in Middle East exports and forced Asian refiners to source oil from the Atlantic Basin. This shift increased demand for long-haul voyages, supporting higher TCE rates. Although charter rates experienced some correction later in the quarter as trade flows adjusted, they remained significantly above long-term averages. The company noted that crude tonnage is increasingly repositioning toward the Atlantic Basin, which is expected to maintain market volatility and provide upward pressure on Aframax and LR2 tanker rates.

Looking ahead to the third quarter of 2026, the company has secured bookings for approximately 78% of its available spot days. These fixtures have been concluded at an average TCE rate of $115,268 per day on a discharge-to-discharge basis. The company continues to monitor the impact of shifting global crude supply sources on fleet utilisation. With a modern, dual-fuel capable fleet and ongoing deliveries of newbuildings, Capital Tankers Corp. is positioned to manage the evolving demands of the global tanker market as it navigates current geopolitical volatility and trade flow adjustments.