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ATHENS, Greece, Oct. 30, 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 third quarter ended September 30, 2025.
Key Quarterly Highlights
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 LNG and emerging new commodities in connection with the energy transition. As a result, the Company agreed to acquire 11 newbuild 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 DF MGCs (the “Gas Fleet”). Since December 2023, the Company has also completed the sale of 13 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 14 vessels currently in-the-water, including 12 latest generation LNG/Cs and two 13,000 twenty equivalent unit (“TEU”) Neo-Panamax container vessels.
Financial results from discontinued operations include revenues, expenses and cash flows arising from the 13 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 September 30, | ||||
| 2025 | 2024 | Increase/ (Decrease) | ||
| Revenues | $99.5 million | $102.4 million | (2.8%) | |
| Expenses | $49.5 million | $46.9 million | 5.5% | |
| Interest expense and finance cost | $26.9 million | $38.8 million | (30.7%) | |
| Net Income | $23.1 million | $16.1 million | 43.5% | |
| Average number of vessels1 | 14.0 | 14.0 | 0.0% | |
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented:
“The third quarter has marked another period of robust performance for the Company, with significant achievements across all strategic fronts and operational priorities. The business continues to build momentum, further strengthening its position within the LNG and gas transportation sector.
The Company has successfully secured long-term employment for another LNG carrier currently under construction, well ahead of its scheduled delivery. This move not only demonstrates proactive planning but also contributes to further diversification of our customer base. The Company’s total contract backlog duration now stands at 6.9 years, with $3.0 billion in contracted revenues. These figures highlight increased cash flow visibility and a de-risked balance sheet, which we believe will support the Company's financial stability.
Financing has been secured for all six DF MGCs and all four LCO2/multi-gas carriers, which underscores the Company's financial agility and commitment to its strategic objectives. In parallel, the sale of another container vessel has enabled further recycling of the capital base with the proceeds being reinvested into the Company’s under-construction fleet of gas shipping assets.
Corporate governance continues to evolve, with changes in our Board of Directors. The Company expresses gratitude to Abel Rasterhoff for his service since our U.S. listing in 2007 and wishes him well in retirement. Martin Houston is welcomed to our Board, bringing unparalleled experience and stature in the LNG market.
It has been just two years since the Company began its journey focused on gas transportation, following a rights issue in November 2023. Out of an eventual fleet of 18 LNG/Cs, CCEC now only has three latest generation LNG/Cs under construction that remain available for charter. Discussions regarding their future employment are underway with multiple counterparties, while the Company remains insulated from prevailing spot LNG market conditions for the next 12 months.
By consistently executing on its strategy, CCEC is well on its way to becoming the largest US-listed company dedicated to LNG and gas transportation.”
Fleet Employment Update
CCEC has secured employment for the LNG/C Athlos, 174,000 Cubic Meters (“CBM”) currently under construction at Hyundai Samho, which is scheduled for delivery from the shipyard in the first quarter of 2027.
In particular, the LNG/C Athlos has been chartered for a firm period of seven years by a major energy company, with three one-year options. Commencement of the charter is scheduled for the first quarter of 2028. Importantly, CCEC maintains the right to substitute the LNG/C Athlos with the LNG/C Archon (174,000 CBM currently under construction at Hyundai Samho and also scheduled for delivery from the shipyard in the first quarter of 2027), further increasing our commercial flexibility.
As a result, CCEC now has an average remaining firm charter duration of 6.9 years and $3.0 billion in contracted revenues. Should all extension options be exercised by charterers, the average duration would increase to 9.8 years, with total contracted revenues rising to $4.4 billion.
Overview of Third Quarter 2025 Results
Net income for the quarter ended September 30, 2025, was $23.1 million, compared with net income of $16.1 million for the third quarter of 2024.
Total revenue for the quarter ended September 30, 2025, was $99.5 million, compared to $102.4 million during the third quarter of 2024. The decrease in revenue was attributable to the off-hire periods related to the five-year special surveys underwent by LNG/Cs Aristos I and Aristidis I during the quarter, partly offset by the commencement of the long-term bareboat charter of Axios II in the first quarter of 2025.
