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Capital Clean Energy Carriers Corp. Announces Fourth Quarter 2024 Financial Results
ATHENS, Greece, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Capital Clean Energy Carriers Corp. (the “Company,” “CCEC” or “we” or “us”) (NASDAQ: CCEC), an international
About this update from Capital Clean Energy Carriers Corp.
[{"type":"text","content":"ATHENS, Greece, Feb. 06, 2025 (GLOBE NEWSWIRE) -- Capital Clean Energy Carriers Corp. (the “Company,” “CCEC” or “we” or “us”) (NASDAQ: CCEC), an international owner of ocean-going vessels, today released its financial results for the fourth quarter ended December 31, 2024. Key Quarterly Highlights Announced dividend of $0.15 for the fourth quarter of 2024Concluded the sale of three debt-free container sister vessels In November 2023, the Company announced its decision to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including liquefied natural gas (“LNG”) and new commodities emerging in connection with the energy transition. As a result, the Company agreed to acquire 11 newbuild LNG carriers (“LNG/C”) (the “Newbuild LNG/C Vessels”) and in June 2024, the Company further invested in 10 gas carriers, including four LCO2/multi gas and six LPG-ammonia carriers (the “Gas Fleet”). Since December 2023, the Company has also completed or entered into agreements for 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 or agreed to sell 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 December 31, 20242023IncreaseRevenues$105.1 million$64.2 million64%Expenses (excluding impairment of vessels)$48.7 million$34.4 million42%Interest expense and finance cost$36.7 million$25.8 million42%Impairment of vessels-$3.2 million-Net Income$20.8 million$1.1 million1,791%Average number of vessels115.010.543% Management Commentary Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented: “We continue to make progress on our chosen objective of positioning the Company as the premier carrier of gas including emerging trades...