Capital Clean Energy Carriers Corp. Announces First Quarter 2026 Financial Results
Rhea-AI Summary
Capital Clean Energy Carriers (NASDAQ: CCEC) reported Q1 2026 continuing-operations results: revenues $98.0M, net income $18.3M, average fleet 14 vessels. Key actions: €250M seven-year unsecured bond, divestment of 49% stake in Amore Mio I into a JV with BGN affiliate, dividend $0.15/share and $20M buyback.
Fleet deliveries accelerated, including LCO2/multi-gas Amadeus; under-construction capex schedule totals $2,251.5M across periods shown.
Positive
- Completed €250.0M unsecured seven-year bond offering (coupon 3.75%)
- Divestment forms JV with BGN affiliate and secures a 10-year time charter generating up to $485.6M
- Declared $0.15 per-share quarterly dividend and approved $20.0M share buyback program
Negative
- Q1 2026 revenues down 3.9% to $98.0M and net income down 44.0% to $18.3M
- Total expenses rose 25.7% to $54.3M, driven by higher voyage and vessel operating costs
- Total debt increased to $2,626.1M as of March 31, 2026, up from $2,454.3M at year-end
News Market Reaction – CCEC
In the May 7 session, CCEC gained 0.89%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 05 | Q4 2025 earnings | Positive | -5.0% | Revenue $98.3M, net income $28.4M, dividend maintained at $0.15. |
| Oct 30 | Q3 2025 earnings | Positive | -4.6% | Net income $23.1M on revenue $99.5M, plus asset sale gain. |
| Jul 31 | Q2 2025 earnings | Positive | -1.4% | Net income up to $29.9M, revenue $104.2M, ongoing fleet growth. |
| May 08 | Q1 2025 earnings | Positive | -0.3% | Net income $32.8M, revenue $109.4M, backlog $3.1B. |
| Feb 06 | Q4 2024 earnings | Positive | -0.7% | Net income $20.8M, revenue $105.1M, backlog > $2.5B. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have generally been strong but followed by negative price reactions.
Over the last year, CCEC’s earnings releases consistently reported growing revenue, higher net income and recurring $0.15 quarterly dividends. Contracted revenue backlogs above $2.5–3.1 billion and fleet expansion toward LNG and gas carriers have been recurring themes. Despite these positive fundamentals, shares typically moved down after earnings, highlighting a pattern of post‑announcement weakness that contrasts with the current pre‑release uptick.
Key Terms
time charter technical
balloon payment financial
jolco facility financial
cross-currency swap financial
dividend reinvestment plan financial
restricted cash financial
semi-refrigerated technical
orderbook technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, May 07, 2026 (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, 2026.
Key Highlights
- Completed an offering of
€250.0 million in unsecured bonds with a seven-year maturity listed on the Athens Exchange (“ATHEX”) - Agreed to divest
49% stake in the LNG/C Amore Mio I, formed a Joint Venture company with an affiliate of the BGN Group and secured a 10-year time charter - Took delivery of our second LCO2/multi-gas carrier, the Amadeus
- Brought forward the delivery of three LNG/Cs under construction
- Announced a dividend of
$0.15 per share for the first quarter of 2026 - Board approved
$20.0 million share buyback program
Key Financial Highlights (continuing operations)
| Three-month periods ended March 31, | |||
| 2026 | 2025 | (Decrease) / Increase | |
| Revenues | ( | ||
| Expenses | |||
| Interest expense and finance cost | ( | ||
| Net Income | ( | ||
| Average number of vessels1 | 14.0 | 13.0 | |
_____________________
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.
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented:
“During the first quarter, the Company continued to deliver on our strategy to build a leading gas transportation platform, generating both robust cash flows and further strengthening our financial position through a successful bond offering. Post quarter end, we executed an innovative transaction, which not only highlighted our ability to attract a co-investment with a major energy trading partner, but also enhanced the quality and diversification of our charter portfolio.
“As a result, the average firm contract duration for our LNG/Cs stands at 6.9 years, representing approximately
“The ongoing geopolitical tensions in the Middle East, particularly the Iran conflict, have created considerable uncertainty and disrupted across global energy shipping markets. The Company’s long-term contracts and solid market positioning offer significant resilience amid these volatile conditions. At the same time, we remain vigilant of opportunities that might develop from such volatility and with this view, we have advanced the delivery timeline of three of our LNG/C newbuildings.
