Capital Clean Energy Carriers reports stronger quarterly results as fleet expands

Capital Clean Energy Carriers (CCEC) reported higher revenue and net income for the third quarter of 2026, supported by the delivery of additional LNG and gas carriers as the company continued expanding its fleet.

Revenue from continuing operations reached $138.1 million, an increase of 44% compared with $95.6 million in the corresponding period of 2025. Net income from continuing operations rose by 52% to $34.6 million, from $22.7 million a year earlier.

The improvement was mainly driven by a larger operating fleet, following the delivery of three LNG carriers, two dual-fuel medium gas carriers and three handy liquefied CO2 multi-gas carriers during the first nine months of the year. The average number of vessels increased to 19.7 during the quarter, compared with 13 in the same period last year.

During the third quarter, CCEC took delivery of the 174,000 cbm LNG carrier Alcaios I, the 45,000 cbm dual-fuel LPG carrier Aridaios and the 22,000 cbm multi-gas carrier Alkimos. These additions brought the company’s operating fleet to 21 vessels, comprising 15 LNG carriers, three handy multi-gas carriers, two medium gas carriers and one containership.

The company also secured additional employment for several vessels. The LNG carrier Athlos, scheduled for delivery in the first quarter of 2027, has been fixed on a one-year index-linked charter before commencing an existing seven-year charter agreement.

Meanwhile, Aridaios is scheduled to begin a one-year charter following the completion of its current employment in the fourth quarter of 2026. The multi-gas carriers Active and Amadeus have also secured follow-on charters of nine and five months, respectively.

CCEC reported average daily time charter equivalent earnings of $83,862 for its LNG fleet during the third quarter, while its gas fleet achieved $40,987 per day.

Despite the stronger financial performance, the company highlighted continued volatility in LNG shipping markets. Chief Executive Officer Jerry Kalogiratos said geopolitical uncertainty in the Middle East and intermittent LNG transits through the Strait of Hormuz had affected cargo flows, while increased vessel availability placed pressure on spot charter rates.

The company’s contracted revenue backlog stands at approximately $2.8 billion, increasing to around $4.2 billion if all charter extension options are exercised. The average remaining firm charter duration is 6.4 years for its LNG carrier fleet and 0.7 years for its LPG and multi-gas vessels.

CCEC’s newbuilding programme includes six LNG carriers, four medium gas carriers, one handy multi-gas carrier and a 50%-owned LNG bunkering vessel. Deliveries are scheduled between the first quarter of 2027 and the first quarter of 2029, with eight vessels expected to join the fleet during 2027.

For the first nine months of 2026, revenue from continuing operations increased to $341 million from $294.4 million a year earlier. However, net income from continuing operations declined to $81.9 million from $85 million.

The company ended September with total cash, including restricted cash, of $286.6 million and total debt of approximately $3.2 billion. Its remaining capital expenditure commitments for vessels under construction amount to approximately $1.43 billion.

CCEC also declared a quarterly cash dividend of $0.15 per share, payable on 12 November 2026 to shareholders of record on 3 November.

The company continues to develop its gas carrier fleet while maintaining a significant proportion of its LNG vessels under long-term employment contracts.