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Capital Tankers Corp. Q2 2026 Earnings Presentation September 1, 2026
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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 Presentation is intended for information purposes only, and does not itself constitute, and should not in itself be construed as, an offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction. • The Presentation and its contents are strictly confidential and by attending any meeting where this Presentation is made, or by receiving or reading any of the Presentation material, the recipient acknowledges that it has received the information as set forth hereunder and agrees to be bound by the limitations and provisions set out herein. For the purposes of this notice, "Presentation" means and includes this document and its appendices, any oral presentation given in connection with this Presentation, any question and answer session during or after such oral presentation and any written or oral material discussed or distributed during or after receiving or having been present at any meeting where this Presentation has been made. • The Presentation may not be copied, distributed, reproduced, published or passed on, directly or indirectly, in whole or in part, or disclosed by any recipient, to any other person (whether within or outside such person's organisation or firm) or published in whole or in part, by any medium or in any form for any purpose or under any circumstances without the Company's prior written approval. • Each recipient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice. In particular, nothing herein shall be taken as constituting the giving of an investment advice and this Presentation is not intended to provide, and must not be taken as, the exclusive basis of any investment decision and should not be considered as a recommendation by the Company (or any of its affiliates) that any recipient enters into any transaction. Neither the Company nor any of its directors, employees, agents, affiliates, advisors or any person acting on their behalf, are providing legal, accounting or tax advice and you are strongly advised to consult your own independent advisors on any legal, tax or accounting issues relating to these materials. • This presentation and other information provided to you contain forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation: those regarding the Group's intentions, beliefs or current expectations concerning, among other things, its future financial conditions and performance, results of operations and liquidity; its strategy, plans, objectives, prospects, growth, goals and targets; future developments in the markets in which it participates or is seeking to participate; and anticipated regulatory changes in the industry in which it operates. Forward-looking statements include the words "aim", "anticipate", "assume", "believe", "can have", "continue", "could", "estimate", "expect", "forecast", "intend", "may", "plan", "risk", "should", "suggest", "will", "would" and similar expressions or the negatives of these expressions. These forward-looking statements generally relate to plans and objectives for future operations and are based upon management’s reasonable estimates as of the date of this presentation (unless expressly stated or qualified as of a different date). By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Actual results may differ from projected results due to unforeseen developments. All forward-looking statements apply only as of the date hereof and we undertake no obligation to update this information. The information contained in this document is provided as at the date of this document only. • The information contained in this Presentation has not been independently verified and no representation or warranty, express or implied, is or will be made as to and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this Presentation. The information set out herein speaks only as of the date hereof and may be subject to change based upon a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Company and other specific issues. All information presented or contained in this presentation is subject to change without notice. The information contained in this presentation is current only as of the date hereof. Neither the Company nor any of its respective affiliates, directors, officers, employees, agents, advisors or any person acting on their behalf is under any obligation to keep current the information contained in this