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Capital Clean Energy Carriers Corp. Announces Results of Annual Meeting and Board Changes
Globenewswire· 2025-09-23 13:00
Core Viewpoint - Capital Clean Energy Carriers Corp. (CCEC) is undergoing a significant transition in its leadership and strategic direction, focusing on growth in the LNG and energy transition sectors [1][2]. Group 1: Leadership Changes - Seven directors were re-elected to serve until the 2026 Annual Meeting of Shareholders [7]. - Abel Rasterhoff retired from the Board of Directors after contributing since the company's Nasdaq listing in 2007 [1][7]. - Martin Houston was appointed to the Board as Rasterhoff's successor, bringing extensive experience in global LNG and energy markets [2][7]. Group 2: Company Overview - CCEC is an international shipping company specializing in gas carriage solutions, with a fleet of 15 high-specification vessels, including 12 LNG carriers and three Neo-Panamax container vessels [5]. - The company has 16 new-buildings under construction, which include six LNG carriers and six dual-fuel medium gas carriers, scheduled for delivery between Q1 2026 and Q3 2027 [5]. Group 3: Strategic Focus - The appointment of Martin Houston is expected to provide critical insights and support as CCEC accelerates its strategy around LNG and the energy transition [2]. - The company aims to leverage Houston's industry experience to pursue its growth ambitions in the evolving energy landscape [2].
Luda partners with Chinese shipbuilders for ammonia-fuelled components
Yahoo Finance· 2025-09-10 17:56
Luda Technology Group has entered a strategic partnership with prominent Chinese shipbuilders to foster research and manufacturing of speciality-material flanges and pipe fittings for ammonia-fuelled vessels. This initiative represents an advancement in the Chinese shipbuilding sector's pursuit of supply chain independence and transformation of essential components. The companies involved in the partnership include China State Shipbuilding Corporation (CSSC), Haiting (Nantong) Shipbuilding Company, and C ...
全球造船业:分两阶段的长期上行周期-Global Shipbuilding_ A prolonged upcycle with two stages
2025-09-03 13:23
Summary of Global Shipbuilding Industry Conference Call Industry Overview - The global shipbuilding industry is experiencing a prolonged upcycle, expected to last until 2032, driven by decarbonization and the replacement of aging fleets [1][8][9] - The total addressable market (TAM) for global shipyards (excluding naval ships) is projected to be 441 million CGTs (compensated gross tonnage) with a value of US$1.2 trillion from 2025 to 2032 [8][22] Key Drivers of the Upcycle - **Decarbonization**: Stricter environmental regulations are anticipated to increase operating costs for conventional fuel vessels, making alternative fuel vessels more competitive by 2035 [11][22] - **Replacement Demand**: A significant portion of the fleet will exceed 20 years of age by 2029, necessitating replacements with greener vessels [9][21] Orderbook and Pricing Dynamics - The orderbook is expected to remain elevated, with a forecast of new ship orders increasing significantly from 2029 due to replacement demand and stricter regulations [10][12] - Newbuild prices are projected to remain high, with only a slight retreat of 12% from the peak in 2024 due to disciplined capacity and strong demand [10][25] Market Share and Competitive Landscape - Chinese shipyards are expected to regain market share from 2026 onwards, despite short-term losses attributed to tighter capacity and higher US port fees for China-built vessels [12][14] - The market share of Chinese shipyards is projected to decline in 2025 but is expected to recover due to competitive pricing and capacity expansion [12][14] Earnings and Valuation - Earnings are expected to boom from 2025 to 2028, driven by high-value orderbooks and lower steel prices, despite a potential decline in profitability for container shipping and LNG carriers [10][15] - Yangzijiang Shipbuilding is highlighted as a preferred investment due to its attractive valuation metrics, including the lowest price-to-book ratio and highest return on equity among peers [15][14] Future Projections - The global shipbuilding capacity is expected to grow at a compound annual growth rate (CAGR) of only 2% from 2025 to 2027, primarily driven by Chinese shipyards [13][25] - The orderbook cover years are projected to remain above 2.5 years, indicating a healthy backlog for shipyards [10][13] Conclusion - The global shipbuilding industry is positioned for a robust upcycle driven by environmental regulations and the need for fleet modernization. Investment opportunities are particularly favorable in Chinese shipyards, with Yangzijiang Shipbuilding being a standout choice for investors looking for growth in this sector [8][15][12]
