Capital Clean Energy Carriers (CCEC), a Νasdaq-listed owner transforming itself from a container player into a gas carrier outfit, said on Friday that its charter coverage is shielding it from the slump in the LNG market.
Net income from continuing operations at the Evangelos Marinakis company came in at $15.8m in the third quarter, from $5m in the same period of 2023.
“CCEC’s on-the-water fleet is largely shielded from spot market conditions, as our first open newbuilding is scheduled for delivery in January 2026, and the earliest charter expiry of our existing vessels is not before November 2026,” the company said in an earnings release.
Spot charter rates for modern two-stroke LNG carriers crashed to historic lows at the end of last week, despite a slight uptick in fixture activity.
According to CCEC figures, the spot market average for such vessels dropped to $73,404 per day in the third quarter of 2024 from $160,308 per day a year earlier.
“Spot rates weakened further into the fourth quarter despite the typical seasonal patterns, and as a result charter rates are expected to be significantly weaker this year compared to previous years amidst firm fleet growth and delayed project start-ups,” the company added.
CCEC has 12 latest-generation LNG carriers on the water. In the following years, it will take delivery of 16 gas carrier newbuildings — six LNG carriers and 10 ships able to carry LPG, ammonia or CO2.
It also owns eight container ships, five of which it has agreed to sell to their charterer, HMM.
Reported net income, including discontinued operations, rose at a slower pace of $23.3m from $17m.
Results attributed to common shareholders, however, slipped into a $23.04m loss.
This takes account of a $46m “deemed dividend” paid to the firm’s general partner Marinakis, which results from its conversion earlier this year from a Marshall Islands limited partnership to a Marshall Islands corporation.
CCEC has already said it will maintain its dividend payment steady for a 12th consecutive quarter at $0.15 per share.
Its shares closed trading at $18.55 on Thursday, giving the company a market value of $1.08bn. This is far below the $3.68bn its existing and future fleet are worth.
The Marinakis family controls 48.5% of CCEC through Capital Maritime, plus 2% through Capital Gas and 8.6% via CGP LLC.
The second-biggest stakeholder with almost 26% is Yoda PLC — an investment fund owned by Greek real estate investor Ioannis Papalekas.
