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Capital Clean Energy Carriers Corp. Announces First Quarter 2025 Financial Results and Employment for Two LNG Carriers ("LNG/C") Under Construction

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Capital Clean Energy Carriers Corp. (NASDAQ: CCEC) reported strong Q1 2025 financial results, with net income from continuing operations reaching $32.8 million, up 486% from $5.6 million in Q1 2024. Revenue increased 44% to $109.4 million. The company secured long-term charters for two 174,000 CBM LNG carriers under construction, increasing contracted revenue backlog to $3.1 billion with an average charter duration of 7.3 years. CCEC's strategic shift towards gas transportation continues with a fleet of 15 vessels currently in operation. The company maintains strong liquidity with $420.3 million in total cash and shareholders' equity of $1.4 billion. A quarterly dividend of $0.15 was declared. The company's growth strategy includes 16 new LNG/Cs and gas carriers scheduled for delivery over the next three years, positioning CCEC to become the largest U.S. listed company in the LNG and gas transportation space.
Capital Clean Energy Carriers Corp. (NASDAQ: CCEC) ha riportato risultati finanziari solidi nel primo trimestre 2025, con un utile netto da operazioni continuative pari a 32,8 milioni di dollari, in aumento del 486% rispetto ai 5,6 milioni di dollari del primo trimestre 2024. I ricavi sono cresciuti del 44%, raggiungendo 109,4 milioni di dollari. La società ha assicurato contratti di noleggio a lungo termine per due navi metaniere LNG da 174.000 CBM in costruzione, portando il backlog di ricavi contrattati a 3,1 miliardi di dollari con una durata media dei contratti di 7,3 anni. La strategia di CCEC si concentra sempre più sul trasporto di gas, con una flotta di 15 navi attualmente operative. La società mantiene una solida liquidità con 420,3 milioni di dollari in contanti totali e un patrimonio netto di 1,4 miliardi di dollari. È stato dichiarato un dividendo trimestrale di 0,15 dollari. La strategia di crescita prevede la consegna di 16 nuove LNG/C e navi per il trasporto di gas nei prossimi tre anni, posizionando CCEC come la più grande società statunitense quotata nel settore del trasporto di LNG e gas.
Capital Clean Energy Carriers Corp. (NASDAQ: CCEC) reportó sólidos resultados financieros en el primer trimestre de 2025, con un ingreso neto de operaciones continuas de 32,8 millones de dólares, un aumento del 486% respecto a los 5,6 millones de dólares del primer trimestre de 2024. Los ingresos aumentaron un 44%, alcanzando los 109,4 millones de dólares. La compañía aseguró fletamentos a largo plazo para dos buques metaneros LNG de 174.000 CBM en construcción, elevando la cartera de ingresos contratados a 3,1 mil millones de dólares con una duración media de los contratos de 7,3 años. La estrategia de CCEC continúa enfocándose en el transporte de gas, con una flota de 15 buques actualmente en operación. La empresa mantiene una fuerte liquidez con 420,3 millones de dólares en efectivo total y un patrimonio neto de 1,4 mil millones de dólares. Se declaró un dividendo trimestral de 0,15 dólares. La estrategia de crecimiento incluye 16 nuevos buques LNG/C y de gas programados para entrega en los próximos tres años, posicionando a CCEC como la mayor compañía estadounidense cotizada en el sector del transporte de LNG y gas.
