Capital Clean Energy Carriers Corp 6-K, filed Mar 13, 2026
Capital Clean Energy Carriers Corp. (CCEC)
About this 6-K
Capital Clean Energy Carriers Corp filed this 6-K on March 13, 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934
For the month of March 2026
COMMISSION FILE NUMBER: 001-33373
CAPITAL CLEAN ENERGY CARRIERS CORP.
(Translation of registrant’s name into English)
3 Iassonos Street
Piraeus, 18537 Greece
(Address of principal executive offices)
Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Attached as Exhibit I hereto is a copy of the press release of Capital Clean Energy Carriers Corp. (the “Company”) announcing the financial results for the fourth quarter ended December 31, 2025.
Attached as Exhibit II hereto is a copy of the press release of the Company announcing that Martin Houston has been appointed Chairman of the Company with Keith Forman moving to a new role as Vice-Chairman.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dated: March 13, 2026 | CAPITAL CLEAN ENERGY CARRIERS CORP. | |||||
| By: | /s/ Gerasimos (Jerry) Kalogiratos | |||||
| Name: Gerasimos (Jerry) Kalogiratos | ||||||
| Title: Chief Executive Officer | ||||||
Exhibit I
CAPITAL CLEAN ENERGY CARRIERS CORP. ANNOUNCES FOURTH QUARTER 2025 FINANCIAL
RESULTS
ATHENS, Greece, March 5, 2026 (GLOBE NEWSWIRE) – Capital Clean Energy Carriers Corp. (the “Company”, “CCEC”, “we” or “us”) (NASDAQ: CCEC), an international owner of ocean-going vessels, today released its financial results for the fourth quarter ended December 31, 2025.
Key Quarterly Highlights
| • | Ordered three latest-technology LNG carriers with deliveries in 2028 and 2029 |
| • | Concluded the sale of a 13,696 TEU container vessel, the M/V Buenaventura Express |
| • | Took delivery of our first LCO2/multi-gas carrier, the Active |
| • | Announced dividend of $0.15 per share for the fourth quarter of 2025 |
Key Financial Highlights (continuing operations)
| Three-month period ended December 31, | ||||||||||||
| 2025 | 2024 | Increase/ (Decrease) |
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| Revenues |
$ | 98.3 million | $ | 97.6 million | 0.7 | % | ||||||
| Expenses |
$ | 44.8 million | $ | 44.5 million | 0.7 | % | ||||||
| Interest expense and finance cost |
$ | 23.9 million | $ | 33.4 million | (28.4 | %) | ||||||
| Net Income |
$ | 28.4 million | $ | 20.8 million | 36.5 | % | ||||||
| Average number of vessels1 |
13.0 | 13.0 | 0.0 | % | ||||||||
| 1 | Average number of vessels is measured by aggregating the number of days each vessel was part of our fleet during the period and dividing such aggregate number by the number of calendar days in the period. |
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented:
“During the fourth quarter, we continued to execute on our strategy to build a leading gas transportation platform, delivering resilient earnings and strong cash generation from our modern LNG fleet. We expanded our long-term growth profile by ordering three latest-technology LNG carriers for delivery in 2028 and 2029, further reinforcing our position as the largest U.S.-listed LNG shipping company.
We also advanced our transition away from container shipping, agreeing to the sale of an additional Neo-Panamax container vessel in the fourth quarter, with the proceeds from the sale received in the first quarter of 2026 used to further strengthen our balance sheet. In early January, we took delivery of the Active, our first LCO2/multi-gas carrier, marking an important milestone as we enter emerging energy-transition markets, in parallel with our presence in commercially competitive conventional gas trades. Supported by our contracted cash flows, disciplined capital allocation, and substantial liquidity, we remain focused on funding our orderbook and creating long-term value for our shareholders.”
In November 2023, the Company announced its decision to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including LNG and emerging new commodities in connection with the energy transition. As part of this strategy, we agreed to acquire 11 newbuild LNG Carriers (“LNG/Cs”) and in June 2024, we further expanded the Company’s gas-focused portfolio with the acquisition of 10 gas carriers, including four liquid CO2 (“LCO2”) / multi-gas and six dual-fuel multi-gas carriers (the “Gas Fleet”). In December 2025, we ordered an additional three latest-technology LNG/Cs.
Since December 2023, the Company has also completed the sale of 14 container vessels. In view of this strategic shift, we present our financial results on a continuing operations basis, except for where reference is made to discontinued operations. Financial results from continuing operations include revenues, expenses and cash flows arising from 13 vessels in-the-water during Q4 2025, including 12 latest generation LNG/Cs and a 13,312 twenty-foot equivalent unit (“TEU”) Neo-Panamax container vessel.
Financial results from discontinued operations include revenues, expenses and cash flows arising from the 14 container vessels we have sold, following the announcement of our strategic shift in November 2023. Please refer to Appendix A Discontinued Operations.