Capital Clean Energy Carriers Corp.(CCEC) - 2025 Q2 - Earnings Call Presentation
2025-07-31 12:00
Financial Performance - Net income from continuing operations for Q2 2025 was $29.9 million[7, 10] - A dividend of $0.15 per share was declared for the quarter[7, 11] - The company has a contracted revenue backlog of over $3.0 billion, with 89% or $2.7 billion from gas assets[7, 20] - The company has a solid cash position of $357.2 million as of June 30, 2025[12, 43] Operational Highlights - The average remaining charter duration is 7.1 years with 100% charter coverage for 2025 and 80% for 2026[7, 20] - Secured financing for two LCO2 carriers under construction, Amadeus & Athenian, delivering in 2026[7, 13] - Two 5-year special surveys are scheduled for LNG/C Aristos I and LNG/C Aristidis I in August and September 2025, respectively, with an off-hire estimate of approximately 23-25 days per vessel[14] Strategic Update - The LNG time charter book has a contracted backlog of 88 years at an average TCE of $87,109, or approximately $2.7 billion of LNG/C charter revenue, which could increase to 118 years if all options are exercised[17] - The company is expected to become the largest and youngest fleet of energy transition vessels[43] LNG Market - Q2 2025 was one of the highest ever for SPA (Sale and Purchase Agreement) announcements, indicating a positive outlook for LNG[26, 27] - There is growing scrapping of LNG steam vessels as the market rebalances[28, 29]
Capital Clean Energy Carriers Corp. Announces Second Quarter 2025 Financial Results
Globenewswire· 2025-07-31 11:00
Core Viewpoint - Capital Clean Energy Carriers Corp. (CCEC) reported strong financial results for Q2 2025, driven by a strategic shift towards gas transportation, including LNG and other emerging commodities, reflecting a 27% increase in revenues compared to the same period last year [5][9][23]. Financial Performance - Revenues for Q2 2025 reached $104.2 million, up from $82.1 million in Q2 2024, marking a 27% increase [5][9]. - Net income for the quarter was $29.9 million, a significant increase of 143% from $12.3 million in Q2 2024 [5][9]. - Total expenses increased to $47.6 million from $40.0 million, representing a 19% rise [5][10]. - The average number of vessels in operation increased to 15.0 from 12.7, an 18% increase year-over-year [5][9]. Strategic Developments - The company has shifted its focus towards gas transportation, acquiring 11 new LNG carriers and 10 gas carriers since November 2023 [2][3]. - CCEC has sold 12 container vessels as part of its strategic transition [2][4]. - The company anticipates the delivery of 16 new gas carriers over the next three years, which includes six latest-generation LNG carriers [6][20]. Market Conditions - The LNG shipping market showed signs of recovery, with average spot market rates reaching $30,000 per day, an increase of approximately 80% from Q1 2025 [23]. - One-year time charter rates increased to around $40,000 per day, a 25% rise compared to the previous quarter [25]. - The global LNG/C orderbook includes 285 newbuild vessels, with only 23 vessels currently available for charter, indicating a tightening market [27]. Capitalization and Financing - As of June 30, 2025, total cash amounted to $357.2 million, including $21.5 million in restricted cash [12]. - Total shareholders' equity increased to $1,438.9 million, up $95.9 million from December 31, 2024 [13]. - The company entered into a new five-year financing agreement for two under-construction gas carriers, with expected financing amounts of $50.9 million per vessel [20]. Dividend and Shareholder Returns - The Board of Directors declared a cash dividend of $0.15 per share for Q2 2025, payable on August 8, 2025 [22]. - A Dividend Reinvestment Plan was implemented to allow shareholders to reinvest dividends into common shares [30].