presentation. Without prejudice to the foregoing, the information in this presentation is being provided on a non-reliance basis, and neither the Company nor any of its respective affiliates, directors, officers, employees, agents, affiliates, advisors or any person acting on their behalf owe or assume any duty, liability or responsibility to you or any other person who has access to this presentation or the corresponding information (or any part of it) for any information or opinion contained in it (including, inter alia, projections and forward-looking statements), or any omission from it, nor do they accept any liability whatsoever for any loss howsoever arising (whether direct or indirect, in contract, tort or otherwise). As a result, you are solely responsible for making your own independent appraisal of and investigations into the Group and the transactions and products referred to in this presentation and should not rely on any information in this presentation as constituting investment advice. No liability whatsoever for any loss, howsoever arising, from any use of this presentation or its contents is accepted by any such person in relation to such information. To the extent applicable, certain industry and market data contained in this presentation has come from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the fairness, quality, accuracy, relevance, completeness or sufficiency of such data. The Company has not independently verified the data contained therein. 2
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Q2 2026 Highlights 01
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• Owned fleet of 33 VLCC, Suezmax and Aframax/LR2 tankers1 • 15 vessels on the water1 • Fleet to expand to 17 vessels by Nov 2026 and to 33 by Q2 2028 • Ultra-modern latest generation eco fleet, with average age of 1.11 years. All vessels LNG DF capable or ready and/or scrubber-fitted • 13 optional vessels (2 Suezmax and 11 VLCC tankers) with deliveries in 2027 & 2028, available to Capital Tankers at cost until YE 2026, and under ROFR thereafter • Following the successful Euronext Growth listing, the Company plans to uplist to the main list of the Oslo Stock Exchange and pursue a U.S. listing in due course2 1. As of August 28, 2026, on a fully delivered basis 2. An uplisting to the main list of the Oslo Stock Exchange and a listing in the U.S. is subject to approval by relevant authori ties and relevant corporate resolutions, as well as market conditions Capital Tankers Corp. 4 Ultra-modern fleet 15x VLCC, 10x Suezmax and 8x Aframax/LR2 15x sailing vessels, 18x on order + 13x options High specification dual-fuel fleet Majority of fleet LNG dual-fuel scrubber-fitted, with significant fuel and emissions savings potential Focus on shareholder returns Tanker market strength Supportive long-term fundamentals Operational leverage through spot exposure Company at a Glance Dividend commitment
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Capital Tankers – Q2 2026 Highlights 5 Fleet Expansion • Acquisition of 3x VLCC tankers for $122.7m per vessel with Q4 2027 delivery • Took delivery of seven vessels in the quarter, and a further two since quarter-end; Sailing fleet of 15 tankers1 • Debt of $308.6m drawn in the second quarter, $117.5m since quarter-end, with an additional $129.0m secured Commercial Performance • Fleetwide daily TCE2 of $116,260 per day for the second quarter • Q2 TCE: VLCC $97,076 per day (time charter); Suezmax $166,754 per day (spot); Aframax/LR2 $104,229 per day (spot) • Q3 spot bookings: Suezmax $130,239 per day for 71% of available days; Aframax/LR2 $105,765 per day for 82% of available days Financial Performance • Adjusted EBITDA3 of $104.2m • Net income of $92.9m, $0.70 EPS • Dividend declared of NOK 3.00 per share 1. As of August 28, 2026 2. TCE revenue over operating days (calendar days less off-hire days) 3. Adjusted EBITDA: Non-IFRS measure
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Q2 2026 Financials 02
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1. Q1 2026 runs from January 9, 2026 to March 31, 2026 Income Statement – Q2 2026 Highlights 7 USD millions, except earnings per share data and TCE/day Q2 2026 Q1 20261 Total revenues 148.6 34.9 Voyage expenses (34.6) (7.3) TCE revenue 114.0 27.6 Vessel operating expenses (8.3) (2.4) Depreciation & amortisation (11.1) (3.0) General & administrative (1.7) (0.2) Other (expense) / income, net (0.2) 1.1 Net income for the period 92.9 23.1 Adjusted EBITDA 104.2 25.7 EPS – basic & diluted 0.70 0.21 Weighted average no. of shares 133.2 111.4 Fleetwide TCE ($/day) 116,260 97,309 • Fleetwide TCE: $116,260 per day • Adjusted EBITDA: $104.2m • Net Income: $92.9m • EPS: $0.70 • Dividend of NOK 3.00 per share