Total expenses for the quarter ended September 30, 2025, were $49.5 million, compared to $46.9 million in the third quarter of 2024. Total vessel operating expenses during the third quarter of 2025 amounted to $20.5 million, compared to $16.3 million during the third quarter of 2024. The increase in vessel operating expenses was mainly due to expenses related to the special surveys of LNG/Cs Aristos I and Aristidis I, which were completed during the third quarter of 2025. Total expenses for the third quarter of 2025 also include vessel depreciation and amortization of $23.1 million, in line with the third quarter of 2024. General and administrative expenses for the third quarter of 2025 amounted to $3.6 million, compared with $4.7 million in the third quarter of 2024, on the back of lower transaction-related costs, partly offset by higher costs incurred in connection with our equity compensation incentive plan.
Total other expenses, net for the quarter ended September 30, 2025, were $26.9 million compared to $39.5 million incurred in the third quarter of 2024. Total other expenses, net include interest expense and finance cost of $26.9 million for the third quarter of 2025, compared to $38.8 million for the third quarter of 2024. The decrease in interest expense and finance cost was mainly attributable to the decrease in our average indebtedness and the weighted average interest rate charged on our debt compared to the third quarter of last year.
Company Capitalization
As of September 30, 2025, total cash amounted to $332.3 million. Total cash includes restricted cash of $21.5 million, which represents the minimum liquidity requirement under our financing arrangements.
As of September 30, 2025, the Company’s total shareholders’ equity amounted to $1,462.9 million, an increase of $119.9 million compared to $1,343.0 million as of December 31, 2024. The increase for the nine months to September 30, 2025 reflects net income (including net income from discontinued operations) of $134.2 million, amortization associated with the equity incentive plan of $4.3 million, net proceeds of $0.2 million under the Company’s ATM Program (as defined below) and $8.1 million of common shares issued under our Dividend Reinvestment Plan net of expenses, partly offset by dividends declared during the period in a total amount of $26.6 million and other comprehensive loss of $0.3 million relating to the net effect of the cross-currency swap agreement we designated as an accounting hedge.
As of September 30, 2025, the Company’s total debt was $2,440.8 million before deferred financing costs, reflecting a decrease of $63.2 million compared to $2,504.0 million as of December 31, 2024. The decrease is attributable to the scheduled principal payments for the period of $95.2 million, partly offset by a $32.1 million increase in the U.S. Dollar equivalent, as of September 30, 2025, of the euro-denominated bonds issued by CPLP Shipping Holdings Plc in July 2022 and October 2021.
As of September 30, 2025, the weighted average margin on our floating debt, including discontinued operations, amounting to $2,004.2 million was 1.8% over SOFR and the weighted average interest rate on our fixed rate debt amounting to $527.0 million was 4.5%.
Container Divestment Update
On August 7, 2025, the Company entered into a memorandum of agreement for the sale of M/V Manzanillo Express (142,411 DWT / 13,312 TEU, hybrid scrubber-fitted, eco container vessel, built 2022, Hyundai Samho Industries Co. Ltd, South Korea). The vessel was delivered to its new owner on October 6, 2025.
The Company expects to record a gain of approximately $7.5 million from the sale. The proceeds were used to pay down outstanding debt of $90.4 million, and for general corporate purposes.
The completion of this transaction leaves CCEC with only two 13,000 TEU container vessels - both on long term time charters through 2033, with options to extend to 2039. This vessel sale aligns with the Company’s strategic plan, announced in November 2023, to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including LNG and emerging new commodities in connection with the energy transition. Since February 2024, CCEC has sold 13 container vessels, generating gross proceeds of approximately $694.2 million.
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 September 30, 2025.
