Capital Maritime Finance (CMF), a shipping company backed by Greek billionaire Evangelos Marinakis, is preparing to make stock-market history with a listing on Euronext Athens on October 20, offering investors exposure to a rapidly expanding fleet supported by billions of dollars in long-term charter contracts.
The company will become the first shipping business to list all its shares exclusively on Greece’s stock exchange, marking a significant development for a country that controls one of the world’s largest merchant fleets but has traditionally seen its major shipping companies seek listings abroad.
CMF plans to raise approximately €250 million ($280 million), potentially increasing to €300 million, through an offering running October 13-15. The proceeds will help finance the acquisition of 23 additional vessels over the next two years.
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The company currently operates 13 container ships, with its fleet expected to expand to 36 vessels by late 2028 under an investment program approaching $1.8 billion.
Unlike shipping companies heavily exposed to volatile freight rates, CMF has already secured long-term charter agreements covering its entire fleet, including vessels awaiting delivery.
Contracted revenue totals at least $3.9 billion, potentially rising to $4.9 billion if extension options are exercised. All available operating days are covered through 2034, with contracts extending as far as 2038.
French shipping giant CMA CGM accounts for nearly 75% of contracted revenue, while Unifeeder represents approximately 25%.
Financial performance has been strong. CMF generated $122.9 million in revenue and $64.9 million in net profit in 2025, with an operating profit margin before depreciation and amortization exceeding 73%.
The offering has attracted €70 million in commitments from investors associated with prominent Greek businessmen, including Evangelos Mytilineos, Socrates Kokkalis, John Vardinoyannis and George Peristeris.
At the maximum offering price of €7.84 per share, CMF would command a post-offering equity valuation of approximately €1 billion. Marinakis-controlled Capital Maritime & Trading would retain roughly 76% of voting rights.
The company intends to distribute 60% to 70% of adjusted net earnings as quarterly dividends, beginning in 2027.
Yet its expansion carries considerable financial risks.
Approximately $1.6 billion of the remaining investment program is expected to be financed through bank borrowing, potentially pushing net debt toward $1.9 billion.
For investors, the central question is whether predictable charter income and substantial operating margins can offset rising leverage and the execution risks associated with delivering 23 vessels on schedule.
CMF’s debut will also test whether Athens can emerge as a credible alternative to international exchanges for Greece’s powerful shipping industry.
