Capital Clean Energy Carriers Corp. Announces Second Quarter 2025 Financial Results

ATHENS, Greece, July 31, 2025 (GLOBE NEWSWIRE) -- Capital Clean Energy Carriers Corp. (the “Company,” “CCEC”, “we” or “us”) (NASDAQ: CCEC), an international owner of ocean-going vessels, today released its financial results for the second quarter ended June 30, 2025. Key Quarterly Highlights Announced dividend of $0.15 for the second quarter of 2025Secured financing for two of our vessels under construction The Company announced in November 2023 its decision to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including liquefied natural gas (“LNG”) and emerging new commodities in connection with the energy transition. As a result, the Company agreed to acquire 11 newbuild LNG carriers (“LNG/Cs”) (the “Newbuild LNG/C Vessels”) and in June 2024, the Company further expanded its gas-focused portfolio with the acquisition of 10 gas carriers, including four LCO2/multi gas and six LPG-ammonia carriers (the “Gas Fleet”). Since December 2023, the Company has also completed the sale of 12 container vessels. In view of this strategic shift, we present our financial results on a continuing operations basis, except for where reference is made to discontinued operations. Financial results from continuing operations include revenues, expenses and cash flows arising from our 15 vessels currently in-the-water, including 12 latest generation LNG/Cs and three 13,000 twenty equivalent unit (“TEU”) Neo-Panamax container vessels. Financial results from discontinued operations include revenues, expenses and cash flows arising from the 12 container vessels we have sold following the announcement of our strategic shift in November 2023. Please refer to Appendix A Discontinued Operations. Key Financial Highlights (continuing operations) Three-month period ended June 30, 20252024Increase/ (Decrease)Revenues$104.2 million$82.1 million27%Expenses$47.6 million$40.0 million19%Interest expense and finance cost $28.9 million$30.7 million(6%)Net Income$29.9 million$12.3 million143%Average number of vessels115.012.718% Management Commentary Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented: “The second quarter of 2025 marked a period of consolidation, as we continued to build upon the significant progress achieved in the prior quarter toward our strategic objectives. While we have no exposure to the spot LNG market, it is encouraging to see short-term and spot charter rates trending upward. This positive pricing environment, combined with the continued retirement of older LNG carriers, underscores the growing economic cost and regulatory pressures on legacy tonnage. We anticipate this rationalization trend to persist, further reinforcing the long-term value of our latest generation fleet.” “Looking ahead, our growth trajectory is underpinned by the scheduled delivery of 16 gas carriers—including six latest-generation LNG carriers and ten LPG, ammonia, and LCO₂-capable vessels—over the next three years. We are pleased to have secured financing for two of our newbuilds on attractive terms, significantly de-risking our capital plan. Concurrently, we remain in active discussions with potential charterers for our open vessels and continue to position the Company as a leading U.S.-listed platform dedicated to LNG and broader gas shipping solutions.” Overview of Second Quarter 2025 Results Net income for the quarter ended June 30, 2025, was $29.9 million, compared with net income of $12.3 million for the second quarter of 2024. Total revenue for the quarter ended June 30, 2025, was $104.2 million, compared to $82.1 million during the second quarter of 2024. The increase in revenue was attributable to the delivery of three Newbuild LNG/C Vessels during the second quarter of 2024. The average number of vessels in our fleet increased to 15.0 from 12.7 in the same quarter of last year. Total expenses for the quarter ended June 30, 2025, were $47.6 million, compared to $40.0 million in the second quarter of 2024. Total vessel operating expenses during the second quarter of 2025 amounted to $17.4 million, compared to $15.3 million during the second quarter of 2024. The increase in vessel operating expenses was mainly due to the increase in the average number of vessels in our fleet. Total expenses for the second quarter of 2025 also include vessel depreciation and amortization of $24.2 million, compared to $19.6 million in the second quarter of 2024. The increase in depreciation and amortization during the second quarter of 2025 was attributable to the increase in the average number of vessels in our fleet. General and administrative expenses for the second quarter of 2025 amounted to $3.9 million, up from $3.3 million in the second