Capital Clean Energy Q3 2026 profit rises 52%
Interest-rate collars cover $800.0 million of floating-rate borrowings; approximately 47% of total debt is fixed-rate or protected against rising rates.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Capital Clean Energy Carriers Corp. (CCEC) reported third-quarter 2026 revenue of $138.1 million, up 44% from $95.6 million a year earlier, and net income of $34.6 million, up 52% from $22.7 million. The company attributed revenue growth mainly to a larger fleet and more available days. Total expenses were $69.3 million, compared with $47.4 million, and interest expense and finance costs were $33.7 million, compared with $25.5 million.
CCEC had 21 vessels in the water after taking delivery of eight vessels year to date; another eight are scheduled for delivery in 2027. Contracted revenues were approximately $2.8 billion, or approximately $4.2 billion if all charter options are exercised. As of September 30, 2026, total cash was $286.6 million, including $17.7 million of restricted cash, and total debt was $3,195.6 million. The board declared a $0.15-per-share third-quarter dividend, payable November 12, 2026, to shareholders of record November 3, 2026. Management said the LNG shipping spot market softened from first-half levels as vessel availability increased.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter revenue rose 44% to $138.1 million year over year.
- Moderate pointThird-quarter net income rose 52% to $34.6 million year over year.
Negative
- None.
Filing Explained
Expected fleet capex totals $1,434.0 million through the first quarter of 2029, versus $286.6 million of cash at September 30, 2026.
Form 6-K is an interim report for a foreign private issuer to furnish material information published in its home market; this filing furnishes CCEC’s release, which lists
At
The expected capex schedule exceeds the
Key Figures
Key Terms
index-linked time charter technical
sale and leaseback facility financial
ECA-backed loan financial
zero-cost interest rate collars financial
time charter equivalent (TCE) rate financial
FAQ
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What were CCEC's Q3 2026 revenue and net income?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of November 2026
COMMISSION FILE NUMBER: 001-33373
CAPITAL CLEAN ENERGY CARRIERS CORP.
(Translation of registrant’s name into English)
3 Iassonos Street
Piraeus, 18537 Greece
(Address of principal executive offices)
Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☑ Form 40-F ☐
Attached as Exhibit I hereto is a copy of the press release of Capital Clean Energy Carriers Corp. announcing the financial results for the third quarter ended September 30, 2026.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CAPITAL CLEAN ENERGY CARRIERS CORP. | ||||||||
| Dated: November 9, 2026 |
||||||||
| /s/ Gerasimos (Jerry) Kalogiratos | ||||||||
| Name: Gerasimos (Jerry) Kalogiratos | ||||||||
| Title: Chief Executive Officer | ||||||||
Exhibit I
CAPITAL CLEAN ENERGY CARRIERS CORP. ANNOUNCES THIRD QUARTER 2026 FINANCIAL RESULTS
ATHENS, Greece, October 30, 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 third quarter ended September 30, 2026.
Key Highlights
| • | Took delivery of one Liquefied Natural Gas Carrier (“LNG/C”), one Handy Liquefied CO2 Multi-Gas Carrier (“HMG/C”) and one dual-fuel Medium Gas Carrier (“MG/C”) |
| • | Secured new employment for two LNG/Cs and four gas carriers, including a one-year index-linked time charter for one of the six LNG/Cs under construction and a one-year time charter for the MG/C Aridaios |
| • | Achieved third-quarter daily time charter equivalent (“TCE”) rates of $83,862 for the LNG/C fleet and $40,987 for the Gas Fleet |
| • | Declared a dividend of $0.15 per share for the third quarter of 2026 |
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented: “The third quarter of 2026 was defined by continued uncertainty in the Middle East, with only intermittent LNG transits through the Strait of Hormuz. Although partly cushioned by growing North American liquefaction capacity, the resulting loss of Middle East volumes tightened the Atlantic Basin LNG market, with European storage at multi-year lows ahead of winter and Asian buyers competing for US cargoes. At the same time, elevated newbuild deliveries and greater vessel availability led to a softening of the LNG shipping spot market from first-half levels. Our strategy of employing latest-generation vessels on long-term charters with high-quality counterparties has insulated CCEC from this short-term volatility.
Year to date, we have taken delivery of eight vessels (three LNG/Cs, two MG/Cs and three HMG/Cs), with a further eight scheduled for delivery in 2027, marking a significant acceleration in the build-out of the CCEC platform. Our fleet in the water now comprises 15 latest-generation LNG/Cs, three HMG/Cs, two MG/Cs and one legacy Neo-Panamax container vessel, with another six LNG/Cs, four MG/Cs, one HMG/C and one Liquefied Natural Gas Bunkering Vessel (“LNGB/V”) on order.
CCEC is the largest US-listed LNG carrier shipping company by fleet size, with a substantial and growing presence in the LPG market, underpinned by contracted fleet growth through 2029. The average firm contract duration stands at 6.4 years for our LNG/C fleet and 0.7 years for our LPG/multi-gas fleet. Contracted revenues of approximately $2.8 billion, rising to approximately $4.2 billion if all charter options are exercised, provide us with strong cash flow visibility.
