CCEC

Image source: The Motley Fool. Wed, Jul. 29, 2026 at 9:00 a.m. ET Head of Investor Relations - Brian Gallagher Chief Financial Officer - Nikolaos Kalapotharakos Commercial Head of LPG - Jack Neilan Chief Commercial Officer - Nikos Tripodakis Chief Executive Officer - Jerry Kalogiratos Operator: Good day, everyone, and welcome to the Capital Clean Energy Carriers Corp. Second Quarter 2026 Financial Results. Please note that this event is being recorded. I will now turn the call over to today's host, Brian Gallagher, Head of Investor Relations. Brian, please go ahead. Brian Gallagher: Thank you, and a warm welcome to our call today. With us, we have the management team, myself, Brian Gallagher; Mr. Nikos Kalapotharakos, our Chief Financial Officer; Jack Neilan, our Commercial Head of LPG; along with Nikos Tripodakis, our Chief Commercial Officer for the call. And next one, we have our Chief Executive, Jerry Kalogiratos, joining us for the Q&A session. Before that, I'd like to make the following statement. I must advise you that this conference is being recorded as of today, Wednesday, 29th of July 2026. The statements in today's conference call are not historical facts, including our expectations regarding the sale or acquisition, transactions and the expected effect on us, cash generation, equity returns and future debt levels, our ability to pursue future growth opportunities, our expectations or objectives regarding future distribution amounts or share buyback amounts, dividend coverage, future earnings, future leverage, capital allocation as well as our expectations regarding market fundamentals and the employment of our vessels, including delivery dates, redelivery dates and charter rates, may be forward-looking statements as defined in Section 21E of the Securities Act of 1934 as amended. These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted returns and results to be materially different from those anticipated. Unless required by law, we expressly disclaim any obligation to update or revise any future of these forward-looking statements, whether because of future events, new information or change in our views or expectations to conform to actual results or otherwise. We make no prediction or statement about the performance on our common shares. With that, I'll now move on to the presentation on the screen in front of you. And you can see starting on our highlights page on Q2 2026 on Slide 4. It was a very busy and productive quarter on every front. Operationally, we took delivery of 4 vessels in total in the single quarter, 2 LNG carriers, a Handy LPG/LCO2 carrier and 1 dual-fuel medium gas carrier with a further MGC delivered this month. We also announced a joint venture on an LNG bunkering vessel, and we also initiated a $20 million buyback program during the quarter. On the financials, net income came in on continuing operations for the second quarter at $29 million, and we declared a dividend of $0.15 per share. Strategically, CCEC is now the largest U.S. listed LNG company by tonnage and with a diversified customer base and a total of $2.9 billion in firm contracted revenues. If full charter options are exercised across the fleet, contracted revenue backlog exceeds $4.3 billion. So another strong delivery of quarter -- sorry, another strong quarter of delivery for the company. I'll now hand it over to our CFO, Nikos, to take us through the financial highlights. Nikolaos Kalapotharakos: Thank you, Brian, and good morning or afternoon to everyone on the call. Now before turning to the financials, I would like to touch upon the dividend payout, which remains a core component of the company's value proposition to our shareholders. The $0.15 dividend we have declared will be paid on August 13 to shareholders of record on August 4. Please note that this is the 77th consecutive quarter that the company is paying a cash dividend since its IPO in 2007. Now going back to the company's financials and more specifically the statement of income. Our net income from continuing operations was $29 million for the second quarter of 2026 compared to $29.7 million during the same period in the previous year. Revenues for the 3-month period ended June 30 rose to $104.9 million, up from $96.7 million during the same period in 2025. The increase was mainly attributed to the increase in the average number of vessels in our fleet, following the deliveries of our 2 Handy gas carriers, Active and Amadeus, the delivery of our first dual-fuel medium gas carrier, Aristogenis and the deliveries of the 2 LNG carriers, Archimidis and Agamemnon. Now there are 2 cost line movements worth highlighting this quarter. First, vessel operating expenses, which increased during the quarter compared to the same period last year, mainly due to approximately $3.5 million of additional costs incurred by certain of our vessels passing their special survey this year, coupled with the increase in the average size of our fleet. Second, depreciation and amortization rose also reflecting the increase in the average size of our fleet, following the delivery of 5 new vessels during the first half of this year. Now moving on to the next slide, where we provide a brief update on our special survey schedule. We currently have remaining LNG carriers, Attalos and Asklipios, which are expected to pass the special survey this August. After that, no vessels are scheduled for special survey until 2028. Our guidance remains unchanged at a cost of approximately $5 million per dry dock and around 20 to 25 off-hire days, although the dry docks completed so far have come ahead of budget and with fewer off-hire days. Now moving on to our balance sheet where total assets grew to $4.7 billion from $4.1 billion at year-end, mainly driven by fixed assets, which rose to $4.3 billion as our newbuilding program progressed and we took delivery of vessels. Total shareholders' equity currently stands at $1.5 billion. We maintained a solid cash position of $269 million and a net leverage ratio of approximately 54%. During the quarter, we fully repaid our EUR 150 million bond issued back in 2021, funded from the proceeds of the EUR 250 million bond we issued during the first quarter of this year, which pays a coupon of 3.75% per annum and thus achieving to extend the maturity profile of our debt at relatively low cost. So let me now turn to our CapEx program, where the funding of our newbuilding program is weighing high. We have already paid a significant portion of the required CapEx drawing mainly on internally generated cash flows, asset monetization and attractive debt financing, including recent bond issuance. As we progress through 2026 and 2027, we expect CapEx to be weighted mostly towards the LNG carriers. As you can see, assuming 70% financing for the vessels that do not yet have debt arrangements in place and without taking internally generated cash flows into account, we expect the company to be fully funded for the remaining CapEx with a significant amount of cash to be released back to the company. Now turning to the next slide on our interest rate risk management. With rates staying higher for longer and uncertainty about the path of monetary policy from here, we have decided to take some of that uncertainty or viability off the table. During May and July, we executed two zero cost collars on compounded SOFR, one for $600 million and the second for $200 million in notional both with 3-year tenures, bringing our total protected notional to $800 million. The collars sit between a weighted average floor of roughly 3.7% and a cap of 4.3%. Consequently, if SOFR stays elevated or moves higher, our exposure is capped while we still retain the benefit if rates decline. As a result, approximately 50% of our total debt is currently either fixed rate based or protected against rising interest rates. Now with that, I will now pass this on to our Head of Commercial, Nikos Tripodakis, to go through the LNG industry update. Nikolaos Tripodakis: Thank you, Nikos, and good morning or afternoon, everyone. I will run through a brief update on the LNG markets over the past quarter and thoughts on market development, starting on Slide 12 with a new venture for us. As you can see in Slide 12, our LNG charter book gives us exceptional forward revenue visibility. The contracted revenue backlog stands at approximately $2.8 billion with an average remaining firm charter duration of 6.5 years. If you include all of the charters extension options, that backlog increases to $4.1 billion and the average duration extends to 9.4 years. As you can see from the chart, these charters run deep into the 2030s, firm coverage extends as far as 2037 and with options that are not visible in the chart as far out as 2043. This is a long-dated contracted cash flow that underpins our dividend and investment program. During the second quarter of 2026, we secured employment for 3 of our newbuilding vessels that were delivered in June and July. This leaves only the Amore Mio I open for 2026. This vessel has already secured long-term employment commencing in the first quarter of 2027, and we remain confident that we will be able to capitalize on the seasonal strength of the winter market by securing an attractive bridging charter before she begins her 10-year employment. Looking further ahead, we expect the delivery of 3 additional vessels during the first quarter of 2027, one of which has already secured long-term employment with a super major commencing in 2028. We believe it is still relatively early to execute on the remaining positions. However, as we move closer to delivery, we expect to see growing commercial interest and begin more attractive discussions with potential charters. Moving now to Slide 13 and a recap of how the LNG market reacted to the supply disruptions over the past few months. The headline for the LNG market during the second quarter has been the rebalancing of volumes following the Qatari outage. Even though the impact of the loss of Qatari volumes has been and is still evident in the elevated gas prices in Europe and Asia, the ramping up of production, mainly from the United States, has acted as a buffer. At the same time, strong demand from Egypt, India and Bangladesh have helped to counter the drop in purchasing from traditional buyers like China, Japan and Korea. If you look at the balance change from March to June 2026, the single largest move came from Qatar and the United Arab Emirates with supply available to the market tightened by around 292 million cubic meters per day. However, the increase in production by 132 MCM per day from the U.S. led to a net supply loss of 96 MCM, and it is more clear than ever that the role of the United States as a dominant and reliable LNG producer is increasing, and we continue to believe that the importance of the U.S. will only increase in the future. Moving now on to Slides 14 and 15. Please allow me to summarize our view on the current LNG market dynamics. Two clear trends have been reshaping the LNG trade flows since the war started. First, more U.S. LNG cargoes are heading to Asia, significantly increasing freight tonne-mile demand. U.S. LNG exports to Asia have been climbing throughout 2026, reaching roughly 4.1 million tonnes in May, the highest monthly level across 3 years shown on the chart. The second trend is that European gas inventories are sitting well below the 5-year seasonal average. European storage in 2026 has been consistently in the low- to mid-30% of capacity, materially below where it was in the prior 2 years and consistently at the lower end or even lower than the 5-year average. This combination of Asia purchasing more U.S. LNG cargoes, while Europe runs down its buffers has kept gas prices elevated and supported freight rates throughout the year. At the same time, the market is set for a volatile winter where the main importing regions would compete against each other for the scarce flexible availability of U.S. cargoes. This type of war between Europe and Asia for the few flexible cargoes creates volatility around arbitrage opportunities and leads to fewer relet vessels being offered as shipping length becomes the means to capture the option value on the European and Asian gas price spreads. Let's turn now to Slide 16 and examine the breakdown of the supply growth towards the end of the decade. Looking further out, the supply growth story extends well into the early 2030s, and it is heavily weighted towards the United States. As mentioned earlier, the U.S. is now expected to have more than 255 million tonnes per annum of liquefied capacity by the end of 2031. When you add the recovery of the Middle East volumes, the delayed North Field expansion and the continued U.S. growth, global liquefaction capacity pushes towards roughly around 900 million tonnes per annum by the early 2030s. It's worth noting that there's a near-term wrinkle here. 2026 actually is the loss of 12.8 million tonnes per annum and the idling of some capacity around 4% annualized loss this year, even as new U.S. and Asia Pacific volumes come online. But the medium-term trajectory is clearly one sustained U.S.-led supply growth. Moving to Slide 17, where we look at our shipping supply and demand outlook, and we can see that the inflection point when demand outpaces newbuilding deliveries is in early 2028. On the supply side, net fleet deliveries built to a peak of around 292 vessels in 2029 and then decline as scrapping accelerate. We expect cumulative scrapping of over 160 vessels by 2031 based on the dry docking schedule and time charter redeliveries. On the demand side, the vessels required to serve FID and committed LNG capacity climbed sharply to roughly 706 vessels by 2031 on the FID and committed basis, far outstripping the net fleet additions of around 255 ships. This concludes the LNG market update. Please allow me to hand the presentation over to Jack Neilan, the Head of our LPG business, to introduce the dynamics of this market. Jack Neilan: Thank you, Nikos. Good morning, good afternoon, everyone. What we want to achieve over the next few slides is to provide a succinct but hopefully interesting insight into our medium gas carrier fleet within CCEC, the market dynamics, our positioning and strategy. So kicking off on Slide 19 with a summary of our fleet. This slide lays out our LPG fleet delivery schedule. The key message is that this is a focused investment program built around 2 market pillars, medium gas carriers and Handysize liquid CO2 carriers presented here as one unified investment case. The program totals 348,000 cubic meters of capacity across 10 vessels with delivery staged from January 2026 through July 2027, arriving steadily each quarter. On the LCO2 side, Active and Amadeus have already delivered and tunneling oil and LPG. On the NGC side, we have Aristogenis has delivered into a 12-month LPG employment and Aridaios was delivered on the 23rd of July and is currently balancing towards the U.S. Gulf. By July 2027, the program is complete. On the commercial side, our chartering strategy reflects the nature of each market. The MGC segment is dominated by shorter time charter durations of 6 to 12 months. So our approach there is built around a deliberate balance between spot and short-term charter exposure while also reviewing longer-term opportunities as they arise. This gives us the flexibility to capture upside as the freight market strengthens, while still securing a base layer of contracted cash flow and earnings visibility appropriate to this segment as how this segment typically trades. It allows us to respond to near-term rate volatility, such as we've seen recently in the Atlantic Basin without sacrificing the predictability our investors expect from a program of this scale. Looking a bit deeper at our positioning on Slide 20. This is really the heart of our gas investment thesis. And I'd like to sum up as earning on LPG today built for the energy transition of tomorrow. On the CO2 side, we have four 22,000 cubic meter liquid CO2 carriers, the largest such vessels in the world, with global CO2 capture expected to reach around 210 million tonnes per annum by 2030. There are 12 LCO2 carriers already in operation or in order and the fleet set to scale potentially to 55 vessels by 2030 according to DNV. We are a genuine first mover in an entirely new shipping segment. Our MGCs, our liquid dual-fuel ammonia ready newbuilds, giving them the flexibility to trade LPG and ammonia, including low-carbon ammonia as that market scales. Our liquid CO2 carriers go a step further. Though with the same LPG and ammonia trading flexibility as the NGCs, but with the added capability to shift into LCO2 as that market develops. And this is an elegant part of the structure, both vessel types earn cash flow from the LPG and ammonia market today. In practice, that means that every vessel in this program benefits from today's established LPG economics, entering a market with record U.S. export volumes and structurally tight tonne-mile demand. So across the fleet, we get paid on established LPG economics now while holding a layer set of free options for the energy transition edge. Let me spend a moment on why we're confident in the LPG markets in the short- to medium-term. Global LPG demand is being filled by 3 structural forces. The first and largest is residential and commercial use, cooking, water and space heating, which accounts for around 58% of global LPG demand across more than 280 million households. The strong rural to urban switching away from biomass and coal and emerging economies like India, Africa and Southeast Asia. The second is petrochemical feedstock at around 30% of demand, where propane and butane are cracked for ethylene and propylene. There are currently more than 22 new PDH plants commissioning with China leading the propane import growth. And the third is cleaner-fuel switching as LPG displaces higher emission coal, wood and diesel. To frame the size of the price, the global LPG market was worth $149.6 billion in 2025 and is forecast to grow at a rate of 3% to 4.5% compound annual through 2034. On the shipping side, the LPG map is being reborn by 3 forces. First, a U.S. supply unlock. U.S. seaborne LPG exports have climbed from around 1.45 million barrels per day in 2020 to an estimated 2.7 million by 2026, an 86% increase with enterprises 300,000 barrels per day Houston Ship Channel expansion coming online in 2026 and the Neches River Terminal Phase 2 to follow. Second, an Asia pull. India is targeting 10% of its LPG from the U.S. with its national oil companies already locked into 2.2 million tonnes of term barrels for 2026. And third, this is the crucial one for the tonnage, a tonne-mile lift. Every U.S. Gulf cargo to Asia represents roughly a 70-day round voyage versus a 25 days for an AG to India cargo. Those long-haul voyages absorb capacity and tighten effective tonnage. LPG freight is fundamentally the price that clears the U.S. to Asia arbitrage. So this dynamic drives both the volatility and the earnings in the segment. So how is CCEC positioned within this NGC market? We have 6 dual-fuel MGC carriers on order, four 45,000 cubic meters and two 40,000 cubic meters for delivery across 2026 and 2027. Both vessels are capable of carrying LPG, ammonia and petrochemical gases. The competitive advantages of these vessels are threefold, greater cargo intake, enhanced design and dual-fuel capability together delivering a much lower cost base than the currently on the water. The enhanced designs include shaft generators, reducing daily fuel consumption from the auxiliary engines, along with 2 deck tanks that enable both dual-fuel bunker flexibility and the ability to store cargo for great change. With this, we are seeing a meaningful shift in charters preference towards dual-fuel technology as conventional units face rising regulatory compliance costs and a widening premium to dual-fuel tonnage. These vessels are built at Hyundai Mipo and Nantong CIMC. Lastly, I'd like to draw your attention to the very recent trading picture. The LPG market since the onset of the U.S.