Capex Schedule of CCEC in USD million, as of September 30, 2025:
| 2025 | 2026 | 2027 | TOTAL | ||||||
| Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||
| Newbuild LNG/C | 50.6 | 25.0 | 51.2 | 393.7 | 702.2 | - | - | 1,222.7 | |
| Gas Fleet | 22.0 | 74.0 | 105.4 | 123.2 | 47.7 | 89.3 | 46.9 | 35.9 | 544.4 |
| TOTAL | 72.6 | 99.0 | 156.6 | 516.9 | 47.7 | 791.5 | 46.9 | 35.9 | 1,767.1 |
The Company has paid by the end of the third quarter of 2025 $580.3 million in advances towards the acquisition of its under-construction fleet.
Financing Update
Secured Financing for Four 45,000 CBM DF MGCs, Two 40,000 CBM DF MGCs and Two LCO2 /multi-gas carriers under construction
On August 13, 2025, the Company entered into a seven-year financing arrangement for all six of its DF MGCs under construction. The total expected financing amount is $310.1 million, which may be increased in the event that long-term employment is secured, up to a total of $376.6 million. The facility also includes the option to draw pre-delivery financing.
On September 30, 2025, the Company entered into a new twelve-year ECA-backed financing agreement for two LCO2/multi-gas carriers that are part of our under-construction Gas Fleet, The total expected financing amount is $101.7 million, which may be increased in the event that long-term employment is secured, to up to $117.4 million.
After the conclusion of these additional financing arrangements, the financing of the Gas Fleet is summarized as follows:
Gas Fleet Financing Summary in USD million, as of September 30, 20251
| Vessel Name | Vessel Type | CBM | Scheduled Delivery | Financing Amount | Quarterly Instalment | Balloon | Term | |||
| Base | Increased | Base | Increased | Base | Increased | Yrs | ||||
| Aristogenis | MGC | 45,000 | Q2 2026 | 54.7 | 66.4 | 0.7 | 0.8 | 35.5 | 43.2 | 7.0 |
| Aridaios | MGC | 45,000 | Q3 2026 | 54.7 | 66.4 | 0.7 | 0.8 | 35.5 | 43.2 | 7.0 |
| Aratos | MGC | 45,000 | Q1 2027 | 54.7 | 66.4 | 0.7 | 0.8 | 35.5 | 43.2 | 7.0 |
| Agenor | MGC | 45,000 | Q2 2027 | 54.7 | 66.4 | 0.7 | 0.8 | 35.5 | 43.2 | 7.0 |
| Anios | MGC | 40,000 | Q1 2027 | 45.7 | 55.5 | 0.6 | 0.7 | 29.7 | 36.1 | 7.0 |
| Andrianos | MGC | 40,000 | Q3 2027 | 45.7 | 55.5 | 0.6 | 0.7 | 29.7 | 36.1 | 7.0 |
| Active | LCO2 | 22,000 | Q1 2026 | 48.9 | 56.4 | 0.6 | 0.7 | 18.0 | 20.8 | 12.0 |
| Amadeus | LCO2 | 22,000 | Q2 2026 | 50.9 | 58.7 | 0.6 | 0.7 | 38.1 | 44.0 | 5.0 |
| Alkimos | LCO2 | 22,000 | Q3 2026 | 52.8 | 61.0 | 0.7 | 0.8 | 19.5 | 22.5 | 12.0 |
| Athenian | LCO2 | 22,000 | Q4 2026 | 50.9 | 58.7 | 0.6 | 0.7 | 38.1 | 44.0 | 5.0 |
| TOTAL | 513.7 | 611.4 | 6.5 | 7.5 | 315.1 | 376.3 | ||||
ATM Program
On January 27, 2025, we entered into an Open Market Sale AgreementSM 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 ended September 30, 2025, the Company issued and sold 956 shares pursuant to the ATM Program at an average price of $22.0 per share gross of sale expenses.
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. On August 8, 2025, the Company issued 356,099 common shares under the DRIP at the price of $22.85 per share gross of issuance costs.
Quarterly Dividend Distribution
On October 22, 2025, the Board of Directors of the Company declared a cash dividend per share of $0.15 for the third quarter of 2025 payable on November 13, 2025, to shareholders of record on November 3, 2025.