Looking ahead, we expect the LNG shipping market to remain volatile in view of the geopolitical uncertainty that currently affects LNG shipping volumes, vessel supply and commodity arbitrage. We are, however, confident in the long-term fundamentals. The wave of new liquefaction capacity coming online through the end of the decade, together with an increased desire for energy security, should underpin demand for LNG. In addition, the need to replace older, less efficient tonnage should drive demand for modern LNG carriers. These fundamentals leave CCEC well positioned to deliver long-term value for our shareholders.”
Fleet Update - LNG/Cs
The Company took delivery of the LNG/C Alcaios I (HD Hyundai Samho Co., Ltd., 174,000 cubic meters (“CBM”)) on July 31, 2026. The vessel immediately commenced its previously announced employment under an 18-month index-linked time charter. The acquisition of the LNG/C Alcaios I was funded with cash on hand and $170.0 million of excess proceeds raised through the refinancing of two existing sale and leaseback facilities for the LNG/Cs Aristos I and Aristarchos. The vessel was added as additional security by way of mortgage under the refinanced facilities, which have a 10-year term.
1
Alcaios I is the 15th latest-generation LNG/C delivered to the Company.
The Company has also secured a one-year index-linked time charter, commencing upon delivery from the shipyard, for the LNG/C Athlos, the second of its six LNG/Cs under construction, which is scheduled for delivery in the first quarter of 2027. Upon completion of this employment, the vessel will commence its previously announced seven-year time charter.
The previously announced sale of the LNG/C Amore Mio I (2023-built, 174,000 CBM) to a subsidiary of the joint venture company owned 51% by CCEC and 49% by a company affiliated with BGN (the “LNG/C Joint Venture”) for $230.0 million is expected to close in the first quarter of 2027, upon which the vessel will commence its 10-year time charter (with two three-year extension options) to BGN INT DMCC. In the meantime, following the completion of its previous employment, the vessel has commenced an interim time charter that runs until its delivery to the LNG/C Joint Venture.
Fleet Update - MG/Cs and HMG/Cs
On July 23, 2026, the Company took delivery of the MG/C Aridaios (HD Hyundai Heavy Industries Co., Ltd., a 45,000 CBM dual-fuel LPG carrier), which is currently employed under a short-term charter ending in the fourth quarter of 2026, after which it will commence a time charter with a duration of one year. The acquisition of the MG/C Aridaios was financed with cash on hand and a seven-year sale and leaseback facility of $54.7 million. Under the facility, the Company may borrow an additional amount of up to $11.7 million if the vessel secures employment for longer than 36 months.
On September 9, 2026, the Company took delivery of the HMG/C Alkimos (HD Hyundai Samho Co., Ltd., 22,000 CBM). In October 2026, the vessel commenced a time charter with an expected duration through May 2027. The acquisition of the Alkimos was financed with cash on hand and a 12-year ECA-backed loan of $52.8 million. Under the terms of this loan, the Company may borrow an additional amount of up to $8.1 million if the vessel secures longer-term employment.
The Alkimos is the third latest-generation HMG/C delivered to the Company, bringing the total number of vessels in the water to 21.
In addition, the HMG/Cs Active and Amadeus have secured follow-on employment under time charters of nine and five months, respectively, with expected durations through the second quarter of 2027.
Under-Construction Fleet Update
The Company’s under-construction fleet includes six latest-generation LNG/Cs (referred to below as the “Newbuild LNG/Cs”), four MG/Cs and one HMG/C (referred to below as the “Gas Fleet”) and one LNGB/V (50% ownership through joint venture). The following table sets out the Company’s schedule of expected capex payments for its under-construction fleet:
| ($ mn) |
Q4 26 | Q1 27 | Q2 27 | Q3 27 | Q4 27 | Q1 28 | Q2 28 | Q3 28 | Q4 28 | Q1 29 | Total | |||||||||||||||||||||||||||||||||
| Newbuild LNG/Cs |
— | 456.9 | 24.7 | 49.4 | 24.7 | 24.7 | 24.7 | 186.3 | — | 372.8 | 1,164.2 | |||||||||||||||||||||||||||||||||
| Gas Fleet |
13.1 | 183.8 | — | 35.8 | — | — | — | — | — | — | 232.7 | |||||||||||||||||||||||||||||||||
| LNGB/V (50%) |
— | — | — | 4.1 | 4.1 | 4.1 | — | 24.8 | — | — | 37.1 | |||||||||||||||||||||||||||||||||
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| Total |
13.1 | 640.7 | 24.7 | 89.3 | 28.8 | 28.8 | 24.7 | 211.1 | — | 372.8 | 1,434.0 | |||||||||||||||||||||||||||||||||
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2
Overview of the Third Quarter 2026 Financial Results
Key Financial Highlights (continuing operations)
| Three-month periods ended September 30, | ||||||||||||
| 2026 | 2025 | Increase / (Decrease) | ||||||||||
| Revenues, net |
$ | 138.1 million | $ | 95.6 million | 44 | % | ||||||
| Expenses |
$ | 69.3 million | $ | 47.4 million | 46 | % | ||||||
| Interest expense and finance cost |
$ | 33.7 million | $ | 25.5 million | 32 | % | ||||||
| Net Income |
$ | 34.6 million | $ | 22.7 million | 52 | % | ||||||
| Average number of vessels[1] |
19.7 | 13.0 | 52 | % | ||||||||
| 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. |
Net income for the quarter ended September 30, 2026, was $34.6 million, compared to net income of $22.7 million for the third quarter of 2025.
