CAPT.OL Capital Tankers
Tankers Product · VLCC / Suezmax / Aframax / LR2 · 37 documents
Capital Tankers' 16-vessel product tanker fleet — 7 Suezmax, 4 LR2, 4 Aframax and 1 across 1 other class — should earn about $128,070 a day in 2026Q3 and pay between $0.33 and $0.43 a share. That is our forecast (STATED payout on MODELLED TCE), at a rate beyond the $116,260/d its dividend history covers. Four fifths of those vessel-days are already fixed at rates Capital Tankers has disclosed; the rest are priced at the index plus 14%, the premium it has historically earned over it.
Yields annualise each quarter ×4 at the last close, $20.38 (2026-10-19). Our model is not company guidance.
What will Capital Tankers pay for 2026Q3?
Stated policy: “The Company intends to implement a dividend strategy targeting distributions of 30-40% of FCFE to its shareholders in the form of dividends, until its fleet is fully delivered and 70-80% of FCFE once the Group' fleet of Vessels is fully delivered.”
Booked vs market $/day
| Class | Booked | At | Spot now |
|---|---|---|---|
| Aframax | 82% | $105,765 | $314,938 |
| LR2 | 82% | $105,765 | $282,502 |
| Suezmax | 71% | $130,239 | $540,621 |
| VLCC | 100% | $97,450 | $720,196 |
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| VLCC · 1 | $116,2602026Q2 · fleet avg | $97,450100% of days | $720,1962026-10 median · 4 routes | +264% |
| Suezmax · 7 | $116,2602026Q2 · fleet avg | $130,23971% of days | $540,6212026-10 median · 4 routes | +222% |
| Aframax · 4 | $116,2602026Q2 · fleet avg | $105,76582% of days | $314,9382026-10 median · 5 routes | +224% |
| LR2 · 4 | $116,2602026Q2 · fleet avg | $105,76582% of days | $282,5022026-10 median · 2 routes | +132% |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates open days only — booked days stay at the booked rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days statedNet of off-hire and drydock: the issuer's guided off-hire. |
1,304 | 1,304 | |||||||||||||||||||||
By class
| |||||||||||||||||||||||
| Fleet TCE, $/day modelled | 128,070 | 128,070 | |||||||||||||||||||||
Revenue (TCE basis), $m modelledVessel-days × fleet TCE. |
167.0 | 167.0 | |||||||||||||||||||||
Vessel opex, $m assumed2026Q2: $8.3m over 1,196 vessel-days, held per day. |
(9.0) | (9.0) | |||||||||||||||||||||
G&A, $m assumed2026Q2: $1.7m over 1,196 vessel-days, held per day. |
(1.9) | (1.9) | |||||||||||||||||||||
| EBITDA, $m assumed | 156.1 | 156.1 | |||||||||||||||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||||||||||||||
Interest expense, $m assumed2026Q2: $3.4m over 1,196 vessel-days, held per day. |
(3.7) | (3.7) | |||||||||||||||||||||
Scheduled debt amortisation, $m stated2026Q2: $6.9m over 1,196 vessel-days, held per day (the issuer’s scheduled principal). |
(7.6) | (7.6) | |||||||||||||||||||||
Drydock cost, $mNo separate drydock cash line on file; off-hire is in the vessel-day count above. |
— | — | |||||||||||||||||||||
Cash break-even, $/day assumedΣ cash costs above ÷ vessel-days. |
16,991 | 16,991 | |||||||||||||||||||||
| Cushion vs fleet TCE, $/day | 111,079 | 111,079 | |||||||||||||||||||||
Free cash flow to equity, $m assumedRevenue − cash costs: the cash available for distribution. |
144.8 | 144.8 | |||||||||||||||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||||||||||||||
Dividend policy stated
“The Company intends to implement a dividend strategy targeting distributions of 30-40% of FCFE to its shareholders in the form of dividends, until its fleet is fully delivered and 70-80% of FCFE once the Group' fleet of Vessels is fully delivered.”
Applied as stated: 30–40% of free cash flow to equity — a range, so the dividend publishes as a range.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated distributable cash, $m | 50.7 | ||
| Estimated DPS, $/share modelled | $0.38 | ||
| Forward yield, run-rate % | 7.4% |
Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the $20.38 close on 2026-10-19.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Dividend per share declared · model · you
Market context — rates, the dividend, and the price
Rates and dividend — realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.