-Iran conflict has shown how resilient it can be. Since the large proportion of LPG and ammonia exports blocked in Strait of Hormuz, buyers have to look further fuel to meet the requirements, a switch in trading patterns to the overall increased tonne-miles across both the Handy and MGC markets. The charts on this slide illustrate the recent freight rates. This again justifies the point made earlier that LPG freight is the clearing price of the arbitrage and the product volatility of this kind generally works in the direction of stronger earnings for well-positioned tonnage. I'll now pass you back to Brian to provide a summary before we open to questions. Brian Gallagher: Thank you, Jack. On the conclusion slide, just bring all of those different assets together. You can see on this slide, we have a pictorial view of our fleet, both on the water and that we anticipate. This slide captures the full picture of what we've built and what we intend to build, ultra diversified gas fleet designed to meet the challenges and opportunities ahead. On the water, we have LNG carriers, all latest generation dual-fuel 174,000 cubic meter vessels, supported by MGC gas carriers that Jack has gone through with LPG and ammonia capability and also 4 liquid CO2 multi-gas carriers transporting CO2, LPG and ammonia. At the bottom of this summary slide, we show we have a new LNG bunkering vessel alongside our single legacy one container vessel, which remains on a long-term charter with optionality associated with it. For those focused on equity story, a few reference points. We trade under the ticker CCEC as a U.S. equity listed on NASDAQ. We domiciled in the Marshall Islands with the headquarters in Athens, Greece. We have 60.3 million shares in issue and our market capitalization is approximately $1.4 billion total today. So this is a modern, contracted, diversified fleet attached to a clean and clearly defined equity story. That concludes our prepared remarks. Thank you very much for your attention. I'll now open it to my colleagues for questions. Alexander Bidwell: So while we don't know for sure when the conflict in the Middle East will end, the JKM and TTF forward curves seem to have priced in a degree of continued impact into early 2027. How does this compare to the sentiment you're seeing amongst charters as well as shipping appetite over the next 12 months? Nikolaos Kalapotharakos: I think the charter -- the spot charter rates speak for themselves to answer this, Alex, because their situation has been consistent throughout this conflict, higher flat prices, the JKM, TTF spread being wide all the way to now, as you mentioned, Q1, and this has led into significantly higher spot charter rates compared to, let's say, pre conflict. To put things in perspective, the average spot charter rate so far this year has been $93,000, whereas last year, it was $39,000. Now this whole situation is very much front and the curve is backwardated. It all comes down to, as you mentioned, how long this conflict will last. For as long as it lasts, the volatility and the uncertainty will lead to freight being the means, as we mentioned in the presentation, to capture the option value of a wider spread. Alexander Bidwell: All right. Appreciate the color. So switching gears over to LNG bunkering. Following the announcement of the JV, how are you thinking about LNG bunkering with respect to the overall business? And how might you go about growing your footprint beyond the first vessel? Nikolaos Tripodakis: Alex. That was -- it is a new segment for us, the investment in LNG bunkering -- the LNG bunkering business with LNG bunkering parts. It is quite a different business, of course, to the transportation of the commodity per se. It is a market that has quite a growth trajectory in view of the dual fuel LNG fleet that is either in the water or under construction with quite robust growth. But at the same time, the end users, the charters for these type of vessels is only a handful of companies either super majors or certain specialized companies active in the bunkering business. So I think we would be overall cautious and typically invest in assets where we have visibility in terms of the employment as we contract the vessel. Here, we went forward with contracting the newbuilds together with CMA on a 50-50 basis with the expectation that this vessel will service the CMA LNG fleet down the line. Liam Burke: On the Alcaios I, you had secured an 18-month charter. I know you had an index-linked charter rate on that. But what was the logic of taking a shorter duration? Was the charter rate that attractive where you would sacrifice duration for payment? Nikolaos Tripodakis: Logic behind the duration is that we do not have any deliveries of our newbuilding vessels in the first half of 2028. That was one of the reasons why we chose this be. So it's nice to diversify our redelivery profile and keep options open throughout basically every single quarter all the way to Q2 2029. We always want to have options to explore every potential long-term charter possibility. And we feel that the weakness in the front will have dissipated by the time this vessel redelivered. And at the same time, we get a floating rate, which combined with a very strong view on this winter, fits into a trade that we're very happy to have done. Liam Burke: Great. And on the LPG front, obviously, the nature of that service is a shorter duration. So in the prepared comments, there was some discussion about exploring longer-term charters. How realistic is that? Or is this mainly going to stay a shorter-term duration business? Jack Neilan: Yes. It's mostly traded, as mentioned on the MGCs on much shorter term. There are some traders that look towards longer term to bring down their unit value. They do come about from the best that we got balancing towards the U.S. Gulf, we have assessed some opportunities, but we felt that the strength in the West at the moment -- it took -- it made the decision easy for us that we should play shorter term and in that spot market at the moment. So we look to cover for the next 6 to 12 months before looking towards any longer-term commitments that may come along. Omar Nokta: A sensible update. I just have a couple of quick questions. Maybe just on the -- you had mentioned last quarter looking to take advantage of the stronger spot market in LNG and you're fast tracking some of the newbuilding deliveries. And as you were just talking about, you put the one vessel, the Alcaios away for 18 months on that index-linked charter. Are you able to give just some detail on that? Is that a contract where there's a base rate with profit share? Or is it just simply a variable moving rate based off of the spot market? Nikolaos Tripodakis: So just a comment on this fast tracking of the newbuildings. This was a decision that we took early into the conflict with significant risk that has played out very well given the fact that we managed to secure a 9-month charter at what has been basically the average of the spot market this year, so a very healthy rate. That played out well. And when it comes to the Alcaios and the 18 months floating, can you repeat the latter part of your question, just to make sure I answered accurately? Omar Nokta: Yes. I was just asking if that the index-linked portion of the contract, is it a base rate with a profit share? Or is it just simply variable based off of the spot market averages? Nikolaos Tripodakis: So it's based on the Atlantic spot charter rate for modern 2-stroke vessels. There is no floor, no ceiling. It's just what the market is trading in the Atlantic. Omar Nokta: Okay. And then just a follow-up on the next newbuilding, I think it's called Antaios. I think that comes either later this year or early next year. Kind of what are your thoughts on that vessel? Any chance to "fast track" that one also if there's an opportunity? And then how are you thinking about chartering that ship? Nikolaos Tripodakis: That's a good question. So no, we are not discussing about fast tracking those Q1 positions and theirs being the first one, as you accurately pointed out. For those, we're exploring long-term charters starting in 2027, we believe that it's still very early in the LNG market to capitalize on that on the tenure that we're looking, and we will have more visibility as we come closer to the delivery. We expect by September or October, we have a very clear view on what the best option for us is for those vessels. Stephanie Benjamin Moore: I guess maybe looking at just some of the supply side of the market here, given the elevated order book across some of the industry, how are you thinking about the relative opportunities and risks across LNG carriers versus maybe midsized gas carriers over the next several years? I guess thinking about it for you guys, what underpins your confidence in the current size mix of your fleet? And then are there any other areas you would look to increase or reduce exposure to as this newbuild cycle unfolds? Nikolaos Tripodakis: That's a fair question. We have currently remaining 5 positions that -- in terms of the LNG carriers that do not have long-term employment in place. That's 2 ships in Q1 '27 and 3 -- one, end of '28, two in Q1 '29. I think we would want to see more visibility with regard to the employment of these vessels. It doesn't have to be all of the uncommitted newbuilds, but at least some of these positions to be fixed away before we look at contracting new LNG carriers. Having said that, we do remain quite constructive as Nikos described during his prepared remarks on the LNG market. The current turmoil has created short-term opportunities might have delayed slightly the expected recovery. But one thing is for certain that the additional LNG volumes will be coming. And if anything, given where these volumes are coming predominantly in the U.S. and the Americas and where the demand is going to be. And if you add a bit of geopolitics there, there will be additional effort to source LNG away from the Gulf. I think both the demand as well as the tonne-miles will be there in the long term to support LNG shipping and see good markets ahead. So I think this is a market that we will be keeping a close track of and be very open to opportunities. We will, of course, always look for back-to-back opportunities that could be accretive to our bottom line. And then on the other gas segments, the -- let's say, the LPG segment from all sizes from these down to Handys, Jack described our current strategy. We are quite constructive on the long-term fundamentals of the market. We do think that given the direction the market has taken, it can absorb the order book and will be especially ships that have dual-fuel capabilities or high specification will have -- will be very much in demand. So I think that's also a market that we will be following. So in a nutshell, I think we have quite enough on our plate, a large order book. A lot of it has been derisked, and we have also the cash flows and the capital as also Nikos Kalapotharakos described. And we need to see some more visibility with regard to employment, where we're definitely open into new opportunities. Stephanie Benjamin Moore: Very clear. And then maybe just one quick follow-up. That did tick up, I guess, sequentially here during the quarter. Maybe just talk a little bit about what your target leverage range is today? And then maybe as you think about balancing growth investments, returning cash to shareholders and the like, that would be helpful. Nikolaos Kalapotharakos: Yes. So in terms of leverage, we continue to be in the very low-50s in terms of our net leverage against the fair market value of our assets. So I think we are at very strong levels. We are, of course, at a growth phase as we take delivery of certain assets over the next few quarters, you might see that leverage increase somewhat. But that should be only temporary as we take delivery of the vessels and with the amortization that we have -- debt amortization that we have in place, leverage should peak over the next 2, 3 quarters and then start coming off. In terms of the dividend, I think we have communicated in previous calls that once we are at the end or close to the end of our original newbuilding program, we will reconsider our dividend policy. I think the Board will stick to that guidance. So I think by the end of this year, if not early next year, which will be where we will -- and after we have more visibility also on the employment of the LNG carriers due in Q1 '27, we can be more constructive on the dividend and see how we can revise it. So the guidance remains, and that's irrespective of any additional newbuilds like our 2029 newbuilds that have been subsequent to that guidance or any other acquisitions. Operator: Ladies and gentlemen, this concludes today's presentation. Thank you for joining us. You may now disconnect your line. Have a great day. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. CCEC (CCEC) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Net Income (Continuing Operations): $29 million for Q2 2026, compared to $29.7 million in Q2 2025. Revenue: $104.9 million for Q2 2026, up from $96.7 million in the same period of 2025. Dividend: Declared a dividend of $0.15 per share, marking the 77th consecutive quarter of cash dividends. Contracted Revenue Backlog: $2.9 billion in firm contracted revenues; exceeds $4.3 billion if all charter options are exercised. Total Assets: Grew to $4.7 billion from $4.1 billion at year-end. Shareholders' Equity: Stands at $1.5 billion. Cash Position: $269 million. Net Leverage Ratio: Approximately 54%. Vessel Operating Expenses: Increased due to approximately $3.5 million in additional costs from vessels passing special surveys and a larger average fleet size. Depreciation and Amortization: Rose due to the increase in average fleet size following the delivery of five new vessels in H1 2026. Warning! GuruFocus has detected 10 Warning Signs with CCEC. Is CCEC fairly valued? Test your thesis with our free DCF calculator. Release Date: July 29, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Capital Clean Energy Carriers Corp (NASDAQ:CCEC) reported a strong quarter with net income of $29 million and declared its 77th consecutive quarterly dividend, demonstrating consistent shareholder returns. The company has a substantial contracted revenue backlog of $2.9 billion in firm contracts, which increases to over $4.3 billion if all charter options are exercised, providing exceptional forward revenue visibility. CCEC successfully took delivery of four vessels in Q2 2026 and one in July, expanding its fleet and solidifying its position as the largest U.S.-listed LNG company by tonnage. The company has secured employment for three of its newbuilding vessels delivered in June and July, leaving only one vessel open for 2026, which already has long-term employment secured for Q1 2027. Management has proactively managed interest rate risk by executing zero-cost collars on $800 million of debt, capping exposure to rising rates while retaining the benefit if rates decline. The company is well-positioned for future growth with a modern, diversified fleet, including dual-fuel MGCs and LCO2 carriers, which are designed to capitalize on the energy transition and generate cash flow from LPG markets today. The company faces near-term market uncertainty due to the ongoing U.S.-Iran conflict, which has disrupted supply and created volatility in the LNG and LPG markets. Vessel operating expenses increased during the quarter due to approximately $3.5 million in additional costs from vessels passing their special surveys, impacting profitability. The company has a significant capital expenditure program with five remaining LNG carrier positions without long-term employment, creating potential future earnings uncertainty. Management noted that 2026 will see a loss of 12.8 million tons per annum of liquefaction capacity, which could create short-term market imbalances and pressure freight rates. The LPG MGC segment is dominated by shorter time charter durations, which introduces volatility and requires the company to balance spot exposure with contracted cash flow, potentially leading to earnings variability. The company's leverage is expected to increase temporarily over the next few quarters as it takes delivery of new vessels, which could be a concern for investors focused on balance sheet strength. Q: How does the current Middle East conflict and its impact on JKM and TTF forward curves compare to sentiment among charterers and shipping appetite over the next 12 months? A: CEO Jerry Kalogiratos noted that spot charter rates speak for themselves, with the average spot rate so far this year at $93,000 versus $39,000 last year. The situation is front-end loaded with a backwardated curve, and for as long as the conflict lasts, volatility and uncertainty will lead to freight being the means to capture the option value of a wider spread. Q: Can you provide details on the 18-month index-linked charter for the Alcaios I? Is it a base rate with profit share or simply a variable rate based on spot market averages? A: CEO Jerry Kalogiratos clarified that the contract is based on the Atlantic spot charter rate for modern two-stroke vessels with no floor and no ceilingit simply tracks what the market is trading in the Atlantic. The logic behind the shorter duration was to diversify the redelivery profile and keep options open through Q2 2029, while the floating rate combined with a strong view on this winter fits their trading strategy. Q: How are you thinking about relative opportunities and risks across LNG carriers versus mid-size gas carriers, and what underpins your confidence in the current fleet mix? A: CEO Jerry Kalogiratos stated they have five remaining LNG carrier positions without long-term employment and want to see more visibility before contracting new LNG carriers. He remains constructive on LNG fundamentals given U.S.