ATHENS, Greece,\u00a0May 07, 2026\u00a0(GLOBE NEWSWIRE) —\u00a0Capital Clean Energy Carriers Corp.\u00a0(the \u201cCompany\u201d, \u201cCCEC\u201d, \u201cwe\u201d or \u201cus\u201d) (NASDAQ: CCEC), an international owner of ocean-going vessels, today released its financial results for the first quarter ended\u00a0March 31, 2026.<\/p>\n
Key Highlights<\/p>\n
Completed an offering of \u20ac250.0 million in unsecured bonds with a seven-year maturity listed on the Athens Exchange (\u201cATHEX\u201d)
\nAgreed to divest 49% stake in the LNG\/C Amore Mio I, formed a Joint Venture company with an affiliate of the\u00a0BGN Group\u00a0and secured a 10-year time charter
\nTook delivery of our second LCO2\/multi-gas carrier, the\u00a0Amadeus
\nBrought forward the delivery of three LNG\/Cs under construction
\nAnnounced a dividend of\u00a0$0.15\u00a0per share for the first quarter of 2026
\nBoard approved $20.0 million share buyback program<\/p>\n
Key Financial Highlights (continuing operations)<\/u><\/strong><\/p>\n <\/p>\n 1\u00a0Average 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.<\/p>\n Management Commentary<\/p>\n Mr.\u00a0Jerry Kalogiratos, Chief Executive Officer of CCEC<\/strong>, commented:<\/p>\n \u201cDuring 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.<\/em><\/p>\n \u201cAs a result, the average firm contract duration for our LNG\/Cs stands at 6.9 years, representing approximately\u00a0$2.9 billion\u00a0in contracted revenues \u2013 which increases to 9.9 years and\u00a0$4.3 billion, respectively, should all extension options be exercised by our charterers.<\/em><\/p>\n \u201cThe ongoing geopolitical tensions in the\u00a0Middle East, particularly the\u00a0Iran\u00a0conflict, have created considerable uncertainty and disrupted across global energy shipping markets. The Company\u2019s 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.<\/em><\/p>\n \u201cLast but not least, during the quarter Mr.\u00a0Martin Houston\u00a0was appointed as Chairman of the Company. Mr. Houston\u2019s extensive experience and deep expertise across all aspects of the LNG value chain is expected to reinforce the delivery of our strategic goals.<\/em>\u201d<\/p>\n Fleet Update<\/strong><\/p>\n On\u00a0April 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\u00a0Amadeus\u00a0was financed with\u00a0$21.6 million\u00a0of cash on hand and a 5-year term loan of\u00a0$50.9 million, which is repayable in 20 quarterly installments of\u00a0$0.6 million, with a balloon payment of\u00a0$38.1 million\u00a0payable with the final installment in\u00a0April 2031. Under the loan, the Company may borrow an additional amount of up to\u00a0$7.8 million,\u00a0if the vessel secures longer-term employment.<\/p>\n During the period, we agreed with the shipyard to bring forward the delivery of the following three LNG\/Cs currently under construction:<\/p>\n <\/p>\n <\/p>\n The acquisition of LNG\/C\u00a0Archimidis\u00a0is expected to be financed by cash on hand and a new JOLCO facility for an amount of\u00a0$216.0 million\u00a0with a duration of eight years.<\/p>\n The acquisition of LNG\/C\u00a0Agamemnon\u00a0is expected to be financed by cash on hand and a new senior secured bridge loan facility of\u00a0$216.0 million. The bridge facility is expected to be refinanced upon the drawdown in\u00a0July 2026\u00a0of a JOLCO facility for an amount of\u00a0$216.0 million\u00a0with a duration of eight years.<\/p>\n Both facilities remain subject to final long form documentation<\/strong>.<\/p>\n Divestment of 49% Stake in the LNG\/C Amore Mio I, Formation of a Joint Venture Company With an Affiliate of the\u00a0BGN Group\u00a0and Secured a 10-Year Time Charter<\/p>\n On\u00a0April 15, 2026, the Company announced that it has agreed to sell in the first quarter of 2027 the LNG\/C\u00a0Amore Mio I\u00a0(2023-built 174,000 cbm) to a subsidiary of a joint venture company (the \u201cJoint Venture\u201d) owned 51% by CCEC and 49% by a company affiliated with global energy trader\u00a0BGN.