Forward (our model — model quarter ×4): $1.52/yr · @ $20.38 (as of 2026-10-19) = 7.4% yield (spot-exposure scenario)
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where CAPT.OL departs from that
- Dividends are declared in NOK while the share price is converted to USD, so a yield is only shown where both sides can be put on the same currency.
- Rate 1.1x the highest it has earned ($116,260/d).
- The forecast has not been scored against an outcome yet — there is no track record here to judge it by.
- Untested: 1 quarter(s) of history.
- Vessel-days are modelled from the fleet list (ships × days in the quarter); no issuer day count is curated for this quarter.
- VLCC: using issuer guidance 100% fixed @ $97,450/day.
- SUEZMAX: index realized at 114% — this issuer captured 114% of the index across 2 closed quarters (range 110%-119%; 2 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index.
What drives it — fleet TCE, 2026Q3
Earnings bridge — 2026Q2 → 2026Q3
Dividend history & forecast accuracy
Upcoming
| Quarter | Ex-date (est.) | Forecast DPS | Actual DPS |
|---|---|---|---|
| 2026Q3 E | — | $0.38 | — |
| 2026Q4 E | — | $1.60 | — |
| Period | DPS | Kind | Ex-date | Pay date | Source |
|---|---|---|---|---|---|
| 2026-Q2 | NOK 3.00/share | regular | — | — | — read by hand from the filing · high |
| 2026-Q1 | NOK 0.50/share | regular | — | — | — read by hand from the filing · high |
DPS method: payout of cash above break-even.
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
4× aframax · 4× lr2 · 7× suezmax · 1× vlcc current
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| VLCC | 1 | — | — | 100% | 97,450 | 298,164 | 97,450 | — | 9.0 |
| Suezmax | 7 | — | — | 71% | 130,239 | 185,993 | 154,137 | — | 78.9 |
| LR2 | 4 | — | — | 82% | 105,765 | 99,747 | 107,255 | — | 39.5 |
| LR2 | 4 | — | — | 82% | 105,765 | 158,894 | 119,427 | — | 39.6 |
| Total | 16 | 128,070 | — | 167.0 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians for the open days.
Bear uses booked coverage only; Base adds open vessels at this issuer's realized share of the latest Gibson median; Bull reruns them at the same share of the recent 3-month peak index.
Model gaps & assumptions
vlcc: using issuer guidance 100% fixed @ $97,450/day · suezmax: index realized at 114% — this issuer captured 114% of the index across 2 closed quarters (range 110%-119%; 2 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index · suezmax: using issuer guidance 71% fixed @ $130,239/day · aframax: index realized at 114% — this issuer captured 114% of the index across 2 closed quarters (range 110%-119%; 2 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index · aframax: using issuer guidance 82% fixed @ $105,765/day · lr2: index realized at 114% — this issuer captured 114% of the index across 2 closed quarters (range 110%-119%; 2 on its fleet TCE, with no time-charter days on file to remove); the open share is priced at that fraction, not at the index · lr2: using issuer guidance 82% fixed @ $105,765/day · aframax: 2026Q3 has ended — open days are priced at the mean of its own monthly medians, $99,747/day, not the newest month (owner 2026-10-19) · lr2: 2026Q3 has ended — open days are priced at the mean of its own monthly medians, $158,894/day, not the newest month (owner 2026-10-19) · suezmax: 2026Q3 has ended — open days are priced at the mean of its own monthly medians, $185,993/day, not the newest month (owner 2026-10-19) · vlcc: 2026Q3 has ended — open days are priced at the mean of its own monthly medians, $298,164/day, not the newest month (owner 2026-10-19) · one-model DPS untested: 1 quarter(s) of history — the payout and the break-even are both the company's own figures, so nothing is fitted (owner ruling 2026-09-26) · DPS = 35% (stated policy) of cash above the $16,991/day break-even (cost lines) over 1,304 vessel-days · one-model DPS extrapolated: TCE $128,070/day is 10% outside the $116,260-$116,260/day its dividend history covers — costs are per day, so the dividend still rises with the rate, but the payout share is untested out there
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $148.6M | $34.9M | — |
| Opex | $8.3M | $2.4M | — |
| Net income | $92.9M | $23.1M | — |
reconciliation: reported figure missing (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional
Full P&L grid — 2 quarters
| Line item | 2026Q2 | 2026Q1 |
|---|---|---|
| Revenue $M | 148.6 | 34.9 |
| Voyage expenses $M | 34.6 | 7.3 |
| Vessel opex $M | 8.3 | 2.4 |
| G&A $M | 1.7 | 0.2 |
| Depreciation $M | 11.1 | 3.0 |
| Interest expense, gross $M | 3.4 | 0.0 |
| Net income $M | 92.9 | 23.1 |
| Declared DPS | NOK 3.00 | NOK 0.50 |
Realized fleet TCE
Realized fleet TCE versus benchmark: 2 points, 2026-01-01 to 2026-04-01; Realized fleet TCE latest 116,260.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Guidance & sources
Issuer guidance — forward-looking
No current-quarter guidance on file.