-led supply growth and ton-mile demand. On LPG, he is constructive on long-term fundamentals, noting that high-specification dual-fuel vessels will be in demand, but emphasized they have enough on their plate with the current order book and need to see employment visibility before new opportunities. Q: What is your target leverage range, and how are you balancing growth investments with returning cash to shareholders? A: CEO Jerry Kalogiratos noted net leverage remains in the low 50s against fair market value, which is reasonable. Leverage may temporarily increase as they take delivery of assets over the next few quarters, peaking in the next two to three quarters before coming off. On dividends, the board will reconsider policy once close to the end of the original new building program, with potential for a more constructive revision by end of this year or early next year after gaining visibility on Q1 2027 LNG carrier employment. Q: Following the LNG bunkering JV announcement, how are you thinking about growing your footprint in this segment beyond the first vessel? A: CEO Jerry Kalogiratos described LNG bunkering as a new segment with strong growth trajectory given the dual-fuel LNG fleet on the water or under construction. However, the charterer base is limited to a handful of super majors or specialized companies. They remain cautious and typically invest where employment visibility existsthe 50/50 JV with CMA was contracted with the expectation that the vessel will service CMA's LNG dual-fuel fleet down the line. Q: On the LPG front, how realistic is exploring longer-term charters given the segment's shorter-duration nature? A: CEO Jerry Kalogiratos explained that MGCs mostly trade on much shorter terms, though some traders look toward longer terms to reduce unit value. For the vessel ballasting toward the U.S. Gulf, they assessed opportunities but felt the current strength in the West made it an easy decision to play shorter term in the spot market. They plan to cover the next six to 12 months before considering longer-term commitments. Q: Regarding the next newbuilding (Antaios) due in Q1 2027, are there any plans to fast-track delivery, and how are you thinking about chartering that vessel? A: CEO Jerry Kalogiratos confirmed they are not discussing fast-tracking Q1 2027 positions. Instead, they are exploring long-term charters starting in 2027, believing it's still early to capitalize on the tenure they're looking for. They expect to have a very clear view on the best option for these vessels by September or October. Q: How does the current LNG market disruption and elevated spot rates affect your view on chartering strategy for uncommitted newbuild vessels? A: CEO Jerry Kalogiratos noted the fast-tracking decision for earlier newbuilds played out well, securing a nine-month charter at roughly the average of this year's spot market. For remaining uncommitted positions, they want to see more visibility before fixing away, though they remain constructive on the LNG market. The current turmoil may have slightly delayed the expected recovery, but additional LNG volumespredominantly from the U.S.and ton-mile demand will support good markets ahead. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Capital Clean Energy Carriers (CCEC) has entered the spotlight after reporting second quarter 2026 results and confirming the delivery of the LNG carrier Alcaios I on July 31, 2026. The company reported second quarter sales of US$104.9 million and net income of US$28.83 million, alongside an 18 month index linked time charter for Alcaios I funded with cash on hand and long term sale and leaseback refinancing. See our latest analysis for Capital Clean Energy Carriers. At a share price of US$22.91, Capital Clean Energy Carriers has seen a 13.33% 90 day share price return and a 129.28% five year total shareholder return, suggesting recent momentum building on a much longer rerating, as investors respond to steady earnings, dividends and the Alcaios I delivery. If you are watching how LNG and energy carriers trade around earnings and fleet updates, it can also be useful to scan related infrastructure opportunities through the 36 power grid technology and infrastructure stocks Bulls point to Capital Clean Energy Carriers’ rising revenues, dividend and fleet growth, while bears highlight softer recent earnings per share. Do the current numbers make the recent share price move look stretched or still reasonable? The most followed narrative puts Capital Clean Energy Carriers’ fair value at $23.00, almost in line with the last close at $22.91, and still sees significant upside potential over time based on its own assumptions. Read the complete narrative. Want to see what sits behind that backlog and fleet story? The narrative leans heavily on rapid revenue expansion, rising margins, and a lower future earnings multiple. It is worth examining which assumptions really carry the fair value. Result: Fair Value of $23.00 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, you still need to weigh risks that could undermine this Capital Clean Energy Carriers thesis, including weaker long haul clean fuel demand and potential stranded specialized vessels. Find out about the key risks to this Capital Clean Energy Carriers narrative. The earlier narrative leans on a fair value of $23.00, which suggests Capital Clean Energy Carriers is slightly undervalued. On simple earnings terms though, the picture is different. CCEC trades on a P/E of 14x versus 11.7x for the US Shipping industry and a peer average of 22.2x. The estimated fair ratio is 26.1x, which is far above today’s 14x and points to a wide gap between what the model indicates as a potential P/E level and how the market currently prices the stock. Is that gap a margin of safety, or a sign that expectations are already full enough at this stage? See what the numbers say about this price — find out in our valuation breakdown. After weighing both the optimism and the concerns around Capital Clean Energy Carriers, it makes sense to review the numbers and sentiment yourself. To see the full balance of potential upsides alongside the main risks that other investors are watching, start with these 3 key rewards and 3 important warning signs. Do not stop with Capital Clean Energy Carriers. Fresh ideas often come from scanning wider opportunities, and the right screen can quickly surface stocks that better match your goals. Spot potential value opportunities by checking companies that appear mispriced on quality and fundamentals through the 53 high quality undervalued stocks. Focus on dependable income by reviewing companies with robust payouts using the 7 dividend fortresses. Prioritise resilience by scanning companies with stronger financial footing through the solid balance sheet and fundamentals stocks screener (46 results). This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include CCEC. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by the delivery of five new vessels in the first half of 2026, including two LNG carriers and the company's first dual-fuel medium gas carrier (MGC). Management attributes the current LNG market strength to a 'war' between Europe and Asia for flexible U.S. cargoes, which has kept gas prices elevated and supported freight rates. The company has strategically transitioned into the largest U.S.-listed LNG company by tonnage, backed by a $2.9 billion firm contracted revenue backlog. Operational costs increased by approximately $3.5 million due to special surveys for certain vessels, though management noted these were completed ahead of budget and with fewer off-hire days than anticipated. Strategic positioning in the LPG/LCO2 segment is built on a 'free option' thesis: earning immediate cash flow from established LPG economics while maintaining the largest liquid CO2 carriers for the emerging energy transition market. Management utilized zero-cost collars on $800 million of debt to hedge against 'higher for longer' interest rates, protecting approximately 50% of total debt from rising SOFR. Management expects a significant market inflection point in early 2028 when LNG shipping demand is projected to outpace newbuilding deliveries due to accelerating scrapping of older vessels. The company anticipates being fully funded for remaining CapEx through 2027, with expectations that internally generated cash flows and asset monetization will release significant cash back to the company. Guidance for the remaining 2026 LNG special surveys assumes a cost of approximately $5 million per dry dock and 20 to 25 off-hire days. The commercial strategy for the MGC fleet assumes a deliberate balance of spot and short-term (6-12 month) charters to capture near-term rate volatility in the Atlantic Basin. Management intends to revisit the dividend policy by late 2026 or early 2027, once the original newbuilding program concludes and visibility on 2027 vessel employment improves. The company successfully refinanced its debt profile by repaying a EUR 150 million bond with proceeds from a new EUR 250 million bond at a 3.75% coupon, extending maturities at a relatively low cost. A new joint venture with CMA for an LNG bunkering vessel marks a strategic entry into a specialized segment, though management expressed a 'cautious' approach to further expansion without firm employment visibility. Geopolitical conflict in the Middle East has structurally increased tonne-mile demand as buyers look further afield for LPG and ammonia, tightening effective tonnage. The company initiated a $20 million share buyback program during the quarter as part of its capital allocation strategy. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management chose an 18-month index-linked charter for the Alcaios I to diversify the redelivery profile into the first half of 2028, a period with no other scheduled deliveries. The floating rate is based on the Atlantic spot charter rate for modern 2-stroke vessels with no floor or ceiling, reflecting management's bullish view on the upcoming winter market. Management believes it is currently too early to capitalize on the desired tenures for vessels delivering in Q1 2027. They expect to have a clear view on the best long-term options for these vessels by September or October 2026. Net leverage is currently in the low-50% range; management expects this to peak over the next 2-3 quarters as the growth phase continues before naturally declining through debt amortization. The company remains comfortable with current levels given the fair market value of the assets.

ATHENS, Greece, July 29, 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 second quarter ended June 30, 2026. Key Highlights Took delivery of two Liquefied Natural Gas Carriers (“LNG/Cs”) along with one Handy Liquefied CO2 Multi-Gas Carrier (“HMG/C”) and two dual-fuel Medium Gas Carriers (“MG/Cs”) Agreed to divest a 49% stake in the LNG/C Amore Mio I, formed a joint venture company with an affiliate of the BGN Group and secured a 10-year time charter Joint venture announced for the construction and operation of a dual-fuel Liquefied Natural Gas Bunkering Vessel (“LNGB/V”) with CMA CGM S.A. (“CMA CGM”) Secured index-linked employment for LNG/C Alcaios I for 18 months Declared a dividend of $0.15 per share for the second quarter of 2026 Commenced share repurchase program for up to $20.0 million Management Commentary Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented: “The volatility experienced in the second quarter of 2026 in gas shipping markets, as a result of the tension in the Middle East, allowed us to capture additional contract coverage at attractive rates for our LNG and LPG carriers, bringing the average firm contract duration for our LNG/C fleet to 6.5 years and 0.9 years for our LPG/multi gas fleet. After taking delivery of two LNG/Cs, two HMG/Cs and two MG/Cs since the beginning of the year, our fleet in the water comprises 14 latest-generation LNG/Cs, two HMG/Cs, two MG/Cs and one legacy Neo-Panamax container vessel, with another seven LNG/Cs, two HMG/Cs, four MG/Cs and one LNGB/V on order. This makes CCEC the largest US-listed LNG shipping company with a substantial footprint in the LPG market and contracted fleet growth through 2029. We have a diversified customer base with approximately $2.9 billion in contracted revenues, which could increase to approximately $4.3 billion, if all charter options were to be exercised, providing our investors with cash flow visibility and stability.” Fleet Update - LNG/Cs The Company took delivery of the LNG/C Archimidis (HD Hyundai Samho Co., Ltd., 174,000 cubic meters (“CBM”)) on June 2, 2026, and the LNG/C Agamemnon (HD Hyundai Samho Co., Ltd., 174,000 CBM) on June 17, 2026. Both vessels have commenced their respective bridging time charter employment with a major energy company through June 2027. Upon completion of these charters, each vessel is expected, at the Company’s option, commence one of the two previously announced long-term charters, with firm periods of five and seven years, respectively. Both long-term charters carry an additional five-year option, exercisable at the charterer’s discretion. The acquisition of the LNG/C Archimidis was funded through cash on hand together with a new eight-year JOLCO facility of $216.0 million. The acquisition of the LNG/C Agamemnon was funded through cash on hand together with a new senior secured bridge loan facility of $216.0 million, which was refinanced on July 16, 2026, through the drawdown of an eight-year JOLCO facility of the same amount. The LNG/C Agamemnon is the 14th latest-generation LNG/C delivered to the Company. The LNG/C Alcaios I, which is expected to be delivered from the shipyard on July 31, 2026, has secured employment under an 18-month index-linked time charter. The LNG/C Alcaios I is expected to be financed with cash on hand together with proceeds of $170.0 million in total to be raised through the refinancing of two existing sale and leaseback facilities of Aristos I and Aristarchos, with the vessel to be added as additional security by way of mortgage. The refinanced facilities have a duration of 10 years. Fleet Update - HMG/Cs and MG/Cs The Company took delivery of its second HMG/C, the Amadeus (HD Hyundai Samho Co., Ltd., 22,000 CBM), on April 30, 2026, and the vessel has since commenced a voyage charter on May 21, 2026, to be followed by a 12-month time charter. The acquisition of the Amadeus was financed with cash on hand and a five-year term loan of $50.9 million. Under the terms of the loan, the Company may borrow an additional amount of up to $7.8 million, if the vessel secures employment for longer than 36 months. On June 4, 2026, the Company took delivery of the MG/C Aristogenis (HD Hyundai Heavy Industries Co., Ltd., 45,000 CBM Dual Fuel LPG). The vessel commenced a 12-month time charter immediately upon delivery from the shipyard. On July 23, 2026, the Company also took delivery of the MG/C Aridaios (HD Hyundai Heavy Industries Co., Ltd., 45,000 CBM Dual Fuel LPG), which is currently expected to trade in the spot market. The acquisitions of the MG/Cs Aristogenis and Aridaios were financed through cash on hand and seven-year sale and leaseback facilities of $54.7 million for each vessel. Under the facilities, the Company may borrow an additional amount of up to $11.7 million for each vessel if the vessel secures employment for longer than 36 months. Under-Construction Fleet Update The Company’s under-construction fleet includes seven latest-generation LNG/Cs (referred to below as the “Newbuild LNG/Cs”), four MG/Cs and two HMG/Cs (referred to below as the “Gas Fleet”) and one LNGB/V (50% ownership through joint venture). The following table sets out the Company’s schedule of expected capex payments for its under-construction fleet: On June 12, 2026, the Company announced the formation of a 50/50 joint venture with CMA CGM (the “Bunkering Joint Venture”) to construct, charter, and operate one 20,000 CBM LNGB/V. The Bunkering Joint Venture marks CCEC’s entry into the LNG bunkering segment and represents the Company’s first vessel dedicated to marine fuel supply. In connection with the transaction, the Bunkering Joint Venture has entered into a shipbuilding contract with Nantong CIMC Sinopacific Offshore & Engineering Co., Ltd. (“CIMC SOE”) for construction of the vessel at a price of $82.8 million, with delivery expected in the third quarter of 2028. On April 15, 2026, the Company announced that it has agreed to sell in the first quarter of 2027 the LNG/C Amore Mio I (2023-built, 174,000 CBM) to a subsidiary of a joint venture company (the “LNG/C Joint Venture”) owned 51% by CCEC and 49% by a company affiliated with global energy trader BGN. The LNG/C Joint Venture has secured a 10-year time charter (with two three-year extension options) of the vessel to BGN INT DMCC, commencing simultaneously with the acquisition of the vessel. The LNG/C Joint Venture will be effected through BM Capital HoldCo LLC, a newly formed Marshall Islands limited liability company, in which CCEC holds a 51% interest and an affiliated company of BGN holds the remaining 49%. BM Capital LLC, a wholly owned subsidiary of BM Capital HoldCo LLC, will acquire the vessel for $230.0 million. The existing financing on the vessel is expected to be refinanced upon acquisition of the vessel in the first quarter of 2027. Overview of Second Quarter 2026 Financial Results Key Financial Highlights (continuing operations) ______________________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. Net income for the quarter ended June 30, 2026, was $29.0 million, compared to net income of $29.7 million for the second quarter of 2025. Total revenues for the quarter ended June 30, 2026, were $104.9 million, compared to $96.7 million during the second quarter of 2025. The increase in revenue was mainly attributed to the increase in the average number of vessels in our fleet following the deliveries of the Active and Amadeus, our two HMG/Cs, on January 5 and April 30, 2026, respectively, the delivery of our first dual-fuel MG/C Aristogenis on June 4, 2026, and the deliveries of the LNG/Cs Archimidis and Agamemnon on June 2 and June 17, 2026, respectively. Total expenses for the quarter ended June 30, 2026, were $51.8 million, compared to $43.3 million in the second quarter of 2025. Voyage expenses during the second quarter of 2026 amounted to $2.2 million, compared to $1.9 million during the second quarter of 2025. The increase was mainly attributable to bunker expenses incurred by certain of our vessels during the period from their delivery from the yard until commencing their employment. Vessel operating expenses during the second quarter of 2026 amounted to $20.8 million, compared to $15.7 million during the second quarter of 2025. The increase in vessel operating expenses was mainly attributed to costs incurred by certain of our vessels passing their special survey this year and the increase in the average number of vessels in our fleet. Total expenses for the second quarter of 2026 also include vessel depreciation and amortization of $24.5 