株探米国株
英語
エドガーで原本を確認する
6-K 1 d76895d6k.htm 6-K 6-K
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C.

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of October 2025

COMMISSION FILE NUMBER: 001-33373

 

 

CAPITAL CLEAN ENERGY CARRIERS CORP.

(Translation of registrant’s name into English)

 

 

3 Iassonos Street

Piraeus, 18537 Greece

(Address of principal executive offices)

 

 

Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☑    Form  40-F ☐

 

 
 


Attached as Exhibit I hereto is a copy of the press release of Capital Clean Energy Carriers Corp. announcing the financial results for the third quarter ended September 30, 2025.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

    CAPITAL CLEAN ENERGY CARRIERS CORP.

Dated: November 4, 2025

   

  

 
      /s/ Gerasimos (Jerry) Kalogiratos
     

Name: Gerasimos (Jerry) Kalogiratos

     

Title:  Chief Executive Officer

EX-99.(I) 2 d76895dex99i.htm EXHIBIT I EXHIBIT I

Exhibit I

 

LOGO

CAPITAL CLEAN ENERGY CARRIERS CORP. ANNOUNCES THIRD QUARTER 2025 FINANCIAL RESULTS

ATHENS, Greece, October 30, 2025 (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 third quarter ended September 30, 2025.

Key Quarterly Highlights

 

   

New long term time charter agreement for one liquefied natural gas (“LNG”) carrier (“LNG/C”) under construction

 

   

Concluded the sale of a 13,312 TEU container vessel announced in August 2025

 

   

Secured financing for all six Dual Fuel Medium Gas Carriers (“DF MGC”) and two Liquid CO2 (“LCO2”) /multi-gas carriers under construction

 

   

Completed the 5-year special surveys of LNG/Cs Aristos I and Aristidis I

 

   

Announced dividend of $0.15 per share for the third quarter of 2025

The Company announced in November 2023 its decision to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including LNG and emerging new commodities in connection with the energy transition. As a result, the Company agreed to acquire 11 newbuild LNG/Cs (the “Newbuild LNG/C Vessels”) and in June 2024, the Company further expanded its gas-focused portfolio with the acquisition of 10 gas carriers, including four LCO2/multi-gas and six DF MGCs (the “Gas Fleet”). Since December 2023, the Company has also completed the sale of 13 container vessels.

In view of this strategic shift, we present our financial results on a continuing operations basis, except for where reference is made to discontinued operations. Financial results from continuing operations include revenues, expenses and cash flows arising from our 14 vessels currently in-the-water, including 12 latest generation LNG/Cs and two 13,000 twenty equivalent unit (“TEU”) Neo-Panamax container vessels.

Financial results from discontinued operations include revenues, expenses and cash flows arising from the 13 container vessels we have sold following the announcement of our strategic shift in November 2023. Please refer to Appendix A Discontinued Operations.


Key Financial Highlights (continuing operations)

 

     Three-month period ended September 30,  
   2025      2024      Increase/
(Decrease)
 

Revenues

   $ 99.5 million      $ 102.4 million        (2.8 %) 

Expenses

   $ 49.5 million      $ 46.9 million        5.5

Interest expense and finance cost

   $ 26.9 million      $ 38.8 million        (30.7 %) 

Net Income

   $ 23.1 million      $ 16.1 million        43.5

Average number of vessels1

     14.0        14.0        0.0

Management Commentary

Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented:

“The third quarter has marked another period of robust performance for the Company, with significant achievements across all strategic fronts and operational priorities. The business continues to build momentum, further strengthening its position within the LNG and gas transportation sector.

The Company has successfully secured long-term employment for another LNG carrier currently under construction, well ahead of its scheduled delivery. This move not only demonstrates proactive planning but also contributes to further diversification of our customer base. The Company’s total contract backlog duration now stands at 6.9 years, with $3.0 billion in contracted revenues. These figures highlight increased cash flow visibility and a de-risked balance sheet, which we believe will support the Company’s financial stability.

Financing has been secured for all six DF MGCs and all four LCO2/multi-gas carriers, which underscores the Company’s financial agility and commitment to its strategic objectives. In parallel, the sale of another container vessel has enabled further recycling of the capital base with the proceeds being reinvested into the Company’s under-construction fleet of gas shipping assets.