“Last but not least, during the quarter Mr. Martin Houston was appointed as Chairman of the Company. Mr. Houston’s extensive experience and deep expertise across all aspects of the LNG value chain is expected to reinforce the delivery of our strategic goals.”
Fleet Update
On April 30, 2026, the Company took delivery of its second LCO2/multi-gas carrier, the Amadeus (Hyundai Mipo Dockyard Co. Ltd, 22,000 cbm). The acquisition of the Amadeus was financed with
During the period, we agreed with the shipyard to bring forward the delivery of the following three LNG/Cs currently under construction:
| LNG/C | Current expected delivery date | Previous delivery date |
| Archimidis | June 2026 | July 2026 |
| Agamemnon | June 2026 | January 2027 |
| Alcaios I | July 2026 | September 2026 |
The acquisition of LNG/C Archimidis is expected to be financed by cash on hand and a new JOLCO facility for an amount of
The acquisition of LNG/C Agamemnon is expected to be financed by cash on hand and a new senior secured bridge loan facility of
Both facilities remain subject to final long form documentation.
Divestment of
On April 15, 2026, the Company announced that it has agreed to sell in the first quarter of 2027 the LNG/C Amore Mio I (2023-built 174,000 cbm) to a subsidiary of a joint venture company (the “Joint Venture”) owned
The Joint Venture has secured a 10-year time charter (with two three-year extension options) of the vessel to BGN INT DMCC commencing simultaneously with the acquisition of the vessel and expected, if all options are exercised, to generate aggregate revenues of up to approximately
The Joint Venture will be effected through BM Capital HoldCo LLC, a newly formed Marshall Islands limited liability company, in which CCEC holds a
The existing financing on the vessel is expected to be refinanced upon acquisition of the vessel in the first quarter of 2027.
Under-Construction Fleet Update
The Company’s under-construction fleet includes nine latest-generation LNG/Cs (referred to below as the “Newbuild LNG/Cs”) plus six dual-fuel medium gas carriers and two handy LCO2/multi-gas carriers (referred to below as the “Gas Fleet”). The following table sets out the Company’s schedule of expected capex payments for its under-construction fleet:
| Q2 26 | Q3 26 | Q4 26 | Q1 27 | Q2 27 | Q3 27 | Q4 27 | Q1 28 | Q2 28 | Q3 28 | Q4 28 | Q1 29 | Total | |
| Newbuild LNG/Cs | 541.1 | 149.7 | 0.00 | 456.9 | 24.7 | 0.0 | 74.1 | 0.0 | 49.4 | 186.4 | 0.0 | 372.8 | 1,855.1 |
| Gas Fleet | 61.2 | 115.4 | 0.00 | 183.9 | 0.00 | 35.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 396.4 |
| Total | 602.3 | 265.1 | 0.00 | 640.8 | 24.7 | 35.9 | 74.1 | 0.0 | 49.4 | 186.4 | 0.0 | 372.8 | 2,251.5 |
Overview of First Quarter 2026 Results
Net income for the quarter ended March 31, 2026, was
Total revenues for the quarter ended March 31, 2026, were
Total expenses for the quarter ended March 31, 2026, were
Total expenses for the first quarter of 2026 also include vessel depreciation and amortization of
Total other expenses, net for the quarter ended March 31, 2026, were
Company Capitalization
As of March 31, 2026, total cash amounted to
As of March 31, 2026, the Company’s total shareholders’ equity amounted to
As of March 31, 2026, the Company’s total debt was
As of March 31, 2026, the weighted average margin on our floating debt, amounting to
Appointment of new Chairman and new role of Vice-Chairman
On March 9, 2026, the Company announced the appointment of director Martin Houston as Chairman of the Company’s board of directors with Keith Forman moving to a new role as Vice-Chairman.
