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Capital Clean Energy Carriers Corp. Announces First Quarter 2025 Financial Results and Employment for Two LNG Carriers ("LNG/C") Under Construction
ATHENS, Greece, May 08, 2025 (GLOBE NEWSWIRE) -- Capital Clean Energy Carriers Corp. (the “Company,” “CCEC”, “we” or “us”) (NASDAQ: CCEC), an international
About this update from Capital Clean Energy Carriers Corp.
[{"type":"text","content":"ATHENS, Greece, May 08, 2025 (GLOBE NEWSWIRE) -- Capital Clean Energy Carriers Corp. (the “Company,” “CCEC”, “we” or “us”) (NASDAQ: CCEC), an international owner of ocean-going vessels, today released its financial results for the first quarter ended March 31, 2025. Key Quarterly Highlights New long term time charter agreements (“TC”) for two LNG/Cs under construction and exercise of certain options for three of our in-the-water LNG/Cs Contracted revenue backlog increased to $3.1 billion or $4.5 billion including optional periods Concluded the sale of the last two debt-free container vessels announced in the third quarter of 2024 Announced dividend of $0.15 for the first quarter of 2025 The Company announced in November 2023 its decision 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. As a result, the Company agreed to acquire 11 newbuild LNG/Cs (the “Newbuild LNG/C Vessels”) and in June 2024, the Company further expanded its gas focused portfolio with the acquisition of 10 additional gas carriers, including four LCO2/multi gas and six LPG-ammonia carriers (the “Gas Fleet”). Since December 2023, the Company has also completed the sale of 12 container vessels. In view of this strategic shift, we present our financial results on a continuing operations basis, except for where reference is made to discontinued operations. Financial results from continuing operations include revenues, expenses and cash flows arising from our 15 vessels currently in-the-water, including 12 latest generation LNG/Cs and three 13,000 twenty equivalent unit (“TEU”) Neo-Panamax container vessels. Financial results from discontinued operations include revenues, expenses and cash flows arising from the 12 container vessels we have sold following the announcement of our strategic shift in November 2023. Please refer to Appendix A Discontinued Operations. Key Financial Highlights (continuing operations) Three-month period ended March 31, 20252024Increase/(Decrease)Revenues$109.4 million$76.2 million44%Expenses$47.5 million$40.7 million17%Interest expense and finance cost$30.7 million$31.8 million(3%)Net Income$32.8 million$5.6 million486%Average number of vessels115.012.025% Management Commenta...