Financial Performance - Total revenues for the six-month period ended June 30, 2025, amounted to $213.5 million, an increase of $55.2 million compared to $158.3 million for the same period in 2024, primarily due to the acquisition of three LNG/C vessels[19] - Net income for the six-month period ended June 30, 2025, was $62.7 million, significantly higher than $17.9 million for the same period in 2024[31] - Operating income for the six-month period ended June 30, 2025, was $118,453,000, compared to $77,578,000 in 2024, reflecting a 52% increase[58] - Net income from continuing operations for the six-month period ended June 30, 2025, was $62,735,000, compared to $17,925,000 for the same period in 2024, representing a significant increase of 249%[64] - Net income attributable to common shareholders for the six-month period ended June 30, 2025, was $110,481,000, up from $67,347,000 in 2024, representing a 64% increase[58] Cash Flow and Liquidity - Total cash and cash equivalents as of June 30, 2025, amounted to $357.2 million, including $21.5 million in restricted cash[32] - Net cash provided by operating activities increased to $115.4 million for the six-month period ended June 30, 2025, up from $75.6 million in 2024[40] - Cash provided by operating activities of continuing operations was $115,423,000, up from $75,560,000 in the prior year, indicating a year-over-year increase of 53%[64] - Cash and cash equivalents at the end of the period were $357,162,000, compared to $101,184,000 at the end of the previous year, marking a substantial increase[64] Expenses - Total voyage expenses decreased to $3.4 million for the six-month period ended June 30, 2025, from $5.0 million in the same period in 2024, a reduction of $1.6 million attributed to reimbursements from charterers[22] - Total vessel operating expenses increased to $35.3 million for the six-month period ended June 30, 2025, compared to $30.1 million for the same period in 2024, reflecting an increase of $5.2 million due to a higher average number of vessels[24] - General and administrative expenses rose to $8.0 million for the six-month period ended June 30, 2025, compared to $7.7 million in 2024, primarily due to increased fees under the executive services agreement[26] - Total other expenses, net for the six-month period ended June 30, 2025, were $55.7 million, down from $59.7 million in 2024[29] Fleet and Vessels - The average number of vessels in the fleet increased by 2.7 vessels for the six-month period ended June 30, 2025, compared to the corresponding period in 2024[19] - The company has a fleet of 15 high specification vessels, including 12 latest generation LNG carriers and six additional LNG carriers under construction, expected to be delivered between Q1 2026 and Q3 2027[66] - As of June 30, 2025, all vessels were employed under time and bareboat charter agreements with remaining tenors ranging from 1.2 to 9.3 years, with some agreements including extensions of up to 6.0 years[74] Shareholder Returns - A cash dividend of $0.15 per common share was declared for the second quarter of 2025, payable on August 8, 2025[14] - The company declared dividends of $0.30 per common share, totaling $17,803,000 for the six-month period ended June 30, 2025[61] - The Company declared and paid distributions of $0.30 per common share for both the six-month periods ended June 30, 2025, and 2024[120] Debt and Financing - The vessel-owning companies entered into a new credit facility for $101.7 million, which may increase to $117.3 million if long-term employment is secured, to finance the delivery of two vessels under construction[11] - As of June 30, 2025, total borrowings under financing arrangements were $2,564.7 million, a slight decrease from $2,598.3 million as of December 31, 2024[47] - The total long-term debt as of June 30, 2025, was $2,564,672, a decrease from $2,598,320 as of December 31, 2024[93] Revenue Sources - Major revenue contributors for the six-month period ended June 30, 2025, included BP Gas Marketing Limited (17%), Bonny Gas Transport Limited (14%), and Cheniere Marketing International LLP (13%) among others[21] - The company’s revenues for the six-month period ended June 30, 2025, were significantly derived from a few charterers, with BP accounting for 17% of revenues[114] Other Financial Metrics - Total assets as of June 30, 2025, amounted to $4,145,538,000, a slight increase from $4,112,882,000 as of December 31, 2024[56] - Total liabilities decreased to $2,706,685,000 as of June 30, 2025, from $2,769,913,000 as of December 31, 2024[56] - Total shareholders' equity as of June 30, 2025, was $1,438.9 million, reflecting an increase of $95.9 million from $1,343.0 million as of December 31, 2024[37]
Capital Clean Energy Carriers Corp.(CCEC) - 2025 Q2 - Quarterly Report