Total revenues for the quarter ended September 30, 2026, were $138.1 million, compared to $95.6 million during the third quarter of 2025. The increase in revenue was mainly attributed to the increase in the average number of vessels in our fleet following the deliveries of our three HMG/Cs on January 5, April 30 and September 9, 2026, our first two dual-fuel MG/Cs on June 4 and July 23, 2026, and three additional LNG/Cs on June 2, June 17 and July 31, 2026. Revenue also benefited from the increase in available days of the LNG/Cs Aristos I and Aristidis I, which underwent their five-year special surveys in the third quarter of 2025. These increases were partly offset by the off-hire days incurred by the LNG/Cs Attalos and Asklipios while passing their five-year special surveys during the quarter.
Total expenses for the quarter ended September 30, 2026, were $69.3 million, compared to $47.4 million in the third quarter of 2025. Voyage expenses during the third quarter of 2026 amounted to $9.0 million, compared to $2.2 million during the third quarter of 2025. The increase was mainly attributable to voyage expenses incurred by certain of our vessels during the period from their delivery from the yard until commencing their employment, and ballast legs associated with certain of our vessels passing their five-year special survey.
Vessel operating expenses during the third quarter of 2026 amounted to $25.9 million, compared to $19.7 million during the third quarter of 2025. The increase in vessel operating expenses was mainly attributable to the increase in the average number of vessels in our fleet. Vessel operating expenses for the third quarter of 2026 included $3.7 million in connection with the passing of the five-year special survey of the LNG/Cs Attalos and Asklipios, compared to $5.1 million in connection with the passing of the five-year special survey of the LNG/Cs Aristos I and Aristidis I in the third quarter of 2025.
Total expenses for the third quarter of 2026 also include vessel depreciation and amortization of $30.4 million, compared to $21.8 million in the third quarter of 2025. The increase in depreciation and amortization during the third quarter of 2026 was mainly attributable to the increase in the average number of vessels in our fleet. General and administrative expenses for the third quarter of 2026 increased to $3.9 million, compared to $3.6 million in the third quarter of 2025.
3
Total other expense, net for the quarter ended September 30, 2026, was $34.2 million, compared to $25.6 million in the third quarter of 2025. Total other expense, net includes interest expense and finance cost of $33.7 million for the third quarter of 2026, compared to $25.5 million for the third quarter of 2025. The increase in interest expense and finance cost mainly reflects the increase in our average indebtedness following the financing of the vessels delivered to the Company during 2026, partly offset by the decrease in the weighted average interest rate charged on our debt compared to the third quarter of last year.
Quarterly Dividend Distribution
On October 22, 2026, the Board of Directors of the Company declared a cash dividend of $0.15 per share for the third quarter of 2026 payable on November 12, 2026, to shareholders of record on November 3, 2026.
Company Capitalization
As of September 30, 2026, total cash amounted to $286.6 million. Total cash includes restricted cash of $17.7 million, which mainly represents the minimum liquidity requirement under our financing arrangements.
As of September 30, 2026, the Company’s total shareholders’ equity amounted to $1,586.7 million, an increase of $87.4 million compared to $1,499.4 million as of December 31, 2025. The increase during the nine-month period ended September 30, 2026, reflects net income (including net income from discontinued operations) of $85.5 million, amortization associated with the equity incentive plan of $4.4 million, $17.3 million of common shares issued under our Dividend Reinvestment Plan, net of expenses, and other comprehensive income of $12.2 million relating to the net effect of the financial instruments we issued to hedge against our foreign currency and interest rate risks which we designated as accounting hedges. These were partly offset by dividends declared during the period for a total amount of $27.0 million and $5.1 million of common shares repurchased under our share repurchase program.
As of September 30, 2026, the Company’s total debt was $3,195.6 million compared to $2,454.3 million as of December 31, 2025 (including discontinued operations). The required annual debt repayments subsequent to September 30, 2026, are as follows:
| For the twelve-month period ending September 30, |
Amount ($ million) | |||
| 2027 |
147.7 | |||
| 2028 |
145.7 | |||
| 2029 |
262.6 | |||
| 2030 |
151.6 | |||
| 2031 |
813.9 | |||
| Thereafter |
1,674.1 | |||
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| Total |
3,195.6 | |||
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As of September 30, 2026, the weighted average margin on our floating debt, amounting to $2,485.5 million, was 1.7% over SOFR and the weighted average all-in interest rate on our fixed-rate debt, amounting to $710.1 million, was 4.8%. For the three-month periods ended September 30, 2026 and 2025, the weighted average interest rate on the Company’s long-term debt was 4.9% and 5.1%, respectively.
Hedging Program
As of September 30, 2026, approximately 78% of CCEC’s debt portfolio was exposed to floating interest rates, with the remaining 22% at fixed rates. The three-year zero-cost interest rate collars executed during the second and third quarters of 2026 cover $800.0 million of floating-rate borrowings, with a weighted average floor of 3.7% and a cap of 4.3%. As a result, approximately 47% of total debt is currently either fixed-rate or protected against rising interest rates.
