Capital Clean Energy Carriers (CCEC) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income was $80.7 million, including a $46.2 million gain from the sale of two container vessels, finalizing a strategic divestment program.

• Revenues rose to $109.4 million in Q1 2025, up 44% year-over-year, driven by fleet expansion and asset sales.

• Declared a $0.15 per share dividend, marking the 72nd consecutive quarterly payment.

• Strategic shift to focus on LNG and gas transportation, with 16 new gas carriers scheduled for delivery over the next three years.

• Maintained a strong cash position of $420.3 million and robust balance sheet.

Financial highlights

• Net income from continuing operations reached $32.8 million in Q1 2025, up 486% year-over-year.

• Operating income increased to $61.9 million from $35.5 million year-over-year.

• Cash at quarter-end was $420.3 million, including $21.5 million in restricted cash.

• Shareholders' equity increased to $1,414.9 million as of March 31, 2025.

• Charter backlog increased to $3.1 billion, or $4.5 billion if all options are exercised.

Outlook and guidance

• Average remaining charter duration is 7.3 years, with $3.1 billion contracted revenue backlog, 89% from LNG carriers.

• Only four of 18 latest generation LNG carriers under construction remain available for charter, with deliveries starting Q3 2026.

• Management expects robust long-term fundamentals for LNG shipping, supported by global demand and regulatory trends.

• Company anticipates benefiting from potential Fed interest rate cuts, as 80% of funding is on floating rates.

• Focus remains on fixing long-term employment for remaining LNG newbuilds and opportunistic deployment of multi-gas vessels.