TEN Ltd. Holds Its Thirty-Second General Annual Meeting of Shareholders
Globenewswire· 2025-06-18 20:05
Company Overview - TEN Ltd. is a leading diversified crude, product, and LNG tanker operator, founded in 1993 and celebrating 32 years as a public company [2] - The company operates a diversified energy fleet consisting of 82 vessels, including various types of tankers, totaling 10.1 million deadweight tonnage (dwt) [2] Recent Developments - The Thirty-Second General Annual Meeting of Shareholders was held on June 12, 2025, in Athens, with a quorum present and all proposed resolutions approved by at least 94.6% of the votes cast [1]
TEN, Ltd. Announces Date for the First Quarter 2025 Results, Conference Call and Webcast
Globenewswire· 2025-05-30 14:00
Company Overview - TEN Ltd. is a leading diversified crude, product, and LNG tanker operator, with a fleet consisting of 82 vessels, including various types of tankers and carriers, totaling 10.1 million deadweight tons (dwt) [6]. Earnings Announcement - TEN will report its earnings for the first quarter ended March 31, 2025, prior to the market opening in New York on June 17, 2025 [1]. - A conference call will be held on the same day at 10:00 a.m. Eastern Time to review the results and management's outlook for the business [2]. Conference Call Details - Participants are encouraged to dial in 10 minutes before the scheduled time using the provided US toll-free and international dial-in numbers [3]. - An alternative "call me" option is available for participants to join the conference call more quickly [4]. - A live and archived webcast of the conference call, along with accompanying slides, will be available on the company's website [5].
Dynagas LNG Partners LP Announces Cash Distribution for the Quarter Ended March 31, 2025 of $0.049 Per Unit
Globenewswire· 2025-05-08 20:05
Company Overview - Dynagas LNG Partners LP is a master limited partnership that owns and operates LNG carriers under multi-year charters [2] - The current fleet consists of six LNG carriers with a total carrying capacity of approximately 914,000 cubic meters [2] Financial Announcement - The Board of Directors has declared a quarterly cash distribution of $0.049 per unit for the quarter ended March 31, 2025 [1] - This cash distribution is scheduled to be payable on or about May 23, 2025, to unit holders of record as of May 19, 2025 [1]
Capital Clean Energy Carriers Corp.(CCEC) - 2025 Q1 - Earnings Call Transcript
2025-05-08 15:02
Financial Data and Key Metrics Changes - Net income from operations for Q1 2025 was just under $81 million, including a gain of $46.2 million from the sale of two container vessels [5][8] - Total cash position increased to $420 million, supported by the completion of two container sales [9] - The firm charter backlog increased to $3.1 billion, reflecting positive fundamentals in the energy shipping market [7][10] Business Line Data and Key Metrics Changes - The company has raised a total of $472.2 million in net proceeds from the sale of 12 container vessels since December 2023, reallocating capital towards gas transportation assets [5][8] - The average charter duration across the fleet is now 7.3 years, with the LNG fleet showcasing a charter backlog of $2.8 billion in contract revenue [10][12] Market Data and Key Metrics Changes - The energy shipping market is experiencing a short supply of modern tonnage, with long-term time charter rates remaining stable despite volatility in spot rates [22][27] - Spot rates have increased from below $10,000 per day in January to around $40,000 per day by April 2025, indicating a recovery in the market [23] Company Strategy and Development Direction - The company aims to solidify its existing charter book and secure long-term employment for its remaining LNG carriers, capitalizing on the growing LNG industry [30][32] - The focus remains on maintaining a dense fleet with the lowest unit rate cost and environmental footprint, aligning with emerging regulatory requirements [31][32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the current market dynamics, highlighting the strong demand for modern vessels and the potential for increased charter rates in the coming years [30][32] - The company is closely monitoring geopolitical risks and their potential impact on LNG exports and shipping operations [18][20] Other Important Information - The company has maintained a cash dividend for 72 consecutive quarters, emphasizing its commitment to shareholder value [8] - The