Fleet Update
The first of our LCO2/multi-gas carriers, the Active (28,629 DWT, 22,000 CBM, low-pressure LCO2 carrier, Hyundai Mipo Dockyard Co., Ltd., South Korea) was delivered to the Company on January 5, 2026, and commenced a six-month time charter transporting LPG, with an option for a further six-month extension with an energy trading company. The acquisition of the Active was financed with $29.4 million cash on hand and a 12-year ECA-backed loan of $48.9 million. The loan is repayable in 48 quarterly instalments of $0.6 million, with a balloon payment of $18.0 million payable with the final instalment in December 2037. The Company may borrow an additional amount of up to $7.5 million if the vessel secures long-term employment.
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Container Divestment Update
On October 29, 2025, the Company signed a memorandum of agreement (“MOA”) for the sale of the M/V Buenaventura Express (142,411 DWT / 13,696 TEU, eco container vessel, built 2023, Hyundai Samho Industries Co. Ltd, South Korea). The vessel was delivered to its new owners on January 19, 2026, and we recognized a total gain from the sale of $4.2 million. Cash proceeds were used to pay down outstanding debt of $84.4 million, with the remaining balance allocated to general corporate purposes. The divestment of this additional container vessel is consistent with the Company’s stated strategy to shift our strategic focus towards the transportation of various forms of gas to industrial customers, including LNG and emerging new commodities in connection with the energy transition. Since December 2023, CCEC has sold 14 container vessels generating gross proceeds of approximately $814.3 million. After this latest sale, the Company retains only a 13,312 TEU container vessel in its fleet, currently employed on a long-term time-charter through 2033, with options to extend through 2039.
Contracting of three latest-technology LNG/Cs
On December 29, 2025, CCEC announced that it had secured three LNG/C berths at HD Hyundai Samho Co., Ltd., with one vessel scheduled for delivery in the third quarter of 2028 and two further deliveries in the first quarter of 2029. The en bloc ship building price of these vessels is $769.5 million. The vessels have been designed to incorporate a number of upgrades in their specifications and are expected to rank amongst the most efficient LNG/Cs in the global fleet in terms of fuel consumption and boil-off rates.
With its latest order for three additional LNG/Cs, the Company reaffirms its strategic position as the largest US-listed LNG shipping company, with 12 LNG/Cs currently in the water and nine LNG/Cs on order (“Newbuild LNG/Cs”).
Under-Construction Fleet Update
The Company’s under-construction fleet includes nine latest generation LNG/Cs (comprising the remaining Newbuild LNG/Cs that have not yet been delivered to the Company) and the Gas Fleet. The following table sets out the Company’s schedule of expected capex payments for its under-construction fleet as of December 31, 2025.
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Capex Schedule of CCEC in USD million, as of December 31, 2025:
| Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | ||||||||||||||||||||||||||||||||||||||||||||
| 26 | 26 | 26 | 26 | 27 | 27 | 27 | 27 | 28 | 28 | 28 | 28 | 29 | Total | |||||||||||||||||||||||||||||||||||||||||||
| Newbuild LNG/Cs |
62.0 | 51.2 | 393.7 | 0.0 | 702.2 | 24.7 | 0.0 | 74.0 | 0.0 | 49.4 | 186.4 | 0.0 | 372.8 | 1,916.4 | ||||||||||||||||||||||||||||||||||||||||||
| Gas Fleet |
29.8 | 105.4 | 115.4 | 47.7 | 89.3 | 46.9 | 35.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 470.4 | ||||||||||||||||||||||||||||||||||||||||||
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| Total |
91.8 | 156.6 | 509.1 | 47.7 | 791.5 | 71.6 | 35.9 | 74.0 | 0.0 | 49.4 | 186.4 | 0.0 | 372.8 | 2,386.8 | ||||||||||||||||||||||||||||||||||||||||||
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The Company has paid by the end of the fourth quarter of 2025, $704.9 million in advances towards the acquisition of its under-construction fleet. The delivery instalment of the Active was paid in December 2025.
Overview of Fourth Quarter 2025 Results
Net income for the quarter ended December 31, 2025, was $28.4 million, compared with net income of $20.8 million for the fourth quarter of 2024.
Total revenue for the quarter ended December 31, 2025, was $98.3 million, compared to $97.6 million during the fourth quarter of 2024. The increase in revenue was attributable to the commencement of the long-term bareboat charter of LNG/C Axios II in the first quarter of 2025, partly offset by the scheduled hire rate step down of LNG/C Attalos.
Total expenses for the quarter ended December 31, 2025, were $44.8 million, compared to $44.5 million in the fourth quarter of 2024. Total vessel operating expenses during the fourth quarter of 2025 amounted to $16.5 million, compared to $16.1 million during the fourth quarter of 2024.
Total expenses for the fourth quarter of 2025 also include vessel depreciation and amortization of $21.9 million, in line with the fourth quarter of 2024. General and administrative expenses for the fourth quarter of 2025 amounted to $4.0 million, compared to $4.3 million in the fourth quarter of 2024, on the back of lower costs incurred in connection with our equity compensation incentive plan.
Total other expenses, net for the quarter ended December 31, 2025, were $25.2 million compared to $32.3 million incurred in the fourth quarter of 2024. Total other expenses, net include interest expense and finance cost of $23.9 million for the fourth quarter of 2025, compared to $33.4 million for the fourth quarter of 2024. The decrease in interest expense and finance cost was mainly attributable to the decrease in our average indebtedness and the weighted average interest rate charged on our debt compared to the fourth quarter of last year.
