Evangelos Marinakis’ Nasdaq-listed shipowner Capital Clean Energy Carriers Corp. (CCEC) has reported an increase in the company’s total revenues in the third quarter 2024 which stood at $106m significantly higher compared to $63.9m during the same period last year.
The shipowner believes this increase in revenue is due to the five newbuilding LNG carrier vessels acquired by the company, LNG/C Amore Mio I, LNG/C Axios II, LNG/C Apostolos, LNG/C Aktoras and LNG/C Assos acquired in the second quarter of 2024, which increased the average number of vessels from 11 to 15 compared to the same quarter last year.
The net income from continuing operations for the quarter reached $15.8m compared to $5m for the third quarter of 2023.
During the third quarter the owner completed conversion from a Marshall Islands limited partnership to a Marshall Islands corporation, and name change to “Capital Clean Energy Carriers Corp.”
It also announced the sale of five debt-free container sister vessels, for an expected book gain of $118.4m. The sale of the five neo-panamax container vessels has been agreed by the first quarter of 2025.
Furthermore, the shipowner refinanced the Liquified Natural Gas Carrier (LNG/C) Attalos and the LNG/C Asklipios releasing $72.6m of additional liquidity net of financing charges and extending the maturities to 2031.
Jerry Kalogiratos, chief executive officer of CCEC, commented: “I am pleased to see our company, under its new name of Capital Clean Energy Carriers Corp., advancing steadily in line with our chosen strategy.
“The recent name change and our conversion to a corporation with enhanced standards of corporate governance is an important step in reinforcing our platform further and expanding the company to a broader investor base.
“The accretive sale of our five Neo Panamax container vessels, agreed upon during the quarter, reflects management’s commitment to deliver on our objective of positioning the company as premier carrier of gas including emerging trades from the energy transition.
“Since February 2024, our group has taken advantage of positive container market dynamics and in total sold or agreed to sell 12 container vessels raising approximately $472.0 million in net proceeds, thereby further strengthening our financial position.
“We believe that with a robust gas-focused platform, CCEC is well placed to grow over the next two years, as we bring an additional 16 state-of-the-art new vessels in operation. This growth is further supported by a current contracted revenue backlog of more than $2.6 billion.
“The board and management look forward to enhancing the company’s profile and reach a broader and more diversified investor base in the current quarter and beyond.”
CCEC’s in-the-water fleet includes 20 high specification vessels, including 12 latest generation LNG/Cs and eight 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 liquid CO2/multi-gas carriers, to be delivered between the first quarter of 2026 and the third quarter of 2027.
