Image: Evangelos Marinakis shipowner
Evangelos Marinakis’ Nasdaq-listed Capital Clean Energy Carriers Corp. (CCEC) remains confident as it is largely insulated from current spot market conditions, with its first open newbuilding scheduled for the first quarter of 2026.
“We anticipate that the weakness in the underlying spot and short-term period markets is likely to act as a catalyst for a potentially substantial reduction in older technology LNG vessels in the global fleet,” Jerry Kalogiratos, CEO of CCEC, commented.
Capital Clean Energy Carriers has sold four of its 5,000 TEU container vessels with the last vessel expected to be delivered later in the first quarter of 2025.
Specifically, the shipowner divested five container sister vessels to an undisclosed third party, the Hyundai Prestige, the Hyundai Premium, the Hyundai Paramount, the Hyundai Privilege and the Hyundai Platinum, each with a 63,010-dwt, 5,023 TEU, and 2013-build by Hyundai Heavy Industries in South Korea.
Of these, the Hyundai Prestige, the Hyundai Premium and the Hyundai Paramount were delivered to their new owners in the fourth quarter of 2024, and the Hyundai Privilege in January 2025.
The Hyundai Platinum is expected to be delivered to her new owners during the first quarter of 2025.
Meanwhile, the company’s under-construction fleet includes six additional latest generation LNG/Cs (comprising the remaining newbuild LNG/C vessels that have not yet been delivered to the company) and the Gas Fleet.
The company expects delivery of these 16 new gas carriers to occur between the first quarter of 2026 and the third quarter of 2027.
Jerry Kalogiratos, CEO of CCEC, said: “The sale of four of our wide beam 5,000 TEU container vessels has been completed, with the last vessel expected to be delivered later in the first quarter of 2025.
“This sale will further solidify our position as a gas-focused platform with built-in growth driven by the delivery of 16 new gas carriers over six quarters, starting in 2026. Importantly, CCEC is largely insulated from current spot market conditions, with our first open newbuilding scheduled for the first quarter of 2026.
“In addition, the new administration’s stated intention to help boost US LNG exports should further support what we expect to be already a tight long-term demand supply picture, when it comes to LNG shipping.
“With the support of a current contracted revenue backlog of more than $2.5 billion, the board and management look forward to expanding CCEC’s profile and narrative to reach a broader and more diversified investor base.”