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Company Capitalization
As of December 31, 2025, total cash, including discontinued operations, amounted to $295.6 million. Total cash includes restricted cash of $21.0 million, which represents the minimum liquidity requirement under our financing arrangements.
As of December 31, 2025, the Company’s total shareholders’ equity amounted to $1,499.4 million, an increase of $156.4 million compared to $1,343.0 million as of December 31, 2024. The increase for the year ended December 31, 2025 reflects net income (including net income from discontinued operations) of $170.8 million, amortization associated with the equity incentive plan of $5.8 million, net proceeds of $0.2 million under the Company’s ATM Program (as defined below) and $16.4 million of common shares issued under our Dividend Reinvestment Plan net of expenses, partly offset by dividends declared during the period for a total amount of $35.5 million and other comprehensive loss of $1.3 million relating to the net effect of the cross-currency swap agreement we designated as an accounting hedge.
As of December 31, 2025, the Company’s total debt including discontinued operations was $2,454.3 million compared to $2,598.3 million as of December 31, 2024. As of December 31, 2025, the Company’s total debt from continuing operations was $2,369.9 million compared to $2,413.3 million as of December 31, 2024.
As of December 31, 2025, the weighted average margin on our floating debt, including discontinued operations amounting to $1,928.1 million, was 1.8% over SOFR and the weighted average interest rate on our fixed rate debt, amounting to $526.2 million, was 4.3%.
Issuance of €250.0 million unsecured bonds
On February 25, 2026, CCEC successfully completed the offering of €250.0 million of unsecured bonds to investors in Greece (the “Bonds”), which were admitted to trading in the category of fixed income securities of the Regulated Market of the Athens Exchange on February 26, 2026.
The Bonds will mature in 2033 and will bear a coupon of 3.75%, payable semi-annually.
The proceeds of the Bonds will be used to refinance the outstanding €150.0 million unsecured bond issued in 2021, as well as to partially fund CCEC’s capital expenditures and support the Company’s working capital needs. CCEC estimates the expenses related to the offering to be approximately €7.5 million.
ATM Program
On January 27, 2025, we entered into an Open Market Sale AgreementSM with Jefferies LLC, under which we may sell, from time to time through Jefferies LLC, acting as our sales agent, new common shares having an aggregate offering amount of up to $75.0 million (the “ATM Program”). During the quarter ended December 31, 2025, the Company issued and sold 556 shares pursuant to the ATM Program at an average price of $21.14 per share gross of sale expenses.
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Dividend Reinvestment Plan (“DRIP”)
The Company has implemented a Dividend Reinvestment Plan to provide our shareholders with a convenient and economical way to reinvest cash dividends to purchase our common shares. The DRIP is available to our existing shareholders and investors who may become our shareholders in the future outside of the DRIP. In November 2025, the Company issued 404,975 common shares under the DRIP at the price of $20.50 per share, gross of issuance costs.
Quarterly Dividend Distribution
On January 22, 2026, the Board of Directors of the Company declared a cash dividend per share of $0.15 for the fourth quarter of 2025 which was paid on February 12, 2026, to shareholders of record on February 3, 2026.
LNG Market Update
The fourth quarter of 2025 saw the strongest spot LNG shipping market of the past two years. Spot charter rates for two-stroke vessels averaged approximately $76,000 per day during the quarter, peaking in November at around $150,000 per day—an impressive recovery from the depressed levels observed over the previous three quarters.
Unexpectedly higher production out of the U.S., pockets of floating storage opportunities, open arbitrage to the East, and logistical constraints at discharge ports collectively drove spot rates higher by more than 240% compared to their peak in the third quarter. This served as a stark reminder of the fragility of the LNG shipping supply–demand balance, where modest changes in cargo economics, production volumes, or port logistics can collectively have a disproportionate impact on freight markets.
Two-stroke vessels fully captured the benefits of the strengthening market, while rates for older, smaller, and less efficient tonnage improved only marginally. This divergence underscores the increasingly limited commercial relevance of older vessels going forward.
Mid- and long-term time charter rates softened slightly during the quarter, with multiple fixtures concluded in the low- to mid-$80,000 per day range, driven primarily by long-term fundamentals. Ordering activity increased materially in the fourth quarter following three comparatively quiet quarters by historical standards. A total of 23 LNG carriers were ordered during the quarter, 17 of which were placed in December alone. For context, only 21 vessels were ordered across the previous three quarters combined. This surge in ordering activity has resulted in upward pressure on newbuilding prices, with the latest contracts each concluded at slightly greater than $250.0 million per vessel.
As of quarter-end, 283 LNG carriers were on order, with 23 vessels delivered during the fourth quarter of 2025. Of the total orderbook, analysts estimate that only 35 vessels remain without committed employment, six of which are controlled by the Company.
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LPG Market Update
CCEC has an additional nine gas carriers on order as part of its Gas Fleet, consisting of three LCO₂ / multi-gas carriers and six dual-fuel medium gas carriers .The deliveries commenced with the handy LCO2/multi-gas carrier Active (22,000 CBM, Hyundai) in January 2026, which has been immediately deployed under a six-month time charter transporting LPG, with an option to extend the charter for an additional six months.
