Greek shipping magnate Evangelos Marinakis is bringing a new maritime investment company to the Athens Stock Exchange, seeking to raise €250 million in an initial public offering that could provide a significant boost to Greece’s capital markets.
Capital Maritime Finance, part of Marinakis’s Capital Group, plans to list exclusively in Athens, offering investors exposure to a fleet of 36 modern container ships backed by nearly €3.5 billion in contracted revenue.
The company is targeting annual dividend distributions equivalent to 60% to 70% of adjusted net profits, paid quarterly, positioning itself as an income-generating investment with relatively predictable cash flows.
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Marinakis described the listing as a vote of confidence in Greece’s economy and financial markets. “Our decision to bring the company to the Greek stock exchange is entirely a decision of support and a vote of confidence in Greece,” he said during the IPO presentation.
The move carries significance beyond the offering itself. Although Greek shipowners control the world’s largest merchant fleet, many of their publicly traded companies have traditionally sought listings in New York rather than Athens.
Capital Maritime Finance aims to reverse that pattern. “For the past 20 years, when someone in Greece asked how to invest in Greek shipping, the answer was usually a stock ticker in New York,” said Chief Executive Jerry Kalogiratos.
The company’s investment proposition rests on a fleet expansion program that will increase its operating vessels from 13 today to 32 by the third quarter of 2027, reaching 36 in 2028.
Of those ships, 26 are smaller feeder vessels serving regional routes, while 10 are larger container carriers with capacity for approximately 9,000 containers each. The larger vessels feature dual-fuel technology, including the ability to operate on liquefied natural gas.
All 36 vessels, including those still under construction, have secured long-term charter agreements averaging 9.4 years.
The counterparties are French shipping giant CMA CGM and Unifeeder, part of Dubai-based logistics group DP World.
Minimum contracted revenue approaches €3.5 billion and could reach €4.3 billion if charter extension options are exercised.
Under these agreements, charterers pay predetermined daily rates and cover fuel and voyage expenses, insulating Capital Maritime Finance from much of the volatility that characterizes global shipping markets.
The trade-off is that the company also sacrifices potential gains when freight rates surge.
Management says the structure provides substantial revenue visibility through 2036.
Financing the expansion remains a central consideration. The remaining cost of 23 vessels awaiting delivery totals approximately €1.55 billion, against which the company has secured €1.38 billion in financing commitments.
Proceeds from the IPO will help bridge that gap.
The offering comprises up to 42 million newly issued shares, with six cornerstone investors committing €70 million. Approximately €180 million remains to be raised from other investors.
At least 30% of the remaining shares will be allocated to retail investors. For Marinakis, whose group says it has raised more than €2.15 billion in international capital markets over two decades, the Athens listing represents both a financing strategy and a broader ambition to strengthen Greece’s domestic investment market.