Capital Clean Energy Carriers Corp. (NASDAQ: CCEC)은 2025년 1분기 강력한 재무 실적을 발표했습니다. 지속 영업에서 순이익은 3,280만 달러로 2024년 1분기 560만 달러 대비 486% 증가했습니다. 매출은 44% 증가하여 1억 940만 달러에 달했습니다. 회사는 건조 중인 174,000 CBM LNG 운반선 2척에 대한 장기 용선 계약을 확보하여 계약된 수익 잔액을 31억 달러로 늘렸으며, 평균 용선 기간은 7.3년입니다. CCEC는 현재 15척의 선박을 운영하며 가스 운송으로의 전략적 전환을 지속하고 있습니다. 회사는 총 현금 4억 2,030만 달러와 14억 달러의 자본을 보유하며 강한 유동성을 유지하고 있습니다. 분기 배당금은 주당 0.15달러로 선언되었습니다. 성장 전략에는 향후 3년 내에 인도 예정인 16척의 신규 LNG/C 및 가스 운반선이 포함되어 있으며, 이를 통해 CCEC는 미국 상장 LNG 및 가스 운송 분야 최대 기업으로 자리매김할 전망입니다.
Capital Clean Energy Carriers Corp. (NASDAQ : CCEC) a publié de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net des activités poursuivies atteignant 32,8 millions de dollars, en hausse de 486 % par rapport à 5,6 millions de dollars au premier trimestre 2024. Le chiffre d'affaires a augmenté de 44 % pour atteindre 109,4 millions de dollars. La société a sécurisé des contrats de location à long terme pour deux transporteurs de GNL de 174 000 CBM en construction, portant le carnet de commandes contractuelles à 3,1 milliards de dollars avec une durée moyenne de location de 7,3 ans. La stratégie de CCEC s'oriente toujours plus vers le transport de gaz, avec une flotte de 15 navires actuellement en exploitation. La société maintient une forte liquidité avec 420,3 millions de dollars en liquidités totales et des capitaux propres de 1,4 milliard de dollars. Un dividende trimestriel de 0,15 dollar a été déclaré. La stratégie de croissance prévoit la livraison de 16 nouveaux transporteurs de GNL/Gaz au cours des trois prochaines années, positionnant CCEC comme la plus grande société cotée américaine dans le secteur du transport de GNL et de gaz.
Capital Clean Energy Carriers Corp. (NASDAQ: CCEC) meldete starke Finanzergebnisse für das erste Quartal 2025, mit einem Nettogewinn aus fortgeführten Geschäftsbereichen von 32,8 Millionen US-Dollar, was einem Anstieg von 486 % gegenüber 5,6 Millionen US-Dollar im ersten Quartal 2024 entspricht. Der Umsatz stieg um 44 % auf 109,4 Millionen US-Dollar. Das Unternehmen sicherte sich langfristige Charterverträge für zwei im Bau befindliche LNG-Tanker mit 174.000 CBM, wodurch der vertraglich gesicherte Umsatzbestand auf 3,1 Milliarden US-Dollar mit einer durchschnittlichen Charterdauer von 7,3 Jahren anstieg. CCECs strategische Ausrichtung auf den Gastransport setzt sich mit einer derzeit betriebenen Flotte von 15 Schiffen fort. Das Unternehmen verfügt über eine starke Liquidität mit 420,3 Millionen US-Dollar an liquiden Mitteln und einem Eigenkapital von 1,4 Milliarden US-Dollar. Es wurde eine Quartalsdividende von 0,15 US-Dollar pro Aktie angekündigt. Die Wachstumsstrategie umfasst die Lieferung von 16 neuen LNG/C- und Gas-Tankern in den nächsten drei Jahren, wodurch CCEC sich als größtes an der US-Börse notiertes Unternehmen im LNG- und Gastransportbereich positioniert.
Positive
  • Net income surged 486% YoY to $32.8 million in Q1 2025
  • Revenue increased 44% YoY to $109.4 million
  • Secured $3.1 billion contracted revenue backlog with 7.3 years average duration
  • Strong liquidity position with $420.3 million in total cash
  • Strategic transformation progressing with reduced container vessel exposure
  • Secured long-term employment for two new LNG carriers with major energy companies
Negative
  • Significant capital expenditure requirements of $1.88 billion for under-construction fleet through 2027
  • Total debt remains high at $2.57 billion
  • Current challenging spot market conditions in LNG shipping with rates averaging only $16,700/day in Q1