Market conditions across both handy-sized and mid-size gas segments remained positive, with employment reflecting a balanced mix of spot exposure and short-term time charters. The multi-gas carrier (“MGC”) fleet amounts to 138 vessels, of which approximately 68% is secured on time charter coverage, with around 32% of the time charter fleet employed in ammonia trading. The semi-refrigerated handy-sized segment comprises 57 vessels, of which 49 are fixed on short term time charters (less than two years), with approximately 16% of the time charter fleet engaged in ammonia trading during the fourth quarter of 2025.
Earnings were supported by stable rates and strong utilization, particularly in the handy-sized segment, driven by continued butadiene flows to the Far East and ambient Iraqi LPG exports. The MGC segment recorded its strongest fixing quarter in recent years, benefiting from robust US LPG export volumes that tightened VLGC availability. Elevated VLGC rates encouraged charterers to seek alternative tonnage, supporting strong earnings throughout the reporting period.
Looking ahead, supply growth in the semi-refrigerated handy-sized segment remains limited. Looking into 2026, there are only seven vessels scheduled for delivery until year end, representing approximately 12% of the existing fleet. The MGC segment saw two newbuildings delivered during the fourth quarter of 2025, with a further 22 vessels expected over the next 12 months, equating to approximately 16% of the current fleet.
Time charter rates remained firm during the fourth quarter, with semi-refrigerated handy-sized vessels assessed at $31,000 per day for one year, while fully refrigerated MGCs (40,000 cbm conventional) rates were assessed at $32,000 per day.
Corporate Governance Update
The Climate Disclosure Project (CDP) is a global environmental disclosure system used by companies, capital markets and other stakeholders to assess and compare reported environmental information. Operating in more than 90 countries, the CDP is spearheading a global push to integrate climate risk and social responsibility into strategic planning for businesses, municipalities, and beyond. CCEC is pleased to announce that, following its first CDP disclosure, the Company has scored a “B” rating.
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Conference Call and Webcast
Today, March 5th, 2026, the Company will host an interactive conference call at 8:30 a.m. Eastern Time to discuss the financial results.
Conference Call Details
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Capital Clean Energy” to the operator and/or conference ID 13759104. Click here for participant International Toll-Free access numbers. Alternatively, participants can register for the call using the “Call Me” option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away.
Slides and Audio Webcast
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website http://ir.capitalcleanenergycarriers.com/ and click on Webcasts & Presentations under our Investor Relations page. Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About Capital Clean Energy Carriers Corp.
Capital Clean Energy Carriers Corp. (NASDAQ: CCEC), an international shipping company, is a leading platform of gas carriage solutions with a focus on energy transition. CCEC’s in-the-water fleet includes 14 high specification vessels, including 12 latest generation LNG/Cs, one legacy Neo-Panamax container vessel, and one handy LCO2/multi-gas carrier. In addition, CCEC’s under-construction fleet includes nine additional latest generation LNG/Cs, six dual-fuel medium gas carriers and three handy LCO2/multi-gas carriers, to be delivered between the second quarter of 2026 and the first quarter of 2029.
For more information about the Company, please visit: www.capitalcleanenergycarriers.com
Forward-Looking Statements
The statements in this press release that are not historical facts, including, among other things, statements related to CCEC’s ability to pursue growth opportunities and CCEC’s expectations or objectives regarding future vessel deliveries and charter rate expectations, are forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. For a discussion of factors that could materially affect the outcome of forward-looking statements and other risks and uncertainties, see “Risk Factors” in our annual report filed with the SEC on Form 20-F for the year ended December 31, 2024, filed on April 17, 2025. Unless required by law, CCEC expressly disclaims
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any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, to conform them to actual results or otherwise. CCEC does not assume any responsibility for the accuracy and completeness of the forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements.