4
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. During the nine-month period ended September 30, 2026, the Company issued 813,419 common shares under the DRIP at an average price of $21.43 per share, gross of issuance costs, of which 262,082 common shares were issued during the third quarter of 2026.
As of September 30, 2026, the total common shares outstanding were 60,420,680 (excluding 871,061 common shares held in treasury).
Share Repurchase Program
In April 2026, the Board of Directors approved a share repurchase program, providing the Company with authorization to repurchase up to $20.0 million of the Company’s common shares, effective for a period of two years.
During the three-month period ended September 30, 2026, the Company repurchased 131,181 common shares at an average price of $22.57 per share, for a total consideration of $3.0 million. Since the commencement of the program and through September 30, 2026, the Company has repurchased 230,592 common shares at an average price of $22.12 per share, for a total consideration of $5.1 million. These shares were retired and cancelled.
Annual Meeting of Shareholders and Board Changes
On September 22, 2026, the Company held its Annual Meeting of Shareholders in Piraeus, Greece. Seven directors were re-elected to serve until the 2027 Annual Meeting of Shareholders, Mr. Gurpal Grewal retired from the Board of Directors and Ms. Janet DiFiore was elected to the Board of Directors. Ms. DiFiore has 40 years of experience as a prosecutor, trial lawyer, trial judge and appellate judge, including as Chief Judge of the New York Court of Appeals and the State of New York, and has held senior leadership and executive positions in the public sector for more than 25 years.
LNG Market Update
The LNG shipping market weakened during the third quarter of 2026, as the geopolitical risk premium that had supported freight rates earlier in the year gradually faded and increasing vessel availability began to outweigh cargo demand. Atlantic two-stroke spot rates averaged $51,039 per day during the quarter, while Pacific rates averaged $56,157 per day. The quarter nevertheless saw considerable volatility, with Atlantic rates trading above $90,000 per day at the outset before falling to a quarterly low of around $10,000 per day during August and subsequently recovering somewhat towards quarter-end.
The principal driver of the weaker spot market was an increasingly long tonnage position across both basins. Independent vessels, relets and ships operating on increasingly short rotations due to lower tonne-mile demand provided charterers with ample availability, while periods of limited cargo enquiry intensified competition between owners. The Atlantic Basin experienced the greatest pressure, although the Pacific also softened as regional vessel availability increased. A late-quarter increase in US Gulf requirements provided some support and demonstrated the market’s ability to tighten quickly when cargo demand accelerates, but the depth of available tonnage ultimately limited the sustainability of the recovery.
The term market proved considerably more resilient than the spot market, particularly for longer-dated employment. Shorter-term rates moved lower alongside the spot correction, with six-month two-stroke assessments reaching approximately $50,000 per day and one-year levels around $55,000 per day during the quarter. Conversely, rates for employment of three years and longer remained broadly stable, suggesting that market participants continued to view the weakness primarily as a near-term tonnage imbalance rather than a deterioration in the underlying long-term fundamentals of LNG shipping. Charterers nevertheless maintained a preference for flexibility, with much of the shorter-term interest focused on securing modern tonnage for firm periods through the winter and into 2027 with optionality at the back.
Newbuilding activity remained healthy during the third quarter, with seven LNG carriers ordered across the quarter, including vessels supported by long-term charter commitments, as well as a growing number of speculative orders.
5
Scrapping activity remained limited despite the continued pressure on older, less efficient tonnage: seven LNG carriers were sold for demolition during the first nine months of 2026, only one of which was sold in the third quarter. Overall, the third quarter highlighted a pronounced disconnect between weak prompt fundamentals and more constructive longer-term sentiment.
LPG Market Update
Market conditions across both the MGC and Handy segments strengthened further during the third quarter. Three factors drove the market: continued disruption at the Strait of Hormuz, growing constraints at the Panama Canal, and record US LPG exports. Together they tightened effective fleet supply, lengthened trade routes and raised demand for Atlantic Basin tonnage.
At the Strait of Hormuz, the transit window closed again almost immediately after a brief reopening. Middle East LPG and ammonia exports remained largely shut in, forcing buyers to keep sourcing cargoes from the United States, West Africa and South America. Renewed uncertainty drove a strong rebound in the VLGC market, and the effect spread to the smaller segments.
Falling water levels ahead of a potential El Niño led the Panama Canal Authority to suspend Panamax daily auctions from July 25, cutting daily booking capacity. With Panamax VLGCs expected to make up around 16% of the global VLGC fleet by year-end, the LPG sector is increasingly exposed. Longer waits and higher transit costs absorbed VLGC capacity on the US–Asia route, pushing more US cargoes onto MGCs and onto longer routes via the Cape of Good Hope.
Together, these factors kept tonne-mile demand elevated and steadily reduced vessel availability through the quarter. By quarter-end, both segments were effectively sold out in the West.
The MGC segment remained structurally tight throughout the quarter. With owner-controlled tonnage scarce, trader relets were the main source of supply in July, and by mid-quarter US August positions were fully committed. A wave of fixing in September cleared the remaining list, with some units fixed on time charters of 12 months or more at firm levels. US MGC LPG loadings reached a record 50 in September. With disruption expected to persist through the fourth quarter, newbuildings to be delivered in the first quarter of 2027 are already attracting firm term bids.