quarter of 2024, on the back of higher costs incurred in connection with our equity compensation incentive plan. Total other expenses, net for the quarter ended June 30, 2025, were $26.6 million compared to $29.8 million for the second quarter of 2024. Total other expenses, net include interest expense and finance cost of $28.9 million for the second quarter of 2025, compared to $30.7 million for the second quarter of 2024. The decrease in interest expense and finance cost was mainly attributable to the decrease in the weighted average interest rate charged on our debt, partly set off by the increase in our average indebtedness compared to the second quarter of 2024. Company Capitalization As of June 30, 2025, total cash amounted to $357.2 million. Total cash includes restricted cash of $21.5 million, which represents the minimum liquidity requirement under our financing arrangements. As of June 30, 2025, the Company’s total shareholders’ equity amounted to $1,438.9 million, an increase of $95.9 million compared to $1,343.0 million as of December 31, 2024. The increase for the six months to June 30, 2025 reflects net income (including net income from discontinued operations) of $110.5 million, amortization associated with the equity incentive plan of $2.9 million, net proceeds of $0.2 million under the Company’s ATM Program (as defined below) and other comprehensive income of $0.2 million relating to the net effect of the cross-currency swap agreement we designated as an accounting hedge, partly offset by distributions declared and paid during the period in a total amount of $17.8 million. As of June 30, 2025, the Company’s total debt was $2,564.7 million before deferred financing costs, reflecting a decrease of $33.6 million compared to $2,598.3 million as of December 31, 2024. The decrease is attributable to the scheduled principal payments for the period of $66.1 million, partly offset by a $32.5 million increase in the U.S. Dollar equivalent, as of June 30, 2025, of the euro-denominated bonds issued by CPLP Shipping Holdings Plc in July 2022 and October 2021. As of June 30, 2025, the weighted average margin on our floating debt amounting to $2,035.6 million was 1.7% over SOFR and the weighted average interest rate on our fixed rate debt amounting to $529.1 million was 4.4%. Under-Construction Fleet Update The Company’s under-construction fleet includes six latest generation LNG/Cs (comprising the remaining Newbuild LNG/C Vessels that have not yet been delivered to the Company) and the Gas Fleet. The following table sets out the Company’s schedule of expected capex payments for its under-construction fleet as of June 30, 2025. Capex Schedule of CCEC in USD million, as of June 30, 2025: 202520262027TOTAL Q3Q4Q1Q2Q3Q4Q1Q2Q3 Newbuild LNG/C25.650.525.051.2393.7 702.2--1,248.2Gas Fleet15.422.074.0105.4123.247.789.346.935.9559.8TOTAL41.072.599.0156.6516.947.7791.546.935.91,808.0 Financing Updates On June 26, 2025, we entered into a new five-year financing agreement for two LCO2/multi-gas carriers that are part of our under-construction Gas Fleet, namely the M/V Amadeus and M/V Athenian (each 22,000 CBM, Hyundai Heavy Industries), with scheduled deliveries in the second and fourth quarters of 2026, respectively. The expected financing amount per vessel is $50.9 million, which can increase to up to $58.7 million, if long-term employment is secured. The expected amount will be repayable in 20 quarterly installments of $0.6 million, together with a $38.1 million balloon payment at maturity. ATM Program 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 $75.0 million (the “ATM Program”). During the quarter ending June 30, 2025, the Company issued and sold 7,954 shares pursuant to the ATM Program at an average price of $22.44 per share gross of sale expenses. Quarterly Dividend Distribution On July 24, 2025, the Board of Directors of the Company declared a cash dividend per share of $0.15 for the second quarter of 2025 payable on August 8, 2025, to shareholders of record on August 4, 2025. LNG Market Update During the second quarter of 2025, the LNG shipping spot and short-term market exhibited signs of recovery. The combination of long-awaited project startups most notably Canada LNG, increased demand for cargoes in the Atlantic and Mediterranean basins, and a higher level of geopolitical uncertainty led to the average spot market rates in the second quarter of 2025 reaching $30,000 per day, an increase of approximately 80% from the average of the first quarter of 2025. Another dynamic during the quarter has been the record number of vessel removals, with four older vessels being sold for demolition in the second quarter, taking the 2025 year-to-date total to ten, with news around the potential