Capital Clean Energy Carriers Corp. Announces Fourth Quarter 2024 Financial Results
Rhea-AI Summary
Capital Clean Energy Carriers Corp. (NASDAQ: CCEC) reported strong Q4 2024 financial results, with net income from continuing operations reaching $20.8 million, up from $1.1 million in Q4 2023. Revenue increased 64% to $105.1 million, driven by fleet expansion with five additional LNG carriers.
The company announced a $0.15 dividend for Q4 2024 and continues its strategic shift towards gas transportation, including LNG and emerging energy transition commodities. CCEC's contracted revenue backlog exceeds $2.5 billion, with 16 new gas carriers scheduled for delivery between Q1 2026 and Q3 2027.
As of December 31, 2024, CCEC's total cash amounted to $336.5 million, with total debt at $2,598.3 million. The company recently entered an ATM offering agreement with Jefferies for up to $75.0 million in new common shares.
Positive
- Net income increased significantly to $20.8 million (1,791% growth)
- Revenue grew 64% to $105.1 million
- Strong contracted revenue backlog of over $2.5 billion
- Fleet expansion with 16 new gas carriers scheduled for delivery
- Total cash position of $336.5 million
Negative
- Total expenses increased 42% to $48.7 million
- Interest expense and finance costs rose 42% to $36.7 million
- Total debt increased by $810.5 million to $2,598.3 million
News Market Reaction – CCEC
In the trading session that priced this news, CCEC declined 0.68%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Capital Clean Energy Carriers Corp. (the “Company,” “CCEC” or “we” or “us”) (NASDAQ: CCEC), an international owner of ocean-going vessels, today released its financial results for the fourth quarter ended December 31, 2024.
Key Quarterly Highlights
- Announced dividend of
$0.15 for the fourth quarter of 2024 - Concluded the sale of three debt-free container sister vessels
In November 2023, the Company announced its decision to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including liquefied natural gas (“LNG”) and new commodities emerging in connection with the energy transition. As a result, the Company agreed to acquire 11 newbuild LNG carriers (“LNG/C”) (the “Newbuild LNG/C Vessels”) and in June 2024, the Company further invested in 10 gas carriers, including four LCO2/multi gas and six LPG-ammonia carriers (the “Gas Fleet”). Since December 2023, the Company has also completed or entered into agreements for 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 or agreed to sell 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 December 31, | |||
| 2024 | 2023 | Increase | |
| Revenues | |||
| Expenses (excluding impairment of vessels) | |||
| Interest expense and finance cost | |||
| Impairment of vessels | - | - | |
| Net Income | 1, | ||
| Average number of vessels1 | 15.0 | 10.5 | |
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented:
“We continue to make progress on our chosen objective of positioning the Company as the premier carrier of gas including emerging trades from the energy transition. The sale of four of our wide beam 5,000 TEU container vessels has been completed, with the last vessel expected to be delivered later in the first quarter of 2025. This sale will further solidify our position as a gas-focused platform with built-in growth driven by the delivery of 16 new gas carriers over six quarters, starting in 2026. Importantly, CCEC is largely insulated from current spot market conditions, with our first open newbuilding scheduled for the first quarter of 2026.
We anticipate that the weakness in the underlying spot and short-term period markets is likely to act as a catalyst for a potentially substantial reduction in older technology LNG vessels in the global fleet. In addition, the new U.S. administration’s stated intention to help boost US LNG exports should further support what we expect to be already a tight long-term demand supply picture, when it comes to LNG shipping. With the support of a current contracted revenue backlog of more than
Overview of Fourth Quarter 2024 Results
Net income from continuing operations for the quarter ending December 31, 2024, was
Total revenue from continuing operations for the quarter ended December 31, 2024, was
Total expenses from continuing operations for the quarter ended December 31, 2024, were
Total other expenses, net from continuing operations for the quarter ended December 31, 2024, were
____________________
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.
