Capital Clean Energy Carriers (CCEC) Q1 2026 earnings summary

Executive summary

• Raised €250 million via a Greek bond at 3.75% coupon, strengthening liquidity and refinancing previous debt, with a seven-year maturity listed on the Athens Exchange.

• Announced a 10-year time charter with BGN for an LNG carrier, divested 49% stake in Amore Mio I, forming a JV and securing up to $485.6 million in revenue.

• Delivered net income of $18.3 million, impacted by off-hire and special survey costs, and declared a $0.15 per share dividend for the 76th consecutive quarter.

• Board approved a $20 million share buyback program over the next two years.

• Delivered second LCO2/multi-gas carrier and accelerated delivery of three LNG/Cs under construction.

Financial highlights

• Q1 2026 net income from continuing operations was $18.3 million, down from $32.7 million year-over-year due to off-hire and special survey costs.

• Revenues for Q1 2026 were $98.0 million, down 3.9% year-over-year; operating income was $43.7 million, down from $58.8 million.

• Voyage expenses rose to $6.2 million from $1.1 million year-over-year, mainly due to bunker costs and war risk insurance, which was reimbursed by charterers.

• Cash position increased to $546.4 million from $296 million sequentially, supported by the bond issuance.

• Net income from discontinued operations was $3.8 million, with a $4.2 million gain on vessel sale.

Outlook and guidance

• Four LNG vessels will undergo dry dock in 2026, with guidance of $5 million per dry dock and 20-25 days off-hire; no further special surveys expected until 2028.

• Average remaining charter duration is 6.9 years with 71% charter coverage for 2026 and 55% for 2027.

• Contracted revenue backlog stands at $2.9 billion, potentially rising to $4.3 billion if all options are exercised.

• Newbuilding deliveries brought forward to capitalize on a strengthening charter market, with further employment updates expected soon.

• CapEx for newbuildings is fully funded, with significant cash expected to be released back to the company.