Issuance of
On February 25, 2026, CCEC successfully completed an unsecured bond offering of
The Bonds will mature in 2033 and have a coupon of
Part of the proceeds of the Bonds were used on April 22, 2026, to prepay the outstanding
Dividend Reinvestment Plan (“DRIP”)
The Company has implemented a Dividend Reinvestment Plan to provide our shareholders with a convenient and economical way to reinvest cash dividends to purchase our common shares. The DRIP is open to our existing shareholders and investors who will become our shareholders in the future outside of the DRIP. In February 2026, the Company issued 275,592 common shares under the DRIP at the price of
At March 31, 2026, the total common shares outstanding was 60,113,445 (excluding 871,061 common shares held in treasury).
Share Repurchase Program
Our Board of Directors approved a share repurchase program, providing the Company with authorization to repurchase up to
Quarterly Dividend Distribution
On April 28, 2026, the Board of Directors of the Company declared a cash dividend of
LNG Market Update
The first quarter of 2026 in LNG shipping was inevitably defined by the conflict in the Middle East and the significant LNG volume stranded in the Arabian Gulf, overshadowing what initially appeared to be a typical post-winter slowdown during the first two months of the quarter.
Market conditions shifted sharply following the U.S.–Israeli strike on Iran and the effective closure of the Strait of Hormuz, which removed around
At the same time, uncertainty led to LNG/C vessel relet supply length being pulled back, which in combination with the increase in tonne-mile demand, led to a spike in charter rates from around
As of quarter-end, 296 LNG carriers were on order, with 20 vessels delivered during the first quarter of 2026. Of the total orderbook, analysts estimate that only 36 vessels (or
LPG Market Update
CCEC controls a fleet of ten LPG/ammonia/LCO2 carriers (of which two are currently on the water) comprising four LCO₂/multi-gas carriers and six dual-fuel medium gas (‘MGC’) carriers. Deliveries commenced in January 2026 with the LCO₂/multi-gas carrier Active (Hyundai Mipo Dockyard Co. Ltd, 22,000 cbm), which is currently trading LPG in the Atlantic Basin under a time charter. The LCO₂/multi-gas carrier Amadeus (Hyundai Mipo Dockyard Co. Ltd, 22,000 cbm) joined the fleet on April 30th and is expected to trade in the short to medium time charter LPG/ammonia market.
Market conditions across both the MGC and Handy segments continued to demonstrate strong underlying fundamentals. Resilient demand, combined with operational flexibility, resulted in improved charter rates.
The MGC segment remained structurally tight throughout the first quarter of 2026, as strong demand from traders seeking to secure time charter coverage absorbed virtually all available tonnage in the Atlantic Basin. This scarcity supported a firm and strengthening rate environment, with relet positions commanding premiums and owners maintaining strong negotiating leverage.
The Handy segment benefited from spillover strength, with vessels increasingly utilized as a critical alternative for LPG transportation, while also competing with higher-value petrochemical gas cargoes. The fleet once again demonstrated the importance of versatility, with its ability to respond to evolving trade patterns enabling optimization, increased utilization, and enhanced returns. Geopolitical disruption in the Arabian Gulf has reduced near-term market liquidity, while has also materially constraining effective global vessel supply. At the same time, ongoing disruption to global supply chains is driving new trade flows and increasing tonne-mile demand, as cargoes are rerouted, sourced from alternative origins and transported over longer distances. This structural shift continues to support vessel utilization and freight rates across LPG, ammonia and petrochemical markets. Time charter rates remained firm during the quarter, with standard semi-refrigerated handy-sized vessels assessed at approximately
Conference Call and Webcast
As previously announced, today, May 7, 2026, the Company will host an interactive conference call at 10:00 a.m. Eastern Time to discuss the financial results.
Conference Call Details
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Capital Clean Energy” to the operator and/or conference ID 13759970. Click here for participant International Toll-Free access numbers.
Alternatively, participants can register for the call using the Call Me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away.
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 to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About Capital Clean Energy Carriers Corp.
Capital Clean Energy Carriers Corp. (NASDAQ: CCEC), an international shipping company, is a leading platform 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, one legacy Neo-Panamax container vessel, and two handy LCO2/multi-gas carriers. In addition, CCEC’s under-construction fleet includes nine additional latest generation LNG/Cs, six dual-fuel medium gas carriers and two handy LCO2/multi-gas carriers, to be delivered between the second quarter of 2026 and the first quarter of 2029.