million, compared to $21.8 million in the second quarter of 2025. The increase in depreciation and amortization during the second quarter of 2026 was mainly attributed to the increase in the average number of vessels in our fleet. General and administrative expenses for the second quarter of 2026 increased to $4.2 million, compared to $3.9 million in the second quarter of 2025. Total other expenses, net for the quarter ended June 30, 2026, were $24.1 million compared to $23.7 million in the second quarter of 2025. Total other expenses, net include interest expense and finance cost of $25.3 million for the second quarter of 2026, compared to $26.0 million for the second quarter of 2025. The decrease in interest expense and finance cost mainly reflects the decrease in the weighted average interest rate charged on our debt compared to the second quarter of last year, partly offset by the increase in our average indebtedness. Quarterly Dividend Distribution On July 23, 2026, the Board of Directors of the Company declared a cash dividend of $0.15 per share for the second quarter of 2026 payable on August 13, 2026, to shareholders of record on August 4, 2026. Overview of the six-month period ended June 30, 2026, Financial Results Key Financial Highlights (continuing operations) Net income for the six-month period ended June 30, 2026, was $47.3 million, compared to net income of $62.4 million for the same period in 2025. Total revenues for the six-month period ended June 30, 2026, were $202.9 million, compared to $198.8 million during the six-month period ended June 30, 2025. The increase in revenues was mainly attributed to the increase in the average number of vessels in our fleet following the deliveries of the Active and Amadeus, our two HMG/Cs, on January 5 and April 30, 2026, respectively; the Aristogenis, our first dual-fuel MG/C, on June 4, 2026; and the LNG/Cs Archimidis and Agamemnon on June 2 and June 17, 2026, respectively. The increase in revenues was partly offset by the off-hire days incurred by the LNG/Cs Adamastos and Aristarchos, while passing their five-year special survey and the earnings achieved by one of our vessels, when it operated under a short time charter during the first quarter of 2025, compared to the same period in 2026. Total expenses for the six-month period ended June 30, 2026, were $106.1 million, compared to $86.6 million in the same period in 2025. Voyage expenses during the six-month period ended June 30, 2026, amounted to $8.4 million, compared to $3.0 million during the same period in 2025. The increase was mainly attributable to bunker expenses incurred by certain of our vessels during the period from their delivery from the yard until commencing their employment and ballast legs associated with certain of our vessels passing their five-year special survey, as well as war risk insurance premiums paid by certain of our vessels during the period. Vessel operating expenses during the six-month period ended June 30, 2026, amounted to $42.8 million, compared to $32.0 million during the same period in 2025. The increase in vessel operating expenses was mainly attributed to costs incurred by certain of our vessels passing their special survey this year and the increase in the average number of vessels in our fleet. Total expenses for the six-month period ended June 30, 2026, also include vessel depreciation and amortization of $47.2 million, compared to $43.5 million during the same period in 2025. The increase in depreciation and amortization during the six-month period ended June 30, 2026, was mainly attributed to the increase in the average number of vessels in our fleet. General and administrative expenses for the six-month period ended June 30, 2026, amounted to $7.7 million, compared to $8.0 million during the same period in 2025, mainly due to higher transaction costs incurred in 2025. Total other expenses, net for the six-month period ended June 30, 2026, were $49.5 million compared to $49.8 million during the same period in 2025. Total other expenses, net include interest expense and finance cost of $48.4 million for the six-month period ended June 30, 2026, compared to $53.7 million for the same period in 2025. The decrease in interest expense and finance cost mainly reflects the decrease in the weighted average interest rate charged on our debt compared to the first half of last year, partly offset by the increase in our average indebtedness. Issuance of €250.0 million unsecured bonds (ATHEX: CCECB1) On February 25, 2026, CCEC successfully completed an unsecured bond offering of €250.0 million (the “Bonds”). The Bonds were admitted to trading in the fixed income securities category of the Regulated Market of the Athens Exchange (ATHEX) on February 26, 2026. The Bonds will mature in 2033 and have a coupon of 3.75%, payable semi-annually. Part of the proceeds of the Bonds was used on April 22, 2026, to prepay the outstanding €150.0 million unsecured bonds issued in 2021. The remaining amount was used to finance part of CCEC’s capital expenditure and for general corporate purposes. Company Capitalization As of June 30, 2026, total cash amounted to $268.9 million. Total cash includes restricted cash of $16.2 million, which represents the minimum liquidity requirement under our financing arrangements. As of June 30, 2026, the Company’s total shareholders’ equity amounted to $1,547.2 million, an increase of $47.9 million compared to $1,499.4 million as of December 31, 2025. The increase during the six-month period ended June 30, 2026, reflects net income (including net income from discontinued operations) of $50.9 million, amortization associated with the equity incentive plan of $2.9 million, $11.5 million of common shares issued under our Dividend Reinvestment Plan net of expenses and other comprehensive income of $2.7 million relating to the net effect of the financial instruments we issued to hedge against our foreign currency and interest rate risks which we designated as accounting hedges, partly offset by dividends declared during the period for a total amount of $17.9 million and $2.1 million of common shares repurchased under our share repurchase program. As of June 30, 2026, the Company’s total debt was $2,955.1 million compared to $2,454.3 million as of December 31, 2025 (including discontinued operations). As of June 30, 2026, the required annual payments to be made subsequent to June 30, 2026, are as follows: As of June 30, 2026, the weighted average margin on our floating debt, amounting to $2,283.4 million, was 1.7% over SOFR and the weighted average all-in interest rate on our fixed-rate debt, amounting to $671.7 million, was 4.9%. Hedging Program At the end of the first quarter of 2026, approximately 69% of CCEC's debt portfolio was exposed to floating interest rates, with the remaining 31% at fixed rates. The Company executed during the second and third quarters of 2026, three-year interest rate hedging transactions in the form of zero-cost collars covering $800.0 million of floating-rate borrowings, with a weighted average floor of 3.68% and a cap of 4.31%. As a result, approximately 50% of total debt is currently either fixed-rate based or protected against rising interest rates. 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 open to our existing shareholders and investors who will become our shareholders in the future outside of the DRIP. During the six-month period ended June 30, 2026, the Company issued 551,336 common shares under the DRIP at an average price of $20.86 per share, gross of issuance costs. As of June 30, 2026, the total common shares outstanding were 60,289,778 (excluding 871,061 common shares held in treasury). Share Repurchase Program In April 2026, the Board of Directors approved a share repurchase program, providing the Company with authorization to repurchase up to $20.0 million of the Company’s common shares, effective for a period of two years. During the period to June 30, 2026, the Company bought back 99,411 shares at an average price of $21.54 per share. These shares were retired and cancelled. LNG Market Update The first half of 2026 in the LNG shipping was shaped by the conflict in the Middle East, with a substantial part of global LNG volumes stranded in the Arabian Gulf. Accordingly, the market has undergone a fundamental shift so far this year which has created the most significant supply disruption the industry has experienced since the Russia–Ukraine conflict. The closure of the Strait of Hormuz removed more than seven million tonnes of supply per month from global markets, while severe damage to two Qatari liquefaction trains took an estimated 12.8 million tonnes per year of capacity offline for a period expected to last between two and five years. All expansion projects in Qatar and the UAE have been delayed by at least twelve months, deferring anticipated new supply.Spot charter rates have risen sharply from the depressed levels seen in 2025 and the start of 2026. Having averaged around $39,000 per day across 2025, two-stroke spot charter rates have recovered significantly in 2026 and averaged $90,300 per day throughout the second quarter, significantly higher than historical averages for the same period. The main driver behind this recovery has been the widening of the east-west arbitrage on the back of war-related supply disruptions and the resulting increase in tonne-mile demand on longer Atlantic-to-Pacific routes. Short-to-medium term charter rates have also risen in response to geopolitical uncertainty, with one-year term rates for modern tonnage increasing materially from the lows recorded in late 2025, at around $76,000 per day, while six-to-nine-month charters have been concluded at rates in the low-mid $90s level. Short-term fixture activity in 2026 reached an all-time high, with spot fixtures in the January-to-May period surpassing all prior years on record, while independent owners have increased their share of this activity relative to vessels being relet into the market by charterers. Ordering activity remained high after a rush in contracting activity late in the fourth quarter of 2025 and in the first month of 2026. A total of 49 LNG carriers were ordered during the first half of the year with 23 vessels being ordered in the second quarter of 2026. This contracting rise reflects confidence within the shipping industry that the liquefaction projects scheduled to come on stream before 2030 will require increased shipping capacity. Newbuild LNG carrier pricing has increased to over $250.0 million for a base specification vessel. As of quarter-end, 338 LNG carriers were on order, with 22 vessels delivered during the second quarter of 2026 and 42 in total for the first half of 2026. Of the total orderbook, analysts estimate that only 48 vessels (or 14.2%) remain without committed employment, six of which are controlled by the Company. LPG Market Update Market conditions across both the MGC and Handy segments continued to strengthen during the second quarter, building on the firm fundamentals established earlier in the year. The continued effective closure of the Strait of Hormuz severely curtailed Middle East LPG exports, lengthening trade routes and forcing buyers to source cargoes from more distant origins, including West Africa, the United States and increasingly South America. This rerouting materially increased tonne-mile demand, while fleet versatility across vessel classes allowed market players to respond to shifting cargo flows — together underpinning exceptionally high vessel utilization and some of the strongest charter rates seen in recent years.The MGC segment remained structurally tight throughout the second quarter, as the closure of the Strait of Hormuz removed a meaningful share of effective global tonnage. Traders absorbed virtually all available Atlantic Basin positions before turning their attention to newbuilding deliveries, reducing the uncommitted 2026 orderbook from 14 vessels to just six by quarter-end. Rates remained firm to rising throughout most of the quarter, with prompt tonnage and relet positions commanding significant premiums, and spot fixture earnings for the largest vessel classes reported above $60,000 per day at various points. The Handy segment again benefited from meaningful spillover demand, stepping in to cover LPG and ammonia cargoes left unserved by the shortage of MGC tonnage in the Atlantic Basin. At the same time, a widening ethane arbitrage fully employed CO2-capable vessels, further reducing the pool of ships available for conventional LPG and petrochemical trades. This dual demand drivers kept the Handy fleet operating at exceptionally high utilization, with minimal idle time and forward fixing windows extending further through the quarter. Overall sustained fleet tightness, elevated tonne-mile demand and limited prompt vessel availability underpinned a firm chartering environment throughout the quarter. Reflecting these market conditions, one-year time charter rates for standard semi-refrigerated Handy vessels were assessed at approximately $32,000 per day, while fully refrigerated conventional 40,000 CBM MGCs were assessed at approximately $36,000 per day, both representing an improvement over first-quarter levels. Conference Call and Webcast On Wednesday, 29th July 2026, Capital Clean Energy Carriers will host an interactive conference call at 15.00 CET (09:00 U.S. Eastern time), where the Company’s management will present the results of the second quarter of 2026 and will be available to take questions. Participants can access the conference call through an audio webcast of a conference call: Slides and Audio Webcast There will be a live webcast and slides which will be available during the call. You can register and view the call through the following link: https://ccec.engagestream.euronext.com/2026-07-29-p15bn1nrrw A replay will be available on demand through the same link. Conference call participants will need to register online prior to the conference call via the link below. https://engagestream.euronext.com/ccec/2026-07-29-p15bn1nrrw/dial-in Dial-in details will be available when registered. After registering you’ll receive the number to call, plus your personal ID. We advise you to call in 5 minutes before the conference call starts. If you want to ask a question, you can press #5 on your telephone keypad. If you want to retract your question, please press #6. Information on how to submit questions will be given at the beginning of the session. The presentation material which will be used can be downloaded from www.capitalcleanenergycarriers.com 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 comprises 19 high specification vessels, including 14 latest-generation LNG/Cs, one legacy Neo-Panamax container vessel and two LCO2 multi gas and two MG/C gas carriers. In addition, CCEC’s under-construction fleet includes seven additional latest-generation LNG/Cs, four MG/Cs, two HMG/Cs and one LNGB/V to be delivered between the third 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 delivery of strategic goals, ability to pursue growth opportunities and expectations or objectives regarding future vessel deliveries, charter rate and revenue streams and expectations and share repurchase, 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, 2025, filed on April 27, 2026. Unless required by law, CCEC expressly disclaims 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 GallagherEVP Investor RelationsTel. +44 (770) 368 4996 E-mail: [email protected] Nicolas Bornozis/Markella KaraCapital Link, Inc. (New York)Tel. +1-212-661-7566E-mail: [email protected] The unaudited interim condensed consolidated financial statements, included in this report for the three and six-month periods ended June 30, 2026, have been prepared in conformity with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information, except that they do not include the notes and all the information required by U.S. GAAP for complete financial statements. 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) Capital Clean Energy Carriers Corp.Unaudited Condensed Consolidated Balance Sheets(In thousands of United States Dollars) Capital Clean Energy Carriers Corp.Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity (In thousands of United States Dollars except number of shares) Capital Clean Energy Carriers Corp.Unaudited Condensed Consolidated Statements of Cash Flows(In thousands of United States Dollars) Appendix A I.    Discontinued Operations - Vessels II.    Discontinued Operations - Unaudited Condensed Consolidated Statements of Comprehensive Income       (In thousands of United States Dollars) During the six-month period ended June 30, 2026, the Company disposed of the M/V Buenaventura Express, recognizing a gain on sale of vessel of $4.2 million. III.   Discontinued Operations - Unaudited Condensed Selected Balance Sheets Information       (In thousands of United States Dollars) On October 29, 2025, the Company entered into a Memorandum of Agreement to sell the M/V Buenaventura Express to an unaffiliated party for total consideration of $120.1 million. At that date, the Company considered that the M/V Buenaventura Express met the criteria to be classified as held for sale and was included in “Current assets of discontinued operations” in the summarized unaudited condensed selected balance sheet information from discontinued operations as of December 31, 2025. As of the MOA date the M/V Buenaventura Express’s 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 January 19, 2026. Appendix B Transactions with Related Parties: The Company and its subsidiaries have related party transactions with Capital Ship Management Corp. (“CSM”), Capital Containers Ship Management Corp. (“Capital-Containers”) and Capital-Gas Ship Management Corp. (“Capital-Gas Management”), (collectively the “Managers”), and Capital GP L.L.C. (the “CGP”), arising from certain terms of management, supervision and administrative services agreements. In addition, the Company has related party transactions with Capital Maritime & Trading Corp. (“CMTC”) an international shipping company with a long history of operating and investing in the shipping markets. For information relating to our related parties please refer to Note 5 of our audited Consolidated Financial Statements included in our Annual Report filed with the SEC on Form 20-F for the year ended December 31, 2025, filed on April 27, 2026. Balances and transactions with related parties consisted of the following: (a)   Managers - Payments on behalf of the Company: This line item represents the amount outstanding for payments for operating and voyage expenses made by the Managers on behalf of the Company and its subsidiaries.(b)   Amounts relating to vessels’ acquisitions: This line item mainly includes bunkers and lubricants onboard payable to CMTC in connection with the acquisition of the LNG/Cs Agamemnon and Archimidis.(c)   General and administrative expenses: This line item mainly includes fees relating to internal audit, investor relations and consultancy fees.