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1. As of June 30, 2026 2. Fleet fair market value calculated as the average of two broker valuations as of June 30, 2026 3. As defined under our financing arrangements Balance Sheet – Q2 2026 Highlights 8 USD millions As of Jun 30, 2026 Vessels, net 1,290.1 Vessels under construction 893.3 Restricted cash 6.5 Total non-current assets 2,189.9 Cash and cash equivalents 350.2 Other current assets 69.2 Total assets 2,609.3 Total shareholders' equity 2,061.3 Long-term borrowings, net of current portion 493.1 Current borrowings & other current liabilities 55.0 Total shareholders' equity and liabilities 2,609.3 • Strong Liquidity of $356.7m in cash & cash equivalents, including restricted cash • Total assets of $2,609.3m, including 13 sailing and 20 under construction vessels1 • Moderate Leverage with $523.9m of debt and a net debt position of $167.2m • Outstanding debt bears SOFR plus a 1.22% margin 1,3 • Fleet Gross LTV: 35% 2 • Net LTV as of June 30, 2026 of 6% 3 • New debt of $308.6m drawn in Q2 and $117.5m drawn since; $129.0m secured through the end of 2026 • Financings of $930.0m in progress • Equity to Total Assets: 79.0%
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1 1 2 5 6 11 13 15 7 8 8 8 8 8 10 10 8 8 8 8 8 8 8 8 0 500 1,000 1,500 2,000 2,500 3,000 0 5 10 15 20 25 30 35 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q1 28 Q2 28 VLCC Suezmax Aframax/ LR2 Available Days 9 TOTAL FLEET 33 vessels • ~7.1m dwt AVERAGE AGE1 1.1 yrs one of the youngest fleets ECO PROFILE 23 DF • 21 Scrubber 70% dual-fuel | 64% scrubber-fitted Fleet Composition by Segment Segment2 In Service1 Newbuild Total Dual Fuel Scrubber VLCC (~300k dwt) 1 14 15 9 (LNG ready/capable) 9 Suezmax (~158k dwt) 6 4 10 6 (LNG capable) 10 Aframax (~115k dwt) 4 - 4 4 (LNG capable) – LR2 (~115k dwt) 4 - 4 4 (LNG ready/capable) 2 Total 15 18 33 23 21 1. As of August 28, 2026, on a fully delivered basis. 2. DWT figures are approximate based on standard segment sizes. Available fleet days # sailing vessels Fleet Overview – Key Characteristics
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Acquisition of Three VLCC Newbuildings for Delivery in Q4 2027 10 The transaction • Three VLCC shipbuilding contracts acquired from Capital Maritime & Trading Corp. • Under construction at Hengli Shipbuilding. All three scrubber-fitted. • M/T Aspidoforos, M/T Armonikos and M/T Aftarkis, expected to be delivered in October 20271. • Price is Capital Maritime's original contract price of $122.0m per vessel plus $0.7m of financing and other costs incurred: $122.7m each or $368.1m in total. • Paid $37.3m per vessel ($111.9m total) on June 30, 2026, funded from cash on hand. • The remaining $85.4m per vessel (total: $256.2m) is payable on delivery of each vessel • Value accretion compared to acquisition price: $96.9m2 • Sister vessels reported sold for Q1 2027 delivery at ~$165.0m to end user • Attractive newbuilding deliveries - current berth availability from H2 2029 onwards • Acquisition price balance expected to be funded with cash on hand and debt financing. Value accretion and Funding 1. Expected vessel delivery basis latest yard schedule 2. Based on broker valuations as of August 18, 2026 Photos: Construction of M/T Aristotelis II at Hengli Shipbuilding In the money acquisition with attractive deliveries
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Options on Shipbuilding Contracts 11 Type # Shipyard, Country Delivery1 Scrubber Contract Price ($m) Intrinsic Value ($m)3 Paid Dec-26 ($m)4 VLCC 11 Hengli Shipbuilding, China 4Q27–3Q28 Fitted 1,317.3 222.7 311.4 Suezmax2 2 HD Hyundai Samho, South Korea 2Q28–3Q28 Fitted 179.0 31.0 35.8 Total 13 2 shipyards 4Q27–3Q28 13x Fitted 1,496.3 253.7 347.2 • Attractive deliveries staged across Q4 2027 – Q3 2028 • Shipbuilding contracts already in place with established track-record yards • CAPT may exercise any or all options by December 31, 2026 at cost — retains ROFR thereafter • Estimated options value c. $253.7m 1. Delivery basis latest yard schedule. 2. Suezmaxes offered on NSF basis. 3. Intrinsic value broker valuations as of August 18, 2026, less shipbuilding contract cost 4. Est. amounts Capital Maritime will have paid by December 31, 2026 being the option-declaration deadline at shipbuilding contract cost. Optional Fleet Highlights Delivery Profile 3 3 3 2 1 1 4Q2027 1Q2028 2Q2028 3Q2028 VLCC Suezmax