Insights

CCEC delivered stunning 486% profit growth, securing $3.1B in future revenue through strategic LNG focus while maintaining strong balance sheet and dividends.

CCEC's Q1 results reveal extraordinary financial momentum with net income from continuing operations soaring 486% year-over-year to $32.8 million, powered by revenue growth of 44% reaching $109.4 million. This growth significantly outpaced the 17% increase in expenses, creating substantial margin expansion and operational leverage.

The company's strategic transformation from container shipping to gas transportation is progressing exceptionally well. After selling 12 container vessels following their November 2023 strategic shift announcement, only three container vessels remain in their fleet, all secured on long-term charters extending to at least 2032. This decisive pivot positions CCEC to become a dominant force in gas transportation.

CCEC has dramatically enhanced revenue visibility by securing new long-term charters for two LNG carriers under construction and extensions for three in-water vessels. These contracts have increased the company's contracted revenue backlog to $3.1 billion with an average duration of 7.3 years, potentially extending to $4.5 billion and 10.2 years if all charter options are exercised. This exceptional visibility provides stability in the volatile shipping industry.

The balance sheet remains robust with $420.3 million in cash and shareholders' equity of $1.41 billion. Total debt of $2.57 billion appears manageable given the contracted revenue stream and effective debt management, with a weighted average margin of 1.7% over SOFR on floating debt and 4.4% on fixed-rate debt.

The $0.15 quarterly dividend signals management's confidence despite the substantial $1.88 billion capex program for vessels under construction through 2027. This includes $1.3 billion for LNG carriers and $582.4 million for the Gas Fleet.

CCEC's strategic decision to secure long-term employment for its fleet proves prescient given current market conditions. The LNG shipping market shows a striking disconnect between weak spot rates ($16,700/day) and robust long-term rates ($85,000-$90,000/day for 5-10 year charters). The company's positioning appears advantageous, controlling 4 of only 21 "open" vessels in an orderbook of 307 LNG carriers, while industry scrapping of older vessels suggests potential supply tightening that could benefit modern vessel operators like CCEC.

ATHENS, Greece, May 08, 2025 (GLOBE NEWSWIRE) -- Capital Clean Energy Carriers Corp. (the “Company,” “CCEC”, “we” or “us”) (NASDAQ: CCEC), an international owner of ocean-going vessels, today released its financial results for the first quarter ended March 31, 2025.

Key Quarterly Highlights

  • New long term time charter agreements (“TC”) for two LNG/Cs under construction and exercise of certain options for three of our in-the-water LNG/Cs
  • Contracted revenue backlog increased to $3.1 billion or $4.5 billion including optional periods
  • Concluded the sale of the last two debt-free container vessels announced in the third quarter of 2024
  • Announced dividend of $0.15 for the first quarter of 2025

The Company announced in November 2023 its decision to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including liquefied natural gas (“LNG”) and emerging new commodities in connection with the energy transition. As a result, the Company agreed to acquire 11 newbuild LNG/Cs (the “Newbuild LNG/C Vessels”) and in June 2024, the Company further expanded its gas focused portfolio with the acquisition of 10 additional gas carriers, including four LCO2/multi gas and six LPG-ammonia carriers (the “Gas Fleet”). Since December 2023, the Company has also completed the sale of 12 container vessels.

In view of this strategic shift, we present our financial results on a continuing operations basis, except for where reference is made to discontinued operations. Financial results from continuing operations include revenues, expenses and cash flows arising from our 15 vessels currently in-the-water, including 12 latest generation LNG/Cs and three 13,000 twenty equivalent unit (“TEU”) Neo-Panamax container vessels.

Financial results from discontinued operations include revenues, expenses and cash flows arising from the 12 container vessels we have sold following the announcement of our strategic shift in November 2023. Please refer to Appendix A Discontinued Operations.

Key Financial Highlights (continuing operations)

 Three-month period ended March 31,
 20252024Increase/
(Decrease)
Revenues$109.4 million$76.2 million44%
Expenses$47.5 million$40.7 million17%
Interest expense and finance cost$30.7 million$31.8 million(3%)
Net Income$32.8 million$5.6 million486%
Average number of vessels115.012.025%
 

Management Commentary

Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented:

“We are very pleased that two of our LNG carriers under construction have secured long term employment well in advance of their scheduled delivery. In our view, these fixtures signal that the long-term fundamentals of LNG shipping remain robust for high quality owners like CCEC, operating latest generation LNG/Cs, despite the challenges in the short-term market. Moreover, together with certain options exercised by one of our existing charterers for three of our in-the-water LNG/Cs, our contract backlog duration increased to 7.3 years with $3.1 billion in contracted revenues. Additionally, the two new charters are expected to further improve the diversity and composition of our charter book, further de-risk our balance sheet and provide our investors with increasing cash flow visibility.

CCEC now has only four latest generation LNG carriers under construction from its eventual fleet of 18 that are available for charter. The Company remains engaged with multiple counterparties regarding their future employment. Critically, CCEC remains largely insulated from current spot LNG market conditions, with our first two open newbuildings being delivered not before the third quarter of 2026.

