Nasdaq-listed Capital Clean Energy Carriers Corp. (CCEC) has secured a new long-term time charter agreement for one liquefied natural gas (LNG) carrier (LNG/C) under construction.
The firm, controlled by Greek owner Evangelos Marinakis, has secured employment for the 174,000-cbm LNG/C Athlos currently under construction at Hyundai Samho, which is scheduled for delivery from the shipyard in the first quarter of 2027.
In particular, the LNG/C Athlos has been chartered for a firm period of seven years by a “major energy company,” as the company claims, with three one-year options.
The commencement of the charter is scheduled for the first quarter of 2028.
It’s worth noting that the company maintains the right to substitute the LNG/C Athlos with the LNG/C Archon (174,000-cbm currently under construction at Hyundai Samho and also scheduled for delivery from the shipyard in the first quarter of 2027), further increasing the company’s commercial flexibility.
As a result, CCEC now has an average remaining firm charter duration of 6.9 years and $3bn in contracted revenues. Should all extension options be exercised by charterers, the average duration would increase to 9.8 years, with total contracted revenues rising to $4.4bn.
Container Divestment Update
Meanwhile, the company gave an update on the ship divestments that took place during the third quarter period.
The shipowner sealed a deal on August 7 for the sale of 142,411-dwt Manzanillo Express, a hybrid scrubber-fitted, eco container vessel, built in 2022, by Hyundai Samho Industries Co. Ltd in South Korea. The vessel was delivered to its new owner on October 6, with the company expecting to record a gain of around $7.5m from the sale.
The completion of this transaction leaves CCEC with only two 13,000 teu container vessels, both on long term time charters through 2033, with options to extend to 2039.
Since February 2024, CCEC has sold 13 container vessels, generating gross proceeds of approximately $694.2m.
Under-Construction Fleet Update
The company’s under-construction fleet includes six 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 has paid by the end of the third quarter of 2025 $580.3m in advances towards the acquisition of its under-construction fleet.
Financing Update
CCEC secured financing for four 45,000-cbm DF MGCs, two 40,000-cbm DF MGCs and two LCO2 /multi-gas carriers under construction.
Specifically, the company in August entered into a seven-year financing arrangement for all six of its DF MGCs under construction. The total expected financing amount is $310.1m, which may be increased in the event that long-term employment is secured, up to a total of $376.6m. The facility also includes the option to draw pre-delivery financing.
In September, the company also entered into a new twelve-year ECA-backed financing agreement for two LCO2/multi-gas carriers that are part of its under-construction gas fleet. The total expected financing amount is $101.7m, which may be increased in the event that long-term employment is secured, to up to $117.4m.
