Capital Clean Energy Carriers (CCEC) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 44% YoY to $138.1M and continuing-operations net income rose 52% to $34.6M, primarily reflecting fleet growth.

• Three vessels were delivered; new employment was secured for two LNG carriers and four gas carriers.

• Contracted revenue was $2.8B, or $4.2B including charter options; the $0.15/share dividend marked the 78th consecutive quarterly cash dividend.

Financial highlights

• Revenue was $138.1M versus $95.6M YoY; operating income was $68.8M versus $48.2M.

• Continuing-operations net income was $34.6M versus $22.7M; EPS was $0.57 versus $0.38.

• Interest expense and finance cost increased to $33.7M from $25.5M, reflecting higher average indebtedness.

• Vessel depreciation and amortization was $30.4M versus $21.8M, mainly reflecting fleet growth.

Outlook and guidance

• LNG shipping supply-demand inflection is projected in 2028; the forward curve weakened into 2027 before recovering in 2028.

• Eight additional vessels are scheduled for delivery in 2027; deliveries extend through Q1 2029, with expected capex payments of $1,434.0M.

• US liquefaction capacity is expected to exceed 260 mtpa by 2031; global capacity is projected at 965 mtpa in 2034.

• LNG Athlos is scheduled for Q1 2027 delivery, followed by a one-year index-linked charter and its previously announced seven-year charter.