Following the delivery of the last two container vessels we agreed to sell during the first quarter of 2025, our container exposure has been reduced to just three legacy, modern container carriers with remaining charters until at least 2032. This transition aligns with our strategic objective of positioning the Company as the premier carrier of gas transportation solutions, including emerging trades tied to the energy transition. Importantly, the Company has built-in growth for the next three years driven by the scheduled delivery of 16 new LNG/Cs and other gas carriers, which is well supported by our internally generated cash flows and our cash at hand, which amounted to $420.3 million at quarter end. We remain firmly on our path to reposition CCEC to become the largest U.S. listed company focused on LNG and gas transportation space.” 

_________________________

1 Average number of vessels is measured by aggregating the number of days each vessel was part of our fleet during the period and dividing such aggregate number by the number of calendar days in the period.

Fleet Employment Update

CCEC has secured employment for two 174,000 Cubic Meters (“CBM”) LNG/Cs currently under construction at Hyundai Samho, which are scheduled for delivery in the first quarter of 2027.

In particular, the LNG/C ‘Athlos’ has been chartered for a firm period of five years, with an additional five-year option at the charterer’s discretion. The LNG/C ‘Archon’ has been chartered for a firm period of seven years, also with a five-year optional extension to a major energy company. Commencement of the charters will occur upon each vessel’s delivery from the shipyard. Importantly, under both charter agreements, we maintain the right to substitute other latest generation LNG/Cs from our fleet to perform in place of either the LNG/C ‘Athlos’ or the LNG/C ‘Archon’, thereby enhancing the Company’s commercial flexibility and fleet deployment strategy.

Furthermore, on January 30, 2025, the LNG/C ‘Axios II’ commenced its previously announced seven-year bareboat charter, with the charterer having the option to extend the bareboat charter by an additional three years.

As a result, CCEC now has an average remaining firm charter duration of 7.3 years and $3.1 billion in contracted revenues. Should all extension options be exercised by charterers, the average duration would increase to 10.2 years, with total contracted revenues rising to $4.5 billion. 

Overview of First Quarter 2025 Results

Net income from continuing operations for the quarter ended March 31, 2025, was $32.8 million, compared with net income from continuing operations of $5.6 million for the first quarter of 2024.

Total revenue from continuing operations for the quarter ended March 31, 2025, was $109.4 million, compared to $76.2 million during the first quarter of 2024. The increase in revenue was attributable to the acquisition of three LNG/Cs during the second quarter of 2024. The average number of vessels in our fleet of continuing operations increased to 15.0 from 12.0 in the same quarter of last year.

Total expenses from continuing operations for the quarter ended March 31, 2025, were $47.5 million, compared to $40.7 million in the first quarter of 2024. Total vessel operating expenses from continuing operations during the first quarter of 2025 amounted to $17.9 million, compared to $14.9 million during the first quarter of 2024. The increase in vessel operating expenses from continuing operations was mainly due to the increase in the average number of vessels in our fleet. Total expenses from continuing operations for the first quarter of 2025 also include vessel depreciation and amortization of $24.2 million, compared to $18.2 million in the first quarter of 2024. The increase in depreciation and amortization from continuing operations during the first quarter of 2025 was attributable to the increase in the average number of vessels in our fleet. General and administrative expenses from continuing operations for the first quarter of 2025 amounted to $4.1 million, down from $4.4 million incurred in the first quarter of 2024, on the back of lower costs incurred in connection with our equity compensation incentive plan partly set off by higher transaction-related costs.

Total other expenses, net from continuing operations for the quarter ended March 31, 2025, were $29.1 million compared to $29.9 million for the first quarter of 2024. Total other expenses, net from continuing operations include interest expense and finance cost of $30.7 million for the first quarter of 2025, compared to $31.8 million for the first quarter of 2024. The decrease in interest expense and finance cost from continuing operations was mainly attributable to the decrease in the weighted average interest rate charged on our debt partly set off by the increase in our average indebtedness compared to the first quarter of 2024.

Company Capitalization

As of March 31, 2025, total cash amounted to $420.3 million. Total cash includes restricted cash of $21.5 million, which represents the minimum liquidity requirement under our financing arrangements.

As of March 31, 2025, the Company’s total shareholders’ equity amounted to $1,414.9 million, an increase of $71.9 million compared to $1,343.0 million as of December 31, 2024. The increase reflects net income from operations (including net income from discontinued operations) of $80.7 million for the three months to March 31, 2025 and amortization associated with the equity incentive plan of $1.6 million, partly offset by distributions declared and paid during the period in a total amount of $9.0 million and other comprehensive loss of $1.2 million relating to the net effect of the cross-currency swap agreement we designated as an accounting hedge.

