Capital Clean Energy Carriers Corp. Announces First Quarter 2025 Financial Results and Employment for Two LNG Carriers ("LNG/C") Under Construction

Core Insights - Capital Clean Energy Carriers Corp. (CCEC) reported a significant increase in net income and revenues for Q1 2025, reflecting the success of its strategic shift towards gas transportation solutions [1][15][16]. Financial Performance - Revenues for Q1 2025 reached $109.4 million, a 44% increase from $76.2 million in Q1 2024 [6][16]. - Net income from continuing operations was $32.8 million, up 486% from $5.6 million in the same quarter last year [6][15]. - Total expenses increased by 17% to $47.5 million, compared to $40.7 million in Q1 2024 [6][17]. - The average number of vessels in operation rose to 15.0 from 12.0 year-over-year, contributing to the revenue growth [6][16]. Strategic Shift - The company has shifted its focus to transporting various forms of gas, including LNG, and has acquired 21 new gas carriers since November 2023 [3][4]. - CCEC has sold 12 container vessels as part of this strategic transition, reducing its container exposure significantly [3][11][24]. Fleet and Employment - CCEC's fleet now includes 15 vessels, with a focus on LNG carriers, and has secured long-term charters for two newbuild LNG carriers [8][12]. - The contracted revenue backlog has increased to $3.1 billion, with potential growth to $4.5 billion if all extension options are exercised [9][14]. Market Conditions - The LNG shipping market remains under pressure due to oversupply and reduced demand, but long-term contracting activity has seen a resurgence, particularly in Asia and Europe [29][33]. - The average spot market rate for LNG vessels was $16,700/day, with long-term rates significantly higher, indicating a potential recovery in the market [30][31]. Capitalization and Cash Flow - As of March 31, 2025, CCEC had total cash of $420.3 million, including $21.5 million in restricted cash [20]. - The company's total debt decreased to $2,575.9 million, reflecting scheduled principal payments [22]. Dividend Declaration - The Board of Directors declared a cash dividend of $0.15 per share for Q1 2025, payable on May 16, 2025 [28].