Interested in Capital Clean Energy Carriers Corp.? Here are five stocks we like better. Revenue increased to $104.9 million in Q2 from $96.7 million a year earlier, while net income was broadly stable at $29 million. Fleet growth included four vessel deliveries, with another medium gas carrier delivered in July. Capital Clean Energy Carriers maintained its $0.15 quarterly dividend, launched a $20 million share-repurchase program and reported approximately $2.8 billion in contracted LNG revenue backlog. Management said remaining newbuilding capital expenditures are expected to be fully funded, though leverage may rise temporarily as additional vessels are delivered. Management remains bullish on LNG shipping demand, citing higher spot rates and expected U.S.-led supply growth through the early 2030s. The company will not order additional LNG carriers until it gains more employment visibility, while its LPG and liquid CO2 program includes 10 vessels scheduled for delivery through July 2027. Capital Clean Energy Carriers (NASDAQ:CCEC) reported second-quarter net income from continuing operations of $29 million, compared with $29.7 million a year earlier, as vessel additions increased revenue and the company advanced its LNG, LPG and liquid CO2 carrier expansion program. Revenue rose to $104.9 million for the three months ended June 30, from $96.7 million in the prior-year period. Chief Financial Officer Nikos Kalampotharakos said the increase reflected a larger average fleet following the delivery of two handy gas carriers, the first dual-fuel medium gas carrier, and two LNG carriers. → This Tiny AI Supplier Could Be More Important Than the Chipmakers The company took delivery of four vessels during the quarter—two LNG carriers, a handy LPG/liquid CO2 carrier and a dual-fuel medium gas carrier—and said another medium gas carrier was delivered in July. It also announced a joint venture for an LNG bunkering vessel and initiated a $20 million share-repurchase program. Capital Clean Energy Carriers declared a quarterly dividend of $0.15 per share, payable Aug. 13 to shareholders of record as of Aug. 4. Kalampotharakos said the payment marks the company’s 77th consecutive quarterly cash dividend since its 2007 initial public offering. → Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There? Operating expenses increased year over year, partly because certain vessels incurred about $3.5 million in additional special-survey costs, according to the CFO. Depreciation and amortization also increased as the fleet expanded. The company has two LNG carriers, Attalos and Asklepios, scheduled for special surveys in August. Following those dry dockings, no vessels are scheduled for special surveys until 2028, Kalampotharakos said. Management maintained guidance of roughly $5 million per dry dock and approximately 20 to 25 off-hire days, although completed dry docks have been below budget and involved fewer off-hire days. → Innovative ETF Strategies That Are Paying Off This Summer Total assets increased to $4.7 billion from $4.1 billion at the end of 2025, driven mainly by growth in fixed assets as the newbuilding program progressed. Shareholders’ equity stood at $1.5 billion, while cash totaled $269 million and net leverage was about 54%. During the quarter, the company repaid a €150 million bond issued in 2021 using proceeds from a €250 million bond issued in the first quarter. The newer bond carries a 3.75% annual coupon. Kalampotharakos said the company expects its remaining newbuilding capital expenditures to be fully funded, assuming 70% debt financing for vessels without financing arrangements and excluding internally generated cash flow. The company also entered into two three-year zero-cost collars on compounded SOFR, covering $800 million in total notional debt. The collars have a weighted average floor of about 3.7% and a cap of 4.3%. About half of total debt is now either fixed-rate or protected against rising rates, management said. Head of Commercial Nikos Tripodakis said the LNG charter portfolio had about $2.8 billion in contracted revenue backlog, with an average remaining firm charter duration of 6.5 years. Including charter extension options, backlog rises to about $4.1 billion and the average duration extends to 9.4 years. Firm charter coverage reaches 2037, with options extending as far as 2043. Management said three newbuilding vessels delivered in June and July secured employment, leaving only Amore Mio I open for the remainder of 2026. The vessel has a 10-year charter scheduled to begin in the first quarter of 2027, and the company said it aims to secure a bridging charter ahead of that employment. Three more vessels are scheduled for delivery in the first quarter of 2027, including one that has long-term employment with a supermajor beginning in 2028. Tripodakis said management believes it is too early to commit the remaining vessels, expecting commercial interest to grow closer to delivery. During the question-and-answer session, management said its Alcaios I vessel was placed on an 18-month index-linked charter based on Atlantic spot charter rates for modern two-stroke vessels, without a floor or ceiling. The company said it chose the shorter charter partly to diversify redelivery timing and preserve future long-term chartering options. Tripodakis said LNG spot rates have been substantially higher during 2026, with an average of $93,000 so far this year compared with $39,000 last year. He attributed the conditions to the continuing Middle East conflict, elevated LNG prices and a wide spread between Japan-Korea Marker and Dutch TTF gas prices. Management said the LNG market has been affected by reduced supply from Qatar and the United Arab Emirates, offset in part by rising U.S. production. Tripodakis said supply available to the market from Qatar and the UAE tightened by about 292 million cubic meters per day between March and June, while U.S. production increased by 132 million cubic meters per day. The company expects U.S.-led LNG supply growth to support shipping demand into the early 2030s. Management said U.S. liquefaction capacity is expected to exceed 255 million tons per annum by the end of 2031, while global liquefaction capacity could approach 900 million tons per annum in the early 2030s. Tripodakis said the company expects vessel demand tied to final-investment-decision-approved and committed LNG capacity to rise to roughly 706 vessels by 2031. He said this would exceed projected net fleet additions of about 255 vessels, while cumulative scrapping could surpass 160 vessels by 2031. Jack Millen, head of the LPG business, said the company’s LPG and liquid CO2 newbuilding program comprises 10 vessels with 348,000 cubic meters of capacity, scheduled for delivery from January 2026 through July 2027. The fleet includes six dual-fuel, ammonia-ready medium gas carriers and four liquid CO2 carriers that can also transport LPG and ammonia. Millen said the company intends to use shorter six- to 12-month charters in the medium gas carrier segment while considering longer-term opportunities. He said the strategy is designed to preserve exposure to stronger freight markets while maintaining a base level of contracted cash flow. Management said it does not plan to order additional LNG carriers until it has more visibility on employment for some of its five currently uncommitted LNG newbuildings. The company said leverage could rise temporarily as vessels are delivered over the next several quarters before declining through debt amortization. It also said the board could reconsider dividend policy near the end of the original newbuilding program, potentially by late 2026 or early 2027. Capital Clean Energy Carriers Corp., a shipping company, provides marine transportation services in Greece. The company's vessels provide a range of cargoes, including liquefied natural gas, containerized goods, and cargo under short-term voyage charters, and medium to long-term time charters. It owns vessels, including Neo-Panamax container vessels, Panamax container vessels, cape-size bulk carrier, and LNG carriers. In addition, the company produces and distributes oil and natural gas, including biofuels, motor oil, lubricants, petrol, crudes, liquefied natural gas, marine fuels, natural gas liquids, and petrochemicals. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Capital Clean Energy Carriers Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Capital Clean Energy Carriers Corp. (CCEC) came out with quarterly earnings of $0.48 per share, beating the Zacks Consensus Estimate of $0.2 per share. This compares to earnings of $0.51 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +140.00%. A quarter ago, it was expected that this company would post earnings of $0.38 per share when it actually produced earnings of $0.3, delivering a surprise of -21.05%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Capital Clean Energy Carriers Corp., which belongs to the Zacks Transportation - Shipping industry, posted revenues of $102.65 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 9.23%. This compares to year-ago revenues of $102.03 million. The company has not been able to beat consensus revenue estimates over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Capital Clean Energy Carriers Corp. shares have added about 8.6% since the beginning of the year versus the S&P 500's gain of 8.5%. While Capital Clean Energy Carriers Corp. has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Capital Clean Energy Carriers Corp. was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.33 on $125.92 million in revenues for the coming quarter and $1.35 on $477.54 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Shipping is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. A.P. Moller-Maersk (AMKBY), another stock in the same industry, has yet to report results for the quarter ended June 2026. This company is expected to post quarterly earnings of $0.21 per share in its upcoming report, which represents a year-over-year change of +5%. The consensus EPS estimate for the quarter has been revised 282.9% higher over the last 30 days to the current level. A.P. Moller-Maersk's revenues are expected to be $14.6 billion, up 11.2% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Capital Clean Energy Carriers Corp. (CCEC) : Free Stock Analysis Report A.P. Moller-Maersk (AMKBY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ATHENS, Greece, July 23, 2026 (GLOBE NEWSWIRE) -- Capital Clean Energy Carriers Corp. (NASDAQ: CCEC) today announced that its board of directors has declared a cash dividend per share of $0.15 for the second quarter of 2026 ended June 30, 2026. The cash dividend for the second quarter of 2026 will be paid on August 13, 2026, to common shareholders of record on August 4, 2026. The Company has implemented a Dividend Reinvestment Plan (“DRIP”) whereby common shareholders can elect to have dividends reinvested directly into additional common shares issued by the Company. To participate in the DRIP for the second quarter of 2026, the election deadline is August 4, 2026. For additional information on the plan, including the forms needed to enroll, please visit the website of Computershare Trust Company, N.A., the Company’s transfer agent administering the DRIP, at: www.computershare.com/investor. The information on www.computershare.com/investor is not incorporated by reference into this press release and should not be considered part of this press release. This press release does not constitute an offer to sell or the solicitation of an offer to buy any common shares or any other securities, nor will there be any sale of common shares or any other securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. 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 comprises 19 high specification vessels, including 14 latest-generation Liquefied Natural Gas Carriers (‘LNG/C”), one legacy Neo-Panamax container vessel, two Handy Liquefied CO2 Multi-Gas Carriers (“HMG/C”) and two dual-fuel Medium Gas Carriers (“MGC”). In addition, CCEC’s under-construction fleet includes seven additional latest-generation LNG/Cs, two HMG/Cs, four MG/Cs and one LNG Bunkering Vessel to be delivered between the third quarter of 2026 and the first quarter of 2029. For more information about CCEC, please visit: www.capitalcleanenergycarriers.com Forward-Looking Statements The statements in this press release that are not historical facts may be 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. Unless required by law, we expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, to conform them to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward-looking statements. We make no prediction or statement about the performance of our common shares. Contact Details: Investor Relations / MediaBrian Gallagher EVP Investor RelationsTel. +44-(770) 368 4996 E-mail: [email protected] Nicolas BornozisCapital Link, Inc. (New York)Tel. +1-212-661-7566E-mail: [email protected]

ATHENS, Greece, July 22, 2026 (GLOBE NEWSWIRE) -- Capital Clean Energy Carriers Corp. (NASDAQ: CCEC) today announced that before the NASDAQ market opens on July 29, 2026, CCEC will release financial results for the second quarter ended June 30, 2026. On the same day, Wednesday, July 29, 2026, CCEC will host an interactive conference call at 9:00 a.m. Eastern Time to discuss the financial results. Conference Call Details:Participants will need to register online prior to the conference call via the link below:https://engagestream.euronext.com/ccec/2026-07-29-p15bn1nrrw/dial-in Dial-in details will be available when registered. After registering, you will receive the number to call and your personal ID. We advise you to call in 5 minutes before the conference call starts. If you want to ask a question, you can press #5 on your telephone keypad. If you want to retract your question, please press #6. A Q&A session will be held after the teleconference/webcast. Information on how to submit questions will be given at the beginning of the session. Slides and Audio WebcastThere will also be a live webcast of the conference call and accompanying slides, available through our website, under the Webcasts & Presentations on our Investor Relations page. An archived webcast will be available on demand following the completion of the call.    To register and access the live webcast, please use the following link: https://ccec.engagestream.euronext.com/2026-07-29-p15bn1nrrw 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 18 high specification vessels, including 14 latest generation LNG/Cs, one legacy Neo-Panamax container vessel, one dual-fuel medium gas carrier and two handy LCO2/multi-gas carriers. In addition, CCEC’s under-construction fleet includes seven additional latest generation LNG/Cs, five dual-fuel medium gas carriers, two handy LCO2/multi-gas carriers and one LNG DF Bunkering vessel to be delivered between the third quarter of 2026 and the first quarter of 2029. For more information about CCEC, please visit www.capitalcleanenergycarriers.com. Contact Details: Investor Relations / Media Brian Gallagher EVP Investor RelationsTel. +44-(770) 368 4996E-mail: [email protected] Nicolas Bornozis/ Markella Kara Capital Link, Inc. (New York)Tel. +1-212-661-7566E-mail: [email protected]