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 delivery of strategic goals, ability to pursue growth opportunities and expectations or objectives regarding future vessel deliveries and share repurchase, charter rate and revenue 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, 2025, filed on April 27, 2026. 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.com
Nicolas Bornozis/Markella Kara
Capital Link, Inc. (New York)
Tel. +1-212-661-7566
E-mail: ccec@capitallink.com
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 periods ended March 31, | ||||
| 2026 | 2025 | |||
| Revenues | 98,009 | 102,037 | ||
| Expenses: | ||||
| Voyage expenses | 6,157 | 1,068 | ||
| Vessel operating expenses | 19,566 | 14,001 | ||
| Vessel operating expenses - related parties | 2,487 | 2,280 | ||
| General and administrative expenses | 3,465 | 4,129 | ||
| Vessel depreciation and amortization | 22,657 | 21,769 | ||
| Operating income, net | 43,677 | 58,790 | ||
| Other (expense) / income, net: | ||||
| Interest expense and finance cost | (23,034 | ) | (27,769 | ) |
| Other (expense) / income, net | (2,374 | ) | 1,648 | |
| Total other expense, net | (25,408 | ) | (26,121 | ) |
| Net income from continuing operations | 18,269 | 32,669 | ||
| Net income from discontinued operations | 3,765 | 48,048 | ||
| Net income from operations | 22,034 | 80,717 | ||
| Net income attributable to unvested shares | - | 1,418 | ||
| Net income attributable to common shareholders | 22,034 | 79,299 | ||
| Net income from continuing operations per: | ||||
| • Common shares, basic and diluted | 0.30 | 0.55 | ||
| Weighted-average shares outstanding: | ||||
| • Common shares, basic | 59,984,836 | 58,717,313 | ||
| • Common shares, diluted | 60,121,845 | 58,717,313 | ||
| Net income from discontinued operations per: | ||||
| • Common shares, basic and diluted | 0.06 | 0.80 | ||
| Weighted-average shares outstanding: | ||||
| • Common shares, basic | 59,984,836 | 58,717,313 | ||
| • Common shares, diluted | 60,121,845 | 58,717,313 | ||
| Net income from operations per: | ||||
| • Common shares, basic and diluted | 0.37 | 1.35 | ||
| Weighted-average shares outstanding: | ||||
| • Common shares, basic | 59,984,836 | 58,717,313 | ||
| • Common shares, diluted | 60,121,845 | 58,717,313 | ||
Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of United States Dollars)
| As of March 31, 2026 | As of December 31, 2025 | |||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 525,309 | 273,843 | ||
| Restricted cash | 7,021 | 7,024 | ||
| Trade accounts receivable | 12,852 | 8,437 | ||
| Prepayments and other assets | 8,283 | 7,437 | ||
| Inventories | 3,984 | 3,982 | ||
| Claims | 1,044 | 1,044 | ||
| Current assets of discontinued operations | 1,203 | 124,238 | ||
| Total current assets | 559,696 | 426,005 | ||
| Fixed assets | ||||
| Advances for vessels under construction - related party | 54,000 | 54,000 | ||
| Vessels, net and vessels under construction | 3,589,091 | 3,516,778 | ||
| Total fixed assets | 3,643,091 | 3,570,778 | ||
| Other non-current assets | ||||
| Above market acquired charters | 58,029 | 66,597 | ||
| Deferred charges, net | 5,388 | 3,483 | ||
| Restricted cash | 14,022 | 14,023 | ||
| Derivative asset | 11,037 | 13,682 | ||
| Prepayments and other assets | 2,447 | 546 | ||
| Total non-current assets | 3,734,014 | 3,669,109 | ||
| Total assets | 4,293,710 | 4,095,114 | ||
| Liabilities and shareholders’ equity | ||||
| Current liabilities | ||||
| Current portion of long-term debt, net | 289,489 | 122,144 | ||
| Trade accounts payable | 20,728 | 11,129 | ||
| Due to related parties | 4,542 | 5,607 | ||
| Accrued liabilities | 47,915 | 37,717 | ||
| Deferred revenue | 25,792 | 29,413 | ||
| Current liabilities of discontinued operations | 12,803 | 103,514 | ||
| Total current liabilities | 401,269 | 309,524 | ||