LNG Market Update
The LNG shipping market continued to evolve during the third quarter in a bifurcated manner, with two-stroke vessels commanding substantially higher earnings and utilization rates compared to older technology vessels such as steam turbine vessels. However, the overall spot and short-term market remained soft compared to historical averages with one-year time charter rates increasing modestly compared to the previous quarter to $42,500 per day. Importantly, all CCEC LNG/Cs are latest technology two-stroke vessels, and our fleet has no exposure to the spot market until the third quarter of 2026.
In terms of global fleet supply, new contracts were limited to just 10 new LNG/Cs during the third quarter. In addition, 19 LNG/Cs were delivered during the same period and as a result the orderbook to fleet ratio fell further to 41.2%. While at an elevated level compared to other shipping sectors, this is in line with the average orderbook to fleet ratio for LNG/Cs since 2002 and now sits at its lowest level in three years. This ratio should also be considered in the context of 25.7% of the global LNG/C fleet comprising older technology and disadvantaged steam vessels with an average age of 19.8 years.
New build asset prices remained firm throughout the third quarter at around $250 million depending on vessel specification and delivery window, with lead times well over three years. There are 285 newbuild LNG/Cs on order with 19 vessels delivered during the third quarter of 2025. Of those 285 LNG/C newbuilds, analysts expect that only 23 vessels are not tied to specific employment, with CCEC controlling three of these open vessels. 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. Vessel removal continued to reach new record levels with five LNG/Cs taken to the scrapyard during the third quarter of 2025 and 14 vessels in total exiting the global fleet year-to-date compared to the previous full year record tally of eight vessels. More recycling is to be expected with approximately 15% of the global steam fleet already recorded as having “idle” status.
We continue to believe and expect the long-term prospects for modern, state-of the art LNG/C vessels to remain constructive given that the underlying global demand for LNG continues to be strong, reflecting a near record of liquefaction projects gaining FID (Final Investment Decision) status during 2025. According to International Energy Agency data, approximately 61 million tonnes of LNG production have gained FID status during 2025 with 33 million tons of this approved during the third quarter alone.
Board of Directors update
On September 22, 2025, Mr. Abel Rasterhoff retired from the Board of Directors and Mr. Martin Houston was elected to the Board of Directors by our shareholders together with the other seven directors of the Company who were re-elected to the Board of Directors, in each case, to serve until our 2026 Annual Meeting of Shareholders. Martin Houston’s decades of leadership in global LNG and energy markets are expected to provide critical insight and support as CCEC accelerates its strategy around LNG and the energy transition.
Conference Call and Webcast
Today, October 30, 2025, the Company will host an interactive conference call at 10:00 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 13756290. 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 Capital 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 14 high specification vessels, including 12 latest generation LNG/Cs and two 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 Gallagher
EVP Investor Relations
Tel. +44 (770) 368 4996
E-mail: [email protected]
Nicolas Bornozis/Markella Kara
Capital Link, Inc. (New York)
Tel. +1-212-661-7566
E-mail: [email protected]
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 period ended September 30, | For the nine-month period ended September 30, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Revenues | 99,506 | 102,440 | 305,945 | 253,563 | ||||