Image source: The Motley Fool. Thursday, March 5, 2026, at 8:30 a.m. ET Chairman — Brian Gallagher Chief Executive Officer — Gerasimos (Jerry) Kalogiratos Chief Commercial Officer — Nikolaos Tripodakis Brian Gallagher: Thank you, operator. Good morning or afternoon to wherever you are, and thank you for listening to the Capital Clean Energy Carrier's Q4 2025 Earnings Call. As a reminder, we'll be referring to the supporting slides available on our website as we go through today's presentation. Let's start with the highlights on Slide 4. An exceptionally busy quarter has continued with subsequent events into the current quarter, but it's pleasing to report the companies continue to make progress on multiple fronts. The key highlights from Q4 was our contracting of 3 latest technology LNG carriers. This opportunistic transaction illustrated our capability to act with conviction and speed and capturing what we believe will be valuable and timely additions to our fleet. More details from Jerry on that later on. Elsewhere, early on in the quarter -- current quarter, we welcome the Active into our fleet, the world's first 22,000 cubic meter liquid CO2 multi-gas carrier, but we also said goodbye to another container vessel as we pressed on with our focus on gas transportation. In terms of our governance and ongoing focus on sustainability, the company was pleased to gain accreditation from CDP in our first submission to that particular platform. Finally, the LNG shipping spot market had a robust if short-lived upturned during Q4 with freight rates touching $100,000 per day. This is an encouraging feature for the future development and potential earnings power from the sector, and there are some key underlying trends, which will require consideration and they'll be covered later on in the presentation. We are acutely aware of the current and fast-moving dynamic in the Middle East, impacting LNG and gas shipping sectors, which are Head of Commercial, Nikos Tripodakis, will provide some thoughts on later on. And naturally, management will be available to take questions after the formal presentation. Moving back to Q4 and our reporting net income from continued operations for the quarter came in at $28.4 million from which we fulfilled our commitment to a fixed distribution of USD 0.15 dividend per share to our shareholders, retaining the company record of distributing a cash dividend for every single quarter since our listing in March 2007. With that, I'll hand it over to our Chief Executive, Jerry Kalogiratos to run through, firstly, the financial highlights. Gerasimos Kalogiratos: Thank you, Brian, and good morning or afternoon to everyone listening in today. It has almost become routine to report further container sales, and the fourth quarter of 25% is no different. As Brian pointed out, we have now classified Buenaventura Express under discontinued operations due to its sale, which nevertheless had a full quarter before being delivered to its new owners in January. The sale of the Buenaventura represents the 14th container carrier sale in 24 months, consistent with the company's strategy to pivot to gas transportation. The classification of the Buenaventura Express under discontinued operations affected our results compared, for example, to the previous quarter. This leaves the company with just 1 container vessel. It continues to generate positive cash flows for the company as it is on the long-term charter with a blue-chip partner to 2033 and options to extend to 2039. We have made significant progress in our pivot, but we have always remained focused on ensuring value creation for our shareholders. We will only look to sell the last container asset. If it is accretive this strategy has served us well with the 14 other vessels, and we will continue on the same path. The dividend payout remains a core component of the company's value proposition to shareholders. The $0.15 dividend was paid on February 12 to shareholders of record on February 3. This was the 75th consecutive quarter that the company has paid a cash dividend. Moving now to the balance sheet on Slide 7. We closed the year with a solid cash position of $296 million, including restricted cash and the net leverage ratio just short of 49%. As mentioned earlier, we also finalized the sale of 13,700 TEU container vessel in early '26, continuing our disciplined capital recycling strategy. Finally, just a week ago, we issued a 200 million-euro bond listed at the AtenStock Exchange, further enhancing our balance sheet flexibility. We continue to work closely with different sources of finance and the funding of the 9 LNG carriers still due for delivery, and we are very encouraged with the progress of these discussions. We hope to be able to report much more on this front in the next quarterly call. Moving to Slide 9. Our LNG fleet continues to provide long-term visibility and stability. We have 90 years of contracted backlog at an average of DCE of approximately 86,800 per day, representing $2.7 billion of contracted revenue. If all extension options are exercised, this increases to 123 years or approximately $3.9 billion in contracted revenues. I recently announced order for 3 new LNG care newbuilds shown at the bottom of this slide, positions us to benefit from increased LNG Cpi demand towards the end of the decade. We continue to be in constant alogue with counterparties regarding our LNG fleet in what has become increasingly a more active period market and looking for the right employment structure for our remaining 6 open new builds. In terms of fleet update, we will have 4 upcoming dry docks for our LNG fleet. In the first quarter of this year, we have the Adamas. And in the next quarter, we expect to have the dry docking of the Arista House, Tatas and [indiscernible]. In terms of cash cost, the guidance remains the same as in previous quarters at $5 million all-in cost per dry dock and around 20, 25 days of hire. Importantly, we will welcome 2 more vessels during the second quarter of 2026, our second liquid C2 carrier and LPG carrier, the Amadeus at the end of April and also our first dual fuel 45,000 cubic medium LPG carrier various genes in early June. Turning to the next slide. Funding of our newbuilding program is well supported. We have already paid a portion of the required CapEx supported by -- generated cash flows, asset monetization and attractive debt financing terms. As we progress through 2026 and '27, we expect CapEx to be mostly weighted towards the LNG carriers for which we assume on average approximately 70% debt financing. The picture that you see is before tapping into the proceeds of the EUR 250 million bond issue. This leads neatly to look briefly at the key events for the company during the quarter, namely the contracting of 3 new LNG carriers on Slide 11. As mentioned earlier, we secured 3 state-of-the-art LNG carriers with deliveries scheduled of 1 vessel in the fourth quarter of '28 and 2 in the first quarter of '29. These vessels include enhancements to fuel efficiency, boil of rates as well as liquefaction capacity, placing them among the highest-performing LNG carriers globally. We secured the spares at HD Hyundai Samho in South Korea on attractive terms. The delivery profile is optimized for a market period where the order book looks particularly undersupplied in view of the anticipated demand giving us significant commercial optionality. Now after quarter end, we delivered the world's first 22,000 cubic liquid CO2 multi-gas carrier, the Active. This vessel is capable of transporting liquid CO2, LPG and ammonia and other petrochemicals and remains fully competitive in the conventional semi ref gas market. The vessels already employed on a 6-month charter, transporting LPG, an optional extension, demonstrating immediate commercial demand. As mentioned earlier, we successfully raised last month EUR 250 million through a newly issued unsecured bond, take advantage of a favorable interest rate environment. After hedging the currency and interest rate exposure of the new bond, we expect the online cost to be approximately so 1 for $295 million in dollar terms. But to the process of the new bond will be used to refinance our outstanding bond of EUR 100 million -- EUR 150 million issued in 2021, maturing later this year. The rest of the proceeds will be used to finance our newbuilding program and for general corporate purposes. I would like now to turn to our Chief Commercial Officer, Nikos, who will run through our LNG market slides. I will then be available to answer your questions along with Nikos Brian at the end of the call. Nikos, over to you. Nikolaos Tripodakis: Thank you, Jerry, and good morning or afternoon, everybody. Currently, of course, the war in the Middle East and how it will affect the energy model. And in our case, the shipping market is in everyone's mind. I will come back to this at the end of my presentation. Please allow me to start with the main highlights of Q4, which has been the unexpectedly strong spot market. As Slide 14 shows, spot rates rose strongly to exceed $100,000 a day in mid-December, the highest level of the past 2 years. An unexpected surge in LNG production from the U.S. pockets of East West arbitrars and logistical constraints led to an absorption of available tonnage and the significant increase in spot rates. This served as a stark reminder of the fragility of the LNG shipping supply-demand balance during winter months when modest changes in -- economics, production volumes or port and canal logistics can collectively have a disproportionate impact on freight markets. However, as we will see on Slide 15, all vessel types benefit in a similar way from a surge in spot rates. Turning to Slide 15. As we can see on the left-hand side, we see the 5-year quarterly average freight rates up to 2024. What is interesting is that the charter rates for steam vessels during that period captured around 50% of the rate of a 2-stroke modern vessel. But in 2025, that percentage dropped to 20%, even though the market has been consistently lower compared to the 5-year average. What is also worth noting is that even though 2-stroke charter rates rose by approximately $32,000 a day on average through Q4, steam rates only rose about 7,000 a day and continue to trade below OpEx levels. This clearly indicates that 2 stroke vessels, like the 1 CCF owns and operate capture the lion's share of the benefits in a rising market, while older vessels remain unattractive as long as 2 stroke vessels are available even if the charter rate for 2 strokes is approximately 400% higher as it was during the Q4 of 2025. This widening rate gap underscores the increasing obsolescence of older technology and supports our strategy for investing exclusively in modern high-efficiency LNG carriers. Turning now to Slide 16. The challenging market conditions for older vessels described so far have led to 2025 becoming a record year in terms of scrapping with 61 vessels exiting the fleet. Looking at the age, the redelivery profile from current charters and the fact that these vessels would operate below their OpEx breakeven in the spot market, even when the spot market goes through its seasonal spikes, the commercial removal of those vessels either through laying up or scrapping becomes inevitable. Our attention now turns to the other end of the spectrum and specifically new buildings on Slide 17. As we look at Slide 17, a clear pattern emerge in Q4 with an increase in ordering, something we were part of with a 3-vessel order. In December alone, there were almost as many orders placed as for the rest of the year combined, indicating greater confidence amongst the ship owners regarding the dynamics of the LNG market. This has led to a slight uptick in newbuilding prices as we can see in the right of Slide 17. We expect this trend to continue as limited yard capacity for deliveries in 2028 and 2029, meets the surge in demand for LNG carriers stemming from the doubling of U.S. LNG production from the U.S. This limited capacity for 2028 and 2029 provides a very good opportunity to look at the order book availability and CCEC's market share of open newbuildings. Turning to Slide 18. It is demonstrated that out of the 30 new buildings in the order book, 6 of those or 20% are controlled by CCEC. This makes us the owner with the largest market share of the open order book and in prime position to capitalize from the increased demand expected in 2027 onwards as charter sick molded tonnage. Moving on to Slide 19. We would like to summarize our view on the long-term supply and demand picture of LNG freight. As with any shipping segment, there are always a lot of cross current and moving parts. We have tried to incorporate the recent supply and demand developments on this chart. Firstly, to explain the chart, the orange dash line represents the maximum potential growth in demand for LNG carriers and global energy projects extending to 2032. The blue dash line represents the number of LNG vessels required based solely on those projects that have reached an FID status, which is a relatively conservative approach as we expect more projects to reach FID in the months to follow. The gray bar represents the gross number of LNG carrier deliveries expected on a cumulative basis year-on-year with the orange bars being the estimate from CCEC on LNG vessel removals. The dark gray bars finally represent the net number between vessel deliveries and removals. In summary, we anticipate the LNG shipping market to reach an inflection point in late 2027 or early 2028 with new energy supply requiring a substantial number of additional vessels. Accounting for scrapping of older ships, demand is anticipated to outpace vessel supply, creating a constructive long-term outlook. Now as mentioned at the beginning of my presentation, we need to address the current situation in the Middle East. The U.S. Iran conflict following the coordinated U.S. Israel strikes on Iran on the 28th of February, has significantly increased geopolitical risk in the Persian Gulf and particularly around the Strait of Hormuz, a critical energy shipping checkpoint. Most commercial vessels are avoiding the area due to security concerns, missile and drone attacks, AIS interference and the withdrawal of more risk insurance. This has disrupted significantly any normal shipping patterns and the flow of energy commodities and has created a situation where Western affiliated vessels faced particularly high risks and costs when transiting in the region. The conflict has major implications for the global LNG market as roughly 20% of the global LNG exports originate from the Arabian Gulf, mainly from Qatar -- further. Israel has shut down at least 2 major gas due to security concerns, potentially forcing Egypt and Jordan to increase imports by up to 65 cargoes per year to replace lost pipeline gas supply. Combined with the Arabian Gulf export disruptions and the withdrawal of more risk insurance for vessels operating in the region, the situation could significantly tighten global energy markets as a prolonged closure of the Strait of Hormuz -- will lead to increased competition for the limited flexible supply, mainly from the U.S. and result in significant price increases in gas worldwide. Now the most important unknown right now is the duration of the conflict. We can place lost pipeline gas supply, combined with the Arabian Gulf export disruptions and the withdrawal of more risk insurance for vessels operating in the region, the situation could significantly tighten global energy markets as a prolonged closure of the Strait of Hormuz -- will lead to increased competition for the limited flexible supply, mainly from the U.S. and result in significant price increases in gas worldwide. Now the most important unknown right now is the duration of the conflict. We cannot speculate on how long the situation will last, but the effect in the gas and shipping markets in less than a week are very clear. Global gas prices for the pro months have more than doubled at some point during this week with Asian gas prices combining a significant premium over TTS. The increase in global prices in combination with the surge in ton mile demand due to an open arbitrars to the East has led to our nonprecedented rise in spot charter rates from circa $40,000 a day last week to around $300,000 per day on a -- basis for March and April loadings at even rates above $100,000 a day for 12 months on modern vessels. One thing is clear. the longer the situation continues, markets will price the risk accordingly and the rise in commodity prices will further support the rising freight rates. This concludes our presentation for today, and happy to open the floor to any questions. Operator: [Operator Instructions] Our first question is from Alexander Bidwell with Webber Research & Advisory. Alexander Bidwell: I just wanted to see if you guys could give a little bit more color on, I guess, the potential implications of this shutdown of Middle Eastern supplies on the carrier market. We've seen -- I guess, as you mentioned, we've seen spot rates climb pretty drastically over the last couple of days. But what is the -- I guess, the longer-term implications of having a significant amount of supply taken off-line. Gerasimos Kalogiratos: It's probably more than million-dollar question right now, but we'll try to answer it in the best way we can. As we mentioned, the supply for Middle East mainly supplies Asian markets. And unlike what happened in 2022 when Russian gas flows to Europe were cut and Europe into place tight gas with LNG from the U.S. There is no way to replace this Qatar volumes in Asia. So the only way that Asia could replace this, Olivan fuel switching would be to increase the price. That would lead to an increased open arbitrars to the east and the market already now is undersupplied for vessels if this situation were to continue, i.e., an open arbitrage with healthy gas prices to the East. What would mean for freight rates I mean, we already saw the spike in the front, if this were to continue, you could expect term rates to rise significantly. Now how much is something that remains to be seen. Alexander Bidwell: All right. And then just kind of switching gears. So I believe 1 container vessel left in the fleet. Can you give us a sense of how you're looking at disposal options and just a general idea of what that time line might be? Gerasimos Kalogiratos: Yes. So we have been always quite opportunistic in the way that we have approached the sale of our container vessels and especially these ones, the last 3 that -- these last [indiscernible], the 13,000 EU containers, we have already sold 2 were down to 1. They have a long-term charter and good cash flow