Evangelos Marinakis’ Nasdaq-listed shipowner Capital Clean Energy Carriers Corp. has divested five container sister vessels to an undisclosed buyer.
The US-listed shipowner has entered into five memoranda of agreement with a third party for the sale of five 2013-built, 5,023-TEU vessels: Hyundai Prestige, Hyundai Premium, Hyundai Paramount, Hyundai Privilege and the Hyundai Platinum.
The vessels with a 63,010-dwt each, built in Hyundai Heavy Industries Co., Ltd., S. Korea, are scheduled for delivery to their new owners progressively between November 2024 and January 2025.
CCEC expects total book gain of $118.4m from the sale. As it is reported, all five vessels are debt-free, and the cash proceeds will be used to pay down debt and for general corporate purposes.
The top management of the company reveals that the company’s shareholders will continue to benefit from the cash flows from these vessels, secured from long-term time charters to 2032 and 2033, with options extending to 2038 and 2039.
The sale of these container vessels is in line with CCEC’s strategy to pivot the company toward gas transportation.
The company has moved methodically but opportunistically to leverage the recent upturn in container market dynamics to generate value for its shareholders.
The company retains some container market exposure via three 13,300 teu container vessels, which will continue to manage strategically for future value creation, as the economic cycle develops, according to CCEC’s release.
Jerry Kalogiratos, chief executive officer, said: “With our recent name and ticker change, recognition of the substantial change in company focus, CCEC has, with this accretive sale of five container vessels, delivered further significant progress on our business refocus.
“With 12 latest generation LNG carriers currently on the water plus the delivery of an additional six LNG carriers and 10 LPG/Ammonia/LCO2 carriers 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.
“Our recent conversion to a traditional corporate structure is intended to position the company as an attractive investment opportunity in the equity capital markets.”
CCEC’s in-the-water fleet includes 20 high specification vessels, including 12 latest generation LNG carriers 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.
CCEC has agreed to sell five neo-panamax container vessels by the first quarter of 2025.
