Capital Clean Energy Carriers Corp., an international owner of ocean-going vessels, released its financial results for the first quarter ended March 31, 2026.
Key Highlights
- Completed an offering of €250.0 million in unsecured bonds with a seven-year maturity listed on the Athens Exchange (“ATHEX”)
- Agreed to divest 49% stake in the LNG/C Amore Mio I, formed a Joint Venture company with an affiliate of the BGN Group and secured a 10-year time charter
- Took delivery of our second LCO2/multi-gas carrier, the Amadeus
- Brought forward the delivery of three LNG/Cs under construction
- Announced a dividend of $0.15 per share for the first quarter of 2026
- Board approved $20.0 million share buyback program
Key Financial Highlights (continuing operations)
| Three-month periods ended March 31, | |||
| 2026 | 2025 | (Decrease) / Increase | |
| Revenues | $98.0 million | $102.0 million | (3.9%) |
| Expenses | $54.3 million | $43.2 million | 25.7% |
| Interest expense and finance cost | $23.0 million | $27.8 million | (17.3%) |
| Net Income | $18.3 million | $32.7 million | (44.0%) |
| Average number of vessels1 | 14.0 | 13.0 | 7.7% |
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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.
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented:
“During the first quarter, the Company continued to deliver on our strategy to build a leading gas transportation platform, generating both robust cash flows and further strengthening our financial position through a successful bond offering. Post quarter end, we executed an innovative transaction, which not only highlighted our ability to attract a co-investment with a major energy trading partner, but also enhanced the quality and diversification of our charter portfolio.
“As a result, the average firm contract duration for our LNG/Cs stands at 6.9 years, representing approximately $2.9 billion in contracted revenues – which increases to 9.9 years and $4.3 billion, respectively, should all extension options be exercised by our charterers.
“The ongoing geopolitical tensions in the Middle East, particularly the Iran conflict, have created considerable uncertainty and disrupted across global energy shipping markets. The Company’s long-term contracts and solid market positioning offer significant resilience amid these volatile conditions. At the same time, we remain vigilant of opportunities that might develop from such volatility and with this view, we have advanced the delivery timeline of three of our LNG/C newbuildings.
“Last but not least, during the quarter Mr. Martin Houston was appointed as Chairman of the Company. Mr. Houston’s extensive experience and deep expertise across all aspects of the LNG value chain is expected to reinforce the delivery of our strategic goals.”
Fleet Update
On April 30, 2026, the Company took delivery of its second LCO2/multi-gas carrier, the Amadeus (Hyundai Mipo Dockyard Co. Ltd, 22,000 cbm). The acquisition of the Amadeus was financed with $21.6 million of cash on hand and a 5-year term loan of $50.9 million, which is repayable in 20 quarterly installments of $0.6 million, with a balloon payment of $38.1 million payable with the final installment in April 2031. Under the loan, the Company may borrow an additional amount of up to $7.8 million, if the vessel secures longer-term employment.
During the period, we agreed with the shipyard to bring forward the delivery of the following three LNG/Cs currently under construction:
| LNG/C | Current expected delivery date | Previous delivery date |
| Archimidis | June 2026 | July 2026 |
| Agamemnon | June 2026 | January 2027 |
| Alcaios I | July 2026 | September 2026 |
The acquisition of LNG/C Archimidis is expected to be financed by cash on hand and a new JOLCO facility for an amount of $216.0 million with a duration of eight years.
The acquisition of LNG/C Agamemnon is expected to be financed by cash on hand and a new senior secured bridge loan facility of $216.0 million. The bridge facility is expected to be refinanced upon the drawdown in July 2026 of a JOLCO facility for an amount of $216.0 million with a duration of eight years.
Both facilities remain subject to final long form documentation.
Divestment of 49% Stake in the LNG/C Amore Mio I, Formation of a Joint Venture Company With an Affiliate of the BGN Group and Secured a 10-Year Time Charter
On April 15, 2026, the Company announced that it has agreed to sell in the first quarter of 2027 the LNG/C Amore Mio I (2023-built 174,000 cbm) to a subsidiary of a joint venture company (the “Joint Venture”) owned 51% by CCEC and 49% by a company affiliated with global energy trader BGN.
The Joint Venture has secured a 10-year time charter (with two three-year extension options) of the vessel to BGN INT DMCC commencing simultaneously with the acquisition of the vessel and expected, if all options are exercised, to generate aggregate revenues of up to approximately $485.6 million and extending up to 2043.
The Joint Venture will be effected through BM Capital HoldCo LLC, a newly formed Marshall Islands limited liability company, in which CCEC holds a 51% interest and BMarine Shipping Investment FZCO holds the remaining 49%. BM Capital LLC, a wholly owned subsidiary of BM Capital HoldCo LLC, will acquire the vessel for $230.0 million.
The existing financing on the vessel is expected to be refinanced upon acquisition of the vessel in the first quarter of 2027.
