Capital Tankers Corp. · OSL:CAPT
Capital Tankers — Investor Presentation (October 2026)
27 slides from Capital Tankers's investor presentation, October 2026
Slide 1: Capital Tankers Corp.
Capital Tankers Corp. October 2026
Slide 2: Disclaimer
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
Slide 3: Who we are
01 Who we are
Slide 4: Company at a glance – October 2026
Capital Tankers Corp. Company at a glance – October 2026 • Owned fleet of 33 VLCC, Suezmax and Aframax/LR2 tankers1 • 16 vessels on the water1 • Fleet to expand to 17 vessels by Nov 2026 and to 33 by Q2 2028 Ultra-modern fleet High specification dual-fuel fleet 15x VLCC, 10x Suezmax and 8x Aframax/L
Slide 5: Fleet Overview – Key Characteristics
Fleet Overview – Key Characteristics TOTAL FLEET AVERAGE AGE1 ECO PROFILE 33 1.1 yrs 23 DF • 21 Scrubber vessels • ~7.1m dwt one of the youngest fleets 70% dual-fuel | 64% scrubber-fitted # sailing Available vessels fleet days 35 3,000 Fleet Composition by Segment In 30 Segment2 Newbuild Total Dual
Slide 6: Tanker Market – strong earnings, volatile market
02 Tanker Market – strong earnings, volatile market Source: The Economist
Slide 7: Shipping disruption – not just simple re-routing
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 SHIP TO SHIP TRANSFERS New routes Ship to Ship transfers • Med and Wes
Slide 8: Lost crude volumes offset by routing inefficiencies
Lost crude volumes offset by routing inefficiencies Tonne-days better capture market dynamics, including volumes returning to the Middle East Crude Oil Tonne-Day Demand (+6% YTD to 25 Sept 2026) Seaborne crude loadings vs December 2025 15 1250 1200 10 1150 5 Seaborne export change vs. Dec'25 1100 0
Slide 9: Inventory rebuild could be large in size and long in duration
Inventory rebuild could be large in size and long in duration Commercial and strategic demand for higher reserves should drive a rebuild of scale Global commercial crude draw c.300m bbls (EIA) + Global SPR c. 400m bbls The rebuild could be large in scale and duration 3300 1bn bbls at 2m bbl VLCC cap
Slide 10: Tanker market share dynamics have changed
Tanker market share dynamics have changed Emergence of “aggregator” with substantially more share than peers is new for tanker market VLCC market shares (Clarksons 30 September 2026) Tanker market was strong pre-Iran War helped by Sinokor effect Iran War 140,000 Starts Feb 28 Average Crude Weighted
Slide 11: The orderbook falls short of what it replaces
The orderbook falls short of what it replaces Tanker contracting high but average fleet age at its highest since the late 1990s and rising Orderbook vs ageing fleet – by vessel count Historical development of tanker orderbook Under-build Q4 2016 until 50 Q2 2025 where OB/fleet Orderbook as % of tota
Slide 12: Sanctioned fleet is largely over 20 years old
Sanctioned fleet is largely over 20 years old Given the age profile, sanctioned vessels are unlikely to return to normal trading Sanctioned fleet within the crude tanker sector Age breakdown of sanctioned vessels 600 VLCC (169 sanctioned) Suezmax (120) Aframax (248) 25 1% 500 20 7% 9% % of crude tan
Slide 13: Time charter market – higher rates and longer duration
Time charter market – higher rates and longer duration TC rates at all time highs and far higher than past cycles 1 year TC for VLCC, Suezmax and Aframax since 1990 300,000 $268,000 250,000 $000/day 1 year 3 years 5 years VLCC 268 147 93 200,000 Suezmax 147 74 48 Aframax 119 57 42 $ per day $147,000
Slide 14: Positive signals from asset values and FFAs
Positive signals from asset values and FFAs Asset values up sharply over three years, and FFAs price firm rates well into 2027 Five-year old vessels price rises over last three years – 2 Oct 2026 Dirty FFAs, 5-route average – Cal 27 vs Cal 28 220 215 65 200 180 55 5 year old valuation $m 160 $ per M
Slide 15: Performance & Growth
03 Performance & Growth
Slide 16: Capital Tankers – Q2 2026 Highlights
Capital Tankers – Q2 2026 Highlights 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 three since quarter-end; Sailing fleet of 16 tankers1 • Debt of $308.6m drawn in the second quarter, $117.