sale of another two vessels circulating the market. As a point of reference, 2024 was a record year in terms of demolitions, with a total of eight vessels sold throughout the whole calendar year. One-year time charter rates also increased during the second quarter, with the average one-year time charter rates reaching around $40,000 per day, representing a 25% increase compared to the previous quarter. The commercial removal of older, smaller and less efficient vessels has been accelerating and is expected to continue at this pace as these vessels are expected to face even greater pressure from an increasingly rigorous regulatory environment. Currently, the older technology steam turbine fleet comprises approximately 200 vessels or around 30% of the fleet in the water. Mid- and long-term rates have continued to command a significant premium to the spot market, with the five-to-ten-year range for a newbuild vessel delivering in 2027 being between $85,000 and $90,000/day. Turning to the global LNG/C orderbook, there are 285 newbuild LNG/C vessels on order with 17 vessels delivered during the second quarter of 2025. Of those 285 LNG/C newbuilds, analysts expect that only 23 vessels are accounted as open, with CCEC controlling four of these open vessels. Another encouraging data point comes from the substantial slowing in contracting for new LNG/Cs. The last two quarters have seen just eight new LNG/Cs being ordered compared to a quarterly average of 24 contracts between 2021 and 2024. New build asset prices remain firm at around $250 to $260 million depending on vessel specification and delivery position with lead times for delivery well over three years. We expect the long-term prospects for modern, state-of the art LNG/C vessels to remain robust given that the underlying global demand for LNG continues to be strong, with 39.02 mtpa of LNG Sales and Purchase Agreements (“SPAs”) being signed year to date, particularly from Asian and European counterparties. Moreover, the second quarter has brought another Final Investment Decision (“FID”) from Cheniere on Corpus Christi Midscale Trains 8 and 9, with another seven more projects expecting to reach FID over the next 6 to 12 months, bringing a significant number of LNG shipping requirements going forward. Implementation of Dividend Reinvestment Plan The Company announced on June 10, 2025 that it has implemented a Dividend Reinvestment Plan (the “Plan”) to provide our shareholders with a convenient and economical way to reinvest cash dividends to purchase our common shares. The Plan is open to existing shareholders of the Company and investors who become shareholders of the Company in the future outside of the Plan. Conference Call and Webcast Today, July 31, 2025, the Company will host an interactive conference call at 8:00 a.m. Eastern Time to discuss the financial results. Conference Call Details Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Capital Clean Energy” to the operator and/or conference ID 13754092. Click here for additional 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 15 high specification vessels, including 12 latest generation LNG/Cs and three legacy Neo-Panamax container vessels. In addition, CCEC’s under-construction fleet includes six additional latest generation LNG/Cs, six dual-fuel medium gas carriers and four handy LCO2/multi-gas carriers, to be delivered between the first quarter of 2026 and the third quarter of 2027. For more information about the Company, please visit: www.capitalcleanenergycarriers.com Forward-Looking Statements The statements in this press release that are not historical facts, including, among other things, statements related to CCEC’s ability to pursue growth opportunities and CCEC’s expectations or objectives regarding future vessel deliveries, and charter rate expectations, are forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. For a discussion of factors that could materially affect the outcome of forward-looking statements and other risks and uncertainties, see “Risk Factors” in our annual report filed with the SEC on Form 20-F for the year ended December 31, 2024, filed on April 17, 2025. Unless required by law, CCEC expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, to conform them to actual results or otherwise. CCEC does not assume any responsibility for the accuracy and completeness of the forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements. Contact Details:Investor Relations / Media Brian GallagherEVP Investor RelationsTel. +44 (770) 368 4996 E-mail: b.gallagher@capitalmaritime.comm Nicolas Bornozis/Markella KaraCapital Link, Inc. (New York)Tel. +1-212-661-7566E-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 periodended June 30,For the