<\/p>\n The Joint Venture has secured a 10-year time charter (with two three-year extension options) of the vessel to\u00a0BGN INT DMCC\u00a0commencing simultaneously with the acquisition of the vessel and expected, if all options are exercised, to generate aggregate revenues of up to approximately\u00a0$485.6 million\u00a0and extending up to 2043.<\/p>\n The Joint Venture will be effected through\u00a0BM Capital HoldCo LLC, a newly formed\u00a0Marshall Islands\u00a0limited liability company, in which CCEC holds a 51% interest and BMarine Shipping Investment FZCO holds the remaining 49%.\u00a0BM Capital LLC, a wholly owned subsidiary of\u00a0BM Capital HoldCo LLC, will acquire the vessel for\u00a0$230.0 million.<\/p>\n The existing financing on the vessel is expected to be refinanced upon acquisition of the vessel in the first quarter of 2027.<\/p>\n Under-Construction Fleet Update<\/strong><\/p>\n The Company\u2019s under-construction fleet includes nine latest-generation LNG\/Cs (referred to below as the \u201cNewbuild LNG\/Cs\u201d) plus six dual-fuel medium gas carriers and two handy LCO2\/multi-gas carriers (referred to below as the \u201cGas Fleet\u201d). The following table sets out the Company\u2019s schedule of expected capex payments for its under-construction fleet:<\/p>\n <\/p>\n Overview of First Quarter 2026 Results<\/strong><\/p>\n Net income for the quarter ended\u00a0March 31, 2026, was\u00a0$18.3 million, compared with net income of\u00a0$32.7 million\u00a0for the first quarter of 2025.<\/p>\n Total revenues for the quarter ended\u00a0March 31, 2026, were\u00a0$98.0 million, compared to\u00a0$102.0 million\u00a0during the first quarter of 2025. The decrease in revenue is attributable to off-hire days incurred by LNG\/Cs\u00a0Adamastos\u00a0and\u00a0Aristarchos\u00a0while passing their five-year special survey and the higher earnings achieved by one of our vessels operating under a short time charter during the first quarter of 2025, partly offset by the increase in the average number of vessels in our fleet following the delivery of the LCO2\/multi-gas carrier\u00a0Active\u00a0on\u00a0January 5, 2026.<\/p>\n Total expenses for the quarter ended\u00a0March 31, 2026, were\u00a0$54.3 million, compared to\u00a0$43.2 million\u00a0in the first quarter of 2025. Voyage expenses during the first quarter of 2026 amounted to\u00a0$6.2 million, compared to\u00a0$1.1 million\u00a0during the first quarter of 2025. The increase in voyage expenses was mainly attributable to bunker expenses incurred by the LCO2\/multi-gas carrier\u00a0Active\u00a0during the period from its delivery from the yard until it commenced its time charter employment and ballast legs associated with certain of our vessels passing their five-year special survey, as well as war risk insurance premiums paid by certain of our vessels during the first quarter of 2026. Vessel operating expenses during the first quarter of 2026 amounted to\u00a0$22.1 million, compared to\u00a0$16.3 million\u00a0during the first quarter of 2025. The increase in vessel operating expenses was mainly attributed to the costs incurred by the LNG\/Cs that underwent their five-year special survey during the period.<\/p>\n Total expenses for the first quarter of 2026 also include vessel depreciation and amortization of\u00a0$22.7 million, compared to\u00a0$21.8 million\u00a0in the first quarter of 2025. The increase in depreciation and amortization during the first quarter of 2026 was attributable to the increase in the average number of vessels in our fleet. General and administrative expenses for the first quarter of 2026 amounted to\u00a0$3.5 million, compared to\u00a0$4.1 million\u00a0in the first quarter of 2025 on the back of higher transaction costs incurred in 2025.