The Handy segment again benefited from spillover demand, though the quarter was more volatile. In July, the West position list lengthened as MGC tonnage briefly became available. At the same time, the closing ethane arbitrage pushed ethylene-capable vessels into the LPG pool, weighing on semi-refrigerated spot rates, which briefly fell below $20,000 per day. Conditions reversed sharply in September as MGC tonnage sold out. As a result, spot earnings recovered quickly, with the most recent fixtures concluded above $40,000 per day by quarter-end.
Overall, disruption at Hormuz and Panama, combined with record US LPG exports, underpinned a firm chartering environment through the quarter. One-year time charter rates for fully refrigerated conventional 40,000 CBM MGCs were assessed at approximately $43,000 per day, a significant improvement on the second quarter, while one-year rates for semi-refrigerated Handy vessels remained broadly unchanged at approximately $32,000 per day.
Conference Call and Webcast
On Friday, October 30, 2026, Capital Clean Energy Carriers will host an interactive conference call at 17.30 CET (12:30 p.m. U.S. Eastern time), where the Company’s management will present the results of the third quarter of 2026 and will be available to take questions.
Participants will need to register online prior to the conference call via the link below:
https://engagestream.euronext.com/ccec/2026-10-20-bokqxxkwl3/dial-in
Dial-in details will be available when registered. After registering, you will receive the number to call and your personal ID. We advise you to call in 5 minutes before the conference call starts. If you want to ask a question, you can press #5 on your telephone keypad. If you want to retract your question, please press #6. A Q&A session will be held after the teleconference/webcast. Information on how to submit questions will be given at the beginning of the session.
6
Slides and Audio Webcast
There will also be a live webcast of the conference call and accompanying slides, available through our website, under the Webcasts & Presentations on our Investor Relations page. An archived webcast will be available on demand following the completion of the call.
To register and access the live webcast, please use the following link:
https://ccec.engagestream.euronext.com/2026-10-20-bokqxxkwl3
The presentation materials can be downloaded from www.capitalcleanenergycarriers.com
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 comprises 21 high-specification vessels, including 15 latest-generation LNG/Cs, one legacy Neo-Panamax container vessel, three HMG/Cs and two MG/Cs. In addition, CCEC’s under-construction fleet includes six additional latest-generation LNG/Cs, four MG/Cs, one HMG/C and one LNGB/V to be delivered between the first quarter of 2027 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, vessel financing, the completion of the sale of the LNG/C Amore Mio I, charter rate and revenue streams, expectations and share repurchases, 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
7
The unaudited interim condensed consolidated financial statements, included in this report for the three- and nine-month periods ended September 30, 2026, have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information, except that they do not include the notes and all the information required by US GAAP for complete financial statements.
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 September 30, |
For the nine-month periods ended September 30, |
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| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues, net |
138,135 | 95,605 | 341,040 | 294,358 | ||||||||||||
| Expenses: |
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| Voyage expenses |
8,999 | 2,241 | 17,398 | 5,258 | ||||||||||||
| Vessel operating expenses |
22,136 | 17,430 | 59,655 | 44,881 | ||||||||||||
| Vessel operating expenses - related parties |
3,794 | 2,295 | 9,119 | 6,832 | ||||||||||||
| General and administrative expenses |
3,930 | 3,599 | 11,611 | 11,643 | ||||||||||||
| Vessel depreciation and amortization |
30,447 | 21,793 | 77,640 | 65,328 | ||||||||||||
| Operating income, net |
68,829 | 48,247 | 165,617 | 160,416 | ||||||||||||
| Other (expense) / income, net: |
||||||||||||||||
| Interest expense and finance cost |
(33,703 | ) | (25,500 | ) | (82,082 | ) | (79,221 | ) | ||||||||
| Other (expense) / income, net |
(482 | ) | (65 | ) | (1,586 | ) | 3,846 | |||||||||
| Total other expense, net |
(34,185 | ) | (25,565 | ) | (83,668 | ) | (75,375 | ) | ||||||||
| Net income from continuing operations |
34,644 | 22,682 | 81,949 | 85,041 | ||||||||||||
| Net (loss) / income from discontinued operations |
(33 | ) | 1,078 | 3,527 | 49,200 | |||||||||||
| Net income from operations |
34,611 | 23,760 | 85,476 | 134,241 | ||||||||||||
| Net income from continuing operations per: |
||||||||||||||||
| • Common share, basic |
0.57 | 0.38 | 1.36 | 1.45 | ||||||||||||
| • Common share, diluted |
0.57 | 0.38 | 1.36 | 1.44 | ||||||||||||
| Weighted-average shares outstanding: |
||||||||||||||||
| • Common shares, basic |
60,346,082 | 58,934,677 | 60,183,806 | 58,791,023 | ||||||||||||