Corporate governance continues to evolve, with changes in our Board of Directors. The Company expresses gratitude to Abel Rasterhoff for his service since our U.S. listing in 2007 and wishes him well in retirement. Martin Houston is welcomed to our Board, bringing unparalleled experience and stature in the LNG market.

 

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.

 

2


It has been just two years since the Company began its journey focused on gas transportation, following a rights issue in November 2023. Out of an eventual fleet of 18 LNG/Cs, CCEC now only has three latest generation LNG/Cs under construction that remain available for charter. Discussions regarding their future employment are underway with multiple counterparties, while the Company remains insulated from prevailing spot LNG market conditions for the next 12 months.

By consistently executing on its strategy, CCEC is well on its way to becoming the largest US-listed company dedicated to LNG and gas transportation.”

Fleet Employment Update

CCEC has secured employment for the LNG/C Athlos, 174,000 Cubic Meters (“CBM”) currently under construction at Hyundai Samho, which is scheduled for delivery from the shipyard in the first quarter of 2027.

In particular, the LNG/C Athlos has been chartered for a firm period of seven years by a major energy company, with three one-year options. Commencement of the charter is scheduled for the first quarter of 2028. Importantly, CCEC maintains the right to substitute the LNG/C Athlos with the LNG/C Archon (174,000 CBM currently under construction at Hyundai Samho and also scheduled for delivery from the shipyard in the first quarter of 2027), further increasing our commercial flexibility.

As a result, CCEC now has an average remaining firm charter duration of 6.9 years and $3.0 billion in contracted revenues. Should all extension options be exercised by charterers, the average duration would increase to 9.8 years, with total contracted revenues rising to $4.4 billion.

Overview of Third Quarter 2025 Results

Net income for the quarter ended September 30, 2025, was $23.1 million, compared with net income of $16.1 million for the third quarter of 2024.

Total revenue for the quarter ended September 30, 2025, was $99.5 million, compared to $102.4 million during the third quarter of 2024. The decrease in revenue was attributable to the off-hire periods related to the five-year special surveys underwent by LNG/Cs Aristos I and Aristidis I during the quarter, partly offset by the commencement of the long-term bareboat charter of Axios II in the first quarter of 2025.

Total expenses for the quarter ended September 30, 2025, were $49.5 million, compared to $46.9 million in the third quarter of 2024. Total vessel operating expenses during the third quarter of 2025 amounted to $20.5 million, compared to $16.3 million during the third quarter of 2024. The increase in vessel operating expenses was mainly due to expenses related to the special surveys of LNG/Cs Aristos I and Aristidis I, which were completed during the third quarter of 2025. Total expenses for the third quarter of 2025 also include vessel depreciation and amortization of $23.1 million, in line with the third quarter of 2024. General and administrative expenses for the third quarter of 2025 amounted to $3.6 million, compared with $4.7 million in the third quarter of 2024, on the back of lower transaction-related costs, partly offset by higher costs incurred in connection with our equity compensation incentive plan.

 

3


Total other expenses, net for the quarter ended September 30, 2025, were $26.9 million compared to $39.5 million incurred in the third quarter of 2024. Total other expenses, net include interest expense and finance cost of $26.9 million for the third quarter of 2025, compared to $38.8 million for the third quarter of 2024. The decrease in interest expense and finance cost was mainly attributable to the decrease in our average indebtedness and the weighted average interest rate charged on our debt compared to the third quarter of last year.

Company Capitalization

As of September 30, 2025, total cash amounted to $332.3 million. Total cash includes restricted cash of $21.5 million, which represents the minimum liquidity requirement under our financing arrangements.

As of September 30, 2025, the Company’s total shareholders’ equity amounted to $1,462.9 million, an increase of $119.9 million compared to $1,343.0 million as of December 31, 2024. The increase for the nine months to September 30, 2025 reflects net income (including net income from discontinued operations) of $134.2 million, amortization associated with the equity incentive plan of $4.3 million, net proceeds of $0.2 million under the Company’s ATM Program (as defined below) and $8.1 million of common shares issued under our Dividend Reinvestment Plan net of expenses, partly offset by dividends declared during the period in a total amount of $26.6 million and other comprehensive loss of $0.3 million relating to the net effect of the cross-currency swap agreement we designated as an accounting hedge.