As of March 31, 2025, the Company’s total debt was $2,575.9 million before deferred financing costs, reflecting a decrease of $22.4 million compared to $2,598.3 million as of December 31, 2024. The decrease is attributable to the scheduled principal payments for the period of $33.0 million, partly offset by a $10.5 million increase in the U.S. Dollar equivalent, as of March 31, 2025, of the euro-denominated bonds issued by CPLP Shipping Holdings Plc in July 2022 and October 2021.

As of March 31, 2025, the weighted average margin on our floating debt amounting to $2,066.5 million was 1.7% over SOFR and the weighted average interest rate on our fixed rate debt amounting to $509.3 million was 4.4%.

Container Divestment Update

During the first quarter of 2025, the Company delivered to their new owners the M/V Hyundai Privilege and M/V Hyundai Platinum, the last of five container sister vessels that we agreed to sell, as announced by the Company in the third quarter of 2024. The conclusion of these sales leaves the Company focused on LNG and gas transportation assets with only three container vessels remaining in the Company fleet, all of which are on long-term time charters, with one expiring in 2032 and two in 2033, with options to extend until 2038 or 2039, respectively.

Under-Construction Fleet Update

The Company’s under-construction fleet includes six latest generation LNG/Cs (comprising the remaining Newbuild LNG/C Vessels that have not yet been delivered to the Company) and the Gas Fleet. The following table sets out the Company’s schedule of expected capex payments for its under-construction fleet as of March 31, 2025.

Capex Schedule of CCEC in USD million, as of March 31, 2025:

 202520262027TOTAL
 Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 
Newbuild LNG/C Vessels49.925.650.625.051.2393.7149.7552.5--1,298.2
Gas Fleet22.515.522.074.0105.4123.247.789.346.935.9582.4
TOTAL72.441.172.699.0156.6516.9197.4641.846.935.91,880.6
 

Quarterly Dividend Distribution

On April 30, 2025, the Board of Directors of the Company declared a cash dividend per share of $0.15 for the first quarter of 2025 payable on May 16, 2025, to shareholders of record on May 12, 2025.

LNG Market Update

The LNG shipping market remained largely unchanged throughout the first quarter of 2025 compared to the previous quarter. The combination of an oversupply of LNG/Cs and reduced tonne-mile demand continues to weigh on the spot and short-term charter market. Vessel supply continued to outpace demand in the Atlantic basin, as EU LNG prices continued to trade at a premium compared to Asian LNG prices throughout the quarter, leading to charterer freight length being relet in the spot and short market, as well as to laying up of older technology LNG/Cs.

The LNG spot market in the first quarter of 2025 has averaged $16,700/day for a 2-stroke vessel, with 1-year time charters at around $30,000/day. However, the commercial removal of older vessels and the occasional widening of the arbitrage between east and west, has led to a recovery in Atlantic spot charter rates with 2-stroke vessels trading at around 40,000$/day by the end of April 2025.

Mid- and long-term rates have continued to command a significant premium to the spot market, with the five to ten year range for a newbuild vessel delivering in 2027 between $85,000 and $90,000/day.

As stated in the last quarterly set of results, management expects that the current market dynamics will accelerate the commercial removal of older, smaller and less efficient vessels. In 2024 we saw a record of 8 older steam turbine vessels being sold for demolition and the momentum has continued in 2025 with three such vessels removed so far this calendar year. Currently, the older technology steam turbine fleet comprises approximately 200 vessels or around 30% of the fleet on the water.

Since the beginning of the year, the LNG market has witnessed a resurgence in long-term contracting activity, highlighted by major agreements involving super majors and national oil companies around the world. These developments reflect a continued global demand for LNG, particularly in Asia and Europe, and underscore the potential for increased LNG shipping requirements in the coming years, as a number of liquefaction projects receive or come closer to FID.

Looking at the orderbook, there are 307 LNG/C vessels on order with 21 vessels delivered during the first quarter of 2025. Of those 307 LNG/C newbuildings, only 21 remain open and CCEC controls four of them. We expect the long-term prospects for these modern, state-of the art vessels to remain robust, especially as older, less efficient vessels become obsolete under the ever-evolving and stringent regulatory environment.

Conference Call and Webcast

Today, May 8, 2025, the Company will host an interactive conference call at 10:00 am Eastern Time to discuss the financial results.