Company Capitalization
As of December 31, 2024, total cash amounted to
As of December 31, 2024, the Company’s total shareholders’ equity amounted to
As of December 31, 2024, the Company’s total debt was
As of December 31, 2024, the weighted average margin on our floating debt amounting to
ATM Offering
On January 27, 2025, we entered into an open market sale agreement with Jefferies LLC, under which we may sell, from time to time through Jefferies LLC, as our sales agent, new common shares having an aggregate offering amount of up to
Container Divestment Update
During the third quarter of 2024, the Company announced it had entered into five agreements for the sale of five container sister vessels: the M/V Hyundai Prestige, the M/V Hyundai Premium, the M/V Hyundai Paramount, the M/V Hyundai Privilege and the M/V Hyundai Platinum, (each 63,010 DWT/ 5,023 TEU container vessel, built 2013, Hyundai Heavy Industries Co., Ltd., S. Korea) to a third party. Of these, the M/V Hyundai Prestige, the M/V Hyundai Premium and the M/V Hyundai Paramount were successfully delivered to their new owners in the fourth quarter of 2024, and the M/V Hyundai Privilege in January 2025. The M/V Hyundai Platinum is expected to be delivered to her new owners during the first quarter of 2025.
Under-Construction Fleet Update
The Company’s under-construction fleet includes six additional 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 Company expects delivery of these 16 new gas carriers to occur between the first quarter of 2026 and the third quarter of 2027. The following table sets out the Company’s schedule of expected capex payments for its under-construction fleet as of December 31, 2024.
Capex Schedule of CCEC in USD million, as of December 31, 2024:
| 2025 | 2026 | 2027 | TOTAL | |||||||||
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||
| LNG/Cs2 | - | 49.9 | 25.6 | 50.6 | 511.0 | 51.2 | 149.7 | 149.7 | 307.2 | - | - | 1,294.9 |
| Gas Fleet | 45.4 | 22.5 | 15.5 | 22.0 | 74.0 | 105.4 | 123.2 | 47.7 | 89.3 | 46.9 | 35.9 | 627.8 |
| TOTAL | 45.4 | 72.4 | 41.1 | 72.6 | 585.0 | 156.6 | 272.9 | 197.4 | 396.5 | 46.9 | 35.9 | 1,922.7 |
Quarterly Dividend Distribution
On January 22, 2024, the Board of Directors of the Company declared a cash dividend per share of
LNG Market Update
Despite demand for LNG reaching its seasonal peak in the fourth quarter, high European gas prices combined with delays in the commissioning of certain natural gas liquefaction projects and subdued demand from Asia led to an oversupply of vessels. This, in turn, led to a further fall in spot charter rates across both basins compared to the previous quarter, following a steady decline experienced throughout the year.
According to analysts, rates for a 2-stroke vessel averaged
LNG trade grew by approximately
Conference Call and Webcast
Today, February 6, 2025, the Company will host an interactive conference call at 09:30 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 Carriers to the operator and/or conference ID 13751252. Click here for additional 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. Click here for the “call me” option.
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 16 high specification vessels, including 12 latest generation LNG/Cs and four legacy Neo-Panamax container vessels, one of which we have agreed to sell within the first quarter of 2025. In addition, CCEC’s under-construction fleet includes six additional latest generation LNG/Cs, six dual-fuel medium gas carriers and four handy liquid CO2/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, 2023, filed on April 23, 2024 and amended on May 22, 2024, and the risk factors set out in Exhibit 99.8 to our Report on Form 6-K furnished on August 26, 2024. 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
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 December 31, | For the year | |||||||
| ended December 31, | ||||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Revenues | 105,118 | 64,190 | 369,413 | 241,767 | ||||
| Expenses: | ||||||||
| Voyage expenses | 2,596 | 2,334 | 10,547 | 12,213 | ||||
