Capital Clean Energy Carriers (CCEC) Q3 2025 earnings summary

Executive summary

• Secured a new 10-year charter for an LNG carrier, completed the sale of a 13,300+ TEU container vessel, and obtained full financing for all multi-gas and LCO₂ carriers under construction, supporting the strategic pivot to gas transportation.

• Net income from continuing operations was $23.1 million for Q3 2025, up 43.5% year-over-year, with a $0.15/share dividend declared for the 74th consecutive quarter.

• Fleet now consists of 12 LNG carriers and 2 container vessels, with container divestment ongoing and proceeds used for debt reduction and reinvestment.

• Two LNG carriers completed special surveys ahead of schedule in Q3 2025, incurring $8.8 million in costs and 38 days off-hire.

• Board changes include the retirement of Abel Rasterhoff and the appointment of Martin Houston, an LNG industry veteran.

Financial highlights

• Q3 2025 revenues from continuing operations were $99.5 million, down 2.8% year-over-year due to off-hire periods for special surveys.

• Cash and cash equivalents at quarter-end were $332.32 million; shareholders' equity rose to $1.46 billion.

• Net leverage ratio at 49.3% as of September 30, 2025, with total debt at $2,440.8 million.

• Interest expense and finance cost decreased 30.7% year-over-year, reflecting lower average indebtedness and interest rates.

• $2.3 billion newbuild CapEx program underway, with $580 million in advances paid and net equity inflow of $216 million expected post-delivery.

Outlook and guidance

• Average charter duration stands at 6.9 years, with LNG fleet charter backlog at $3.0 billion (93 years) or $4 billion (126 years) if all options are exercised.

• 100% charter coverage for 2025 and 79% for 2026, with no spot market exposure until Q3 2026.

• Only three latest generation LNG carriers under construction remain available for charter, with ongoing discussions for their employment.

• LNG vessel supply deficit expected between 2027 and 2028, driven by new FIDs and increased LNG demand.

• Multi-gas carriers to be delivered from January 2026, with strong market interest and healthy TCE rates in the $90,000s to $1 million/month range.