six-month periodended June 30, 2025 2024 2025 2024 Revenues104,159 82,086 213,540 158,252 Expenses: Voyage expenses2,127 1,840 3,370 5,030 Vessel operating expenses14,913 13,075 30,333 25,824 Vessel operating expenses - related parties2,467 2,209 4,954 4,324 General and administrative expenses3,915 3,302 8,044 7,723 Vessel depreciation and amortization24,191 19,552 48,386 37,773 Operating income, net56,546 42,108 118,453 77,578 Other (expense)/ income, net: Interest expense and finance cost(28,879)(30,717)(59,602)(62,488)Other income, net2,246 952 3,884 2,835 Total other expense, net (26,633)(29,765)(55,718)(59,653)Net income from continuing operations29,913 12,343 62,735 17,925 Net (loss)/ income from discontinued operations(149)21,841 47,746 50,155 Net income from operations29,764 34,184 110,481 68,080 Net income attributable to General Partner- 215 - 428 Net income attributable to unvested shares- 153 - 305 Net income attributable to common shareholders29,764 33,816 110,481 67,347 Net income from continuing operations per: Common shares, basic and diluted0.51 0.23 1.07 0.33 Weighted average shares outstanding: Common shares, basic and diluted58,718,689 54,887,313 58,718,005 54,851,934 Net income from discontinued operations per: Common shares, basic and diluted- 0.39 0.81 0.90 Weighted average shares outstanding: Common shares, basic and diluted58,718,689 54,887,313 58,718,005 54,851,934 Net income from operations per: Common shares, basic and diluted0.51 0.62 1.88 1.23 Weighted average shares outstanding: Common shares, basic and diluted58,718,689 54,887,313 58,718,005 54,851,934 Capital Clean Energy Carriers Corp.Unaudited Condensed Consolidated Balance Sheets(In thousands of United States Dollars) As of June 30, 2025 As of December 31, 2024Assets Current assets Cash and cash equivalents$335,615$313,988Trade accounts receivable, net 7,243 3,853Prepayments and other assets 8,547 7,512Due from related party - 1,131Inventories 4,639 4,844Claims 865 865Derivative assets 2,420 -Current assets of discontinued operations 1,303 73,350Total current assets 360,632 405,543Fixed assets Advances for vessels under construction – related party 54,000 54,000Vessels, net and vessels under construction 3,609,388 3,527,305Total fixed assets 3,663,388 3,581,305Other non-current assets Above market acquired charters 84,267 101,574Deferred charges, net 834 361Restricted cash 21,547 22,521Derivative assets 14,846 1,574Prepayments and other assets 24 4Total non-current assets 3,784,906 3,707,339Total assets$4,145,538$4,112,882Liabilities and Shareholders’ Equity Current liabilities Current portion of long-term debt, net$129,076$128,383Trade accounts payable 10,450 15,119Due to related parties 5,538 3,542Accrued liabilities 37,230 32,157Deferred revenue 18,236 29,804Derivative liabilities - 18,114Current liabilities of discontinued operations 16,754 16,372Total current liabilities 217,284 243,491Long-term liabilities Long-term debt, net 2,417,579 2,450,129Below market acquired charters 68,895 75,659Deferred revenue 2,927 634Total long-term liabilities 2,489,401 2,526,422Total liabilities 2,706,685 2,769,913Commitments and contingencies - -Total shareholders’ equity 1,438,853 1,342,969Total liabilities and shareholders’ equity$4,145,538$4,112,882 Capital Clean Energy Carriers Corp.Unaudited Condensed Consolidated Statements of Cash Flows(In thousands of United States Dollars) For the six-month ended June 30, 2025 2024 Cash flows from operating activities of continuing operations: Net income from operations$110,481 $68,080 Less: Net income from discontinued operations (47,746) (50,155)Net income from continuing operations 62,735 17,925 Adjustments to reconcile net income to net cash provided by operating activities: Vessel depreciation and amortization 48,386 37,773 Amortization and write-off of deferred financing costs 1,993 1,399 Amortization / accretion of above / below market acquired charters 10,543 6,871 Amortization of ineffective portion of derivatives (103) (105)Equity compensation expense 3,171 3,517 Change in fair value of derivatives (20,534) 5,043 Unrealized bonds exchange differences 19,488 (5,538)Changes in operating assets and liabilities: Trade accounts receivable, net (3,390) (2,545)Prepayments and other assets (1,055) 815 Due from related party 1,131 621 Inventories 205 (1,838)Trade accounts payable (4,559) 1,543 Due to related parties 1,996 3,194 Accrued liabilities 4,691 10,364 Deferred revenue (9,275) (3,479)Net cash provided by operating activities of continuing operations$115,423 $75,560 Cash flows from investing activities of continuing operations: Vessel acquisitions, vessels under construction and improvements including time and bareboat charter agreements (130,533) (1,135,341)(Expenses