Evangelos Marinakis’ Nasdaq-listed shipowner Capital Clean Energy Carriers Corp. has announced the completion of corporate conversion and name change. The company has become from a Marshall Islands limited partnership named “Capital Product Partners L.P.” to a Marshall Islands corporation, as it shifts focus to become an LNG and energy transition business.
The company announced on Monday the adoption of a new corporate identity with a change in name to “Capital Clean Energy Carriers Corp.” and Nasdaq stock market ticker to “CCEC.”
The conversion and the name change are “key milestones in our strategic pivot towards the transportation of various forms of natural gas to industrial customers, including liquefied natural gas and new commodities emerging as a result of the energy transition,” the company said.
Capital Clean Energy Carriers Corp., previously Capital Product Partners, agreed in November 2023 to acquire 11 newbuild LNG/C vessels, of which five vessels are already on the water and the remaining six vessels are expected to be delivered between the first quarter of 2026 and the first quarter of 2027.
In June 2024, the company also ordered 10 high-specification gas carriers, including four unique handy multi gas carriers that can carry liquid CO2.
“Upon delivery of our remaining Energy Transition Vessels between the first quarter of 2026 and the third quarter of 2027, we expect to become the largest U.S.-listed LNG shipping company and will offer our industrial customers a full range of transportation solutions,” the company said.
“This $3.9 billion investment, notable both in asset value and scope, demonstrates our commitment to becoming a leading provider of transportation for LNG and other clean fuels,” it added.
Jerry Kalogiratos, chief executive officer, said: “Today’s announcement whilst symbolic is an important step in the growth and evolution of the company. It builds upon our stated intention to become the only U.S. listed shipping company offering transportation for all gas types with an emphasis on the energy transition, as these vessels can move LPG, Ammonia, Butane, Propylene and Liquid CO2, adding to LNG, where we already have a presence.
“This conversion to a traditional corporate structure will enhance our corporate governance and is intended to position the company as a more attractive investment opportunity in the equity capital markets. We have structured the converted company in a manner that we believe will appeal to institutional investors, which we believe will further broaden our investor base and improve our trading liquidity.”
The company highlighted the fact that it had made significant progress on its refocus of the business with 12 latest generation LNG/C vessels currently on the water plus the disposal of seven container vessels during the first half of 2024.
CCEC currently owns 20 high specification vessels, including 12 latest generation LNG carriers (LNG/Cs) and eight Neo-Panamax container vessels.
In addition, CCEC has agreed to acquire six additional latest generation LNG/Cs, six dual fuel medium gas carriers and four handy liquid CO2/multi gas carriers, to be delivered between the first quarter of 2026 and the third quarter of 2027.