As of September 30, 2025, the Company’s total debt was $2,440.8 million before deferred financing costs, reflecting a decrease of $63.2 million compared to $2,504.0 million as of December 31, 2024. The decrease is attributable to the scheduled principal payments for the period of $95.2 million, partly offset by a $32.1 million increase in the U.S. Dollar equivalent, as of September 30, 2025, of the euro-denominated bonds issued by CPLP Shipping Holdings Plc in July 2022 and October 2021.

As of September 30, 2025, the weighted average margin on our floating debt, including discontinued operations, amounting to $2,004.2 million was 1.8% over SOFR and the weighted average interest rate on our fixed rate debt amounting to $527.0 million was 4.5%.

Container Divestment Update

On August 7, 2025, the Company entered into a memorandum of agreement for the sale of M/V Manzanillo Express (142,411 DWT / 13,312 TEU, hybrid scrubber-fitted, eco container vessel, built 2022, Hyundai Samho Industries Co. Ltd, South Korea). The vessel was delivered to its new owner on October 6, 2025.

The Company expects to record a gain of approximately $7.5 million from the sale. The proceeds were used to pay down outstanding debt of $90.4 million, and for general corporate purposes.

The completion of this transaction leaves CCEC with only two 13,000 TEU container vessels - both on long term time charters through 2033, with options to extend to 2039. This vessel sale aligns with the Company’s strategic plan, announced in November 2023, to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including LNG and emerging new commodities in connection with the energy transition. Since February 2024, CCEC has sold 13 container vessels, generating gross proceeds of approximately $694.2 million.

 

4


Under-Construction Fleet Update

The Company’s under-construction fleet includes six latest generation LNG/Cs (comprising the remaining Newbuild LNG/C Vessels that have not yet been delivered to the Company) and the Gas Fleet. The following table sets out the Company’s schedule of expected capex payments for its under-construction fleet as of September 30, 2025.

Capex Schedule of CCEC in USD million, as of September 30, 2025:

 

     2025      2026      2027      TOTAL  
     Q4      Q1      Q2      Q3      Q4      Q1      Q2      Q3         

Newbuild LNG/C

     50.6        25.0        51.2        393.7           702.2        —         —         1,222.7  

Gas Fleet

     22.0        74.0        105.4        123.2        47.7        89.3        46.9        35.9        544.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

TOTAL

     72.6        99.0        156.6        516.9        47.7        791.5        46.9        35.9        1,767.1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

The Company has paid by the end of the third quarter of 2025 $580.3 million in advances towards the acquisition of its under-construction fleet.

Financing Update

Secured Financing for Four 45,000 CBM DF MGCs, Two 40,000 CBM DF MGCs and Two LCO2 /multi-gas carriers under construction

On August 13, 2025, the Company entered into a seven-year financing arrangement for all six of its DF MGCs under construction. The total expected financing amount is $310.1 million, which may be increased in the event that long-term employment is secured, up to a total of $376.6 million. The facility also includes the option to draw pre-delivery financing.

On September 30, 2025, the Company entered into a new twelve-year ECA-backed financing agreement for two LCO2/multi-gas carriers that are part of our under-construction Gas Fleet, The total expected financing amount is $101.7 million, which may be increased in the event that long-term employment is secured, to up to $117.4 million.

 

5


After the conclusion of these additional financing arrangements, the financing of the Gas Fleet is summarized as follows:

Gas Fleet Financing Summary in USD million, as of September 30, 20251

 

Vessel

Name

   Vessel
Type
     CBM      Scheduled
Delivery
     Financing
Amount
     Quarterly
Instalment
     Balloon      Term  
                          Base      Increased      Base      Increased      Base      Increased      Yrs  