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1. Fixed Days over Available days 2. On time charter until February 21, 2027 3. Includes 33 days of time charter employment 4. Expected vessel deliveries basis latest yard schedule Commercial Performance & Q3 2026 Guidance 12 Q3 2026 Q4 2026 Q1 2027 Q2 2027 Q3 2027 Q4 2027 FY 2027 Q1 2028 Q2 2028 Q3 2028 Q4 2028 FY 2028 VLCC 92 92 166 358 533 835 1,892 1,049 1,287 1,380 1,380 5,096 Suezmax 512 704 720 728 736 736 2,920 790 910 920 920 3,540 Aframax/LR2 700 736 720 728 736 736 2,920 728 728 721 706 2,883 TOTAL 1,304 1,532 1,606 1,814 2,005 2,307 7,732 2,567 2,925 3,021 3,006 11,519 Fleet Available Days4 Q2 fleetwide TCE of $116,260/day; Q3 spot bookings average TCE of $115,268/day on 78% of available days Q2 2026 Actual TCE Q2 2026 TCE Spot ($/day) Time Charter ($/day) Spot days % Available days1 VLCC2 - 97,076 - 91 Suezmax 166,754 37,021 78% 361 Aframax/LR2 104,229 — 100% 529 Fleet 126,022 69,358 83% 981 Q3 2026 TCE Spot ($/day) Time Charter ($/day) Days covered %1 VLCC2 - 97,450 100% Suezmax3 130,239 - 71% Aframax/LR2 105,765 - 82% Fleet 115,268 97,450 79% Q3 2026 Bookings (Discharge to Discharge)
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Remaining Capex on NB Program Cash² Debt Drawn³ Debt Secured Debt In Progress New Debt on NBs Excess Funding Newbuilding Program Funding 1. LTV basis debt outstanding as of June 30, 2026 and pro forma debt for newbuildings, versus fleet fair market value as of August 18, 2026 2. Remaining capex and cash as of June 30, 2026 3. Between June 30, 2026 and August 28, 2026 13 Funding of remaining capex ($m) on pro forma fleet gross LTV of ~46% 1 Funded with Cash on Hand & Conservative Debt Assumptions ~86 357 129 930 1,807 359 118
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Tanker Market – strong earnings, volatile market 03 Source: The Economist
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Shipping disruption – not just simple re-routing Chain of crude shipping logistics undergoing change post Strait of Hormuz disruption Disruption not just about longer voyages but through different changes through the supply chain Source: Reuters Ship to Ship transfers New routes Shuttle Runs New routes New routes 15 SHIP TO SHIP TRANSFERS • Med and West Africa STS activity up • Afra/Suezmaxes lift from Yanbu & Red Sea, reloading into VLCCs for the Asian leg • Two vessels now doing one vessel’s work, plus idle days either side of transfer SHUTTLE RUNS • Short hops inside the Gulf replacing long-haul liftings — vessels cycling, not sailing • Fujairah and Saudi Red Sea loadings up sharply while inside-Hormuz volumes fall • Ballast legs shorten but utilisation drops: more tonnage absorbed per barrel delivered NEW ROUTES • New transits developing in response to disruption
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Loss of crude volumes offset by routing inefficiencies Crude Oil Tonne-Miles Development (-4% YTD) Crude Oil Tonne-Days Development (+6% YTD) 16 120 140 160 180 200 220 240 1 5 9 13 17 21 25 29 33 37 41 45 49 800 850 900 950 1000 1050 1100 1150 1200 1250 1 5 9 13 17 21 25 29 33 37 41 45 49 2019-2024 range 2026 2019-2024 range 2025 2026 Source: Fearnleys 2025 Tonne-days captures better representation of current tanker market dynamic
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Positive signals from both the tanker asset and FFA markets Asset prices steadily rising for three year and FFA forecasts duration to this cycle 60 70 80 90 100 110 120 130 140 150 160 Aug-23 Dec-23 Apr-24 Aug-24 Dec-24 Apr-25 Aug-25 Dec-25 Apr-26 Aug-26 5 year old valuation $m Aframax Tanker 115K dwt Coated (LR2) 5 Year Old Suezmax Tanker 160K dwt 5 Year Old VLCC Tanker 300k dwt 5 Year Old Five year old vessels price rises over last three years Unweighted of TD22, TD20, TD25 and TD7 – M/T Source: Clarkson SIN 17 Source: Bloomberg Intelligence Marine Shipping Dashboard (BI SHIPG), Dirty Tanker Route FFAs, August 31, 2026. Prices USD/MT. Unweighted four-route average. TD 22 US Gulf– China; TD20 W Africa – Continent; TD25 – Gulf – Mediterranean; TD7 North Sea - Continent 15 20 25 30 35 40 1 yr ago 6 mth ago 3 mth ago 1 mth ago 1 wk ago 1 day ago Now Cal 27 average Cal 28 average The whole curve has repriced upward through the year — Cal 27 up 100% over 12m and Cal 28 up 50–60% repricing over past 1-2 months