Contact Details:
Investor Relations / Media
Brian Gallagher
EVP Investor Relations
Tel. +44 (770) 368 4996
E-mail: b.gallagher@capitalmaritime.com
Nicolas Bornozis/Markella Kara
Capital Link, Inc. (New York)
Tel. +1-212-661-7566
E-mail: ccec@capitallink.com
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Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(In thousands of United States Dollars, except for number of shares and earnings per share)
| For the three-month periods ended December 31, |
For the years ended December 31, |
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| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues |
98,348 | 97,610 | 392,706 | 339,549 | ||||||||||||
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| Expenses: |
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| Voyage expenses |
2,476 | 2,417 | 7,733 | 9,833 | ||||||||||||
| Vessel operating expenses |
14,201 | 13,650 | 59,083 | 50,170 | ||||||||||||
| Vessel operating expenses - related parties |
2,312 | 2,412 | 9,144 | 8,722 | ||||||||||||
| General and administrative expenses |
3,955 | 4,272 | 15,598 | 16,682 | ||||||||||||
| Vessel depreciation and amortization |
21,886 | 21,766 | 87,213 | 76,454 | ||||||||||||
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| Operating income, net |
53,518 | 53,093 | 213,935 | 177,688 | ||||||||||||
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| Other (expense) / income, net: |
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| Interest expense and finance cost |
(23,907 | ) | (33,409 | ) | (103,128 | ) | (125,760 | ) | ||||||||
| Other (expense) / income, net |
(1,258 | ) | 1,106 | 2,587 | 3,262 | |||||||||||
| Total other expense, net |
(25,165 | ) | (32,303 | ) | (100,541 | ) | (122,498 | ) | ||||||||
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| Net income from continuing operations |
28,353 | 20,790 | 113,394 | 55,190 | ||||||||||||
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| Net income from discontinued operations |
8,165 | 81,466 | 57,365 | 138,444 | ||||||||||||
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| Net income from operations |
36,518 | 102,256 | 170,759 | 193,634 | ||||||||||||
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| Net income attributable to General Partner |
— | — | — | 743 | ||||||||||||
| Deemed dividend to General Partner |
— | — | — | 46,184 | ||||||||||||
| Net income attributable to unvested shares |
— | 391 | — | 808 | ||||||||||||
| Net income attributable to common shareholders |
36,518 | 101,865 | 170,759 | 145,899 | ||||||||||||
| Net income from continuing operations per: |
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| Common shares, basic and diluted |
0.48 | 0.35 | 1.92 | 0.15 | ||||||||||||
| Weighted average shares outstanding: |
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| Common shares, basic |
59,302,122 | 58,390,900 | 58,919,848 | 56,094,666 | ||||||||||||
| Common shares, diluted |
59,703,282 | 58,390,900 | 59,191,879 | 56,094,666 | ||||||||||||
| Net income from discontinued operations per: |
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| Common shares, basic and diluted |
0.14 | 1.39 | 0.97 | 2.45 | ||||||||||||
| Weighted average shares outstanding: |
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| Common shares, basic |
59,302,122 | 58,390,900 | 58,919,848 | 56,094,666 | ||||||||||||
| Common shares, diluted |
59,703,282 | 58,390,900 | 59,191,879 | 56,094,666 | ||||||||||||
| Net income from operations per: |
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| Common shares, basic |
0.62 | 1.74 | 2.90 | 2.60 | ||||||||||||
| Common shares, diluted |
0.61 | — | 2.88 | — | ||||||||||||
| Weighted average shares outstanding: |
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| Common shares, basic |
59,302,122 | 58,390,900 | 58,919,848 | 56,094,666 | ||||||||||||
| Common shares, diluted |
59,703,282 | 58,390,900 | 59,191,879 | 56,094,666 | ||||||||||||
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Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of United States Dollars)
| As of December 31, 2025 | As of December 31, 2024 | |||||||
| Assets |
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| Current assets |
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| Cash and cash equivalents |
$ | 273,843 | $ | 312,654 | ||||
| Trade accounts receivable |
8,437 | 3,689 | ||||||
| Prepayments and other assets |
7,437 | 7,194 | ||||||
| Due from related party |
— | 1,131 | ||||||
| Inventories |
3,982 | 4,427 | ||||||
| Claims |
1,044 | 865 | ||||||
| Current assets of discontinued operations |
124,238 | 75,583 | ||||||
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| Total current assets |
418,981 | 405,543 | ||||||
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| Fixed assets |
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| Advances for vessels under construction – related party |
54,000 | 54,000 | ||||||
| Vessels, net and vessels under construction |
3,516,778 | 3,289,660 | ||||||
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| Total fixed assets |
3,570,778 | 3,343,660 | ||||||
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| Other non-current assets |
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| Above market acquired charters |
66,597 | 101,574 | ||||||
| Deferred charges, net |
3,483 | 361 | ||||||
| Restricted cash |
21,047 | 22,521 | ||||||
| Derivative asset |
13,682 | 1,574 | ||||||
| Prepayments and other assets |
546 | 4 | ||||||
| Non-current assets of discontinued operation |
— | 237,645 | ||||||
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| Total non-current assets |
3,676,133 | 3,707,339 | ||||||