Conference Call Details

Participants should dial into the call 10 minutes before the scheduled time by registering at the link provided below. 

https://register-conf.media-server.com/register/BI8dede40289cf49c9acc43cdc809a8777

Upon registering, participants will receive the dial-in information, and a unique PIN required to access the call. An email confirmation with full access details will also be sent to the registered email address. 

Alternatively, participants may use the “Call Me” option available on the same registration link for a faster connection. By entering their phone number, they will receive an immediate callback from a U.S. based number to join the call 

Slides and Audio Webcast

There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website http://ir.capitalcleanenergycarriers.com/ and click on Webcasts & Presentations under our Investor Relations page. Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Clean Energy Carriers Corp.

Capital Clean Energy Carriers Corp. (NASDAQ: CCEC), an international shipping company, is one of the world’s leading platforms of gas carriage solutions with a focus on energy transition. CCEC’s in-the-water fleet includes 15 high specification vessels, including 12 latest generation LNG/Cs and three legacy Neo-Panamax container vessels. In addition, CCEC’s under-construction fleet includes six additional latest generation LNG/Cs, six dual-fuel medium gas carriers and four handy LCO2/multi-gas carriers, to be delivered between the first quarter of 2026 and the third quarter of 2027.

For more information about the Company, please visit: www.capitalcleanenergycarriers.com

Forward-Looking Statements

The statements in this press release that are not historical facts, including, among other things, statements related to CCEC’s ability to pursue growth opportunities and CCEC’s expectations or objectives regarding future vessel deliveries and charter rate expectations, are forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. For a discussion of factors that could materially affect the outcome of forward-looking statements and other risks and uncertainties, see “Risk Factors” in our annual report filed with the SEC on Form 20-F for the year ended December 31, 2024, filed on April 17, 2025. Unless required by law, CCEC expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, to conform them to actual results or otherwise. CCEC does not assume any responsibility for the accuracy and completeness of the forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements.

Contact Details:
Investor Relations / Media

Brian Gallagher
EVP Investor Relations
Tel. +44 (770) 368 4996
E-mail: b.gallagher@capitalmaritime.comm

Nicolas Bornozis
Markella Kara
Capital Link, Inc. (New York)
Tel. +1-212-661-7566
E-mail: ccec@capitallink.com

Source: Capital Clean Energy Carriers Corp.


Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(In thousands of United States Dollars, except for number of shares and earnings per share)

 For the three-month period ended March 31,
 2025 2024
Revenues109,381 76,166
Expenses:  
Voyage expenses1,243 3,190
Vessel operating expenses15,420 12,749
Vessel operating expenses - related parties2,487 2,115
General and administrative expenses4,129 4,421
Vessel depreciation and amortization24,195 18,221
Operating income, net61,907 35,470
Other income / (expense), net:  
Interest expense and finance cost(30,723) (31,771)
Other income, net1,638 1,883
Total other expense, net(29,085) (29,888)
Net income from continuing operations32,822 5,582
Net income from discontinued operations47,895 28,314
Net income from operations80,717 33,896
Net income attributable to General Partner- 213
Net income attributable to unvested shares1,418 152
Net income attributable to common shareholders79,299 33,531
Net income from continuing operations per:  
Common shares, basic and diluted0.55 0.10
Weighted average shares outstanding:  
Common shares, basic and diluted58,717,313 54,816,555
Net income from discontinued operations per:  
Common shares, basic and diluted0.80 0.51
Weighted average shares outstanding:  
Common shares, basic and diluted58,717,313 54,816,555
Net income from operations per:  
Common shares, basic and diluted1.35 0.61
Weighted average shares outstanding:  
Common shares, basic and diluted58,717,313 54,816,555
   


Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of United States Dollars)