<\/p>\n Total other expenses, net for the quarter ended\u00a0March 31, 2026, were\u00a0$25.4 million\u00a0compared to\u00a0$26.1 million\u00a0incurred in the first quarter of 2025. Total other expenses, net include interest expense and finance cost of\u00a0$23.0 million\u00a0for the first quarter of 2026, compared to\u00a0$27.8 million\u00a0for the first quarter of 2025. The decrease in interest expense and finance cost was mainly attributable to the decrease in the weighted average interest rate charged on our debt compared to the first quarter of last year.<\/p>\n Company Capitalization<\/strong><\/p>\n As of\u00a0March 31, 2026, total cash amounted to\u00a0$546.4 million. Total cash includes restricted cash of\u00a0$21.0 million, which represents the minimum liquidity requirement under our financing arrangements.<\/p>\n As of\u00a0March 31, 2026, the Company\u2019s total shareholders\u2019 equity amounted to\u00a0$1,516.6 million, an increase of\u00a0$17.2 million\u00a0compared to\u00a0$1,499.4 million\u00a0as of\u00a0December 31, 2025. The increase during the three-month period ended\u00a0March 31, 2026, reflects net income (including net income from discontinued operations) of\u00a0$22.0 million, amortization associated with the equity incentive plan of\u00a0$1.4 million,\u00a0$5.7 million\u00a0of common shares issued under our Dividend Reinvestment Plan net of expenses, partly offset by dividends declared during the period for a total amount of\u00a0$8.9 million\u00a0and other comprehensive loss of\u00a0$3.0 million\u00a0relating to the net effect of the cross-currency swap agreements we designated as an accounting hedge.<\/p>\n As of\u00a0March 31, 2026, the Company\u2019s total debt was\u00a0$2,626.1 million\u00a0compared to\u00a0$2,454.3 million\u00a0as of\u00a0December 31, 2025\u00a0(including discontinued operations).<\/p>\n As of\u00a0March 31, 2026, the weighted average margin on our floating debt, amounting to\u00a0$1,818.7 million, was 1.7% over SOFR and the weighted average all-in interest rate on our fixed-rate debt, amounting to\u00a0$807.5 million, was 4.6%.<\/p>\n Appointment of new Chairman and new role of Vice-Chairman<\/p>\n On\u00a0March 9, 2026, the Company announced the appointment of director\u00a0Martin Houston\u00a0as Chairman of the Company\u2019s board of directors with\u00a0Keith Forman\u00a0moving to a new role as Vice-Chairman.<\/p>\n Issuance of \u20ac250.0 million unsecured bonds (ATHEX: CCECB1)<\/strong><\/p>\n On\u00a0February 25, 2026, CCEC successfully completed an unsecured bond offering of \u20ac250.0 million (the \u201cBonds\u201d). The Bonds were admitted to trading in the fixed income securities category of the Regulated Market of the Athens Exchange (ATHEX) on\u00a0February 26, 2026.<\/p>\n The Bonds will mature in 2033 and have a coupon of 3.75%, payable semi-annually.<\/p>\n Part of the proceeds of the Bonds were used on\u00a0April 22, 2026, to prepay the outstanding \u20ac150.0 million unsecured bonds issued in 2021. The remaining amount will be used to finance part of CCEC\u2019s capital expenditure and for general corporate purposes. Total transaction costs associated with the offering amounted to approximately \u20ac7.5 million.<\/p>\n Dividend Reinvestment Plan (\u201cDRIP\u201d)<\/strong><\/p>\n 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\u00a0February 2026, the Company issued 275,592 common shares under the DRIP at the price of\u00a0$20.73\u00a0per share, gross of issuance costs.<\/p>\n At\u00a0March 31, 2026, the total common shares outstanding was 60,113,445 (excluding 871,061 common shares held in treasury).<\/p>\n Share Repurchase Program<\/strong><\/p>\n Our Board of Directors approved a share repurchase program, providing the Company with authorization to repurchase up to\u00a0$20.0 million of the Company\u2019s common shares, effective for a period of two years. The Company may repurchase these shares in the open market or in privately negotiated transactions, at times and prices that are considered to be appropriate by the Company.