| Vessel operating expenses | 15,056 | 10,043 | 55,353 | 41,726 | ||||
| Vessel operating expenses - related parties | 2,623 | 1,778 | 9,550 | 6,780 | ||||
| General and administrative expenses | 4,272 | 5,735 | 16,682 | 13,445 | ||||
| Vessel depreciation and amortization | 24,192 | 14,478 | 86,156 | 54,866 | ||||
| Impairment of vessel | - | 3,201 | - | 11,157 | ||||
| Operating income, net | 56,379 | 26,621 | 191,125 | 101,580 | ||||
| Other income / (expense), net: | ||||||||
| Interest expense and finance cost | (36,653) | (25,808) | (139,831) | (95,743) | ||||
| Other income, net | 1,118 | 292 | 3,315 | 1,253 | ||||
| Total other expense, net | (35,535) | (25,516) | (136,516) | (94,490) | ||||
| Net income from continuing operations | 20,844 | 1,105 | 54,609 | 7,090 | ||||
| Net income from discontinued operations | 81,412 | 11,625 | 139,025 | 40,118 | ||||
| Net income from operations | 102,256 | 12,730 | 193,634 | 47,208 | ||||
| Net income attributable to General Partner | - | 110 | 743 | 680 | ||||
| Deemed dividend to General Partner | - | - | 46,184 | - | ||||
| Net income attributable to unvested shares | 391 | 119 | 808 | 929 | ||||
| Net income attributable to common shareholders | 101,865 | 12,501 | 145,899 | 45,599 | ||||
| Net income from continuing operations per: | ||||||||
| Common shares, basic and diluted | 0.36 | 0.05 | 0.14 | 0.33 | ||||
| Weighted average shares outstanding: | ||||||||
| Common shares, basic and diluted | 58,390,900 | 25,941,874 | 56,094,666 | 21,182,471 | ||||
| Net income from discontinued operations per: | ||||||||
| Common shares, basic and diluted | 1.39 | 0.44 | 2.46 | 1.83 | ||||
| Weighted average shares outstanding: | ||||||||
| Common shares, basic and diluted | 58,390,900 | 25,941,874 | 56,094,666 | 21,182,471 | ||||
| Net income from operations per: | ||||||||
| Common shares, basic and diluted | 1.74 | 0.48 | 2.60 | 2.15 | ||||
| Weighted average shares outstanding: | ||||||||
| Common shares, basic and diluted | 58,390,900 | 25,941,874 | 56,094,666 | 21,182,471 | ||||
Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of United States Dollars)
| As of December 31, 2024 | As of December 31, 2023 | |||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | $ | 313,988 | $ | 192,420 |
| Trade accounts receivable, net | 3,853 | 3,103 | ||
| Prepayments and other assets | 7,512 | 6,748 | ||
| Due from related party | 1,131 | 402 | ||
| Inventories | 4,844 | 3,004 | ||
| Claims | 865 | 865 | ||
| Current assets of discontinued operations | 73,350 | 18,962 | ||
| Total current assets | 405,543 | 225,504 | ||
| Fixed assets | ||||
| Advances for vessels under construction – related party | 54,000 | 174,400 | ||
| Vessels, net and vessels under construction | 3,527,305 | 2,212,613 | ||
| Total fixed assets | 3,581,305 | 2,387,013 | ||
| Other non-current assets | ||||
| Above market acquired charters | 101,574 | 73,969 | ||
| Deferred charges, net | 361 | - | ||
| Restricted cash | 22,521 | 11,721 | ||
| Derivative asset | 1,574 | 6,636 | ||
| Prepayments and other assets | 4 | 1,325 | ||
| Non-current assets of discontinued operations | - | 434,131 | ||
| Total non-current assets | 3,707,339 | 2,914,795 | ||
| Total assets | $ | 4,112,882 | $ | 3,140,299 |
| Liabilities and Shareholders’ Equity | ||||
| Current liabilities | ||||
| Current portion of long-term debt, net | $ | 128,383 | $ | 93,457 |
| Trade accounts payable | 15,119 | 9,809 | ||
| Due to related parties | 3,542 | 4,156 | ||
| Accrued liabilities | 32,157 | 18,658 | ||
| Deferred revenue | 29,804 | 19,100 | ||
| Current liabilities of discontinued operations | 16,372 | 38,750 | ||
| Total current liabilities | 225,377 | 183,930 | ||
| Long-term liabilities | ||||
| Long-term debt, net | 2,450,129 | 1,585,196 | ||
| Derivative liabilities | 18,114 | 7,180 | ||
| Below market acquired charters | 75,659 | 85,408 | ||
| Deferred revenue | 634 | 4,001 | ||
| Non-current liabilities of discontinued operations (including | - | 99,651 | ||
| Total long-term liabilities | 2,544,536 | 1,781,436 | ||
| Total liabilities | 2,769,913 | 1,965,366 | ||
| Commitments and contingencies | - | - | ||
