Capital Clean Energy Carriers Corp. Announces Fourth Quarter 2024 Financial Results

Core Insights - Capital Clean Energy Carriers Corp. (CCEC) has shifted its strategic focus towards the transportation of various forms of gas, including LNG, and has made significant investments in new gas carriers [2][7] - The company reported a substantial increase in revenues and net income for the fourth quarter of 2024 compared to the same period in 2023, reflecting the impact of its strategic shift [5][11] Financial Performance - Total revenue for the fourth quarter of 2024 was $105.1 million, a 64% increase from $64.2 million in the fourth quarter of 2023 [5][12] - Net income from continuing operations for the same period was $20.8 million, compared to $1.1 million in the fourth quarter of 2023, marking a 1,791% increase [5][11] - Average number of vessels increased to 15.0 in Q4 2024 from 10.5 in Q4 2023, contributing to the revenue growth [5][12] Strategic Initiatives - The company has agreed to acquire 11 newbuild LNG carriers and invested in 10 additional gas carriers, enhancing its gas-focused fleet [2][3] - CCEC has completed or entered into agreements for the sale of 12 container vessels, aligning with its strategic shift [2][4] Market Outlook - The company anticipates that current weaknesses in the spot and short-term markets will lead to a reduction in older technology LNG vessels, potentially tightening the market for modern vessels [8][30] - The U.S. administration's intention to boost LNG exports is expected to support long-term demand for LNG shipping, with a contracted revenue backlog of over $2.5 billion [8][30] Capital Structure - As of December 31, 2024, total cash amounted to $336.5 million, with total shareholders' equity increasing to $1,343.0 million from $1,174.9 million a year earlier [16][17] - Total debt increased to $2,598.3 million, reflecting new borrowings for vessel acquisitions [18][20] Dividend Announcement - The company declared a cash dividend of $0.15 per share for the fourth quarter of 2024, payable on February 12, 2025 [10][26] Under-Construction Fleet - CCEC's under-construction fleet includes six additional latest generation LNG carriers, with expected deliveries between Q1 2026 and Q3 2027 [23][35]