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| Total assets |
$ | 4,095,114 | $ | 4,112,882 | ||||
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| Liabilities and Shareholders’ Equity |
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| Current liabilities |
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| Current portion of long-term debt, net |
$ | 297,043 | $ | 117,126 | ||||
| Trade accounts payable |
11,129 | 14,615 | ||||||
| Due to related parties |
5,607 | 3,542 | ||||||
| Accrued liabilities |
37,717 | 31,160 | ||||||
| Deferred revenue |
29,413 | 29,804 | ||||||
| Derivative liabilities |
— | 18,114 | ||||||
| Current liabilities of discontinued operations |
103,514 | 29,130 | ||||||
|
|
|
|
|
|||||
| Total current liabilities |
484,423 | 243,491 | ||||||
|
|
|
|
|
|||||
| Long-term liabilities |
||||||||
| Long-term debt, net |
2,057,294 | 2,277,957 | ||||||
| Below market acquired charters |
53,531 | 65,923 | ||||||
| Deferred revenue |
499 | 634 | ||||||
| Non-current liabilities of discontinued operations |
— | 181,908 | ||||||
|
|
|
|
|
|||||
| Total long-term liabilities |
2,111,324 | 2,526,422 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
2,595,747 | 2,769,913 | ||||||
|
|
|
|
|
|||||
| Commitments and contingencies |
||||||||
|
|
|
|
|
|||||
| Total shareholders’ equity |
1,499,367 | 1,342,969 | ||||||
|
|
|
|
|
|||||
| Total liabilities and shareholders’ equity |
$ | 4,095,114 | $ | 4,112,882 | ||||
|
|
|
|
|
|||||
11
Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands of United States Dollars)
| For the years ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities of continuing operations: |
||||||||
| Net income from operations |
$ | 170,759 | $ | 193,634 | ||||
| Less: Net income from discontinued operations |
57,365 | 138,444 | ||||||
| Net income from continuing operations |
113,394 | 55,190 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
| Vessel depreciation and amortization |
87,213 | 76,454 | ||||||
| Amortization and write-off of deferred financing costs |
3,738 | 3,028 | ||||||
| Amortization / accretion of above / below market acquired charters |
22,586 | 17,052 | ||||||
| Amortization of ineffective portion of derivatives |
(210 | ) | (209 | ) | ||||
| Equity compensation expense |
6,395 | 6,918 | ||||||
| Change in fair value of derivatives |
(18,114 | ) | 10,934 | |||||
| Unrealized bonds exchange differences |
19,775 | (9,848 | ) | |||||
| Changes in operating assets and liabilities: |
||||||||
| Trade accounts receivable |
(4,748 | ) | (1,799 | ) | ||||
| Prepayments and other assets |
(785 | ) | 525 | |||||
| Due from related party |
1,131 | 716 | ||||||
| Inventories |
445 | (1,904 | ) | |||||
| Claims |
(752 | ) | — | |||||
| Trade accounts payable |
(2,566 | ) | 5,634 | |||||
| Due to related parties |
2,065 | 1,386 | ||||||
| Accrued liabilities |
5,264 | 13,403 | ||||||
| Deferred revenue |
(526 | ) | 7,337 | |||||
| Dry Docking - paid |
(1,488 | ) | — | |||||
|
|
|
|
|
|||||
| Net cash provided by operating activities of continuing operations |
$ | 232,817 | $ | 184,817 | ||||
|
|
|
|
|
|||||
| Cash flows from investing activities of continuing operations: |
||||||||
| Vessel acquisitions, vessels under construction and improvements including time and bareboat charter agreements |
(315,121 | ) | (1,200,978 | ) | ||||
| Proceeds from insurance claims |
573 | — | ||||||
| Expenses paid for sale of vessels |
(220 | ) | (219 | ) | ||||
|
|
|
|
|
|||||
| Net cash used in investing activities of continuing operations |
$ | (314,768 | ) | $ | (1,201,197 | ) | ||
|
|
|
|
|
|||||
| Cash flows from financing activities of continuing operations: |
||||||||
| Proceeds from long-term debt |
44,454 | 1,582,000 | ||||||
| Deferred financing costs paid |
(1,462 | ) | (12,911 | ) | ||||
| Payments of long-term debt |
(120,868 | ) | (780,910 | ) | ||||
| Proceeds from offering, net of commissions paid |
207 | — | ||||||
12
| Rights offering costs paid |
(498 | ) | (476 | ) | ||||
| Dividends paid |
(18,997 | ) | (33,813 | ) | ||||
|
|
|
|
|
|||||
| Net cash (used in) / provided by financing activities of continuing operations |
$ | (97,164 | ) | $ | 753,890 | |||
|
|
|
|
|
|||||
| Net decrease in cash, cash equivalents and restricted cash from continuing operations |
$ | (179,115 | ) | $ | (262,490 | ) | ||
|
|
|
|
|
|||||
| Cash flows from discontinued operations |
||||||||
| Operating activities |
9,245 | 55,030 | ||||||
| Investing activities |
230,195 | 448,059 | ||||||
| Financing activities |
(100,610 | ) | (108,902 | ) | ||||
|
|
|
|
|
|||||
| Net increase in cash, cash equivalents and restricted cash from discontinued operations |
138,830 | 394,187 | ||||||
|
|
|
|
|
|||||
| Net (decrease) / increase in cash, cash equivalents and restricted cash |
(40,285 | ) | 131,697 | |||||
|
|
|
|
|
|||||
| Cash, cash equivalents and restricted cash at the beginning of the year |
$ | 335,175 | $ | 203,478 | ||||
|
|
|
|
|
|||||
| Cash, cash equivalents and restricted cash at the end of the year |
$ | 294,890 | $ | 335,175 | ||||
|
|
|
|
|
|||||
| Supplemental cash flow information |
||||||||
| Cash paid for interest |
$ | 107,022 | $ | 131,870 | ||||
| Non-Cash Investing and Financing Activities |
||||||||
| Capital expenditures included in liabilities |
2,929 | 4,140 | ||||||
| Capitalized dry-docking costs included in liabilities |
4,021 | 4,149 | ||||||
| Deferred financing and offering costs included in liabilities |
60 | 86 | ||||||
| Expenses for sale of vessels included in liabilities |
1,870 | 5,396 | ||||||
| Dividends reinvestment plan issuance of new shares |
16,475 | — | ||||||
| Seller’s credit agreements in connection with the acquisition of vessel owning companies |
