Capital Clean Energy Carriers Corp., an international owner of ocean-going vessels, released its financial results for the third quarter ended September 30, 2026.
Key Highlights
- Took delivery of one Liquefied Natural Gas Carrier, one Handy Liquefied CO2 Multi-Gas Carrier and one dual-fuel Medium Gas Carrier (“MG/C”)
- Secured new employment for two LNG/Cs and four gas carriers, including a one-year index-linked time charter for one of the six LNG/Cs under construction and a one-year time charter for the MG/C Aridaios
- Achieved third-quarter daily time charter equivalent (“TCE”) rates of $83,862 for the LNG/C fleet and $40,987 for the Gas Fleet
- Declared a dividend of $0.15 per share for the third quarter of 2026
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented: “The third quarter of 2026 was defined by continued uncertainty in the Middle East, with only intermittent LNG transits through the Strait of Hormuz. Although partly cushioned by growing North American liquefaction capacity, the resulting loss of Middle East volumes tightened the Atlantic Basin LNG market, with European storage at multi-year lows ahead of winter and Asian buyers competing for US cargoes. At the same time, elevated newbuild deliveries and greater vessel availability led to a softening of the LNG shipping spot market from first-half levels. Our strategy of employing latest-generation vessels on long-term charters with high-quality counterparties has insulated CCEC from this short-term volatility.
Year to date, we have taken delivery of eight vessels (three LNG/Cs, two MG/Cs and three HMG/Cs), with a further eight scheduled for delivery in 2027, marking a significant acceleration in the build-out of the CCEC platform. Our fleet in the water now comprises 15 latest-generation LNG/Cs, three HMG/Cs, two MG/Cs and one legacy Neo-Panamax container vessel, with another six LNG/Cs, four MG/Cs, one HMG/C and one Liquefied Natural Gas Bunkering Vessel (“LNGB/V”) on order.
CCEC is the largest US-listed LNG carrier shipping company by fleet size, with a substantial and growing presence in the LPG market, underpinned by contracted fleet growth through 2029. The average firm contract duration stands at 6.4 years for our LNG/C fleet and 0.7 years for our LPG/multi-gas fleet. Contracted revenues of approximately $2.8 billion, rising to approximately $4.2 billion if all charter options are exercised, provide us with strong cash flow visibility.
Looking ahead, we expect the LNG shipping market to remain volatile in view of the geopolitical uncertainty that currently affects LNG shipping volumes, vessel supply and commodity arbitrage. We are, however, confident in the long-term fundamentals. The wave of new liquefaction capacity coming online through the end of the decade, together with an increased desire for energy security, should underpin demand for LNG. In addition, the need to replace older, less efficient tonnage should drive demand for modern LNG carriers. These fundamentals leave CCEC well positioned to deliver long-term value for our shareholders.”