<\/p>\n Quarterly Dividend Distribution<\/strong><\/p>\n On\u00a0April 28, 2026, the Board of Directors of the Company declared a cash dividend of\u00a0$0.15\u00a0per share for the first quarter of 2026 payable on\u00a0May 20, 2026, to shareholders of record on\u00a0May 11, 2026.<\/p>\n LNG Market Update<\/p>\n The first quarter of 2026 in LNG shipping was inevitably defined by the conflict in the\u00a0Middle East\u00a0and 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.<\/p>\n Market conditions shifted sharply following the U.S.\u2013Israeli strike on\u00a0Iran\u00a0and the effective closure of the\u00a0Strait of Hormuz, which removed around 20% of global LNG supply. Supply uncertainty, stronger gas prices and the need for\u00a0U.S.\u00a0cargoes to backfill Asian LNG shortfalls supported tonne-mile demand and freight rates significantly.<\/p>\n 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\u00a0$30,000\u00a0per day to\u00a0$300,000\u00a0per day for modern two-stroke vessels. As the disruption persisted and some vessels from\u00a0Middle East\u00a0producers were released in the spot market, a partial correction took place, but the spot market remains in the six-digit range for inter-basin trades moving into the second quarter of 2026.The term market also responded sharply to geopolitical developments. As expected, the front end of the forward curve was affected severely, with one-year charter rates surging from the mid-$30,000 per day range to approximately\u00a0$100,000\u00a0per day, marking the first instance since late 2023 that short-term rates exceeded three-year levels. Although one-year time charter rates have since slightly moderated, they remain elevated, while longer-term rates (3 \u2013 7 years) have continued to firm, as stronger near-term fundamentals fed through the curve, pushing the averages for longer periods higher. Ordering activity has remained high after a rush in contracting activity started late in the fourth quarter of 2025. A total of 33 LNG carriers were ordered during the quarter, the highest on a quarterly basis since the fourth quarter of 2022. This contracting rise reflects confidence within the shipping industry that the liquefaction projects scheduled to come on stream before 2030 will require an increase in shipping capacity. Newbuild LNG carrier pricing has increased to over\u00a0$250.0 million\u00a0for a base specification vessel.<\/p>\n 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 12.1%) remain without committed employment, six of which are controlled by the Company.<\/p>\n LPG Market Update<\/strong><\/p>\n CCEC controls a fleet of ten LPG\/ammonia\/LCO2 carriers (of which two are currently on the water) comprising four LCO\u2082\/multi-gas carriers and six dual-fuel medium gas (\u2018MGC\u2019) carriers. Deliveries commenced in\u00a0January 2026\u00a0with the LCO\u2082\/multi-gas carrier\u00a0Active\u00a0(Hyundai Mipo Dockyard Co. Ltd, 22,000 cbm), which is currently trading LPG in the\u00a0Atlantic Basin\u00a0under a time charter. The LCO\u2082\/multi-gas carrier\u00a0Amadeus\u00a0(Hyundai Mipo Dockyard Co. Ltd, 22,000 cbm) joined the fleet on\u00a0April 30th\u00a0and is expected to trade in the short to medium time charter LPG\/ammonia market.<\/p>\n 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.<\/p>\n 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\u00a0Atlantic Basin. This scarcity supported a firm and strengthening rate environment, with relet positions commanding premiums and owners maintaining strong negotiating leverage.<\/p>\n 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.\u00a0Geopolitical 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.\u00a0Time charter rates remained firm during the quarter, with standard semi-refrigerated handy-sized vessels assessed at approximately\u00a0$30,400\u00a0per day for one-year charters, while fully refrigerated MGCs (40,000 cbm conventional) were assessed at approximately\u00a0$33,200\u00a0per day.