  As of March 31, 2025 As of December 31, 2024
Assets    
Current assets    
Cash and cash equivalents$398,761$313,988
Trade accounts receivable, net 5,463 3,853
Prepayments and other assets 8,083 7,512
Due from related party - 1,131
Inventories 4,524 4,844
Claims 865 865
Current assets of discontinued operations 2,204 73,350
Total current assets 419,900 405,543
Fixed assets    
Advances for vessels under construction – related party 54,000 54,000
Vessels, net and vessels under construction 3,553,989 3,527,305
Total fixed assets 3,607,989 3,581,305
Other non-current assets    
Above market acquired charters 93,069 101,574
Deferred charges, net 462 361
Restricted cash 21,529 22,521
Derivative asset 4,625 1,574
Prepayments and other assets 554 4
Total non-current assets 3,728,228 3,707,339
Total assets$4,148,128$4,112,882
Liabilities and Shareholders’ Equity    
Current liabilities    
Current portion of long-term debt, net$128,698$128,383
Trade accounts payable 10,911 15,119
Due to related parties 4,279 3,542
Accrued liabilities 32,858 32,157
Deferred revenue 23,904 29,804
Derivative liabilities 11,519 18,114
Current liabilities of discontinued operations 17,329 16,372
Total current liabilities 229,498 243,491
Long-term liabilities    
Long-term debt, net 2,428,328 2,450,129
Below market acquired charters 72,264 75,659
Deferred revenue 3,147 634
Total long-term liabilities 2,503,739 2,526,422
Total liabilities 2,733,237 2,769,913
Commitments and contingencies - -
Total shareholders’ equity 1,414,891 1,342,969
Total liabilities and shareholders’ equity$4,148,128$4,112,882



Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands of United States Dollars)

 For the three-month ended March 31,
 20252024
Cash flows from operating activities of continuing operations:    
Net income from operations$80,717$33,896
Less: Net income from discontinued operations (47,895) (28,314)
Net income from continuing operations 32,822 5,582
Adjustments to reconcile net income to net cash provided by operating activities:    
Vessel depreciation and amortization 24,195 18,221
Amortization and write-off of deferred financing costs 991 665
Amortization / accretion of above / below market acquired charters 5,110 3,342
Amortization of ineffective portion of derivatives (52) (52)
Equity compensation expense 1,577 2,580
Change in fair value of derivatives (6,595) 3,729
Unrealized bonds exchange differences 6,325 (4,328)
Changes in operating assets and liabilities:    
Trade accounts receivable, net (1,610) 860
Prepayments and other assets (1,121) 367
Due from related party 1,131 1,847
Inventories 320 (623)
Trade accounts payable (4,186) (437)
Due to related parties 737 4,297
Accrued liabilities 755 5,683
Deferred revenue (3,387) (9,388)
Net cash provided by operating activities of continuing operations$57,012$32,345
Cash flows from investing activities of continuing operations:    
Vessel acquisitions, vessels under construction and improvements including time and bareboat charter agreements (51,027) (245,024)
Expenses for sale of vessels paid - (220)
Net cash used in investing activities of continuing operations$(51,027)$(245,244)
Cash flows from financing activities of continuing operations:    
Proceeds from long-term debt - 190,000
Deferred financing and offering costs paid (205) (3,340)
Payments of long-term debt (33,000) (79,646)
Dividends paid (8,996) (8,309)
Net cash used in financing activities of continuing operations$(42,201)$98,705
Net decrease in cash, cash equivalents and restricted cash from continuing operations$(36,216)$(114,194)
Cash flows from discontinued operations    
Operating activities (686) 14,945
Investing activities 120,683 92,741
Financing activities - (39,932)
Net increase in cash, cash equivalents and restricted cash from discontinued operations 119,997 67,754
Net increase / (decrease) in cash, cash equivalents and restricted cash 83,781 (46,440)
Cash, cash equivalents and restricted cash at the beginning of the period$336,509$204,141
Cash, cash equivalents and restricted cash at the end of the period$420,290$157,701
Supplemental cash flow information    
Cash paid for interest$30,167$29,014
Non-Cash Investing and Financing Activities    
Capital expenditures included in liabilities 3,989 3,672
Capitalized dry-docking costs included in liabilities 3,129 3,149
Deferred costs included in liabilities - 173
Expenses for sale of vessels included in liabilities 8,428 1,731
Sellers’s credit assumed in connection with the acquisition of company owning vessel - 92,600
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 398,761 146,485
Restricted cash - non-current assets 21,529 11,216
Total cash, cash equivalents and restricted cash shown in the statements of cash flows$420,290 157,701