| Total shareholders’ equity | 1,342,969 | 1,174,933 | ||
| Total liabilities and shareholders’ equity | $ | 4,112,882 | $ | 3,140,299 |
Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands of United States Dollars)
| For the years ended December 31, | ||||||
| 2024 | 2023 | |||||
| Cash flows from operating activities of continuing operations: | ||||||
| Net income from operations | $ | 193,634 | $ | 47,208 | ||
| Less: Net income from discontinued operations | 139,025 | 40,118 | ||||
| Net income from continuing operations | 54,609 | 7,090 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Vessel depreciation and amortization | 86,156 | 54,866 | ||||
| Impairment of vessels | - | 11,157 | ||||
| Gain on sale of vessels | - | - | ||||
| Amortization and write-off of deferred financing costs | 3,347 | 1,977 | ||||
| Amortization / accretion of above / below market acquired charters | 15,864 | (4,646 | ) | |||
| Amortization of ineffective portion of derivatives | (209) | (260) | ||||
| Equity compensation expense | 6,918 | 3,786 | ||||
| Change in fair value of derivatives | 10,934 | (5,529) | ||||
| Unrealized bonds exchange differences | (9,848) | 6,018 | ||||
| Unrealized cash, cash equivalents and restricted cash exchange differences | - | - | ||||
| Changes in operating assets and liabilities: | ||||||
| Trade accounts receivable, net | (750) | (1,015) | ||||
| Prepayments and other assets | 557 | 682 | ||||
| Due from related party | 716 | (1,847) | ||||
| Inventories | (1,840) | 1,476 | ||||
| Claims | - | - | ||||
| Trade accounts payable | 5,524 | 3,351 | ||||
| Due to related parties | 1,386 | 1,140 | ||||
| Accrued liabilities | 13,806 | 3,801 | ||||
| Deferred revenue | 7,337 | 8,498 | ||||
| Net cash provided by operating activities of continuing operations | $ | 194,507 | $ | 90,545 | ||
| Cash flows from investing activities of continuing operations: | ||||||
| Vessel acquisitions, vessels under construction and improvements including time and bareboat charter agreements | (1,200,981) | (451,598) | ||||
| (Expenses for sale of vessels paid) / Proceeds from sale of vessels, net | (219) | 20,540 | ||||
| Net cash used in investing activities of continuing operations | $ | (1,201,200) | $ | (431,058) | ||
| Cash flows from financing activities of continuing operations: | ||||||
| Proceeds from long-term debt | 1,582,000 | 392,000 | ||||
| Deferred financing and offering costs paid | (12,911) | (3,841) | ||||
| Payments of long-term debt | (792,480) | (75,474) | ||||
| Proceeds from rights offering | - | 45,817 | ||||
| Rights offering costs paid | (476) | (824) | ||||
| Repurchase of common units | - | (4,112) | ||||
| Dividends paid | (33,813) | (12,242) | ||||
| Net cash provided by financing activities of continuing operations | $ | 742,320 | $ | 341,324 | ||
| Net (decrease) / increase in cash, cash equivalents and restricted cash from continuing operations | $ | (264,373) | $ | 811 | ||
| Cash flows from discontinued operations | ||||||
| Operating activities | 46,011 | 98,830 | ||||
| Investing activities | 448,062 | (16,034) | ||||
| Financing activities | (97,332) | (34,312) | ||||
| Net increase / (decrease) in cash, cash equivalents and restricted cash from discontinued operations | 396,741 | 48,484 | ||||
| Net increase in cash, cash equivalents and restricted cash | 132,368 | 49,295 | ||||
| Cash, cash equivalents and restricted cash at the beginning of the year | $ | 204,141 | $ | 154,846 | ||
| Cash, cash equivalents and restricted cash at the end of the year | $ | 336,509 | $ | 204,141 | ||
| Supplemental cash flow information | ||||||
| Cash paid for interest | $ | 131,870 | $ | 98,606 | ||
| Non-Cash Investing and Financing Activities | ||||||
| Capital expenditures included in liabilities | 4,140 | 6,684 | ||||
| Capitalized dry-docking costs included in liabilities | 4,149 | 4,149 | ||||
| Deferred financing costs included in liabilities | 86 | 1,934 | ||||
| Expenses for sale of vessels included in liabilities | 5,396 | 440 | ||||
| Seller’s credit agreement in connection with the acquisition of vessel-owning companies | 134,764 | - | ||||