<\/p>\n Conference Call and Webcast<\/strong><\/p>\n As previously announced, today,\u00a0May 7, 2026, the Company will host an interactive conference call at\u00a010:00 a.m. Eastern Time\u00a0to discuss the financial results.<\/p>\n Conference Call Details<\/strong><\/p>\n 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 \u201cCapital\u00a0Clean\u00a0Energy\u201d to the operator and\/or conference ID 13759970. Click\u00a0here\u00a0for participant International Toll-Free access numbers.<\/p>\n Alternatively, participants can register for the call using the\u00a0Call Me\u00a0option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away.<\/p>\n Slides and Audio Webcast<\/strong><\/p>\n There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company\u2019s website. To listen to the archived audio file, visit our website\u00a0http:\/\/ir.capitalcleanenergycarriers.com\u00a0and 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.<\/p>\n About\u00a0Capital Clean Energy Carriers Corp.<\/strong><\/p>\n Capital Clean Energy Carriers Corp.\u00a0(NASDAQ: CCEC), an international shipping company, is a leading platform of gas carriage solutions with a focus on energy transition. CCEC\u2019s 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\u2019s 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.<\/p>\n For more information about the Company, please visit:\u00a0www.capitalcleanenergycarriers.com<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" ATHENS, Greece,\u00a0May 07, 2026\u00a0(GLOBE NEWSWIRE) —\u00a0Capital Clean Energy Carriers Corp.\u00a0(the \u201cCompany\u201d, \u201cCCEC\u201d, \u201cwe\u201d or \u201cus\u201d) […]<\/p>\n","protected":false},"author":23,"featured_media":271911,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[273,298],"tags":[307],"class_list":["post-277722","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritimes-news","category-seagoing-maritimes-news","tag-featured-en"],"yoast_head":"\n\n\n
\n <\/td>\n Three-month periods ended\u00a0March 31,<\/strong><\/td>\n<\/tr>\n \n <\/td>\n 2026<\/td>\n 2025<\/td>\n (Decrease) \/ Increase<\/td>\n<\/tr>\n \n Revenues<\/td>\n $98.0 million<\/td>\n $102.0 million<\/td>\n (3.9%)<\/td>\n<\/tr>\n \n Expenses<\/td>\n $54.3 million<\/td>\n $43.2 million<\/td>\n 25.7%<\/td>\n<\/tr>\n \n Interest expense and finance cost<\/td>\n $23.0 million<\/td>\n $27.8 million<\/td>\n (17.3%)<\/td>\n<\/tr>\n \n Net Income<\/td>\n $18.3 million<\/td>\n $32.7 million<\/td>\n (44.0%)<\/td>\n<\/tr>\n \n Average number of vessels1<\/sup><\/td>\n 14.0<\/td>\n 13.0<\/td>\n 7.7%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n
\n LNG\/C<\/strong><\/td>\n Current expected delivery date<\/strong><\/td>\n Previous delivery date<\/strong><\/td>\n<\/tr>\n \n Archimidis<\/td>\n June 2026<\/td>\n July 2026<\/td>\n<\/tr>\n \n Agamemnon<\/td>\n June 2026<\/td>\n January 2027<\/td>\n<\/tr>\n \n Alcaios I<\/td>\n July 2026<\/td>\n September 2026<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n
\n <\/td>\n Q2 26<\/strong><\/td>\n Q3 26<\/strong><\/td>\n Q4 26<\/strong><\/td>\n Q1 27<\/strong><\/td>\n Q2 27<\/strong><\/td>\n Q3 27<\/strong><\/td>\n Q4 27<\/strong><\/td>\n Q1 28<\/strong><\/td>\n Q2 28<\/strong><\/td>\n Q3 28<\/strong><\/td>\n Q4 28<\/strong><\/td>\n Q1 29<\/strong><\/td>\n Total<\/strong><\/td>\n<\/tr>\n \n Newbuild LNG\/Cs<\/strong><\/td>\n 541.1<\/td>\n 149.7<\/td>\n 0.00<\/td>\n 456.9<\/td>\n 24.7<\/td>\n 0.0<\/td>\n 74.1<\/td>\n 0.0<\/td>\n 49.4<\/td>\n 186.4<\/td>\n 0.0<\/td>\n 372.8<\/td>\n 1,855.1<\/strong><\/td>\n<\/tr>\n \n Gas Fleet<\/strong><\/td>\n 61.2<\/td>\n 115.4<\/td>\n 0.00<\/td>\n 183.9<\/td>\n 0.00<\/td>\n 35.9<\/td>\n 0.0<\/td>\n 0.0<\/td>\n 0.0<\/td>\n 0.0<\/td>\n 0.0<\/td>\n 0.0<\/td>\n 396.4<\/strong><\/td>\n<\/tr>\n \n Total<\/strong><\/td>\n 602.3<\/td>\n 265.1<\/td>\n 0.00<\/td>\n 640.8<\/td>\n 24.7<\/td>\n 35.9<\/td>\n 74.1<\/td>\n 0.0<\/td>\n 49.4<\/td>\n 186.4<\/td>\n 0.0<\/td>\n 372.8<\/td>\n 2,251.5<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n