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The orderbook falls short of what it replaces By vessel count By dwt (m) Source: Clarkson SIN18 304 437 195 211 315 154 257 636 292 0 200 400 600 800 1000 1200 1400 Orderbook 772 Aged 15+ 1,388 Aged 20+ 641 VLCC Suezmax Aframax/LR2 94.0 134.3 59.5 33.2 49.7 24.2 29.4 69.1 31.3 0 50 100 150 200 250 Orderbook 156.5 Aged 15+ 253.1 Aged 20+ 115.0 VLCC Suezmax Aframax/LR2 Tanker contracting high but global fleet age at 20 year high and rising
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The inventory rebuild could be 1bn+ barrels Commercial and strategic demand for higher reserves should drive a rebuild of scale 19 1bn bbls at 2m bbl VLCC capacity = 500 cargoes, or 55-71 VLCC equivalents for a year. 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 Rebuild commercial Rebuild SPR Higher 'safety' stocks Stock building trade 2500 2600 2700 2800 2900 3000 3100 3200 3300million barrels commercial storage EIA Source: EIA Source: OB markets Global commercial crude stocks have drawn c.400m bbls (EIA) The rebuild could be large in scale and duration mbpd crude “Restoring commercial inventories and strategic reserves to pre-conflict levels will materially add to calls on crude oil throughout 2027 and likely beyond. To put this into context, if the Strait of Hormuz was to open today, it would take up to 18 months at an average rate of 2.1 mbpd to replenish depleted inventories, on top of demand”. Saudi Aramco Q2 Conference Call, August 4, 2026 500m rebuild commercial
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Summary & Conclusion 04
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Q2 2026 – Delivering on Our Strategy Fleet arriving in the strongest crude tanker market on record Strong Earnings despite heavy delivery schedule • Fleetwide TCE of $116,260 per day • Q3 78% spot bookings at $115,268 per day - VLCC on 1 year TC Continuous Fleet Growth • Nine delivered since April • Three VLCCs acquired at $122.7m against recent resale at ~$165.0m Discipline on Cost and delivering on Financing • Average Opex of $8,246 per day for Q2 2026 • $356.7m of cash, $308.6m debt drawn, $930.2m more being arranged Returning Capital to Shareholders • NOK 3.00 per share 21
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Appendix
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1. Weighted average age as of June 30, 2026 2. Expected vessel delivery basis latest shipyard schedule Fleet – In Service & Under Construction 23 Appendix In Service # Vessel Type Built Delivery to CAPT Shipyard Dual Fuel Scrubber 1 Aisopos LR2 2025 12-Jan-26 New Times SB LNG Ready Fitted 2 Aiolos LR2 2025 12-Jan-26 New Times SB LNG Ready Fitted 3 Aristotelis II VLCC 2026 10-Feb-26 Hengli Shipbuilding - Fitted 4 Alkinoos Suezmax 2025 05-Mar-26 New Times SB LNG Capable Fitted 5 Archigos Suezmax 2026 05-Mar-26 HD Hyundai Samho - Fitted 6 Alimedon Aframax 2018 09-Mar-26 HD Hyundai Samho LNG Capable - 7 Ameinon Aframax 2019 08-Apr-26 HD Hyundai Samho LNG Capable - 8 Ataraktos Suezmax 2026 14-Apr-26 HD Hyundai Samho - Fitted 9 Aristoklis Suezmax 2026 14-Apr-26 New Times SB LNG Capable Fitted 10 Areios Aframax 2018 15-Apr-26 HD Hyundai Samho LNG Capable - 11 Andreios Aframax 2018 16-Apr-26 HD Hyundai Samho LNG Capable - 12 Androklos LR2 2026 21-May-26 New Times SB LNG Capable - 13 Archelaos Suezmax 2026 08-Jun-26 New Times SB LNG Capable Fitted 14 Athinagoras LR2 2026 06-Aug-26 New Times SB LNG Capable - 15 Aristodimos Suezmax 2026 13-Aug-26 New Times SB LNG Capable Fitted Total: 15x - 2.2yrs1 - - 12x 9x Newbuildings # Vessel Type Delivery2 Shipyard Dual Fuel Scrubber 1 Ayrton Suezmax Sep-26 New Times SB LNG Capable Fitted 2 Amor Suezmax Nov-26 New Times SB LNG Capable Fitted 3 Alterego II VLCC Jan-27 Hanwha Ocean LNG Ready Fitted 4 Alexandros II VLCC Apr-27 Hanwha Ocean LNG Ready Fitted 5 Amfitrion II VLCC Apr-27 Dalian Shipyard LNG Capable - 6 Apollonas II VLCC May-27 Hanwha Ocean LNG Ready Fitted 7 Alexander The Great II VLCC Jul-27 Dalian Shipyard LNG Capable - 8 Anemos II VLCC Oct-27 Dalian Shipyard LNG Capable - 9 Aspidoforos VLCC Oct-27 Hengli Shipbuilding - Fitted 10 Armonikos VLCC Oct-27 Hengli Shipbuilding - Fitted 11 Aftarkis VLCC Oct-27 Hengli Shipbuilding - Fitted 12 Akadimos VLCC Dec-27 Dalian Shipyard LNG Capable - 13 Akeraios Suezmax Feb-28 HD Hyundai Samho - Fitted 14 Arkesios VLCC Feb-28 Hengli Shipbuilding - Fitted 15 Alkaios Suezmax Mar-28 HD Hyundai Samho - Fitted 16 Amyntas II VLCC Mar-28 Dalian Shipyard LNG Capable - 17 Aktor VLCC Apr-28 Hengli Shipbuilding - Fitted 18 Atromitos II VLCC May-28 Dalian Shipyard LNG Capable - Total: 18x - - - 11x 12x Total: 33x - 1.1yrs1 - 23x 21x
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Thank you