Under-Construction Fleet Update
The Company’s under-construction fleet includes nine latest-generation LNG/Cs (referred to below as the “Newbuild LNG/Cs”) plus six dual-fuel medium gas carriers and two handy LCO2/multi-gas carriers (referred to below as the “Gas Fleet”). The following table sets out the Company’s schedule of expected capex payments for its under-construction fleet:
| Q2 26 | Q3 26 | Q4 26 | Q1 27 | Q2 27 | Q3 27 | Q4 27 | Q1 28 | Q2 28 | Q3 28 | Q4 28 | Q1 29 | Total | |
| Newbuild LNG/Cs | 541.1 | 149.7 | 0.00 | 456.9 | 24.7 | 0.0 | 74.1 | 0.0 | 49.4 | 186.4 | 0.0 | 372.8 | 1,855.1 |
| Gas Fleet | 61.2 | 115.4 | 0.00 | 183.9 | 0.00 | 35.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 396.4 |
| Total | 602.3 | 265.1 | 0.00 | 640.8 | 24.7 | 35.9 | 74.1 | 0.0 | 49.4 | 186.4 | 0.0 | 372.8 | 2,251.5 |
Overview of First Quarter 2026 Results
Net income for the quarter ended March 31, 2026, was $18.3 million, compared with net income of $32.7 million for the first quarter of 2025.
Total revenues for the quarter ended March 31, 2026, were $98.0 million, compared to $102.0 million during the first quarter of 2025. The decrease in revenue is attributable to off-hire days incurred by LNG/Cs Adamastos and Aristarchos while passing their five-year special survey and the higher earnings achieved by one of our vessels operating under a short time charter during the first quarter of 2025, partly offset by the increase in the average number of vessels in our fleet following the delivery of the LCO2/multi-gas carrier Active on January 5, 2026.
Total expenses for the quarter ended March 31, 2026, were $54.3 million, compared to $43.2 million in the first quarter of 2025. Voyage expenses during the first quarter of 2026 amounted to $6.2 million, compared to $1.1 million during the first quarter of 2025. The increase in voyage expenses was mainly attributable to bunker expenses incurred by the LCO2/multi-gas carrier Active during the period from its delivery from the yard until it commenced its time charter employment and ballast legs associated with certain of our vessels passing their five-year special survey, as well as war risk insurance premiums paid by certain of our vessels during the first quarter of 2026. Vessel operating expenses during the first quarter of 2026 amounted to $22.1 million, compared to $16.3 million during the first quarter of 2025. The increase in vessel operating expenses was mainly attributed to the costs incurred by the LNG/Cs that underwent their five-year special survey during the period.
Total expenses for the first quarter of 2026 also include vessel depreciation and amortization of $22.7 million, compared to $21.8 million in the first quarter of 2025. The increase in depreciation and amortization during the first quarter of 2026 was attributable to the increase in the average number of vessels in our fleet. General and administrative expenses for the first quarter of 2026 amounted to $3.5 million, compared to $4.1 million in the first quarter of 2025 on the back of higher transaction costs incurred in 2025.
Total other expenses, net for the quarter ended March 31, 2026, were $25.4 million compared to $26.1 million incurred in the first quarter of 2025. Total other expenses, net include interest expense and finance cost of $23.0 million for the first quarter of 2026, compared to $27.8 million for the first quarter of 2025. The decrease in interest expense and finance cost was mainly attributable to the decrease in the weighted average interest rate charged on our debt compared to the first quarter of last year.
Company Capitalization
As of March 31, 2026, total cash amounted to $546.4 million. Total cash includes restricted cash of $21.0 million, which represents the minimum liquidity requirement under our financing arrangements.
As of March 31, 2026, the Company’s total shareholders’ equity amounted to $1,516.6 million, an increase of $17.2 million compared to $1,499.4 million as of December 31, 2025. The increase during the three-month period ended March 31, 2026, reflects net income (including net income from discontinued operations) of $22.0 million, amortization associated with the equity incentive plan of $1.4 million, $5.7 million of common shares issued under our Dividend Reinvestment Plan net of expenses, partly offset by dividends declared during the period for a total amount of $8.9 million and other comprehensive loss of $3.0 million relating to the net effect of the cross-currency swap agreements we designated as an accounting hedge.
As of March 31, 2026, the Company’s total debt was $2,626.1 million compared to $2,454.3 million as of December 31, 2025 (including discontinued operations).
As of March 31, 2026, the weighted average margin on our floating debt, amounting to $1,818.7 million, was 1.7% over SOFR and the weighted average all-in interest rate on our fixed-rate debt, amounting to $807.5 million, was 4.6%.
Appointment of new Chairman and new role of Vice-Chairman
On March 9, 2026, the Company announced the appointment of director Martin Houston as Chairman of the Company’s board of directors with Keith Forman moving to a new role as Vice-Chairman.
Issuance of €250.0 million unsecured bonds (ATHEX: CCECB1)
On February 25, 2026, CCEC successfully completed an unsecured bond offering of €250.0 million (the “Bonds”). The Bonds were admitted to trading in the fixed income securities category of the Regulated Market of the Athens Exchange (ATHEX) on February 26, 2026.
The Bonds will mature in 2033 and have a coupon of 3.75%, payable semi-annually.