Slide 17: Commercial Performance & Q3 2026 Bookings
Commercial Performance & Q3 2026 Bookings Q2 fleetwide TCE of $116,260/day; Q3: 79% of days covered, spot bookings at $115,268/day Q2 2026 Actual TCE Q3 2026 Bookings (Discharge to Discharge) Q2 2026 TCE Spot Time Spot Available Q3 2026 TCE Spot Time Charter Days covered ($/day) Charter days days1 (
Slide 18: 3x VLCC Newbuildings Acquired – Q4 2027 Delivery
3x VLCC Newbuildings Acquired – Q4 2027 Delivery In the money acquisition with attractive deliveries 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 Armoni
Slide 19: Options on Shipbuilding Contracts
Options on Shipbuilding Contracts Optional Fleet Highlights – data as @ 7 October Delivery Profile Contract Intrinsic Paid Type # Shipyard, Country Delivery1 Scrubber Price Value Dec-26 VLCC Suezmax ($m) ($m)3 ($m)4 1 Hengli Shipbuilding, VLCC 11 Q4 27–Q3 28 Fitted 1,317.3 376.7 311.4 China 1 HD Hyu
Slide 20: Newbuilding Program Funding
Newbuilding Program Funding Funded with Cash on Hand & Conservative Debt Assumptions Funding of remaining capex ($m) on pro forma fleet gross LTV of ~46%1 1,807 357 118 129 930 359 ~86 Remaining Capex on NB Cash² Debt Drawn³ Debt Secured Debt In Progress New Debt on NBs Excess Funding Program 1. LTV
Slide 21: Summary & Conclusion
04 Summary & Conclusion
Slide 22: Q2 2026 – Delivering on Our Strategy
Q2 2026 – Delivering on Our Strategy Fleet arriving in the strongest crude tanker market on record • Fleetwide TCE of $116,260 per day Strong earnings despite • Q3 79% of days covered; spot bookings at $115,268 per day - VLCC on heavy delivery schedule 1 year TC Continuous fleet • Ten vessels delive
Slide 23: Appendix
Appendix
Slide 24: Income Statement – Q2 2026 Highlights
Appendix Income Statement – Q2 2026 Highlights USD millions, except Q2 2026 Q1 20261 earnings per share data and TCE/day Total revenues 148.6 34.9 • Fleetwide TCE: $116,260 per day Voyage expenses (34.6) (7.3) TCE revenue 114.0 27.6 Vessel operating expenses (8.3) (2.4) • Adjusted EBITDA: $104.2m De
Slide 25: Balance Sheet – Q2 2026 Highlights
Appendix Balance Sheet – Q2 2026 Highlights USD millions As of • Strong Liquidity of $356.7m in cash & cash Jun 30, 2026 equivalents, including restricted cash Vessels, net 1,290.1 • Total assets of $2,609.3m, including 13 sailing and 20 under construction vessels1 Vessels under construction 893.3 •
Slide 26: What are the 20+ year old vessels doing?
Appendix What are the 20+ year old vessels doing? Trade in ageing tonnage sees share of total tonne-miles declining Crude oil on 20+ year old tankers Utilisation of a typical VLCC during life cycle 7 14% 6 12% 5 10% 4 8% 3 6% 2 4% 1 2% 0 0% M EG Baltic Black S ea R ussia Far East R ussia A rctic C a
Slide 27: Thank you
Thank you
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