— | 134,764 | ||||||
| Reconciliation of cash, cash equivalents and restricted cash |
||||||||
| Cash and cash equivalents |
273,843 | 312,654 | ||||||
| Restricted cash - non-current assets |
21,047 | 22,521 | ||||||
|
|
|
|
|
|||||
| Total cash, cash equivalents and restricted cash shown in the statements of cash flows |
$ | 294,890 | $ | 335,175 | ||||
|
|
|
|
|
Appendix A
| I. | Discontinued Operations - Vessels |
| Name of Vessel |
Type |
TEU | Memorandum of |
Delivery | ||||
| M/V Akadimos |
Neo Panamax Container Vessel | 9,288 | January 31, 2024 | March 8, 2024 | ||||
| M/V Long Beach Express |
Panamax Container Vessel | 5,089 | December 15, 2023 | February 26, 2024 | ||||
| M/V Seattle Express |
Panamax Container Vessel | 5,089 | February 14, 2024 | April 26, 2024 | ||||
| M/V Fos Express |
Panamax Container Vessel | 5,089 | February 14, 2024 | May 3, 2024 | ||||
| M/V Athenian |
Neo Panamax Container Vessel | 9,954 | March 1, 2024 | April 22, 2024 | ||||
| M/V Athos |
Neo Panamax Container Vessel | 9,954 | March 1, 2024 | April 22, 2024 | ||||
| M/V Aristomenis |
Neo Panamax Container Vessel | 9,954 | March 1, 2024 | May 3, 2024 | ||||
| M/V Hyundai Premium |
Neo Panamax Container Vessel | 5,023 | September 12, 2024 | November 22, 2024 | ||||
| M/V Hyundai Paramount |
Neo Panamax Container Vessel | 5,023 | September 12, 2024 | December 20, 2024 | ||||
| M/V Hyundai Prestige |
Neo Panamax Container Vessel | 5,023 | September 12, 2024 | December 5, 2024 | ||||
| M/V Hyundai Privilege |
Neo Panamax Container Vessel | 5,023 | September 12, 2024 | January 10, 2025 | ||||
| M/V Hyundai Platinum |
Neo Panamax Container Vessel | 5,023 | September 12, 2024 | March 10, 2025 | ||||
| M/V Manzanillo Express |
Neo Panamax Container Vessel | 13,312 | August 7, 2025 | October 6, 2025 | ||||
| M/V Buenaventura Express |
Neo Panamax Container Vessel | 13,696 | October 29, 2025 | January 19, 2026 |
13
| II. | Discontinued Operations - Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of United States Dollars) |
| For the three-month periods ended December 31, |
For the years ended December 31, |
|||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenues |
4,113 | 20,299 | 28,886 | 100,439 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Expenses / (income), net: |
||||||||||||||||
| Voyage expenses |
95 | 387 | 662 | 2,114 | ||||||||||||
| Vessel operating expenses |
1,056 | 4,382 | 6,390 | 22,536 | ||||||||||||
| Vessel operating expenses - related party |
115 | 655 | 836 | 3,443 | ||||||||||||
| Vessel depreciation and amortization |
397 | 2,426 | 6,983 | 20,720 | ||||||||||||
| Gain on sale of vessels |
(7,492 | ) | (72,205 | ) | (53,705 | ) | (103,807 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income, net |
9,942 | 84,654 | 67,720 | 155,433 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Other (expense) / income, net: |
||||||||||||||||
| Interest expense and finance cost |
(1,776 | ) | (3,321 | ) | (10,572 | ) | (17,203 | ) | ||||||||
| Other (expense) / income, net |
(1 | ) | 133 | 217 | 214 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total other expense, net |
(1,777 | ) | (3,188 | ) | (10,355 | ) | (16,989 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net income from discontinued operations |
8,165 | 81,466 | 57,365 | 138,444 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
During the year ended December 31, 2025, the Company disposed of the following vessels recognizing, a gain on sale of vessels of $53,705.
| Vessel |
MOA Date |
Delivery date | ||
| M/V Hyundai Privilege |
September 12, 2024 |
January 10, 2025 | ||
| M/V Hyundai Platinum |
September 12, 2024 |
March 10, 2025 | ||
| M/V Manzanillo Express |
August 7, 2025 |
October 6, 2025 |
| III. | Discontinued Operations - Unaudited Condensed selected balance sheets information (In thousands of United States Dollars) |
| As of December 31, | As of December 31, | |||||||
| 2025 | 2024 | |||||||
| Cash and cash equivalents |
$ | 680 | $ | 1,371 | ||||
| Trade accounts receivable |
92 | 800 | ||||||
| Inventories |
— | 417 | ||||||
| Prepayments and other assets |
1,205 | 1,226 | ||||||
| Claims |
49 | 49 | ||||||
| Assets held for sale |
122,212 | 71,720 | ||||||
|
|
|
|
|
|||||
| Current assets of discontinued operations |
124,238 | 75,583 | ||||||
|
|
|
|
|
|||||
| Vessels, net |
— | 237,645 | ||||||
|
|
|
|
|
|||||
| Non-current assets of discontinued operations |
— | 237,645 | ||||||
|
|
|
|
|
|||||
| Current portion of long-term debt, net |
— | 11,257 | ||||||
| Trade accounts payable |
2,446 | 3,530 | ||||||
| Accrued liabilities |
9,017 | 13,440 | ||||||
| Deferred revenue |
— | 903 | ||||||
| Liabilities associated with vessel held for sale |
92,051 | — | ||||||
|
|
|
|
|
|||||
| Current liabilities of discontinued operations |
103,514 | 29,130 | ||||||
|
|
|
|
|
|||||
| Long-term liabilities |
— | 172,172 | ||||||
| Below market acquired charters |
— | 9,736 | ||||||
|
|
|
|
|
|||||
| Non-current liabilities of discontinued operations |
— | 181,908 | ||||||
|
|
|
|
|
|||||
14
On August 7, 2025, the Company entered into a MOA, to sell the M/V Manzanillo Express to an unaffiliated party for total consideration of $118,500. At that date, the Company considered that the M/V Manzanillo Express met the criteria to be classified as held for sale and is included in “Non-current assets of discontinued operations” in the summarized unaudited condensed selected balance sheet information from discontinued operations as of December 31, 2024. As of the MOA date the M/V Manzanillo Express fair value less estimated costs to sell exceeded its carrying amount, so no impairment charge was recognized. The vessel was delivered to its new owner on October 6, 2025.