| Expenses: | ||||||||
| Voyage expenses | 2,330 | 2,831 | 5,524 | 7,683 | ||||
| Vessel operating expenses | 18,099 | 13,840 | 46,886 | 38,376 | ||||
| Vessel operating expenses - related parties | 2,404 | 2,501 | 7,153 | 6,623 | ||||
| General and administrative expenses | 3,596 | 4,687 | 11,643 | 12,410 | ||||
| Vessel depreciation and amortization | 23,070 | 23,041 | 69,152 | 58,513 | ||||
| Operating income, net | 50,007 | 55,540 | 165,587 | 129,958 | ||||
| Other (expense) / income, net: | ||||||||
| Interest expense and finance cost | (26,873) | (38,831) | (83,372) | (97,540) | ||||
| Other (expense) / income, net | (67) | (631) | 3,836 | 2,198 | ||||
| Total other expense, net | (26,940) | (39,462) | (79,536) | (95,342) | ||||
| Net income from continuing operations | 23,067 | 16,078 | 86,051 | 34,616 | ||||
| Net income from discontinued operations | 694 | 7,220 | 48,190 | 56,762 | ||||
| Net income from operations | 23,761 | 23,298 | 134,241 | 91,378 | ||||
| Net income attributable to General Partner | - | 54 | - | 462 | ||||
| Deemed dividend to General Partner | - | 46,184 | - | 46,184 | ||||
| Net income attributable to unvested shares | - | 100 | - | 404 | ||||
| Net income / (loss) attributable to common shareholders | 23,761 | (23,040) | 134,241 | 44,328 | ||||
| Net income / (loss) from continuing operations per: | ||||||||
| Common share, basic and diluted | 0.39 | (0.54) | 1.46 | (0.22) | ||||
| Weighted average shares outstanding: | ||||||||
| Common shares, basic | 58,934,677 | 56,256,878 | 58,791,023 | 55,323,667 | ||||
| Common shares, diluted | 59,309,263 | 56,256,878 | 59,020,011 | 55,323,667 | ||||
| Net income from discontinued operations per: | ||||||||
| Common share, basic and diluted | 0.01 | 0.13 | 0.82 | 1.02 | ||||
| Weighted average shares outstanding: | ||||||||
| Common shares, basic | 58,934,677 | 56,256,878 | 58,791,023 | 55,323,667 | ||||
| Common shares, diluted | 59,309,263 | 56,256,878 | 59,020,011 | 55,323,667 | ||||
| Net income / (loss) from operations per: | ||||||||
| Common share, basic and diluted | 0.40 | (0.41) | 2.28 | 0.80 | ||||
| Weighted average shares outstanding: | ||||||||
| Common shares, basic | 58,934,677 | 56,256,878 | 58,791,023 | 55,323,667 | ||||
| Common shares, diluted | 59,309,263 | 56,256,878 | 59,020,011 | 55,323,667 | ||||
| Capital Clean Energy Carriers Corp. Unaudited Condensed Consolidated Balance Sheets (In thousands of United States Dollars) | ||||
| As of September 30, 2025 | As of December 31, 2024 | |||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | $ | 310,743 | $ | 313,988 |
| Trade accounts receivable | 6,437 | 3,726 | ||
| Prepayments and other assets | 7,318 | 7,359 | ||
| Due from related party | - | 1,131 | ||
| Inventories | 4,201 | 4,584 | ||
| Claims | 1,617 | 865 | ||
| Derivative asset | 1,791 | - | ||
| Current assets of discontinued operations | 110,244 | 73,890 | ||
| Total current assets | 442,351 | 405,543 | ||
| Fixed assets | ||||
| Advances for vessels under construction – related party | 54,000 | 54,000 | ||
| Vessels, net and vessels under construction | 3,526,175 | 3,415,915 | ||
| Total fixed assets | 3,580,175 | 3,469,915 | ||
| Other non-current assets | ||||
| Above market acquired charters | 75,369 | 101,574 | ||
| Deferred charges, net | 3,211 | 361 | ||
| Restricted cash | 21,546 | 22,521 | ||
| Derivative asset | 14,265 | 1,574 | ||
| Prepayments and other assets | - | 4 | ||
| Non-current assets of discontinued operation | - | 111,390 | ||
| Total non-current assets | 3,694,566 | 3,707,339 | ||
| Total assets | $ | 4,136,917 | $ | 4,112,882 |
| Liabilities and Shareholders’ Equity | ||||
| Current liabilities | ||||
| Current portion of long-term debt, net | $ | 124,294 | $ | 123,198 |
| Trade accounts payable | 10,530 | 14,857 | ||
| Due to related parties | 5,674 | 3,542 | ||
| Accrued liabilities | 39,498 | 31,783 | ||