Appendix A

I.Discontinued Operations - Vessels


Name of VesselTypeTEUMemorandum of Agreement DateDelivery
M/V AkadimosNeo Panamax Container Vessel9,288January 31, 2024March 8, 2024
M/V Long Beach ExpressPanamax Container Vessel5,089December 15, 2023February 26, 2024
M/V Seattle ExpressPanamax Container Vessel5,089February 14, 2024April 26, 2024
M/V Fos ExpressPanamax Container Vessel5,089February 14, 2024May 3, 2024
M/V AthenianNeo Panamax Container Vessel9,954March 1, 2024April 22, 2024
M/V AthosNeo Panamax Container Vessel9,954March 1, 2024April 22, 2024
M/V AristomenisNeo Panamax Container Vessel9,954March 1, 2024May 3, 2024
M/V Hyundai PremiumNeo Panamax Container Vessel5,023September 12, 2024November 22, 2024
M/V Hyundai ParamountNeo Panamax Container Vessel5,023September 12, 2024December 20, 2024
M/V Hyundai PrestigeNeo Panamax Container Vessel5,023September 12, 2024December 5, 2024
M/V Hyundai PrivilegeNeo Panamax Container Vessel5,023September 12, 2024January 10, 2025
M/V Hyundai PlatinumNeo Panamax Container Vessel5,023September 12, 2024March 10, 2025


 

 II.Discontinued Operations - Unaudited Condensed Consolidated Statements of Comprehensive Income
 (In thousands of United States Dollars) 


 For the three-month
periods ended March 31,
 2025 2024
Revenues2,482 28,328
Expenses / (income), net:  
Voyage expenses35 667
Vessel operating expenses953 6,806
Vessel operating expenses - related party90 1,008
Vessel depreciation and amortization- 5,741
Gain on sale of vessels(46,213) (16,411)
Operating income, net47,617 30,517
Other income / (expense), net:  
Interest expense and finance cost(1) (2,272)
Other income, net279 69
Total other income / (expense), net278 (2,203)
Net income from discontinued operations47,895 28,314
 

During the first quarter of 2025, the Company disposed of the following vessels recognizing, a gain on the sale of vessels of $46,213.

VesselMOA DateDelivery date
M/V Hyundai PrivilegeSeptember 12, 2024January 10, 2025
M/V Hyundai PlatinumSeptember 12, 2024March 10, 2025
   


III.Discontinued Operations - Unaudited Condensed selected balance sheets information
 (In thousands of United States Dollars) 


  As of March 31, 2025  As of December 31, 2024
Cash and cash equivalents$4 $38
Trade accounts receivable, net 1,550  636
Prepayments and other assets 601  907
Claims 49  49
Assets held for sale -  71,720
Total current assets of discontinued operations 2,204  73,350
Trade accounts payable 8,323  3,026
Accrued liabilities 9,006  12,443
Deferred revenue -  903
Total current liabilities of discontinued operations 17,329  16,372

FAQ

What were CCEC's Q1 2025 earnings results?

CCEC reported Q1 2025 net income of $32.8 million, up 486% from $5.6 million in Q1 2024, with revenues increasing 44% to $109.4 million.

What is CCEC's current contract backlog and average charter duration?

CCEC has a $3.1 billion contracted revenue backlog with an average charter duration of 7.3 years, which could increase to $4.5 billion and 10.2 years if all extension options are exercised.

How much cash does CCEC have on hand as of Q1 2025?

As of March 31, 2025, CCEC had total cash of $420.3 million, including $21.5 million in restricted cash.

What is CCEC's dividend for Q1 2025?

CCEC declared a quarterly cash dividend of $0.15 per share for Q1 2025, payable on May 16, 2025, to shareholders of record on May 12, 2025.

How many vessels does CCEC have under construction and what is the total capex required?

CCEC has 16 vessels under construction (6 LNG carriers and 10 gas carriers) with total remaining capex requirements of $1.88 billion through 2027.
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Capital Clean Energy Carriers Corp

NASDAQ:CCEC

CCEC Rankings

#1612 Ranked by Market Cap
#1154 Ranked by Dividends

CCEC Latest News

May 2, 2025
Capital Clean Energy Carriers Corp. Schedules First Quarter 2025 Earnings Release, Conference Call and Webcast
Apr 30, 2025
Capital Clean Energy Carriers Corp. Declares Quarterly Dividend
Mar 26, 2025
Capital Clean Energy Carriers Corp. Joins MIT Maritime Consortium as Founding Member to Advance Research and Development of Groundbreaking Technologies
Mar 18, 2025
Capital Clean Energy Carriers Corp. Announces Participation in Capital Link’s Investor Conference in New York on Monday, March 31, 2025
Feb 6, 2025
Capital Clean Energy Carriers Corp. Announces Fourth Quarter 2024 Financial Results

CCEC Stock Data

1.08B
9.53M
84.24%
0.48%
0.11%
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