Capital Clean Energy Carriers (CCEC) has filed a big shelf registration for potential ship purchases or debt refinancing.
The Greek company, controlled by Evangelos Marinakis, said it could sell $500m of securities from time to time.
An F-3 form filed with the US Securities & Exchange Commission (SEC) shows CCEC could publicly issue common or preferred shares, or debt securities.
Cash will go towards general corporate purposes, including vessel acquisitions, paying off debt or buying its own stock.
The Nasdaq-listed company is the former Capital Product Partners, which changed its name in August as it pursued a shift into gas while selling boxships.
CCEC has invested almost $4bn in more than 20 LNG, CO2 and other gas carrier newbuildings.
It has 12 modern LNG carriers and six on order.
CCEC also has six midsize gas carriers contracted, plus four handysize multi-gas ships able to carry clean ammonia and liquid CO2.
The SEC filing reveals the company’s total debt was $2.6bn at 30 June, including credit facilities of $963m, and $1.3bn of sale and leasebacks.
The Marinakis family controls 48.5% of CCEC through Capital Maritime, plus 2% through Capital Gas and 8.6% via CGP LLC.
Three CCEC container vessels remain on charter until 2032.
Fearnley Securities said the company is trading at 72% of net asset value.
“However, as newbuilds hit the water and CCEC builds a track record following the recent master limited partnership-to-corporate conversion, we believe a large and modern fleet warrants pricing closer to NAV,” analysts Nils Thommesen and Fredrik Dybwad said.
The investment bank has started coverage of the company with a “buy” rating.