| Long-term liabilities | ||||
| Long-term debt, net | 2,313,453 | 2,232,193 | ||
| Below market acquired charters | 50,492 | 53,531 | ||
| Deferred revenue | 435 | 499 | ||
| Derivative liabilities | 11,432 | - | ||
| Total long-term liabilities | 2,375,812 | 2,286,223 | ||
| Total liabilities | 2,777,081 | 2,595,747 | ||
| Total shareholders’ equity | 1,516,629 | 1,499,367 | ||
| Total liabilities and shareholders’ equity | 4,293,710 | 4,095,114 | ||
Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands of United States Dollars)
| For the three-month periods ended March 31, | ||||
| 2026 | 2025 | |||
| Cash flows from operating activities of continuing operations: | ||||
| Net income from operations | 22,034 | 80,717 | ||
| Less: Net income from discontinued operations | 3,765 | 48,048 | ||
| Net income from continuing operations | 18,269 | 32,669 | ||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Vessel depreciation and amortization | 22,657 | 21,769 | ||
| Amortization and write-off of deferred financing costs | 1,046 | 913 | ||
| Amortization / accretion of above / below market acquired charters | 5,529 | 5,402 | ||
| Amortization of ineffective portion of derivatives | (51 | ) | (51 | ) |
| Equity compensation expense | 1,577 | 1,576 | ||
| Change in fair value of derivatives | - | (6,594 | ) | |
| Unrealized bonds exchange differences | (3,081 | ) | 6,325 | |
| Loss on foreign exchange forward contracts | 1,956 | - | ||
| Unrealized cash, cash equivalents and restricted cash exchange differences | 3,557 | - | ||
| Changes in operating assets and liabilities: | ||||
| Trade accounts receivable | (4,415 | ) | (1,538 | ) |
| Prepayments and other assets | (2,749 | ) | (1,018 | ) |
| Due from related party | - | 1,131 | ||
| Inventories | (2 | ) | 350 | |
| Trade accounts payable | 2,223 | (4,433 | ) | |
| Due to related parties | (1,065 | ) | 737 | |
| Accrued liabilities | 9,135 | 887 | ||
| Deferred revenue | (3,685 | ) | (3,387 | ) |
| Dry docking - paid | (1,753 | ) | - | |
| Net cash provided by operating activities of continuing operations | 49,148 | 54,738 | ||
| Cash flows from investing activities of continuing operations: | ||||
| Vessel acquisitions, vessels under construction and improvements | (94,855 | ) | (51,027 | ) |
| Net cash used in investing activities of continuing operations | (94,855 | ) | (51,027 | ) |
| Cash flows from financing activities of continuing operations: | ||||
| Proceeds from long-term debt | 299,604 | - | ||
| Deferred financing costs paid | (507 | ) | (104 | ) |
| Payments of long-term debt | (31,074 | ) | (30,107 | ) |
| Rights offering costs paid | (34 | ) | (101 | ) |
| Dividends paid | (3,352 | ) | (8,996 | ) |
| Net cash provided by / (used in) financing activities of continuing operations | 264,637 | (39,308 | ) | |
| Net increase / (decrease) in cash, cash equivalents and restricted cash from continuing operations | 218,930 | (35,597 | ) | |
| Cash flows from discontinued operations | ||||
| Operating activities | 770 | 2,382 | ||
| Investing activities | 119,694 | 120,683 | ||
| Financing activities | (84,375 | ) | (2,893 | ) |
| Net increase in cash, cash equivalents and restricted cash from discontinued operations | 36,089 | 120,172 | ||
| Net increase in cash, cash equivalents and restricted cash | 255,019 | 84,575 | ||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3,557 | ) | - | |
| Cash, cash equivalents and restricted cash at the beginning of the period | 294,890 | 335,175 | ||
| Cash, cash equivalents and restricted cash at the end of the period | 546,352 | 419,750 | ||
| Supplemental cash flow information | ||||
| Cash paid for interest | 20,396 | 27,117 | ||
| Non-Cash Investing and Financing Activities | ||||
| Capital expenditures included in liabilities | 2,925 | 3,992 | ||
| Deferred financing and offering costs included in liabilities | 8,251 | - | ||
