CCEC · Capital Clean Energy Carriers Corp.

Capital Clean Energy Carriers Corp. (CCEC) reported first quarter 2026 net income of $18.3 million, a 44% decline from $32.7 million in the same period last year. Revenue decreased 3.9% to $98.0 million, driven by off-hire days for LNG/Cs Adamastos and Aristarchos during five-year special surveys and lower earnings from a short time charter, partially offset by the addition of the LCO2/multi-gas carrier Active delivered in January 2026. Total expenses rose 25.7% to $54.3 million, primarily due to higher voyage expenses (bunker costs, ballast legs, war risk insurance) and vessel operating expenses related to special surveys. Interest expense and finance cost fell 17.3% to $23.0 million, reflecting a lower weighted average interest rate. The company completed a €250 million unsecured bond offering (ATHEX: CCECB1) with a 3.75% coupon maturing in 2033, using part of the proceeds to prepay €150 million of existing bonds. Post-quarter, CCEC agreed to divest a 49% stake in the LNG/C Amore Mio I to a joint venture with BGN, securing a 10-year time charter with extension options potentially generating up to $485.6 million in revenues. The company also took delivery of its second LCO2/multi-gas carrier, the Amadeus, financed with cash and a $50.9 million term loan. Management highlighted the resilience of long-term contracts amid geopolitical tensions and advanced delivery of three LNG/C newbuildings. The board approved a $20 million share buyback program and declared a $0.15 per share quarterly dividend. Martin Houston was appointed Chairman, and Keith Forman became Vice-Chairman. The company's balance sheet as of March 31, 2026, showed total cash of $546.4 million, shareholders' equity of $1,516.6 million, and total debt of $2,626.1 million.