Aristogenis

     MGC        45,000        Q2 2026        54.7        66.4        0.7        0.8        35.5        43.2        7.0  

Aridaios

     MGC        45,000        Q3 2026        54.7        66.4        0.7        0.8        35.5        43.2        7.0  

Aratos

     MGC        45,000        Q1 2027        54.7        66.4        0.7        0.8        35.5        43.2        7.0  

Agenor

     MGC        45,000        Q2 2027        54.7        66.4        0.7        0.8        35.5        43.2        7.0  

Anios

     MGC        40,000        Q1 2027        45.7        55.5        0.6        0.7        29.7        36.1        7.0  

Andrianos

     MGC        40,000        Q3 2027        45.7        55.5        0.6        0.7        29.7        36.1        7.0  

Active

     LCO2        22,000        Q1 2026        48.9        56.4        0.6        0.7        18.0        20.8        12.0  

Amadeus

     LCO2        22,000        Q2 2026        50.9        58.7        0.6        0.7        38.1        44.0        5.0  

Alkimos

     LCO2        22,000        Q3 2026        52.8        61.0        0.7        0.8        19.5        22.5        12.0  

Athenian

     LCO2        22,000        Q4 2026        50.9        58.7        0.6        0.7        38.1        44.0        5.0  
           

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

TOTAL

              513.7        611.4        6.5        7.5        315.1        376.3     
           

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

1.

Increased amount available if long-term employment is secured.

ATM Program

On January 27, 2025, we entered into an Open Market Sale AgreementSM with Jefferies LLC, under which we may sell, from time to time through Jefferies LLC, as our sales agent, new common shares having an aggregate offering amount of up to $75.0 million (the “ATM Program”). During the quarter ended September 30, 2025, the Company issued and sold 956 shares pursuant to the ATM Program at an average price of $22.0 per share gross of sale expenses.

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. On August 8, 2025, the Company issued 356,099 common shares under the DRIP at the price of $22.85 per share gross of issuance costs.

Quarterly Dividend Distribution

On October 22, 2025, the Board of Directors of the Company declared a cash dividend per share of $0.15 for the third quarter of 2025 payable on November 13, 2025, to shareholders of record on November 3, 2025.

 

6


LNG Market Update

The LNG shipping market continued to evolve during the third quarter in a bifurcated manner, with two-stroke vessels commanding substantially higher earnings and utilization rates compared to older technology vessels such as steam turbine vessels. However, the overall spot and short-term market remained soft compared to historical averages with one-year time charter rates increasing modestly compared to the previous quarter to $42,500 per day. Importantly, all CCEC LNG/Cs are latest technology two-stroke vessels, and our fleet has no exposure to the spot market until the third quarter of 2026.

In terms of global fleet supply, new contracts were limited to just 10 new LNG/Cs during the third quarter. In addition, 19 LNG/Cs were delivered during the same period and as a result the orderbook to fleet ratio fell further to 41.2%. While at an elevated level compared to other shipping sectors, this is in line with the average orderbook to fleet ratio for LNG/Cs since 2002 and now sits at its lowest level in three years. This ratio should also be considered in the context of 25.7% of the global LNG/C fleet comprising older technology and disadvantaged steam vessels with an average age of 19.8 years.

New build asset prices remained firm throughout the third quarter at around $250 million depending on vessel specification and delivery window, with lead times well over three years. There are 285 newbuild LNG/Cs on order with 19 vessels delivered during the third quarter of 2025. Of those 285 LNG/C newbuilds, analysts expect that only 23 vessels are not tied to specific employment, with CCEC controlling three of these open vessels. The commercial removal of older, smaller and less efficient vessels has been accelerating and is expected to continue at this pace, as these vessels are expected to face even greater pressure from an increasingly rigorous regulatory environment. Vessel removal continued to reach new record levels with five LNG/Cs taken to the scrapyard during the third quarter of 2025 and 14 vessels in total exiting the global fleet year-to-date compared to the previous full year record tally of eight vessels. More recycling is to be expected with approximately 15% of the global steam fleet already recorded as having “idle” status.

We continue to believe and expect the long-term prospects for modern, state-of the art LNG/C vessels to remain constructive given that the underlying global demand for LNG continues to be strong, reflecting a near record of liquefaction projects gaining FID (Final Investment Decision) status during 2025. According to International Energy Agency data, approximately 61 million tonnes of LNG production have gained FID status during 2025 with 33 million tons of this approved during the third quarter alone.