| Deferred revenue | 28,401 | 29,804 | ||
| Derivative liabilities | - | 18,114 | ||
| Current liabilities of discontinued operations | 99,204 | 22,193 | ||
| Total current liabilities | 307,601 | 243,491 | ||
| Long-term liabilities | ||||
| Long-term debt, net | 2,299,819 | 2,361,456 | ||
| Below market acquired charters | 65,489 | 75,659 | ||
| Deferred revenue | 1,081 | 634 | ||
| Non-current liabilities of discontinued operations | - | 88,673 | ||
| Total long-term liabilities | 2,366,389 | 2,526,422 | ||
| Total liabilities | 2,673,990 | 2,769,913 | ||
| Commitments and contingencies | ||||
| Total shareholders’ equity | 1,462,927 | 1,342,969 | ||
| Total liabilities and shareholders’ equity | $ | 4,136,917 | $ | 4,112,882 |
| Capital Clean Energy Carriers Corp. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands of United States Dollars) | ||||||
| For the nine-month ended September 30, | ||||||
| 2025 | 2024 | |||||
| Cash flows from operating activities of continuing operations: | ||||||
| Net income from operations | $ | 134,241 | $ | 91,378 | ||
| Less: Net income from discontinued operations | 48,190 | 56,762 | ||||
| Net income from continuing operations | 86,051 | 34,616 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
| Vessel depreciation and amortization | 69,152 | 58,513 | ||||
| Amortization and write-off of deferred financing costs | 2,920 | 2,232 | ||||
| Amortization / accretion of above / below market acquired charters | 16,035 | 11,367 | ||||
| Amortization of ineffective portion of derivatives | (155) | (157) | ||||
| Equity compensation expense | 4,783 | 4,464 | ||||
| Change in fair value of derivatives | (19,905) | (578) | ||||
| Unrealized bonds exchange differences | 19,262 | 1,352 | ||||
| Changes in operating assets and liabilities: | ||||||
| Trade accounts receivable | (2,711) | (2,237) | ||||
| Prepayments and other assets | 45 | 396 | ||||
| Due from related party | 1,131 | 1,733 | ||||
| Inventories | 383 | (2,071) | ||||
| Claims | (752) | - | ||||
| Trade accounts payable | (3,947) | 1,638 | ||||
| Due to related parties | 2,132 | 499 | ||||
| Accrued liabilities | 6,579 | 12,816 | ||||
| Deferred revenue | (956) | 3,488 | ||||
| Dry Docking - paid | (1,083) | - | ||||
| Net cash provided by operating activities of continuing operations | $ | 178,964 | $ | 128,071 | ||
| Cash flows from investing activities of continuing operations: | ||||||
| Vessel acquisitions, vessels under construction and improvements including time and bareboat charter agreements | (180,247) | (1,195,264) | ||||
| Expenses for sale of vessels paid | (220) | (220) | ||||
| Net cash used in investing activities of continuing operations | $ | (180,467) | $ | (1,195,484) | ||
| Cash flows from financing activities of continuing operations: | ||||||
| Proceeds from long-term debt | - | 1,582,000 | ||||
| Deferred financing and offering costs paid | (781) | (12,415) | ||||
| Payments of long-term debt | (95,242) | (713,371) | ||||
| Dividends paid | (18,455) | (25,055) | ||||
| Proceeds from offering | 196 | - | ||||
| Net cash (used in) / provided by financing activities of continuing operations | $ | (114,282) | $ | 831,159 | ||
| Net decrease in cash, cash equivalents and restricted cash from continuing operations | $ | (115,785) | $ | (236,254) | ||
| Cash flows from discontinued operations | ||||||
| Operating activities | 3,354 | 43,559 | ||||
| Investing activities | 112,201 | 266,991 | ||||
| Financing activities | (3,990) | (95,322) | ||||
| Net increase in cash, cash equivalents and restricted cash from discontinued operations | 111,565 | 215,228 | ||||
| Net decrease in cash, cash equivalents and restricted cash | (4,220) | (21,026) | ||||
| 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 | $ | 332,289 | $ | 183,115 | ||
| Supplemental cash flow information | ||||||
| Cash paid for interest | $ | 82,443 | $ | 94,881 | ||
| Non-Cash Investing and Financing Activities | ||||||