balance sheet remains strong, with a significant reduction in open LNG carriers enhancing financial flexibility [9][10] Q&A Session Summary Question: CapEx schedule adjustments - Management confirmed that adjustments to the CapEx schedule were made in collaboration with partners and shipbuilders, allowing for flexibility in operational scheduling [37][38] Question: Discussions on gas carriers - Management indicated ongoing discussions regarding the potential for liquid CO2 and other gases, with interest from large companies for multi-gas vessels [40][41] Question: Supply-demand dynamics and charter negotiations - Management noted that charters are recognizing the supply-demand fundamentals and are willing to pay rates reflecting future market conditions [49][50] Question: Floating storage opportunities - Management stated that currently, there are no indications of demand for floating storage due to the costs associated with boil-off and market conditions [61] Question: U.S. built LNG carriers cost expectations - Management highlighted that U.S. built LNG carriers could be significantly more expensive than those built in Korea or China, with additional complexities involved [75]
Capital Clean Energy Carriers Corp.(CCEC) - 2025 Q1 - Earnings Call Transcript
2025-05-08 15:00
Financial Data and Key Metrics Changes - Net income from operations for Q1 2025 was just under $81 million, including a gain of $46.2 million from the sale of two container vessels [5] - Total cash position increased to $420 million, supported by the completion of two container sales [8] - The firm charter backlog increased to $3.1 billion, reflecting positive fundamentals in the energy shipping market [6][10] Business Line Data and Key Metrics Changes - The company has raised a total of $472.2 million in net proceeds from the sale of 12 container vessels since December 2023, reallocating capital towards gas transportation assets [5] - The average charter duration across the fleet is now 7.3 years, with a charter backlog of $2.8 billion in contract revenue for the LNG fleet [9][10] Market Data and Key Metrics Changes - The LNG carrier, Infosys two, commenced a seven-year charter, contributing to the increased charter backlog [6] - The long-term time charter market has remained stable, with ten-year rates in the high eighties to low nineties range [20] Company Strategy and Development Direction - The company aims to solidify its existing charter book and secure long-term employment for remaining LNG carriers, capitalizing on the growing LNG industry [27] - The focus is on maintaining a dense fleet with the lowest unit rate cost and environmental footprint, aligning with emerging regulatory requirements [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market volatility and highlighted the importance of maintaining a strong balance sheet [8][12] - The company is closely monitoring the impact of U.S. trade policies and tariffs on LNG exports, indicating a low probability of adverse effects on its business model [14][15] Other Important Information - The company has a strong framework for building its gas transportation portfolio, with no single counterparty representing more than 20% of the contract revenue backlog [11] - The new building CapEx program is valued at $2.3 billion, with $467 million already paid in advances [12] Q&A Session Summary Question: CapEx schedule adjustments - Management confirmed that adjustments to the CapEx schedule were made in collaboration with partners and shipbuilders, allowing for flexibility in chartering opportunities [33] Question: Discussions on gas carriers - Ongoing discussions focus on liquid CO2 and other gas volumes, with interest from large companies for three to five-year charters [35][36] Question: Supply-demand dynamics - Management acknowledged that charters are recognizing the supply-demand fundamentals and are willing to pay rates reflecting future market conditions [41] Question: Regasification capacity - There are no expected issues with regasification capacity covering liquefaction capacity in key markets like China, Japan, and Europe [47] Question: Floating storage opportunities - Currently, there are no indications of demand for floating storage due to the costs associated with LNG boil-off [49] Question: U.S. built LNG carriers - The cost of U.S. built LNG carriers is expected to be significantly higher than those built in Korea or China, with compliance responsibilities likely falling on liquefaction operators [60][62]