Despite the challenges in the short-term market Capital Clean Energy Carriers signed new long term time charter arrangements and has increased its contracted revenue for the first quarter of 2025.
In November 2023 the company decided 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/Cs and in June 2024, the Company further expanded its gas focused portfolio with the acquisition of 10 additional gas carriers, including four LCO2/multi gas and six LPG-ammonia carriers.
Since December 2023, the Company has also completed the sale of 12 container vessels.
Financial results from continuing operations include revenues, expenses and cash flows arising from its 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 that were sold following the strategic shift in November 2023.
It must be recognized that the company has carried out new long-term charter agreements for two LNG carriers under construction and exercise of certain options for 3 existing LNG carriers.
The company also reported that the contracted revenue backing increased to $3.1bn or $4.5bn including optional periods and concluded the sale of the last two debt-free container vessels.
A dividend of $0.15 for the 1st quarter 2025 was announced.
Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented: “We are very pleased that two of our LNG carriers under construction have secured long term employment well in advance of their scheduled delivery. In our view, these fixtures signal that the long-term fundamentals of LNG shipping remain robust for high quality owners like CCEC, operating latest generation LNG/Cs, despite the challenges in the short-term market. Moreover, together with certain options exercised by one of our existing charterers for three of our in-the-water LNG/Cs, our contract backlog duration increased to 7.3 years with $3.1 billion in contracted revenues. Additionally, the two new charters are expected to further improve the diversity and composition of our charter book, further de-risk our balance sheet and provide our investors with increasing cash flow visibility.
CCEC now has only four latest generation LNG carriers under construction from its eventual fleet of 18 that are available for charter. The Company remains engaged with multiple counterparties regarding their future employment. Critically, CCEC remains largely insulated from current spot LNG market conditions, with our first two open newbuildings being delivered not before the third quarter of 2026.
Following the delivery of the last two container vessels we agreed to sell during the first quarter of 2025, our container exposure has been reduced to just three legacy, modern container carriers with remaining charters until at least 2032. This transition aligns with our strategic objective of positioning the Company as the premier carrier of gas transportation solutions, including emerging trades tied to the energy transition. Importantly, the Company has built-in growth for the next three years driven by the scheduled delivery of 16 new LNG/Cs and other gas carriers, which is well supported by our internally generated cash flows and our cash at hand, which amounted to $420.3 million at quarter end. We remain firmly on our path to reposition CCEC to become the largest U.S. listed company focused on LNG and gas transportation space.”
ELNAVI Newsletter
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