visibility, good counterparty. There -- the financing also on this vessel is less flexible than others. So while it's not impossible to transfer or sell this asset, it's more difficult because it has tax equity in the structure. So I think we're going to be quite opportunistic if we see a similarly attractive deal, we will look at selling the vessel or we might simply stick with it until closer to the end of the charter. Again, we will be driven more by the opportunity and less by a specific time line to divest from this container. I mean we have sold already 14 out of the 15 we feel quite comfortable. Operator: Our next question is from Jon Chappell with Evercore ISI. Jonathan Chappell: The capital exposure to the conversation and what's happening today, it looks like the more meal becomes open later in '26, 1 newbuild delivers later this year. and 1 in early '27. So is it right to assume that this parabolic move in spot rates does not have any immediate term effect on you? And I guess the follow-on to that would be as some of these new builds become closer to the delivery date. And as mentioned, some of the time charter rates are moving up as well. Is it kind of a wait and see how this plays out? Or is there any increased inquiry and opportunity to maybe time charter some of the newbuilds even at shorter duration to take it then, I hate to say and take advantage, but to take advantage of the of the move in the charter rates. Gerasimos Kalogiratos: Let me comment on the first part, and then maybe Nikos can pick up the second part with regard to the long-term curve. But -- the -- you are right to point out that in terms of redeliveries, the first vessel that we have is the more in Q3, but we do have some of our newbuilds coming early in much earlier in Q3 and while some of them we have already have employment in place, we have flexibility in swapping this with other later sisters. So there is the potential for us if we see the market interest to be able to offer earlier positions very late Q2 or early Q3. . I think it will very much depend on how long this lasts Nikos said, which -- and we don't have immense visibility here. Nikos, would you like maybe to say a few words as to how you see the long-term curve being affected right now? Nikolaos Tripodakis: Yes. So as mentioned, this all depends on how long the situation will last. We will need to make something very clear now. There have been a lot of charters out there that were happy to play the spot market given the arbitrage pointing to Europe and a sensible oversupply of vessels in the Atlantic. But now what this situation has created and the longer it lasts, it will make companies that use this strategy more aware and more eager to take the position is that a prolonged arbitraries to the East has made this market very tight. So -- the longer the situation lasts, more and more companies will try to secure shipping even at higher rates, just to be able to lift those volumes. And we have already seen inquiries for terms for some of our new buildings, obviously, are not at the rates we mentioned for the spot market, but already at higher levels than what we saw let's say, 2 or 3 weeks ago. So it has certainly affected the market, but we need to see the situation last for a bit longer for dealers to be concluded in the 5, 7 years space. Jonathan Chappell: Okay. And then maybe the terms are a little bit commercially sensitive, but I think it's super important in the context of trying to understand the new market for the LCO2, is there any way to kind of help frame out the charter rate that the active has for the 6 months and then maybe the extension? And then I guess the other thing I'd ask on the LCO2 is, I don't see the delivery schedule in the presentation or the press release anywhere. Just want to make sure that the delivery schedule is last presented was still the same for the remainder of this year and those ships going forward. Gerasimos Kalogiratos: Yes, of course, Jon, yes, the table has not changed, deliveries have not changed. So as I said during my prepared remarks, we are expecting the next LCO2 hand the LPG carrier towards the end of April and the 45,000 cubic fuel [indiscernible] in early June. These are the next couple of deliveries and the delivery schedule for the rest remains as previously described. Now in terms of the Active, the Active really went directly into the trade as a semi-ref LPG ammonia carrier. It's -- and I think this is how we should be thinking about it until we see a more mature LCO2 market. So in terms of numbers, the -- if you want to think about TC after the ballast days and repositioning from the shipyard into the trade, that's probably for the first 6 months, you can assume close to $21,000 per day. The rate was $25,000, but as I said, the repositioning was in on the first 6 months. And then there is an option for the charter if it's exercised than the headline rate is $32,000 per day. So assuming that option is exercised, the blended average, including repositioning is around $25,000, $26,000 per day for the whole year. Operator: Our next question is from Liam Burke with B. Riley Securities. Liam Burke: Jerry, I know the timing is not great in light of the shortage of LNG carriers, but what is the general tenor of discussions on the future deliveries of the non-LNG carriers for longer-term charters? Gerasimos Kalogiratos: Yes, this market is a shorter term market. So typically, there, you will find a lot of liquidity anywhere between 6 to 12 months. And then -- there is some demand in the 2- to 3-year type of periods occasionally 5 years. but definitely shorter than the 7, 10, 12 years or more that you see in the LNG market. But I think you could safely say that the most liquid part, the most volume is on the 6 to 12 months TCs. Liam Burke: The liquid part, okay. if you look on the longer durations that they're kicked around, is there a sufficient return on those rates? Or do you prefer to keep them in on the shorter 6 months to the year. Gerasimos Kalogiratos: With the kind of rate that we see nowadays. I mean, since the delivery of the first vessel market has tightened both for handysize LPG carriers as well as for MGCs, I think the returns are quite decent. And if we see the opportunity, we will try to lock them in for longer. Market today for 45,000 cubic dual-fuel vessel it's probably somewhere around the $40,000 per day mark, give or take, which is quite decent returns. Operator: [Operator Instructions] Our next question is from Omar Nokta with Clean Securities. Unknown Analyst: Obviously, a lot of stuff I guess I just wanted to ask in terms of the developments in the Middle East, is there any of your vessels that are directly affected by this, specifically, say, the force majeure that was put in by Qatar Energy. I believe you might have 1 ship on contract with them. Does that at all affect the terms of the charter? Gerasimos Kalogiratos: No. So far, we haven't been affected at all. all charters continue with their ongoing charter commitments, and we don't have any vessels in -- within the Gulf. So it's relatively smooth if you can describe it that way given the turmoil in the background. Unknown Analyst: Okay. And then just completely separate, just an accounting question. Just in terms of the remaining newbuild CapEx that's roughly that $2.4 billion. How much of that do you have secured in bank lines? And then how much are you intending to put in place? Gerasimos Kalogiratos: So all the MDCs and LCO2s have been already financed -- and the -- we are in advanced discussions for the remaining LNG carriers as we typically do, you should expect that we will be financing the earlier deliveries and then wait out for later deliveries. I mean we're not going to finance everything this year, simply because we don't want to incur commitment fees. I expect next quarter, we will have a lot more news on the financing of the LNG carriers to be delivered this year and next. In terms of the breakdown, let me suit you an e-mail later on with the exact amounts. Operator: There are no further questions at this time. I would like to turn the conference back over to Mr. Kalogiratos for closing remarks. Gerasimos Kalogiratos: Thank you, operator, and thank you, everyone, for joining us today. Operator: Thank you. This will conclude today's conference. You may disconnect at this time, and thank you for your participation. 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Image source: The Motley Fool. Thursday, May 7, 2026 at 10 a.m. ET Chief Executive Officer — Brian Gallagher Chief Financial Officer — Gerasimos Kalogiratos Chief Commercial Officer — Nikolaos Tripodakis Brian Gallagher: Thank you, operator. Good morning or afternoon to wherever you are, and thank you for listening to the Capital Clean Energy Carriers Q1 2026 Earnings Call. As a reminder, we'll be referring to the supporting slides available on our website as we go through today's presentation. So let's kick off with the highlights on Slide 4. Q1 showed further progress for the group across the board on 3 different fronts. Firstly, as we announced in our Q4 results in March, during the first quarter, we raised an additional EUR 250 million in a Greek bond with a 3.75% coupon. Secondly, and after the quarter end, we announced an innovative transaction with the Energy Trading Group, BGN, including a 10-year time charter for one of our existing LNG carriers. This will boost further our LNG revenue backlog to over $2.9 billion, and which we'll cover more in detail later on. Thirdly, the business continued to deliver on all 14 of the vessels we had on the water during Q1, and this brought about a net income result of $18.3 million after off-hire periods and special survey costs incurred by 2 of our LNG carriers and was reflected in a cash dividend to our shareholders of $0.15 per share. In the final bullet on this slide, we show that we've got Board approval for a 20 million share buyback program over the next 2 years. Clearly, the outlook for the company and the sector has been dominated by events in the Middle East since February 28, and our Head of Commercial, Nikos Tripodakis, will explore more on these slides in his remarks later on. With that, I'll now hand over to Nikolaos Tripodakis. [Technical difficulty] Gerasimos Kalogiratos: Okay. So let me begin from the financial highlights for the period. So good morning or afternoon to everyone listening in today. Moving to Slide 6. Brian already touched upon the dividend payout, which remains an important and core component of the company's value proposition to shareholders. The $0.15 dividend we declared will be paid on May 20 to shareholders on record on May 11. Please note that this is the 76th consecutive quarter that the company has paid a cash dividend. Net income from continued operations was $18.3 million for the first quarter of 20 compared to $32.7 million during the same period in the previous year. Net income for the quarter was heavily impacted by the off-hire periods and [Technical Difficulty]. Not sure what you have heard already. So let me start from the beginning, just to be sure. So, with respect to our financial highlights for the quarter. As Brian already touched upon, upon the dividend payout, which remains -- the dividend payout remains an important and core component of the company's value proposition to our shareholders. The $0.15 dividend we declared will be paid on May 20 to shareholders on record May 11. Please note that this is the 76th consecutive [Audio Gap] [Technical Difficulty] Declared a $0.50 per paid May 1. Please note that this is the 76th consecutive quarter [indiscernible] .18.3 million for the first quarter of 2023. million during the same period in the previous year. Our net income for the quarter was heavily impacted by the off-hire periods and additional and operating costs incurred by set and far vessels, which passed the five-year vessels during the period. Oil expenses specifically during the first quarter of 2036 amounted to $6.2 million compared to $1.1 million during the first quarter of 2025. The increase was mainly attributed to budget expenses incurred by the LCO2 multicast carrier active relating to the Palace Lake from the Sibiat into the delivery age underneath charter and demand for expenses incurred by two of our vessels passing their five-year special survey balancing to their dry dock. In addition, budget expenses this quarter also included war risk insurance premiums paid by certain of our vessels to the amount of 2.7 million due to the ongoing geopolitical tensions in the village. Please note that these premiums were fully reimbursed by our charterers and are included in earnings. Moving on to the next slide, there are four LNG vessels written there by their fifth year of age during 2026, mainly Adamas Kosendar Istapos, who concluded their dry dock in March and April, respectively, and Atlas and Daslipilos, which we expect to commence the dry dock in the third quarter of this year. After that, none of our vessels is expected to pass special until 2028. In terms of total dry remain dry and around 20 to 25 days of off-hire. Although in terms of total dry token costs, the guidance remains the same at 5 million per dry token, around 20 to 25 days off of hire. Although in terms of total dry token costs, the guidance remains the same at 5 million per dry token, around 20 to 25 days off of hire. Moving now on to slide eight, we concluded the quarter with a cash position of 546 million, up from 296 million in the previous quarter with a financial average ratio of 45.6%. The financial position of the company was targeting good by the issuance of the 240 million euro pound in February, evidence in our ability to tap into alternative sources of funding. Moving now on slide 10, where we provide the summary of the expected new building deliveries for the remainder of the year. Placio two multi-gas carrier and a dose was delivered to us a few days ago, and is expected to trade in the LPG and Tamoia markets on short to medium-term charter business. In addition, we have brought forward the delivery dates of three LNG carriers, the Asimovi, the Aga Mama, and the Alcroach one into what we expect to be a stronger charter market. We expect to report more on the employment of the LNG carriers in the coming weeks. Moving on to slide 11. Following the BTM transaction, we now have 97 years of contracted backlog at an average PCA rate of approximately $86,400 USD per day, representing a $2.9 billion of contracted revenue. Our LNG fleet continues to provide long-term cash flow visibility to our investors. If all options are exercised by all shoppers, the contracted backlog increases to 1 to 136 years or to $4.3 billion in contracted revenue, respectively. Turning now to slide 12 and the BGN transaction we announced in April. As announced, we have agreed to sell a 49% interest in Yamora Mia-1, a 2023 bid LNG Carrier, a global energy trader, at a contract price of $230 million. The transaction is expected to be consummated in the first quarter of 2037, and will enable the company to retain a 51% stake in management oversight, while at the same time, securing a 10-year time charger for the vessel options to extend for up to six additional years. The chapter arrangement, if all options are exercised, is expected to generate up to 485.6 million leans through 2043, further enhancing the visibility of the company's long-term cash flows. Moving now to our CapEx program, on slide 13. As you can see, the funding of our new printing program is well supported. We have already paid a significant portion of the required CapEx, mainly supported by internally generated cash flows, asset monetization, and attractive debt financing, including the recent bond insurance. Part of the proceeds of the newly issued bond were used to repay the bond issued in 2021. We plan to use the remainder to support the financing of our CapEx and for other general corporate purposes. As we progress through 2026 and 2027, we expect CapEx to be must be weighted toward the LNG carriage. As you can see, assuming 70% debt financing for the vestors that have not yet debt arrangements in place, and without taking internally generated cash flows into account, we expect the company to be fully funded for the remaining CapEx and expect a significant amount of cash to be released back to the company. I would like now to turn to slide 15 and our Chief Commercial Officer, Nikos Toukodakis, who will run through our LNG market slides. I will then be available to answer your questions at the end of the call. Nikos, over to you. Nikolaos Tripodakis: Thank you, and good morning or afternoon to everyone. The first quarter in LNG shipping was shaped by the conflict in the Middle East with a substantial part of global LNG volumes stranded in the Arabian Gulf, eclipsing any seasonal softening in charter rates. Qatar facility on the 18th of March a moment for the LNG and LNG shipping markets directly affecting global LNG supply dynamics. Qatar's role in the LNG