Historical guidance (4 rows)
| Period | Metric | Value | Coverage | As of | Source |
|---|---|---|---|---|---|
| 2026Q3 | Aframax Q3 booked TCE (the Aframax / LR2 row) | $105,765 | 82% | 2026-09-01 | — |
| 2026Q3 | LR2 Q3 booked TCE (the Aframax / LR2 row) | $105,765 | 82% | 2026-09-01 | — |
| 2026Q3 | Suezmax Q3 booked TCE (incl. 33 time-charter days) | $130,239 | 71% | 2026-09-01 | — |
| 2026Q3 | VLCC Q3 booked TCE | $97,450 | 100% | 2026-09-01 | — |
Sources — press, filings & documents
Press & filings by quarter
Recent documents
- mfn 2026-10-20T07:00:04 CAPT: CAPITAL TANKERS CORP. ANNOUNCES THE SUCCESSFUL DELIVERY OF A DUAL FUEL SUEZMAX TANKER AND NEW FINANCING ARRANGEMENTS (2026-10-20)
- mfn 2026-10-20T07:00:00 CAPITAL TANKERS CORP. ANNOUNCES THE SUCCESSFUL DELIVERY OF A DUAL FUEL SUEZMAX TANKER AND NEW FINANCING ARRANGEMENTS (2026-10-20)
- mfn 2026-09-28T09:04:22 CAPT: CAPITAL TANKERS CORP. ANNOUNCES THE SUCCESSFUL DELIVERY OF ONE DUAL FUEL SUEZMAX TANKER, INCREASING ITS SAILING FLEET TO SIXTEEN VESSELS (2026-09-28)
- mfn 2026-09-28T09:04:20 CAPITAL TANKERS CORP. ANNOUNCES THE SUCCESSFUL DELIVERY OF ONE DUAL FUEL SUEZMAX TANKER, INCREASING ITS SAILING FLEET TO SIXTEEN VESSELS (2026-09-28)
- mfn 2026-09-10T07:00:04 CAPT: CAPITAL TANKERS CORP. EX DIVIDEND DATE (2026-09-10) summary
- mfn 2026-09-10T07:00:00 CAPITAL TANKERS CORP. EX DIVIDEND DATE (2026-09-10) summary
- mfn 2026-09-01T08:01:00 Key information relating to the cash dividend to be paid by Capital Tankers Corp. (2026-09-01) summary
- mfn 2026-09-01T08:00:00 Capital Tankers Corp. – Board of Directors declares dividend of NOK 3.00 per share (2026-09-01) summary
- mfn 2026-09-01T07:30:00 CAPITAL TANKERS CORP. ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS (2026-09-01) summaryreport
- mfn 2026-08-26T12:20:48 CAPT: CAPITAL TANKERS CORP. SCHEDULES SECOND QUARTER 2026 EARNINGS RELEASE AND INVITATION TO CONFERENCE CALL AND WEBCAST (2026-08-26) summary
- mfn 2026-08-26T12:20:45 CAPITAL TANKERS CORP. SCHEDULES SECOND QUARTER 2026 EARNINGS RELEASE AND INVITATION TO CONFERENCE CALL AND WEBCAST (2026-08-26) summary
- mfn 2026-08-13T07:32:00 CAPT: CAPITAL TANKERS CORP. ANNOUNCES THE SUCCESSFUL DELIVERY OF ONE DUAL FUEL SUEZMAX TANKER, INCREASING ITS SAILING FLEET TO FIFTEEN VESSELS (2026-08-13) summary