Board of Directors update

On September 22, 2025, Mr. Abel Rasterhoff retired from the Board of Directors and Mr. Martin Houston was elected to the Board of Directors by our shareholders together with the other seven directors of the Company who were re-elected to the Board of Directors, in each case, to serve until our 2026 Annual Meeting of Shareholders. Martin Houston’s decades of leadership in global LNG and energy markets are expected to provide critical insight and support as CCEC accelerates its strategy around LNG and the energy transition.

 

7


Conference Call and Webcast

Today, October 30, 2025, the Company will host an interactive conference call at 10:00 a.m. Eastern Time to discuss the financial results.

Conference Call Details

Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Capital Clean Energy” to the operator and/or conference ID 13756290. Click here for additional International Toll - Free access numbers.

Alternatively, participants can register for the call using the “call me” option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.

Slides and Audio Webcast

There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Company’s website. To listen to the archived audio file, visit our website http://ir.capitalcleanenergycarriers.com/ and click on Webcasts & Presentations under our Investor Relations page. Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.

About Capital Clean Energy Carriers Corp.

Capital Clean Energy Carriers Corp. (NASDAQ: CCEC), an international shipping company, is one of the world’s leading platforms of gas carriage solutions with a focus on energy transition. CCEC’s in-the-water fleet includes 14 high specification vessels, including 12 latest generation LNG/Cs and two legacy Neo-Panamax container vessels. In addition, CCEC’s under-construction fleet includes six additional latest generation LNG/Cs, six dual-fuel medium gas carriers and four handy LCO2/multi-gas carriers, to be delivered between the first quarter of 2026 and the third quarter of 2027.

For more information about the Company, please visit: www.capitalcleanenergycarriers.com Tel.

 

8


Forward-Looking Statements

The statements in this press release that are not historical facts, including, among other things, statements related to CCEC’s ability to pursue growth opportunities and CCEC’s expectations or objectives regarding future vessel deliveries and charter rate expectations, 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, 2024, filed on April 17, 2025. 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 Gallagher

EVP Investor Relations

+44 (770) 368 4996

E-mail: b.gallagher@capitalmaritime.com

Nicolas Bornozis/Markella Kara

Capital Link, Inc. (New York)

Tel. +1-212-661-7566

E-mail: ccec@capitallink.com

Source: Capital Clean Energy Carriers Corp.

 

9


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)

 

     For the three-month period
ended September 30,
    For the nine-month period
ended September 30,
 
     2025     2024     2025     2024  

Revenues

     99,506       102,440       305,945       253,563  
  

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

        

Voyage expenses

     2,330       2,831       5,524       7,683  

Vessel operating expenses

     18,099       13,840       46,886       38,376  

Vessel operating expenses - related parties

     2,404       2,501       7,153       6,623  

General and administrative expenses

     3,596       4,687       11,643       12,410  

Vessel depreciation and amortization

     23,070       23,041       69,152       58,513  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income, net

     50,007       55,540       165,587       129,958  
  

 

 

   

 

 

   

 

 

   

 

 

 

Other (expense) / income, net:

        

Interest expense and finance cost

     (26,873     (38,831     (83,372     (97,540

Other (expense) / income, net

     (67     (631     3,836       2,198  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other expense, net

     (26,940     (39,462     (79,536     (95,342
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income from continuing operations

     23,067       16,078       86,051       34,616  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income from discontinued operations

     694       7,220       48,190       56,762  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income from operations

     23,761       23,298       134,241       91,378  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income attributable to General Partner

     —        54       —        462  

Deemed dividend to General Partner

     —        46,184       —        46,184  

Net income attributable to unvested shares

     —        100       —        404  

Net income / (loss) attributable to common shareholders

     23,761       (23,040     134,241       44,328  

Net income / (loss) from continuing operations per:

        

Common share, basic and diluted

     0.39       (0.54     1.46       (0.22

Weighted average shares outstanding:

        

Common shares, basic

     58,934,677       56,256,878       58,791,023       55,323,667  

Common shares, diluted

     59,309,263       56,256,878       59,020,011       55,323,667  

Net income from discontinued operations per:

        

Common share, basic and diluted

     0.01       0.13       0.82       1.02  

Weighted average shares outstanding:

        

Common shares, basic

     58,934,677       56,256,878       58,791,023       55,323,667  

Common shares, diluted

     59,309,263       56,256,878       59,020,011       55,323,667  

Net income / (loss) from operations per:

        

Common share, basic and diluted

     0.40       (0.41     2.28       0.80  

Weighted average shares outstanding:

        

Common shares, basic

     58,934,677       56,256,878       58,791,023       55,323,667  

Common shares, diluted

     59,309,263       56,256,878       59,020,011       55,323,667  

 

10


Capital Clean Energy Carriers Corp.