Part of the proceeds of the Bonds were used on April 22, 2026, to prepay the outstanding €150.0 million unsecured bonds issued in 2021. The remaining amount will be used to finance part of CCEC’s capital expenditure and for general corporate purposes. Total transaction costs associated with the offering amounted to approximately €7.5 million.
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. In February 2026, the Company issued 275,592 common shares under the DRIP at the price of $20.73 per share, gross of issuance costs.
At March 31, 2026, the total common shares outstanding was 60,113,445 (excluding 871,061 common shares held in treasury).
Share Repurchase Program
Our Board of Directors approved a share repurchase program, providing the Company with authorization to repurchase up to $20.0 million of the Company’s common shares, effective for a period of two years. The Company may repurchase these shares in the open market or in privately negotiated transactions, at times and prices that are considered to be appropriate by the Company.
Quarterly Dividend Distribution
On April 28, 2026, the Board of Directors of the Company declared a cash dividend of $0.15 per share for the first quarter of 2026 payable on May 20, 2026, to shareholders of record on May 11, 2026.
LNG Market Update
The first quarter of 2026 in LNG shipping was inevitably defined by the conflict in the Middle East and the significant LNG volume stranded in the Arabian Gulf, overshadowing what initially appeared to be a typical post-winter slowdown during the first two months of the quarter.
Market conditions shifted sharply following the U.S.–Israeli strike on Iran and the effective closure of the Strait of Hormuz, which removed around 20% of global LNG supply. Supply uncertainty, stronger gas prices and the need for U.S. cargoes to backfill Asian LNG shortfalls supported tonne-mile demand and freight rates significantly.
At the same time, uncertainty led to LNG/C vessel relet supply length being pulled back, which in combination with the increase in tonne-mile demand, led to a spike in charter rates from around $30,000 per day to $300,000 per day for modern two-stroke vessels. As the disruption persisted and some vessels from Middle East producers were released in the spot market, a partial correction took place, but the spot market remains in the six-digit range for inter-basin trades moving into the second quarter of 2026.The term market also responded sharply to geopolitical developments. As expected, the front end of the forward curve was affected severely, with one-year charter rates surging from the mid-$30,000 per day range to approximately $100,000 per day, marking the first instance since late 2023 that short-term rates exceeded three-year levels. Although one-year time charter rates have since slightly moderated, they remain elevated, while longer-term rates (3 – 7 years) have continued to firm, as stronger near-term fundamentals fed through the curve, pushing the averages for longer periods higher. Ordering activity has remained high after a rush in contracting activity started late in the fourth quarter of 2025. A total of 33 LNG carriers were ordered during the quarter, the highest on a quarterly basis since the fourth quarter of 2022. This contracting rise reflects confidence within the shipping industry that the liquefaction projects scheduled to come on stream before 2030 will require an increase in shipping capacity. Newbuild LNG carrier pricing has increased to over $250.0 million for a base specification vessel.
As of quarter-end, 296 LNG carriers were on order, with 20 vessels delivered during the first quarter of 2026. Of the total orderbook, analysts estimate that only 36 vessels (or 12.1%) remain without committed employment, six of which are controlled by the Company.
LPG Market Update
CCEC controls a fleet of ten LPG/ammonia/LCO2 carriers (of which two are currently on the water) comprising four LCO₂/multi-gas carriers and six dual-fuel medium gas (‘MGC’) carriers. Deliveries commenced in January 2026 with the LCO₂/multi-gas carrier Active (Hyundai Mipo Dockyard Co. Ltd, 22,000 cbm), which is currently trading LPG in the Atlantic Basin under a time charter. The LCO₂/multi-gas carrier Amadeus (Hyundai Mipo Dockyard Co. Ltd, 22,000 cbm) joined the fleet on April 30th and is expected to trade in the short to medium time charter LPG/ammonia market.
Market conditions across both the MGC and Handy segments continued to demonstrate strong underlying fundamentals. Resilient demand, combined with operational flexibility, resulted in improved charter rates.
The MGC segment remained structurally tight throughout the first quarter of 2026, as strong demand from traders seeking to secure time charter coverage absorbed virtually all available tonnage in the Atlantic Basin. This scarcity supported a firm and strengthening rate environment, with relet positions commanding premiums and owners maintaining strong negotiating leverage.
The Handy segment benefited from spillover strength, with vessels increasingly utilized as a critical alternative for LPG transportation, while also competing with higher-value petrochemical gas cargoes. The fleet once again demonstrated the importance of versatility, with its ability to respond to evolving trade patterns enabling optimization, increased utilization, and enhanced returns. Geopolitical disruption in the Arabian Gulf has reduced near-term market liquidity, while has also materially constraining effective global vessel supply. At the same time, ongoing disruption to global supply chains is driving new trade flows and increasing tonne-mile demand, as cargoes are rerouted, sourced from alternative origins and transported over longer distances. This structural shift continues to support vessel utilization and freight rates across LPG, ammonia and petrochemical markets. Time charter rates remained firm during the quarter, with standard semi-refrigerated handy-sized vessels assessed at approximately $30,400 per day for one-year charters, while fully refrigerated MGCs (40,000 cbm conventional) were assessed at approximately $33,200 per day.