Capital Clean Energy Carriers Corp., 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.
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.
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.
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.