| • Common shares, diluted |
60,652,010 | 59,309,263 | 60,397,369 | 59,020,011 | ||||||||||||
| Net income from discontinued operations per: |
||||||||||||||||
| • Common share, basic |
— | 0.02 | 0.06 | 0.84 | ||||||||||||
| • Common share, diluted |
— | 0.02 | 0.06 | 0.83 | ||||||||||||
| Weighted-average shares outstanding: |
||||||||||||||||
| • Common shares, basic |
60,346,082 | 58,934,677 | 60,183,806 | 58,791,023 | ||||||||||||
| • Common shares, diluted |
60,652,010 | 59,309,263 | 60,397,369 | 59,020,011 | ||||||||||||
| Net income from operations per: |
||||||||||||||||
| • Common share, basic |
0.57 | 0.40 | 1.42 | 2.28 | ||||||||||||
| • Common share, diluted |
0.57 | 0.40 | 1.42 | 2.27 | ||||||||||||
| Weighted-average shares outstanding: |
||||||||||||||||
| • Common shares, basic |
60,346,082 | 58,934,677 | 60,183,806 | 58,791,023 | ||||||||||||
| • Common shares, diluted |
60,652,010 | 59,309,263 | 60,397,369 | 59,020,011 | ||||||||||||
8
Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of United States Dollars)
| As of September 30, 2026 | As of December 31, 2025 | |||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
268,948 | 273,843 | ||||||
| Restricted cash |
— | 7,024 | ||||||
| Trade accounts receivable |
22,224 | 8,437 | ||||||
| Prepayments and other assets |
7,847 | 7,437 | ||||||
| Inventories |
9,583 | 3,982 | ||||||
| Claims |
929 | 1,044 | ||||||
| Current assets of discontinued operations |
855 | 124,238 | ||||||
| Total current assets |
310,386 | 426,005 | ||||||
| Fixed assets |
||||||||
| Advances for vessels under construction - related party |
— | 54,000 | ||||||
| Vessels, net and vessels under construction |
4,529,694 | 3,516,778 | ||||||
| Total fixed assets |
4,529,694 | 3,570,778 | ||||||
| Other non-current assets |
||||||||
| Above market acquired charters |
42,711 | 66,597 | ||||||
| Deferred charges, net |
8,105 | 3,483 | ||||||
| Restricted cash |
17,691 | 14,023 | ||||||
| Derivative asset |
21,235 | 13,682 | ||||||
| Prepayments and other assets |
10,760 | 546 | ||||||
| Total non-current assets |
4,630,196 | 3,669,109 | ||||||
| Total assets |
4,940,582 | 4,095,114 | ||||||
| Liabilities and Shareholders’ Equity |
||||||||
| Current liabilities |
||||||||
| Current portion of long-term debt, net |
143,168 | 122,144 | ||||||
| Trade accounts payable |
21,658 | 11,129 | ||||||
| Due to related parties |
5,168 | 5,607 | ||||||
| Accrued liabilities |
56,882 | 37,717 | ||||||
| Deferred revenue |
27,333 | 29,413 | ||||||
| Current liabilities of discontinued operations |
12,351 | 103,514 | ||||||
| Total current liabilities |
266,560 | 309,524 | ||||||
| Long-term liabilities |
||||||||
| Long-term debt, net |
3,024,760 | 2,232,193 | ||||||
| Below market acquired charters |
53,545 | 53,531 | ||||||
| Deferred revenue |
355 | 499 | ||||||
| Derivative liabilities |
8,613 | — | ||||||
| Total long-term liabilities |
3,087,273 | 2,286,223 | ||||||
| Total liabilities |
3,353,833 | 2,595,747 | ||||||
| Total shareholders’ equity |
1,586,749 | 1,499,367 | ||||||
| Total liabilities and shareholders’ equity |
4,940,582 | 4,095,114 | ||||||
9
Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands of United States Dollars)
| For the nine-month periods ended September 30, |
||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities of continuing operations: |
||||||||
| Net income from operations |
85,476 | 134,241 | ||||||
| Less: Net income from discontinued operations |
3,527 | 49,200 | ||||||
| Net income from continuing operations |
81,949 | 85,041 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Vessel depreciation and amortization |
77,640 | 65,328 | ||||||
| Amortization and write-off of deferred financing costs |
3,718 | 2,786 | ||||||
| Amortization / accretion of above / below market acquired charters |
14,666 | 16,921 | ||||||
| Amortization of ineffective portion of derivatives |
(156 | ) | (156 | ) | ||||
| Equity compensation expense |
4,782 | 4,783 | ||||||
| Change in fair value of derivatives |
— | (19,905 | ) | |||||
| Unrealized bonds exchange differences |
104 | 19,262 | ||||||
| Changes in operating assets and liabilities: |
||||||||
| Trade accounts receivable |
(13,787 | ) | (2,716 | ) | ||||
| Prepayments and other assets |
(6,483 | ) | 310 | |||||
| Due from related party |
— | 1,131 | ||||||
| Inventories |
(5,601 | ) | 403 | |||||
| Claims |
— | (752 | ) | |||||
| Trade accounts payable |
10,121 | (4,156 | ) | |||||
| Due to related parties |
(439 | ) | 2,132 | |||||
| Accrued liabilities |
18,556 | 6,553 | ||||||
| Deferred revenue |
(2,224 | ) | (956 | ) | ||||
| Dry Docking - paid |
(4,913 | ) | (1,083 | ) | ||||
| Net cash provided by operating activities of continuing operations |
177,933 | 174,926 | ||||||
| Cash flows from investing activities of continuing operations: |
||||||||
| Vessel acquisitions, vessels under construction and improvements including time and bareboat charter agreements |
(1,026,629 | ) | (180,247 | ) | ||||
| Expenses paid for the sale of vessel |
— | (220 | ) | |||||
| Advance for equity investment acquisition |
(4,141 | ) | — | |||||
