Capital Clean Energy Carriers Corp
NASDAQ:CCEC
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Capital Clean Energy Carriers Corp
Capital Clean Energy Carriers Corp is a GR-based company operating in Marine Transportation industry. The company is headquartered in Athina, Attiki. The company went IPO on 2007-03-30. Capital Product Partners LP is a Greece-based international owner of ocean-going vessels. The firm's fleet consists of 22 vessels, including 11 Neo-Panamax container carrier vessels (1.1 million DWT and total TEU capacity of 90,889), three Panamax container carrier vessels (0.2 million DWT and total TEU capacity of 15,267), one Capesize bulk carrier vessel (0.2 million DWT) and seven LNG carrier vessels (0.6 million DWT and total capacity of 1.2 million CBM), with a DWT weighted average fleet age of approximately 7.2 years as at March 31, 2023. The firm's container and LNG carrier vessels are chartered under medium- to long-term charters.
Capital Clean Energy Carriers Corp is a GR-based company operating in Marine Transportation industry. The company is headquartered in Athina, Attiki. The company went IPO on 2007-03-30. Capital Product Partners LP is a Greece-based international owner of ocean-going vessels. The firm's fleet consists of 22 vessels, including 11 Neo-Panamax container carrier vessels (1.1 million DWT and total TEU capacity of 90,889), three Panamax container carrier vessels (0.2 million DWT and total TEU capacity of 15,267), one Capesize bulk carrier vessel (0.2 million DWT) and seven LNG carrier vessels (0.6 million DWT and total capacity of 1.2 million CBM), with a DWT weighted average fleet age of approximately 7.2 years as at March 31, 2023. The firm's container and LNG carrier vessels are chartered under medium- to long-term charters.
Net Income: Net income from continued operations was $23.1 million, impacted by special surveys and vessel sales.
Dividend Consistency: Maintained a quarterly dividend of $0.15 per share for the 74th consecutive quarter, with payment scheduled for November 13.
Charter Coverage: Secured a new 7-year (plus options) long-term charter for an LNG carrier, with the rate higher than previous charters and in the high end of the current market.
Fleet Strategy: Continued execution of strategy to exit container shipping, now down to 2 container vessels and focusing on gas transportation.
Financing Secured: Fully secured financing for all 10 multi-gas carriers under construction, supporting future fleet growth.
Market Dynamics: Management expects long-term LNG charter rates to remain strong due to upcoming supply-demand imbalance, with a key inflection point seen in 2027-2028.
Strong Cash Position: Ended the quarter with $352.2 million in cash and net leverage below 50%.