Unaudited Condensed Consolidated Balance Sheets

(In thousands of United States Dollars)

 

    

As of September 30,

2025

    

As of December 31,

2024

 

Assets

     

Current assets

     

Cash and cash equivalents

   $ 310,743      $ 313,988  

Trade accounts receivable

     6,437        3,726  

Prepayments and other assets

     7,318        7,359  

Due from related party

     —         1,131  

Inventories

     4,201        4,584  

Claims

     1,617        865  

Derivative asset

     1,791        —   

Current assets of discontinued operations

     110,244        73,890  
  

 

 

    

 

 

 

Total current assets

     442,351        405,543  
  

 

 

    

 

 

 

Fixed assets

     

Advances for vessels under construction – related party

     54,000        54,000  

Vessels, net and vessels under construction

     3,526,175        3,415,915  
  

 

 

    

 

 

 

Total fixed assets

     3,580,175        3,469,915  
  

 

 

    

 

 

 

Other non-current assets

     

Above market acquired charters

     75,369        101,574  

Deferred charges, net

     3,211        361  

Restricted cash

     21,546        22,521  

Derivative asset

     14,265        1,574  

Prepayments and other assets

     —         4  

Non-current assets of discontinued operation

     —         111,390  
  

 

 

    

 

 

 

Total non-current assets

     3,694,566        3,707,339  
  

 

 

    

 

 

 

Total assets

   $ 4,136,917      $ 4,112,882  
  

 

 

    

 

 

 

Liabilities and Shareholders’ Equity

     

Current liabilities

     

Current portion of long-term debt, net

   $ 124,294      $ 123,198  

Trade accounts payable

     10,530        14,857  

Due to related parties

     5,674        3,542  

Accrued liabilities

     39,498        31,783  

Deferred revenue

     28,401        29,804  

Derivative liabilities

     —         18,114  

Current liabilities of discontinued operations

     99,204        22,193  
  

 

 

    

 

 

 

Total current liabilities

     307,601        243,491  
  

 

 

    

 

 

 

Long-term liabilities

     

Long-term debt, net

     2,299,819        2,361,456  

Below market acquired charters

     65,489        75,659  

Deferred revenue

     1,081        634  

Non-current liabilities of discontinued operations

     —         88,673  
  

 

 

    

 

 

 

Total long-term liabilities

     2,366,389        2,526,422  
  

 

 

    

 

 

 

Total liabilities

     2,673,990        2,769,913  
  

 

 

    

 

 

 

Commitments and contingencies

     
  

 

 

    

 

 

 

Total shareholders’ equity

     1,462,927        1,342,969  
  

 

 

    

 

 

 

Total liabilities and shareholders’ equity

   $ 4,136,917      $ 4,112,882  
  

 

 

    

 

 

 

 

11


Capital Clean Energy Carriers Corp.

Unaudited Condensed Consolidated Statements of Cash Flows

(In thousands of United States Dollars)

 

     For the nine-month ended September 30,  
     2025     2024  

Cash flows from operating activities of continuing operations:

    

Net income from operations

   $ 134,241     $ 91,378  

Less: Net income from discontinued operations

     48,190       56,762  

Net income from continuing operations

     86,051       34,616  

Adjustments to reconcile net income to net cash provided by operating activities:

    

Vessel depreciation and amortization

     69,152       58,513  

Amortization and write-off of deferred financing costs

     2,920       2,232  

Amortization / accretion of above / below market acquired charters

     16,035       11,367  

Amortization of ineffective portion of derivatives

     (155     (157

Equity compensation expense

     4,783       4,464  

Change in fair value of derivatives

     (19,905     (578

Unrealized bonds exchange differences

     19,262       1,352  

Changes in operating assets and liabilities:

