Nasdaq-listed Capital Clean Energy Carriers Corp. (CCEC) inked an agreement for the sale of a neo-panamax 13,312-teu container vessel and secured financing for four dual fuel 45,000 cbm and two dual fuel 40,000 cbm medium gas carriers under construction.
The shipowner signed on August 7 a memorandum of agreement for the sale of Manzanillo Express, a container vessel, 142,411-dwt / 13,312-teu, hybrid scrubber-fitted, built in 2022 by Hyundai Samho Industries in South Korea.
The vessel is expected to be delivered to its new owner during the third quarter of 2025.
The company expects to record a gain of around $6.9m from the sale. Cash proceeds will be used to pay down outstanding debt, estimated at $90.4m at the end of the third quarter of 2025, and for general corporate purposes.
Upon completion of this transaction, CCEC will have only two remaining 13,000 teu container vessels both on long term time charters through 2033, with options to extend to 2039.
“This vessel sale aligns with the company’s strategic plan, announced in November 2023, to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including liquefied natural gas (LNG) and emerging new commodities in connection with the energy transition,” said the company in its release.
Since February 2024, CCEC has sold or agreed to sell 13 container vessels, including the Manzanillo Express, generating expected gross proceeds of approximately $694.2m. According to the company, these funds are being reinvested in gas transportation assets.
Meanwhile, CCEC entered on August 13 into a seven-year financing arrangement for all six of its dual fuel medium gas carriers (MGCs) under construction.
The relevant vessels include Aristogenis, Aridaios, Aratos, Agenor (45,000 cbm, dueal fuel LPG, Hyundai Mipo Dockyard Co. Ltd., South Korea), and Andrianos and Anios (40,000 cbm, dual fuel LPG, Nantong CIMC Sinopacific Offshore & Engineering Co. Ltd, PRC).
The six vessels are scheduled for delivery between the second quarter of 2026 and third quarter of 2027.
The total expected financing amount is $310.1m which can increase, in case long-term employment is secured, up to a total of $376.6m. The facility also includes the option to draw pre-delivery financing.
CCEC’s in-the-water fleet includes 15 high specification vessels, including 12 latest generation LNG/Cs and three neo-panamax container vessels, one of which is expected to be sold during the third quarter of 2025.
In addition, CCEC’s under construction fleet includes six additional latest generation LNG/Cs, six dual-fuel medium gas carriers and four handy LCO2/multi-gas carriers, to be delivered between the first quarter of 2026 and the third quarter of 2027.
