Capital Tankers tjente 93 millioner dollar

Capital Tankers reported a profit of 93 million dollars for the second quarter, during which the freight market was affected by high shipping rates due to the Middle East conflict. The board has set a dividend of three kroner per share for the second quarter, amounting to an issuance of 401 million kroner. The company's management highlights in the quarterly report that "the second quarter was one of the strongest periods for the tank oil market in recent history."

The fleet is distributed across vessels of VLCC, Suezmax, and Aframax/LR2 types. The company went public in March after Greek billionaire Evangelos Marinakis sold shares to new investors for half a billion dollars. The stock price was set at 134 kroner per share, while the share now trades around 159 kroner. The company has 15 ships in operation, and the fleet totals 33 vessels, including orders.

The market valuation stands at around 21 billion kroner. Investment director Robert Næss points out that the company is "a case where the big values lie a bit further ahead," especially in the VLCC segment where only one ship is currently at sea but several are under construction with delivery expected in the next two years. He believes Capital Tankers is a "nice priced share in relation to underlying values" and is positive about the company being an analyst favorite.

The analyst notes that the development in the Middle East will still be central for tanker companies. "It is clear that when traffic opens up there, there will be more freight than usual in a period. But the earnings momentum still looks quite good," Næss says.