Capital Clean Energy Carriers (CCEC) Q1 2026 earnings summary

Executive summary

• Raised €250 million via a Greek bond at 3.75% coupon, strengthening liquidity and funding flexibility, with proceeds partially used to prepay 2021 bonds and fund CapEx.

• Approved a $20 million share buyback program over two years and maintained a $0.15 per share dividend for the 76th consecutive quarter.

• Divested 49% stake in LNG/C Amore Mio I, forming a JV with BGN Group and securing a 10-year charter worth up to $485.6 million.

• Delivered second LCO2/multi-gas carrier Amadeus and accelerated delivery of three LNG/Cs under construction.

• Appointed Martin Houston as Chairman, with Keith Forman as Vice-Chairman.

Financial highlights

• Q1 2026 net income from continuing operations was $18.3 million, down from $32.7 million year-over-year, with revenues of $98.0 million, down 3.9% year-over-year.

• Total expenses rose to $54.3 million, mainly due to higher voyage and vessel operating expenses.

• Operating income was $43.7 million, down from $58.8 million year-over-year.

• Net income from discontinued operations was $3.8 million, with a $4.2 million gain on vessel sale.

• Cash position at March 31, 2026, was $546.4 million.

Outlook and guidance

• Average remaining charter duration is 6.9 years, with 71% charter coverage for 2026 and 55% for 2027.

• Contracted revenue backlog exceeds $2.9 billion, potentially rising to $4.3 billion if all options are exercised.

• Four LNG vessels to undergo dry dock in 2026, with guidance of $5 million per dry dock and 20-25 days off-hire.

• No further special surveys expected until 2028 after current cycle.

• CapEx for newbuildings is well funded, with expectations of significant cash release as projects complete.