for sale of vessels paid, net of proceeds from sale of vessels) (220) (220)Net cash used in investing activities of continuing operations$(130,753)$(1,135,561)Cash flows from financing activities of continuing operations: Proceeds from long-term debt - 1,017,000 Deferred financing and offering costs paid (436) (8,929)Payments of long-term debt (66,127) (242,515)Dividends paid (17,803) (16,747)Proceeds from offering 173 - Net cash (used in) / provided by financing activities of continuing operations$(84,193)$748,809 Net decrease in cash, cash equivalents and restricted cash from continuing operations$(99,523)$(311,192)Cash flows from discontinued operations Operating activities 373 27,754 Investing activities 119,803 271,813 Financing activities - (91,332)Net increase in cash, cash equivalents and restricted cash from discontinued operations 120,176 208,235 Net increase / (decrease) in cash, cash equivalents and restricted cash 20,653 (102,957)Cash, cash equivalents and restricted cash at the beginning of the period$336,509 $204,141 Cash, cash equivalents and restricted cash at the end of the period$357,162 $101,184 Supplemental cash flow information Cash paid for interest$56,210 57,125 Non-Cash Investing and Financing Activities Capital expenditures included in liabilities 3,797 4,605 Capitalized dry-docking costs included in liabilities 3,129 4,149 Deferred financing and offering costs included in liabilities 324 173 Expenses for sale of vessels included in liabilities 7,602 5,275 Seller’s credit agreements in connection with the acquisition of vessel owning companies - 134,764 Reconciliation of cash, cash equivalents and restricted cash Cash and cash equivalents 335,615 88,264 Restricted cash - non-current assets 21,547 12,920 Total cash, cash equivalents and restricted cash shown in the statements of cash flows$357,162 101,184 Appendix A I. Discontinued Operations - Vessels Name of VesselTypeTEUMemorandum of Agreement DateDeliveryM/V AkadimosNeo Panamax Container Vessel9,288January 31, 2024March 8, 2024M/V Long Beach ExpressPanamax Container Vessel5,089December 15, 2023February 26, 2024M/V Seattle ExpressPanamax Container Vessel5,089February 14, 2024April 26, 2024M/V Fos ExpressPanamax Container Vessel5,089February 14, 2024May 3, 2024M/V AthenianNeo Panamax Container Vessel9,954March 1, 2024April 22, 2024M/V AthosNeo Panamax Container Vessel9,954March 1, 2024April 22, 2024M/V AristomenisNeo Panamax Container Vessel9,954March 1, 2024May 3, 2024M/V Hyundai PremiumNeo Panamax Container Vessel5,023September 12, 2024November 22, 2024M/V Hyundai ParamountNeo Panamax Container Vessel5,023September 12, 2024December 20, 2024M/V Hyundai PrestigeNeo Panamax Container Vessel5,023September 12, 2024December 5, 2024M/V Hyundai PrivilegeNeo Panamax Container Vessel5,023September 12, 2024January 10, 2025M/V Hyundai PlatinumNeo Panamax Container Vessel5,023September 12, 2024March 10, 2025 During the six-month period ended June 30, 2025, the Company disposed of the following vessels recognizing, a gain on sale of vessels of $46,213. VesselMOA DateDelivery dateM/V Hyundai PrivilegeSeptember 12, 2024January 10, 2025M/V Hyundai PlatinumSeptember 12, 2024March 10, 2025 II. Discontinued Operations - Unaudited Condensed Consolidated Statements of Comprehensive Income(In thousands of United States Dollars) For the three-monthperiods ended June 30,For the six-monthperiods ended June 30, 2025 2024 2025 2024 Revenues- 15,585 2,482 43,913 Expenses / (income), net: Voyage expenses- 321 35 988 Vessel operating expenses112 4,315 1,065 11,121 Vessel operating expenses - related party- 627 90 1,635 Vessel depreciation and amortization- 3,024 - 8,765 Gain on sale of vessels- (15,191)(46,213)(31,602)Operating (loss)/ income, net(112)22,489 47,505 53,006 Other income / (expense), net: Interest expense and finance cost- (705)(1)(2,977)Other (expense)/ income, net(37)57 242 126 Total other (expense)/ income, net (37)(648)241 (2,851)Net (loss)/ income from discontinued operations(149)21,841 47,746 50,155 III. Discontinued Operations - Unaudited Condensed selected balance sheets information (In thousands of United States Dollars) As of June 30, 2025 As of December 31, 2024Cash and cash equivalents$4$38Trade accounts receivable, net 770 636Prepayments and other assets 480 907Claims 49 49Assets held for sale - 71,720Total current assets of discontinued operations 1,303 73,350Trade accounts payable 9,741 3,026Accrued liabilities 7,013 12,443Deferred revenue - 903Total current liabilities of discontinued operations 16,754 16,372 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.

Capital Clean Energy Carriers Corp. Announces Second Quarter 2025 Financial Results

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