| Capitalized dry-docking costs included in liabilities | 4,272 | 3,129 | ||
| Expenses for sale of vessels included in liabilities | 3,911 | 8,428 | ||
| Dividends reinvestment plan issuance of new shares | 5,714 | - | ||
| Reconciliation of cash, cash equivalents and restricted cash | ||||
| Cash and cash equivalents | 525,309 | 398,221 | ||
| Restricted cash - current assets | 7,021 | - | ||
| Restricted cash - non-current assets | 14,022 | 21,529 | ||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | 546,352 | 419,750 | ||
Appendix A
I. Discontinued Operations - Vessels
| Name of Vessel | Type | TEU | Memorandum of Agreement Date | Delivery |
| M/V Akadimos | Neo Panamax Container Vessel | 9,288 | January 31, 2024 | March 8, 2024 |
| M/V Long Beach Express | Panamax Container Vessel | 5,089 | December 15, 2023 | February 26, 2024 |
| M/V Seattle Express | Panamax Container Vessel | 5,089 | February 14, 2024 | April 26, 2024 |
| M/V Fos Express | Panamax Container Vessel | 5,089 | February 14, 2024 | May 3, 2024 |
| M/V Athenian | Neo Panamax Container Vessel | 9,954 | March 1, 2024 | April 22, 2024 |
| M/V Athos | Neo Panamax Container Vessel | 9,954 | March 1, 2024 | April 22, 2024 |
| M/V Aristomenis | Neo Panamax Container Vessel | 9,954 | March 1, 2024 | May 3, 2024 |
| M/V Hyundai Premium | Neo Panamax Container Vessel | 5,023 | September 12, 2024 | November 22, 2024 |
| M/V Hyundai Paramount | Neo Panamax Container Vessel | 5,023 | September 12, 2024 | December 20, 2024 |
| M/V Hyundai Prestige | Neo Panamax Container Vessel | 5,023 | September 12, 2024 | December 5, 2024 |
| M/V Hyundai Privilege | Neo Panamax Container Vessel | 5,023 | September 12, 2024 | January 10, 2025 |
| M/V Hyundai Platinum | Neo Panamax Container Vessel | 5,023 | September 12, 2024 | March 10, 2025 |
| M/V Manzanillo Express | Neo Panamax Container Vessel | 13,312 | August 7, 2025 | October 6, 2025 |
| M/V Buenaventura Express | Neo Panamax Container Vessel | 13,696 | October 29, 2025 | January 19, 2026 |
II. Discontinued Operations - Unaudited Condensed Consolidated Statements of Comprehensive Income
(In thousands of United States Dollars)
| For the three-month periods ended March 31, | ||||
| 2026 | 2025 | |||
| Revenues | 719 | 9,826 | ||
| Expenses / (income), net: | ||||
| Voyage expenses | 18 | 210 | ||
| Vessel operating expenses | 24 | 2,372 | ||
| Vessel operating expenses - related party | 13 | 297 | ||
| Vessel depreciation and amortization | - | 2,426 | ||
| Gain on sale of vessels | (4,171 | ) | (46,213 | ) |
| Operating income, net | 4,835 | 50,734 | ||
| Other (expense) / income, net: | ||||
| Interest expense and finance cost | (1,074 | ) | (2,955 | ) |
| Other income, net | 4 | 269 | ||
| Total other expense, net | (1,070 | ) | (2,686 | ) |
| Net income from discontinued operations | 3,765 | 48,048 | ||
During the three-month period ended March 31, 2026, the Company disposed of the M/V Buenaventura Express recognizing a gain on sale of vessel of
III. Discontinued Operations - Unaudited Condensed selected balance sheets information
(In thousands of United States Dollars)
| As of March 31, 2026 | As of December 31, 2025 | |||
| Cash and cash equivalents | 38 | 680 | ||
| Trade accounts receivable | 249 | 92 | ||
| Prepayments and other assets | 867 | 1,205 | ||
| Claims | 49 | 49 | ||
| Assets held for sale | - | 122,212 | ||
| Current assets of discontinued operations | 1,203 | 124,238 | ||
| Trade accounts payable | 4,065 | 2,446 | ||
| Accrued liabilities | 8,738 | 9,017 | ||
| Liabilities associated with vessel held for sale | - | 92,051 | ||
| Current liabilities of discontinued operations | 12,803 | 103,514 | ||
On October 29, 2025, the Company entered into an MOA, to sell the M/V Buenaventura Express to an unaffiliated party for total consideration of