    

Trade accounts receivable

     (2,711     (2,237

Prepayments and other assets

     45       396  

Due from related party

     1,131       1,733  

Inventories

     383       (2,071

Claims

     (752     —   

Trade accounts payable

     (3,947     1,638  

Due to related parties

     2,132       499  

Accrued liabilities

     6,579       12,816  

Deferred revenue

     (956     3,488  

Dry Docking - paid

     (1,083     —   
  

 

 

   

 

 

 

Net cash provided by operating activities of continuing operations

   $ 178,964     $ 128,071  
  

 

 

   

 

 

 

Cash flows from investing activities of continuing operations:

    

Vessel acquisitions, vessels under construction and improvements including time and bareboat charter agreements

     (180,247     (1,195,264

Expenses for sale of vessels paid

     (220     (220
  

 

 

   

 

 

 

Net cash used in investing activities of continuing operations

   $ (180,467   $ (1,195,484
  

 

 

   

 

 

 

Cash flows from financing activities of continuing operations:

    

Proceeds from long-term debt

     —        1,582,000  

Deferred financing and offering costs paid

     (781     (12,415

Payments of long-term debt

     (95,242     (713,371

Dividends paid

     (18,455     (25,055

Proceeds from offering

     196       —   
  

 

 

   

 

 

 

Net cash (used in) / provided by financing activities of continuing operations

   $ (114,282   $ 831,159  
  

 

 

   

 

 

 

Net decrease in cash, cash equivalents and restricted cash from continuing operations

   $ (115,785   $ (236,254
  

 

 

   

 

 

 

Cash flows from discontinued operations

    

Operating activities

     3,354       43,559  

Investing activities

     112,201       266,991  

Financing activities

     (3,990     (95,322
  

 

 

   

 

 

 

Net increase in cash, cash equivalents and restricted cash from discontinued operations

     111,565       215,228  
  

 

 

   

 

 

 

Net decrease in cash, cash equivalents and restricted cash

     (4,220     (21,026
  

 

 

   

 

 

 

Cash, cash equivalents and restricted cash at the beginning of the period

   $ 336,509     $ 204,141  
  

 

 

   

 

 

 

Cash, cash equivalents and restricted cash at the end of the period

   $ 332,289     $ 183,115  
  

 

 

   

 

 

 

Supplemental cash flow information

    

Cash paid for interest

   $ 82,443     $ 94,881  

Non-Cash Investing and Financing Activities

    

Capital expenditures included in liabilities

     3,000       4,317  

Capitalized dry-docking costs included in liabilities

     4,426       4,149  

Deferred financing and offering costs included in liabilities

     136       310  

Expenses for sale of vessels included in liabilities

     —        640  

Dividends reinvestment plan issuance of new shares

     8,155       —   

Seller’s credit agreements in connection with the acquisition of vessel owning companies

     —        134,764  

Reconciliation of cash, cash equivalents and restricted cash

    

Cash and cash equivalents

     310,743       164,792  

Restricted cash - non-current assets

     21,546       18,323  
  

 

 

   

 

 

 

Total cash, cash equivalents and restricted cash shown in the statements of cash flows

   $ 332,289     $ 183,115  
  

 

 

   

 

 

 

 

12


Appendix A

 

I.

Discontinued Operations - Vessels

 

Name of Vessel

  

Type

  

TEU

  

Memorandum of
Agreement Date

  