| Proceeds from insurance claims |
115 | — | ||||||
| Net cash used in investing activities of continuing operations |
(1,030,655 | ) | (180,467 | ) | ||||
| Cash flows from financing activities of continuing operations: |
||||||||
| Proceeds from long-term debt |
1,542,922 | — | ||||||
| Deferred financing costs paid |
(15,602 | ) | (282 | ) | ||||
| Payments of long-term debt |
(703,871 | ) | (90,554 | ) | ||||
| Rights offering costs paid |
(83 | ) | (499 | ) | ||||
| Dividends paid |
(9,536 | ) | (18,456 | ) | ||||
| Proceeds from offering, net of commissions paid |
— | 196 | ||||||
| Repurchase of common shares |
(5,108 | ) | — | |||||
| Net cash provided by / (used in) financing activities of continuing operations |
808,722 | (109,595 | ) | |||||
| Net decrease in cash, cash equivalents and restricted cash from continuing operations |
(44,000 | ) | (115,136 | ) | ||||
| Cash flows from discontinued operations |
||||||||
| Operating activities |
469 | 8,078 | ||||||
| Investing activities |
119,655 | 112,201 | ||||||
| Financing activities |
(84,375 | ) | (8,677 | ) | ||||
10
| Net increase in cash, cash equivalents and restricted cash from discontinued operations |
35,749 | 111,602 | ||||||
| Net decrease in cash, cash equivalents and restricted cash |
(8,251 | ) | (3,534 | ) | ||||
| 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 |
286,639 | 331,641 | ||||||
| Supplemental cash flow information |
||||||||
| Cash paid for interest net of interest capitalized during the construction period |
70,915 | 82,443 | ||||||
| Non-Cash Investing and Financing Activities |
||||||||
| Capital expenditures included in liabilities |
2,924 | 3,000 | ||||||
| Capitalized dry-docking costs included in liabilities |
4,663 | 4,426 | ||||||
| Deferred financing and offering costs included in liabilities |
69 | 136 | ||||||
| Expenses for sale of vessels included in liabilities |
3,872 | — | ||||||
| Dividends reinvestment plan issuance of new shares |
17,424 | 8,155 | ||||||
| Reconciliation of cash, cash equivalents and restricted cash |
||||||||
| Cash and cash equivalents |
268,948 | 310,095 | ||||||
| Restricted cash - non-current assets |
17,691 | 21,546 | ||||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows |
286,639 | 331,641 |
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 |
11
| II. | Discontinued Operations - Unaudited Interim Condensed Consolidated Statements of Comprehensive Income |
(In thousands of United States Dollars)
| For the three-month periods ended September 30, |
For the nine-month periods ended September 30, |
|||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues |
— | 7,504 | 719 | 24,773 | ||||||||||||
| Expenses / (income), net: |
||||||||||||||||
| Voyage expenses |
— | 179 | 18 | 567 | ||||||||||||
| Vessel operating expenses |
28 | 1,388 | 262 | 5,335 | ||||||||||||
| Vessel operating expenses - related party |
— | 214 | 13 | 721 | ||||||||||||
| Vessel depreciation and amortization |
— | 1,735 | — | 6,586 | ||||||||||||
| Gain on sale of vessels |
— | — | (4,171 | ) | (46,213 | ) | ||||||||||
| Operating (loss) / income, net |
(28 | ) | 3,988 | 4,597 | 57,777 | |||||||||||
| Other (expense) / income, net: |
||||||||||||||||
| Interest expense and finance cost |
— | (2,913 | ) | (1,075 | ) | (8,795 | ) | |||||||||
| Other (expense) / income, net |
(5 | ) | 3 | 5 | 218 | |||||||||||
| Total other (expense) / income, net |
(5 | ) | (2,910 | ) | (1,070 | ) | (8,577 | ) | ||||||||
| Net (loss) / income from discontinued operations |
(33 | ) | 1,078 | 3,527 | 49,200 | |||||||||||
During the nine-month period ended September 30, 2026, the Company disposed of the M/V Buenaventura Express, recognizing a gain on sale of vessel of $4.2 million.
| III. | Discontinued Operations - Unaudited Condensed Selected Balance Sheets Information (In thousands of United States Dollars) |
| As of September 30, 2026 | As of December 31, 2025 | |||||||
| Cash and cash equivalents |
48 | 680 | ||||||
| Trade accounts receivable |
252 | 92 | ||||||
| Prepayments and other assets |
506 | 1,205 | ||||||
| Claims |
49 | 49 | ||||||
| Assets held for sale |
— | 122,212 | ||||||
| Current assets of discontinued operations |
855 | 124,238 | ||||||
| Trade accounts payable |
3,876 | 2,446 | ||||||
| Accrued liabilities |
8,475 | 9,017 | ||||||
| Liabilities associated with vessel held for sale |
— | 92,051 | ||||||
| Current liabilities of discontinued operations |
12,351 | 103,514 | ||||||
On October 29, 2025, the Company entered into a Memorandum of Agreement (“MOA”) to sell the M/V Buenaventura Express to an unaffiliated party for total consideration of $120.1 million. At that date, the Company considered that the M/V Buenaventura Express met the criteria to be classified as held for sale and was included in “Current assets of discontinued operations” in the summarized unaudited condensed selected balance sheet information from discontinued operations as of December 31, 2025. As of the MOA date, the M/V Buenaventura Express’s fair value less estimated costs to sell exceeded its carrying amount, so no impairment charge was recognized. The vessel was delivered to its new owner on January 19, 2026.