On October 29, 2025, the Company entered into a MOA, to sell the M/V Buenaventura Express to an unaffiliated party for total consideration of $120,100. At that date, the Company considered that the M/V Buenaventura Express met the criteria to be classified as held for sale and is included in “Current assets from discontinued operations” in the summarized unaudited condensed selected balance sheet information from discontinued operations as of December 31, 2025, and 2024. As of the MOA date the M/V Buenaventura Express fair value less estimated costs to sell exceeded its carrying amount, so no impairment charge was recognized. The vessel was delivered to its new owner in January 2026.
15
Exhibit II
CAPITAL CLEAN ENERGY CARRIERS CORP. ANNOUNCES CHANGES TO OUR BOARD OF
DIRECTORS
ATHENS, Greece, March 9, 2026 (GLOBE NEWSWIRE) – Capital Clean Energy Carriers Corp. (the “Company”, “CCEC,” “we” or “us”) (NASDAQ: CCEC), an international owner of ocean-going vessels, today announces that Martin Houston has been appointed Chairman of the company with Keith Forman moving to a new role as Vice-Chairman.
Martin Houston said: “I am immensely proud and privileged to take on the role of Chairman at Capital Clean Energy Carriers as we enter a dynamic period of growth, with the global LNG and LNG shipping markets projected to expand by 50% over next five years. Under Keith’s stewardship as Chairman, the company and its management have successfully navigated a repositioning, now focusing on gas transportation with a focus on LNG shipping. I am delighted that Keith will continue to play an active role in the company’s evolution as Vice-Chairman, providing invaluable support and guidance.”
Keith Forman commented: “It has been a true honor to lead Capital Clean Energy Carriers Corp., and previously
Capital Product Partners L.P., as Chairman over the past eight years. During this time, the Company has achieved significant milestones, including its conversion from a partnership to a corporation, as well as its pivot and expansion into gas shipping. Martin’s vast experience and expertise across all aspects of the LNG market make him exceptionally well-qualified to guide CCEC forward. I look forward to supporting Martin, the board, and the management team in my new capacity as Vice-Chairman.”
Martin Houston Biography
Mr. Houston began his career as petroleum geologist in 1979 and since then has worked worldwide for 46 years, managing all forms of enterprise in the energy industry. He is currently the Chairman of Omega Oil and Gas Ltd. and a Non-Executive Director of Energean plc, BUPA Arabia SA, CC Energy and Singapore GasCo. He is also a Senior Advisor at Moelis and Company. In October 2024, he stepped down as co-founder and Executive Chairman of Tellurian Inc., following the sale of the company. He retired from BG Group in 2014 as Chief Operating Officer and Executive Director after 32 years. Mr. Houston is a Merryck mentor and a Fellow of the Geological Society of London. He is on the Advisory Board of the Center on Global Energy Policy at Columbia University’s School of International and Public Affairs in New York and the Chairman of the Philanthropic Board of Newcastle University. He was an invited member of the National Petroleum Council of the United States for over 15 years. Mr. Houston earned a BSc in geology from Newcastle University and an MSc in petroleum geology from Imperial College, London.
About Capital Clean Energy Carriers Corp.
Capital Clean Energy Carriers Corp. (NASDAQ: CCEC), an international shipping company, is a leading platform of gas carriage solutions with a focus on energy transition. CCEC’s in-the-water fleet includes 14 high specification vessels, including 12 latest generation LNG carriers (“LNG/C”), one handy LCO2/multi-gas carrier and one legacy Neo-Panamax container vessel. In addition, CCEC’s under-construction fleet includes nine additional latest generation LNG/Cs, six dual-fuel medium gas carriers and three handy LCO2/multi-gas carriers, to be delivered between the second quarter of 2026 and the first quarter of 2029.
For more information about the Company, please visit: www.capitalcleanenergycarriers.com
Contact Details
Investor Relations / Media
Brian Gallagher
EVP Investor Relations
Tel. +44 (770) 368 4996
E-mail: b.gallagher@capitalmaritime.com
Nicolas Bornozis / Markella Kara
Capital Link, Inc. (New York)
Tel. +1-212-661-7566
E-mail: ccec@capitallink.com
Source: Capital Clean Energy Carriers Corp.
2