
Nasdaq-listed Capital Clean Energy Carriers Corp. (CCEC) expects the long-term prospects for modern LNG/C vessels to remain robust given that the underlying global demand for LNG continues to be strong, with 39.02 mtpa of LNG sales and purchase agreements being signed year to date, particularly from Asian and European counterparties.
During the second quarter of 2025, the LNG shipping spot and short-term market exhibited signs of recovery.
Another dynamic during the quarter has been the record number of vessel removals, with four older vessels being sold for demolition in the second quarter, taking the 2025 year-to-date total to ten, with news around the potential sale of another two vessels circulating the market.
As a point of reference, 2024 was a record year in terms of demolitions, with a total of eight vessels sold throughout the whole calendar year.
“While we have no exposure to the spot LNG market, it is encouraging to see short-term and spot charter rates trending upward. This positive pricing environment, combined with the continued retirement of older LNG carriers, underscores the growing economic cost and regulatory pressures on legacy tonnage. We anticipate this rationalization trend to persist, further reinforcing the long-term value of our latest generation fleet,” Jerry Kalogiratos, chief executive officer of CCEC, said in the company’s second-quarter results released on Thursday.
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.
Specifically, CCEC’s in-the-water fleet includes 15 high specification vessels, including 12 latest generation LNG/Cs and three neo-panamax container vessels.
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.
Evangelos Marinakis’ Nasdaq-listed shipowner Capital Clean Energy Carriers Corp. entered on June 26 into a new five-year financing agreement for two LCO2/multi-gas carriers that are part of the company’s under-construction gas fleet, namely the M/V Amadeus and M/V Athenian (each 22,000 CBM, Hyundai Heavy Industries), with scheduled deliveries in the second and fourth quarters of 2026, respectively.
The expected financing amount per vessel is $50.9m, which can increase to up to $58.7m, the company said, if long-term employment is secured. The expected amount will be repayable in 20 quarterly installments of $0.6m, together with a $38.1m balloon payment at maturity.
The chief executive Kalogiratos commented on the financing agreement of the two ships: “We are pleased to have secured financing for two of our newbuilds on attractive terms, significantly de-risking our capital plan. Looking ahead, our growth trajectory is underpinned by the scheduled delivery of 16 gas carriers—including six latest-generation LNG carriers and ten LPG, ammonia, and LCO₂-capable vessels—over the next three years.”
The company’s net income for the second quarter was $29.9m, compared with net income of $12.3m for the second quarter of 2024.
The total revenue for the quarter ended June 30 was $104.2m, compared to $82.1m during the second quarter of 2024. The increase in revenue was attributable to the delivery of three newbuild LNG/C vessels during the second quarter of 2024, the shipowner said, adding that the average number of vessels in the company’s fleet increased to 15.0 from 12.7 in the same quarter of last year.