| Capital expenditures included in liabilities | 3,000 | 4,317 | ||||
| Capitalized dry-docking costs included in liabilities | 4,426 | 4,149 | ||||
| Deferred financing and offering costs included in liabilities | 136 | 310 | ||||
| Expenses for sale of vessels included in liabilities | - | 640 | ||||
| Dividends reinvestment plan issuance of new shares | 8,155 | - | ||||
| 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 | 310,743 | 164,792 | ||||
| Restricted cash - non-current assets | 21,546 | 18,323 | ||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ | 332,289 | $ | 183,115 | ||
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 |
II. Discontinued Operations - Unaudited 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, | |||||||
| 2025 | 2024 | 2025 | 2024 | |||||
| Revenues | 3,603 | 17,474 | 13,186 | 68,516 | ||||
| Expenses / (income), net: | ||||||||
| Voyage expenses | 90 | 294 | 301 | 1,460 | ||||
| Vessel operating expenses | 718 | 3,889 | 3,330 | 16,298 | ||||
| Vessel operating expenses - related party | 105 | 638 | 400 | 2,475 | ||||
| Vessel depreciation and amortization | 460 | 3,403 | 2,762 | 14,469 | ||||
| Gain on sale of vessels | - | - | (46,213) | (31,602) | ||||
| Operating income, net | 2,230 | 9,250 | 52,606 | 65,416 | ||||
| Other income / (expense), net: | ||||||||
| Interest expense and finance cost | (1,540) | (1,937) | (4,644) | (8,693) | ||||
| Other income / (expense), net | 4 | (93) | 228 | 39 | ||||
| Total other expense, net | (1,536) | (2,030) | (4,416) | (8,654) | ||||
| Net income from discontinued operations | 694 | 7,220 | 48,190 | 56,762 | ||||
During the nine-month period ended September 30, 2025, the Company disposed of the following vessels recognizing, a gain on sale of vessels of $46,213.
| Vessel | MOA Date | Delivery date |
| M/V Hyundai Privilege | September 12, 2024 | January 10, 2025 |
| M/V Hyundai Platinum | September 12, 2024 | March 10, 2025 |
III. Discontinued Operations - Unaudited Condensed selected balance sheets information
(In thousands of United States Dollars)
| As of September 30, 2025 | As of December 31, 2024 | |||
| Cash and cash equivalents | $ | 4 | $ | 38 |
| Trade accounts receivable, net | 399 | 763 | ||
| Inventories | - | 260 | ||
| Prepayments and other assets | 877 | 1,060 | ||
| Claims | 49 | 49 | ||
| Assets held for sale | 108,915 | 71,720 | ||
| Total current assets of discontinued operations | 110,244 | 73,890 | ||
| Vessels, net | - | 111,390 | ||
| Total non-current assets of discontinued operations | - | 111,390 | ||
| Current portion of long-term debt, net | - | 5,185 | ||
| Trade accounts payable | 2,353 | 3,288 | ||
| Accrued liabilities | 6,883 | 12,817 | ||
| Deferred revenue | - | 903 | ||
| Liabilities associated with vessel held for sale | 89,968 | - | ||
| Total current liabilities of discontinued operations | 99,204 | 22,193 | ||
| Non-current liabilities | - | 88,673 | ||
| Total non-current liabilities of discontinued operations | - | 88,673 |
On August 7, 2025, the Company entered into a memorandum of agreement (“MOA”), to sell the M/V Manzanillo Express to an unaffiliated party for total consideration of $118,500. At that date, the Company considered that the M/V Manzanillo Express met the criteria to be classified as held for sale and is included in “Total current assets from discontinued operations” in the summarized selected balance sheet information from discontinued operations as of September 30, 2025. As of the MOA date the M/V Manzanillo Express fair value less estimated costs to sell exceeded its carrying amount, so no impairment charge was recognized.
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.
| Oct-30 | |
| Oct-30 | |
| Oct-30 | |
| Oct-29 | |
| Oct-22 | |
| Oct-20 | |
| Sep-23 | |
| Aug-25 | |
| Aug-08 | |
| Aug-01 | |
| Jul-31 | |
| Jul-31 | |
| Jul-30 | |
| Jul-28 | |
| Jul-24 |
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