Delivery

M/V Akadimos

   Neo Panamax Container Vessel    9,288    January 31, 2024    March 8, 2024

M/V Long Beach Express

   Panamax Container Vessel    5,089    December 15, 2023    February 26, 2024

M/V Seattle Express

   Panamax Container Vessel    5,089    February 14, 2024    April 26, 2024

M/V Fos Express

   Panamax Container Vessel    5,089    February 14, 2024    May 3, 2024

M/V Athenian

   Neo Panamax Container Vessel    9,954    March 1, 2024    April 22, 2024

M/V Athos

   Neo Panamax Container Vessel    9,954    March 1, 2024    April 22, 2024

M/V Aristomenis

   Neo Panamax Container Vessel    9,954    March 1, 2024    May 3, 2024

M/V Hyundai Premium

   Neo Panamax Container Vessel    5,023    September 12, 2024    November 22, 2024

M/V Hyundai Paramount

   Neo Panamax Container Vessel    5,023    September 12, 2024    December 20, 2024

M/V Hyundai Prestige

   Neo Panamax Container Vessel    5,023    September 12, 2024    December 5, 2024

M/V Hyundai Privilege

   Neo Panamax Container Vessel    5,023    September 12, 2024    January 10, 2025

M/V Hyundai Platinum

   Neo Panamax Container Vessel    5,023    September 12, 2024    March 10, 2025

M/V Manzanillo Express

   Neo Panamax Container Vessel    13,312    August 7, 2025    October 6, 2025

 

II.

Discontinued Operations - Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of United States Dollars)

 

     For the three-month
periods ended September 30,
     For the nine-month
periods ended September 30,
 
     2025      2024      2025      2024  

Revenues

     3,603        17,474        13,186        68,516  
  

 

 

    

 

 

    

 

 

    

 

 

 

Expenses / (income), net:

           

Voyage expenses

     90        294        301        1,460  

Vessel operating expenses

     718        3,889        3,330        16,298  

Vessel operating expenses - related party

     105        638        400        2,475  

Vessel depreciation and amortization

     460        3,403        2,762        14,469  

Gain on sale of vessels

     —         —         (46,213      (31,602
  

 

 

    

 

 

    

 

 

    

 

 

 

Operating income, net

     2,230        9,250        52,606        65,416  
  

 

 

    

 

 

    

 

 

    

 

 

 

Other income / (expense), net:

           

Interest expense and finance cost

     (1,540      (1,937      (4,644      (8,693

Other income / (expense), net

     4        (93      228        39  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other expense, net

     (1,536      (2,030      (4,416      (8,654
  

 

 

    

 

 

    

 

 

    

 

 

 

Net income from discontinued operations

     694        7,220        48,190        56,762  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

13


During the nine-month period ended September 30, 2025, the Company disposed of the following vessels recognizing, a gain on sale of vessels of $46,213.

 

Vessel

 

MOA Date

 

Delivery date

M/V Hyundai Privilege   September 12, 2024   January 10, 2025
M/V Hyundai Platinum   September 12, 2024   March 10, 2025

 

III.

Discontinued Operations - Unaudited Condensed selected balance sheets information (In thousands of United States Dollars)

 

     As of September 30,
2025
     As of December 31,
2024
 

Cash and cash equivalents

   $ 4      $ 38  

Trade accounts receivable, net

     399        763  

Inventories

     —         260  

Prepayments and other assets

     877        1,060  

Claims

     49        49  

Assets held for sale

     108,915        71,720  
  

 

 

    

 

 

 

Total current assets of discontinued operations

     110,244        73,890  
  

 

 

    

 

 

 

Vessels, net

     —         111,390  
  

 

 

    

 

 

 

Total non-current assets of discontinued operations

     —         111,390  
  

 

 

    

 

 

 

Current portion of long-term debt, net

     —         5,185  

Trade accounts payable

     2,353        3,288  

Accrued liabilities

     6,883        12,817  

Deferred revenue

     —         903  

Liabilities associated with vessel held for sale

     89,968        —   
  

 

 

    

 

 

 

Total current liabilities of discontinued operations

     99,204        22,193  
  

 

 

    

 

 

 

Non-current liabilities

     —         88,673  
  

 

 

    

 

 

 

Total non-current liabilities of discontinued operations

     —         88,673  
  

 

 

    

 

 

 

On August 7, 2025, the Company entered into a memorandum of agreement (“MOA”), to sell the M/V Manzanillo Express to an unaffiliated party for total consideration of $118,500. At that date, the Company considered that the M/V Manzanillo Express met the criteria to be classified as held for sale and is included in “Total current assets from discontinued operations” in the summarized selected balance sheet information from discontinued operations as of September 30, 2025. As of the MOA date the M/V Manzanillo Express fair value less estimated costs to sell exceeded its carrying amount, so no impairment charge was recognized.

 

14