industry is indispensable, producing approximately 30% of the world's output annually with nearly 80% to Asia as illustrated by the chart on Slide 15. This event represents a profound structural shift in our market, one that has [indiscernible]. As the chart indicates, the duration of Qatar's production outage is still unclear, but what is clear is that this outage will continue to have upward pressure on prices and highlight the need for security and diversification of supply, mainly for Asian buyers as we can see now on Slide 16. The reduction in available LNG is not merely a past event. It has already begun to reshape global energy market dynamics. We're witnessing a direct fierce competition between Asia and Europe for what has become a much scarcer supplier of commodities. European buyers must now act decisively to free reserves ahead of winter, while gas stages in Europe remain approximately 20% lower than the 5-year average. Meanwhile, purchasing is also expected to be strong, albeit more price sensitive. Looking ahead, energy security and security of supply will be critical. This is a theme that we will revisit throughout this discussion. When it comes to the effect of the Qatari outage for LNG shipping, flexible LNG from the U.S. will inevitably travel structurally longer routes, resulting in extended ton miles and increased demand for modern tonnage. Moving over to Slide 17. We will now take a look into the role of the U.S. as a source of reliable and flexible supply in the future. The United States are now positioned at the heart of global LNG market developments, taking on a central and indispensable role in shaping future supply and demand dynamics. Analysis produced prior to recent geopolitical shifts already highlighted the surge in U.S. LNG volumes with Asia set to capture a growing share. Looking ahead, the scale of and the demand for this expansion is staggering. Between now and 2025, an estimated 220 to 300 new LNG vessels will be required to facilitate this expansion, followed by a replacement cycle demanding an additional 250 to 300 LNG carriers beyond 2035. Turning now to Slide 18. The recent geopolitical events of Q1, however, have not affected all LNG carriers in the same way. Once again, large, modern and efficient vessels like the CCEC controls with the lion's share of the benefits while older and smaller tonnage is finding it increasingly more challenging to secure employment on a long-term charter expires and they have to compete against older vessels. As such, the impact is visible with scrapping rates for older toners climbing sharply. 2025 set a new benchmark for LNG carrier scrapping as illustrated by the chart on the left. Not only did we witness a record number of vessels sent to the great results, but the pace has accelerated even further in 2026 with 5 LNG carriers already scrapped in Q1 alone, while several others have been laid up. This run rate is unprecedented for this time of the year, underscoring the challenges that older vessels face, and we expect the trend to continue with approximately 80 to 100 steamships removed in the next 3 to 5 years. Combining now what we have discussed so far, let's have a look at CCEC's position in this market. Turning to Slide 19. CCEC is uniquely positioned to excel in this environment of higher energy prices, longer ton miles and need for fleet replacement. We control the lion's share of modern tonnage, more than 15% of all available newbuilding vessels, and we provide unique flexibility compared to any other operator when it comes to both newbuilding availability and diversification of delivery we are also set to benefit from vessels redeliver to us on existing time charters towards the end of the decade, creating a staggered and diversified redelivery profile that allows us to capitalize on any commercial opportunity that arises in what is a very strong part of the forward time charter curve as it is shown in our supply and demand summary on Slide 20. Under our S&P model, the main assumption here is that the main assumption change is the capacity reduction for which we assume 3 years. We assume no change in the delivery schedule of new buildings and any other -- this pushes the inflection point slightly into 2028 from our previous estimate of the end of '27, exemplified by a net 231 LNG carriers being delivered to a market requiring between 224 and 277 depending on FID status. Clearly, there's a number of important and scalable moving parts within these assumptions. However, the dynamics highlighted in earlier slides provide us with confidence that there is ample demand for LNG shipping, which allows CCEC to benefit from this current dynamic geopolitical situation and generate positive returns for our shareholders. This concludes our presentation for today, and I'm happy to pass it back to the operator and open the floor for questions. Thank you. Operator: [Operator Instructions] Our first question is from Alexander Bidwell with Webber Research. Alexander Bidwell: I wanted to circle back on the topic of LNG buyers and the diversification. So how have you seen this impact charter sentiment around longer-term ton-mile demand? Are you -- or rather are charters expecting diversification to stretch ton miles into the back half of the decade? Gerasimos Kalogiratos: It's a very good question and one that is very tricky to answer accurately. What we're seeing now is something that has never happened in the industry month and then interesting month before. That is a sense of uncertainty regarding the cathartic applies for Asian buyers. So, something that was a constant in the energy commodity market was that cathartic applies constant and casual buyers relies. This law has shaken that consensus, and I believe more and more Asian buyers will go to the U.S. for their volumes. This is structurally and inevitably increases on miles. Now, the extent of this is hard to gauge, but we do believe that this whole world will be very beneficial for U.S. oils in the future, and as such, inevitably, longer than miles as well. Alexander Bidwell: Thank you. Appreciate the color. Just switching gears. Appreciate the rundown on the more new one sale in the JV structure. Looking ahead, are you considering similar opportunistic deals to fixer-open new builds? And is there any preference versus standard long-term charters? Gerasimos Kalogiratos: I would say that this was rather opportunistic as you said, it was a very good way of party monetizing one of our older results in the field, of course, by [indiscernible] overall. She will be four years old when the transaction consummates. And at the same time, secure 10 years after for a position that, especially before the war, was a more difficult position given market conditions. So I was certainly opportunistic, but of course, if the validation is right and the employment is right, we'll look it again. Operator: Our next question is from Omar Nokta with Clarson Securities. Omar Nokta: Thank you. Hi, Gery. Just a couple of questions for me, maybe just one specifically to capital, and apologies if you already answered this in your presentation, but just in terms of the early delivery of the new buildings by a few months' time, I just want to get a sense of what's behind that, what drove you to get those earlier, especially since I think two of them remain open for contract. Is there any kind of price concession you got from New York for that, or are there charter opportunities maybe that are driving you to want to take delivery of them sooner? Gerasimos Kalogiratos: I'll answer in the first part of the question with regards to how we've got today with believers and maybe we can take a bit of the max conversion that we see for these persons. So the reason that we brought this believers forward is because we thought that, you know, the disruption, that there is a potential to capture some of the important Markov conditions. But really to put it into context how this came about, we have previously disclosed the delivery of two, which goes to delay two of our electric carriers from their original grid schedule, actually one was delayed by a few months, and that was the Agamemnon, and now the Agamemnon really goes back to the original 2026 delivery. When the Altimirs and the Algeus, they were both forward only slightly forwarding to 3/26. And secondly, we worked again with the secret to align the construction progress to start in that now, see as a strength of the market. And with regards to what we see at Limbuco, there is . The rationale we find advancing the deliveries of those two, well, three shirts, one is just by one month, is the fact that We wanted to capitalize on the strengthening of the front part of the curve. To put you in perspective, the first market was trading at 35,000 at the end of January, right, for more than two soil presses in the Atlantic. Once the global cloud, that increased or spiked to 300,000, now it has normalized to around 100,000 roads per day. And this effect on the high gas prices and both affect the multi-month and one-year high charging rates. So effectively, from our side, it was a quick commercial move to capitalize on what we believed would be a persisting strong market. And what we can say now is that three months into the conflict, we are already in a position to raise the benefit of that move, and we continue to show a fairly strong market for one year and winter charges. Omar Nokta: Okay, that's very helpful. Interesting dynamic there. And then perhaps then just as a follow-up, as you mentioned, spot rates were kind of litering at the bottom before the crisis. It shot up to 300, now we're at 100 and kind of seemingly steady there. Just maybe on that, are you surprised that rates have been able to hold up at these levels, just given how much of that Qatari capacity is offline? And what do you think is actually keeping rates elevated, given the lack of cargos, at least out of the Middle East? Gerasimos Kalogiratos: It's a very good question. I think the main driver behind the increase in charge rate is the Increase in the flat price of the commodity effectively, as well, not as a lot in energy shipping, it's not just, you know, 10 miles and availability of ships. It's also the underlying margin that any training or property can actually make on the carbons, so when we have... The commodity price is doubling from $10, $11 per MBQ to $25 at the peak, and now back at around $17, let's say. The margin is still healthy to support higher sub rate. And in anything, the percentage recruit on sub rate is more than the percentage margin that traders gain on the commodity. Yes, the AB is important and the OPNAB supports Saturday even more, but the most important thing is a flat price increase on the gas prices globally, and the fact that there's a lot of risk premium pricing for month-to-month and one-year durations. So that removes also really much length on the market. Sure that is available. Operator: Our next question is from Liam Burke with B. Riley Securities. Liam Burke: Thank you. Hi, Gery. How are you today? Gery, there's been a lot going on, to say the least, in the LNG market. Post-conflict, we have no idea how it shakes out, but has it changed your view of the non-LNG or LPG market, or non-LNG gas transport market? Gerasimos Kalogiratos: No, not really. If anything, again here, the war in Iran and the blockade of the Homi states has had beneficial impact on capital rates across the dependence of the LTP hormone market. The LTC market is on fire as we speak and the LTC market is mostly sold out. I think our next Nubia is in a very good position to capture the buffer. We have seen fixtures, certain fixtures, not too much fixtures, close to $2,000 per day. Market has moved upwards, a one-year market for an NPC is And probably at the range of several, 3000 per day, potentially north of that, so I think the thing was that the handling of the two markets, the sending us like our delivered sales carrier, again, we have seen improvement in numbers compared to what we would be able to fix in earlier in the first quarter, and we expect also to be able to give a lot more color both on the other inside as well as what we are on the SDC side over the coming weeks. There's a few things that we are working on, but we cannot necessarily disclose. But overall, I think what we see is an improved market conditions. And in addition to that, I should also add that we have seen as a consequence, but also Because of the wider use of the market, the value is rising, so this has been also quite beneficial for our intrinsic value for NAB. So overall, I think we have tailors across the markets. The only category is, of course, that there is huge vulnerability as well as So we still need to see what happens in a little bit longer. Liam Burke: Great, thank you, Gery. And the JV, the sale of the Amari Mio, was to a global energy trading firm. Is this JV, I know you talked about it earlier, but is this a precursor to doing more business with global trading firms? Gerasimos Kalogiratos: Liam, when you put together a joint venture like that, there is always a potential for more business. BGN is also one of the largest LPG traders out there, especially out of the U.S. And they have been expanding their brands now into LMG. So there are potentially two contact points there, both the MEC and the SEC, because where we can do more business, it could be more likely than not straightforward time structures or other sort of employment. And as I said earlier on, when you have potential, it could be easy to look into similar ownership structures. I hope that answers your question, but I think it's always good to be able to come together with companies that have the type of. Operator: Our next question is from Sharif Omagrabi with BTIG. Unknown Analyst: Hi, good afternoon. Thanks for taking my questions. First, you talked about near-term strength in the curve. At the same time, Asia has been burning more coal. So is that something that you see as a structural headwind over the near-term before more LNG supply comes on in the U.S., for example? Gerasimos Kalogiratos: I would mention in the presentation that the Asian market is more profensive, hence the more replacement by coal, and that has always been the case. But I think all of these dynamics are incorporated in the forward curve. And if you look at the forward curve for the commodity, the balance of 2026 remains very strong. So, if anything, What has happened so far has been tightened. The reflecting of coal is tightening the curves, and the margins remain very healthy. Now, structurally noted, we don't expect this replacement to continue. Our leadership was cleaner fuel and cleaner energy, globally and in Asia. We only think it's a solution when prices reach a certain level, which is hard to gauge, but in this market, gaining them touching on replacement. Especially the flat prices are high enough to support the margin that allows for safe rates to be very helpful. Unknown Analyst: Got it. And then shifting to LPG, what does the charter market look like for your LCO2 carriers? It's a bit more of a niche market I'm less familiar with, so it would be helpful to get any sort of color around what sort of routes they trade or what are the long-term time charter opportunities there? Gerasimos Kalogiratos: That's very hard. So I think we should be thinking of our 22,000 cubic liquid scale to carriers, sophisticated pen-y-less handicap carriers. As we have discussed in previous calls, the LCO2 business has a longer timeline, so we see a number of projects approaching the 2035, 2030 type of dates. So until this emerged and we continue to work there with a number of charters, and we will simply show the vessel as a sending SMPT carrier. So there you have multiple cures, you have LPG, you have petrochemical cargo, you have ammonia, and the expectation is that this vessel will show it into the , and Current market rates, I would say, are probably one year to see closer to the currently low purchase for one year. Higher if you are trading in the stock market. Do the very versatile shift, so you can trade into many different trades. But as I said earlier on, right now the LPG market is quite strong, so we hope to be able to take advantage of that. Very helpful. Okay, thank you so much. Operator: Thank you. There are no further questions at this time. I'd like to hand the floor back over to Mr. Gery Kalogiratos for any closing comments. Gerasimos Kalogiratos: Thank you all, and all of this was a certain event that calls. We are looking forward to connecting for the next quarter. Thank you. Operator: This concludes today's conference. You may disconnect your lines at this time. Thank you again for your participation. Before you buy stock in Capital Clean Energy Carriers, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Capital Clean Energy Carriers wasn’t one of them. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. CCEC Q1 2026 Earnings Call Transcript was originally published by The Motley Fool