| Sale and lease back agreements and credit facility assumed in connection with the acquisition of vessel-owning companies | - | 196,317 | ||||
| Amounts for the acquisition of vessel-owning companies and companies owning vessels under construction, netted against the amount due from CMTC pursuant to the Standby Purchase Agreement | - | 279,783 | ||||
| Advances for vessels under construction – related party, netted against the amount due from CMTC pursuant to the Standby Purchase Agreement | - | 174,400 | ||||
| Re-issuance of treasury units in connection with the acquisition of a vessel-owning company | - | - | ||||
| Reconciliation of cash, cash equivalents and restricted cash | ||||||
| Cash and cash equivalents | 313,988 | 192,420 | ||||
| Restricted cash - non-current assets | 22,521 | 11,721 | ||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ | 336,509 | $ | 204,141 | ||
Appendix A
I. Discontinued Operations - Vessels
| Name of Vessel | Type | TEU | Memorandum of Agreement Date | Delivery/Expected 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 | First quarter of 2025 |
II. Discontinued Operations - Unaudited Condensed Consolidated Statements of Comprehensive Income
(In thousands of United States Dollars)
| For the three-month period ended December 31, | For the year | |||||||
| ended December 31, | ||||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| Revenues | 12,791 | 31,319 | 70,575 | 118,819 | ||||
| Expenses / (income), net: | ||||||||
| Voyage expenses | 208 | 680 | 1,400 | 2,707 | ||||
| Vessel operating expenses | 2,976 | 7,674 | 17,353 | 33,064 | ||||
| Vessel operating expenses - related party | 444 | 1,058 | 2,615 | 4,119 | ||||
| Vessel depreciation and amortization | - | 7,729 | 11,018 | 29,333 | ||||
| Impairment of vessel | - | 340 | - | 340 | ||||
| Gain on sale of vessels | (72,205) | - | (103,807) | - | ||||
| Operating income, net | 81,368 | 13,838 | 141,996 | 49,256 | ||||
| Other income / (expense), net: | ||||||||
| Interest expense and finance cost | (77) | (2,098) | (3,132) | (9,115) | ||||
| Other income / (expense), net | 121 | (115) | 161 | (23) | ||||
| Total other income / (expense), net | 44 | (2,213) | (2,971) | (9,138) | ||||
| Net income from discontinued operations | 81,412 | 11,625 | 139,025 | 40,118 | ||||
During the fourth quarter of 2024, the Company disposed of the following vessels that were presented as assets held for sale under total current assets of discontinued operations recognizing, a gain on the sale of vessels of
| Vessel | MOA Date | Delivery date |
| M/V Hyundai Premium | September 12, 2024 | November 22, 2024 |
| M/V Hyundai Paramount | September 12, 2024 | December 20, 2024 |
| M/V Hyundai Prestige | September 12, 2024 | December 5, 2024 |
III. Discontinued Operations - Unaudited Condensed selected balance sheets information
(In thousands of United States Dollars)
| As of December 31, 2024 | As of December 31, 2023 | |||
| Cash and cash equivalents | $ | 38 | $ | 2 |
| Trade accounts receivable, net | 636 | 14 | ||
| Prepayments and other assets | 907 | 1,954 | ||
| Inventories | - | 2,549 | ||
| Claims | 49 | 49 | ||
| Assets held for sale | 71,720 | 14,394 | ||
| Total current assets of discontinued operations | 73,350 | 18,962 | ||
| Vessels, net | - | 419,672 | ||
| Above market acquired charters | - | 9,420 | ||
| Deferred charges, net | - | 4,714 | ||
| Prepayments and other assets | - | 325 | ||
| Total non-current assets of discontinued operations | - | 434,131 | ||
| Current portion of long-term debt, net | - | 9,659 | ||
| Trade accounts payable | 3,026 | 4,607 | ||
| Due to related parties | - | 3,823 | ||
| Accrued liabilities | 12,443 | 9,895 | ||
| Deferred revenue | 903 | 9,319 | ||
| Below market acquired charters associated with vessels held for sale | - | 1,447 | ||
| Total current liabilities of discontinued operations | 16,372 | 38,750 | ||
| Non-current liabilities associated with vessels held for sale (including | - | 86,983 | ||
| Below market acquired charters | - | 3,135 | ||
| Deferred revenue | - | 9,533 | ||
| Total non-current liabilities of discontinued operations | $ | - | $ | 99,651 |
