Capital Clean Energy Carriers (CCEC) Q4 2025 earnings summary

Executive summary

• Ordered three latest-technology LNG carriers for delivery in 2028 and 2029, reinforcing a strategic focus on gas transportation and energy transition markets, with an en-bloc price up to $769.5 million.

• Took delivery of the world's first 22,000 cbm LCO₂/multi-gas carrier, the Active, which won the Lloyd's List Greek Shipping 2025 "Ship of the Year" award and commenced a six-month time charter transporting LPG.

• Completed the sale of a 13,696 TEU container vessel, marking continued divestment from container shipping; proceeds used to pay down debt and strengthen the balance sheet.

• Achieved a "B" rating on the first CDP submission for sustainability reporting.

• Maintained a 75-quarter streak of cash dividend payments since 2007, with a $0.15 per share dividend for Q4 2025.

Financial highlights

• Q4 2025 net income from continuing operations was $28.4 million, up 36.5% year-over-year.

• Revenues from continuing operations for Q4 2025 were $98.3 million, up 0.7% year-over-year.

• Operating income for Q4 2025 was $53.5 million.

• Cash and cash equivalents, including restricted cash, totaled $296 million at year-end.

• Net leverage ratio at year-end was just under 49%.

Outlook and guidance

• LNG fleet has 90 years of contracted backlog at an average TCE of $86,832/day, totaling over $2.8 billion in revenue, with potential to rise to $3.9 billion if all options are exercised.

• Average remaining charter duration is 6.7 years, with 80% charter coverage for 2026 and 51% for 2027.

• CapEx for 2026-2027 will be weighted toward LNG carriers, with about 70% expected to be debt-financed.

• Guidance for dry dock costs remains at $5 million per vessel and 20-25 days off-hire.

• Focus remains on funding the orderbook and creating long-term value, supported by contracted cash flows and substantial liquidity.