12
Appendix B
The following table reflects our ownership days, available days, operating days, average number of vessels and daily time charter equivalent for the periods indicated.
| For the three-month periods ended September 30, | ||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||
| LNG/C | LPG/C | Container | LNG/C | LPG/C | Container | |||||||||||||||||||
| Ownership days (1) |
1,350 | 368 | 92 | 1,104 | — | 92 | ||||||||||||||||||
| Available days (2) |
1,316 | 367 | 92 | 1,066 | — | 92 | ||||||||||||||||||
| Operating days (3) |
1,310 | 314 | 92 | 1,066 | — | 91 | ||||||||||||||||||
| Bareboat charter days (4) |
184 | — | — | 184 | — | — | ||||||||||||||||||
| Average number of vessels (5) |
14.7 | 4.0 | 1.0 | 12.0 | — | 1.0 | ||||||||||||||||||
| Daily time charter equivalent (TCE) rate (6) |
$ | 83,862 | $ | 40,987 | $ | 40,576 | $ | 84,123 | — | $ | 40,133 | |||||||||||||
| For the nine-month periods ended September 30, | ||||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||
| LNG/C | LPG/C | Container | LNG/C | LPG/C | Container | |||||||||||||||||||
| Ownership days (1) |
3,565 | 633 | 273 | 3,276 | — | 273 | ||||||||||||||||||
| Available days (2) |
3,494 | 633 | 273 | 3,238 | — | 273 | ||||||||||||||||||
| Operating days (3) |
3,488 | 526 | 273 | 3,231 | — | 272 | ||||||||||||||||||
| Bareboat charter days (4) |
546 | — | — | 517 | — | — | ||||||||||||||||||
| Average number of vessels (5) |
13.1 | 2.3 | 1.0 | 12.0 | — | 1.0 | ||||||||||||||||||
| Daily time charter equivalent (TCE) rate (6) |
$ | 83,653 | $ | 32,038 | $ | 40,582 | $ | 85,874 | — | $ | 40,454 | |||||||||||||
Definitions:
| (1) | Ownership days are the aggregate number of days in a period during which each vessel in our fleet has been owned by us. |
| (2) | Available days are the number of our ownership days less the aggregate number of days that our vessels are off-hire due to scheduled repairs or repairs under guarantee, vessel upgrades or special surveys. |
| (3) | Operating days are the number of available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. |
| (4) | Bareboat charter days are the aggregate number of days in a period during which the vessels in our fleet are subject to a bareboat charter. |
| (5) | Average number of vessels is measured by the sum of the number of days each vessel was part of our fleet during a relevant period divided by the number of calendar days in such period. |
| (6) | Time Charter Equivalent (TCE) rates are our revenue less voyage expenses (“Net Revenue”) during a period divided by the number of our available days during the period. TCE is a non-GAAP metric. TCE rate is a standard shipping industry performance metric used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., voyage charters, time charters, and bareboat charters) under which its vessels may be employed between the periods. Our method of computing TCE rate may not necessarily be comparable to those of other companies. |
13
The following table reflects the calculation of our daily TCE rates for the periods presented.
| In thousands of $US dollars except Daily TCE rate |
For the three-month periods ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||
| LNG/C | LPG/C | Container | LNG/C | LPG/C | Container | |||||||||||||||||||
| Revenues, net |
$ | 113,229 | $ | 21,083 | $ | 3,823 | $ | 91,819 | — | $ | 3,786 | |||||||||||||
| Less: Voyage expenses |
2,888 | 6,021 | 90 | 2,148 | — | 93 | ||||||||||||||||||
| Net revenue |
110,341 | 15,062 | 3,733 | 89,671 | — | 3,693 | ||||||||||||||||||
| Available days |
1,316 | 367 | 92 | 1,066 | — | 92 | ||||||||||||||||||
| Daily TCE rate |
$ | 83,862 | $ | 40,987 | $ | 40,576 | $ | 84,123 | — | $ | 40,133 | |||||||||||||
| In thousands of $US dollars except Daily TCE rate |
For the nine-month periods ended September 30, | |||||||||||||||||||||||
| 2026 | 2025 | |||||||||||||||||||||||
| LNG/C | LPG/C | Container | LNG/C | LPG/C | Container | |||||||||||||||||||
| Revenue, net |
$ | 302,159 | $ | 27,536 | $ | 11,345 | $ | 283,044 | — | $ | 11,314 | |||||||||||||
| Less: Voyage expenses |
9,880 | 7,252 | 266 | 4,988 | — | 270 | ||||||||||||||||||
| Net revenue |
292,279 | 20,284 | 11,079 | 278,056 | — | 11,044 | ||||||||||||||||||
| Available days |
3,494 | 633 | 273 | 3,238 | — | 273 | ||||||||||||||||||
| Daily TCE rate |
$ | 83,653 | $ | 32,038 | $ | 40,582 | $ | 85,874 | — | $ | 40,454 | |||||||||||||
14