Oslo's Largest Shipping Listing in 20 Years Drops 12% on First Day Due to Hormuz Disruption
(Bloomberg) — Shares of Capital Tankers Corp., a crude oil tanker company, dropped on their first day of trading in Oslo on Tuesday, following disruptions caused by the closure of the Strait of Hormuz, which is critical for global oil transportation.
Backed by Greek billionaire Evangelos Marinakis’s Capital Maritime & Trading Corp., Capital Tankers raised around 4.2 billion Norwegian kroner (about $440 million) in its initial public offering to finance new ships. The stock decreased by as much as 12%, starting at 118 kroner per share during its debut on Oslo’s growth exchange. The company offered 31.05 million shares at a price of 134 kroner each, with an additional 4.65 million shares available for sale under a standard overallotment option.
The cost of shipping oil has surged since the US and Israel began military actions against Iran, resulting in the shutdown of the Strait of Hormuz—a vital waterway for oil transport. Capital Tankers currently owns nine operational vessels and plans to receive 21 new ships between 2026 and 2028, focusing on global oil shipping, according to reports. Additionally, the company has the option to purchase 13 more vessels from CMTC at a set price before the year ends.
By listing in Oslo, Capital Tankers aims to attract investors familiar with maritime markets and vessel valuations. Other large shipping firms like Frontline Plc, Hafnia Ltd., and Wallenius Wilhelmsen ASA are also based in Oslo, with some of their shares trading in the US. Capital Tankers is exploring the possibility of a dual listing in the US and upgrading its listing to the main exchange in Oslo.
Marinakis, the billionaire behind CMTC, has investments across shipping, media, and football, including ownership of the Nottingham Forest Football Club in the UK and a majority stake in the Greek team Olympiacos FC.
Fearnley Securities AS and Pareto Securities AS are handling the offering. Capital Tankers trades under the ticker “CAPT.”