Exhibit I

CCEC

Financial Results for the nine-month period ended September 30, 2025

Operating and Financial Review and Prospects

You should read the following discussion of our financial condition and results of operations in conjunction with our unaudited interim condensed consolidated financial statements for the nine-month periods ended September 30, 2025, and 2024 and related notes included elsewhere herein. Among other things, the financial statements include more detailed information regarding the basis of presentation for the following information. This discussion contains forward-looking statements that are made based upon management’s current plans, expectations, estimates, assumptions and beliefs concerning future events impacting us and therefore involve a number of risks and uncertainties, including those risks and uncertainties discussed in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) on April 17, 2025 (the “Annual Report”). These risks, uncertainties and assumptions involve known and unknown risks and are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements.

Following our announcement on November 13, 2023, of our intention to shift our business focus towards LNG and energy transition shipping and gradually divest from our non-core assets, since December 2023 we have completed the sale of 13 container vessels as set forth in the following table:

 

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

We determined that the assets and liabilities, results of operations and cash flows of these 13 container vessels met the criteria to be reported in discontinued operations. As a result, the following financial information and discussion relate to results of operations from continuing operations. Please also refer to Note 3 Discontinued Operations in our unaudited interim condensed consolidated financial statements for the nine-month periods ended September 30, 2025, and 2024 included elsewhere herein.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

We are an international owner of ocean-going vessels. Currently our fleet of 14 vessels consists of 12 latest generation LNG/C vessels (1.0 million DWT and total capacity of 2.1 million CBM) and two legacy Neo-Panamax container carrier vessels (0.3 million DWT and total TEU capacity of 27,008). ). In addition, our under-construction fleet includes six additional latest generation LNG/Cs, six dual-fuel Medium Gas Carriers (“MG/Cs”) and four Handy Liquified CO2 Multi-Gas Carriers (“LCO2 – HMG/C”), to be delivered between the first quarter of 2026 and the third quarter of 2027. As of September 30, 2025, the DWT weighted average age of our on the water fleet was approximately 2.9 years.

Recent Developments

At The Market Offering of Shares

On January 27, 2025, we entered into the Open Market Sales Agreement (the “Sales Agreement”) with Jefferies LLC (“Jefferies”) under which we may offer and sell up to $75.0 million of our common shares from time to time through or to Jefferies acting as sales agent or principal. We intend to use the net proceeds from the sales of new common shares pursuant to the Sales Agreement, after deducting the sales agent’s commissions and our offering expenses, for general corporate purposes, which may include, among other things, the acquisition of new vessels, the repayment or refinancing of all or a portion of our outstanding indebtedness and funding of working capital requirements or capital expenditures. During the nine-month period ended September 30, 2025, we issued 8,910 new common shares resulting in net proceeds of $0.2 million after the payment of commission to the sales agent, but before offering expenses. During the nine-month period ended September 30, 2025, the Company recognized deferred offering expenses of $0.5 million in connection with the Sales Agreement.

Financing arrangements

On September 30, 2025, the vessel-owning companies of the remaining two LCO2 – HMG/C currently under construction, entered into a new credit facility, the “2025 - LCO2 Active, Alkimos credit facility”, to partially finance the deliveries from the shipyard. The Company is acting as a parent guarantor. The following table presents an analysis of the main terms of the credit facility:

All amounts presented in the table below are expressed in millions of United States Dollars

 

Vessel Name

Vessel Type

Cubic Meters (“CBM”)

Scheduled Delivery

Financing Amount

Quarterly Instalment

Balloon

Duration in years

Base

Increased*

Base

Increased*

Base

Increased*

Active & Alkimos

LCO2 – HMG/C

22,000

Q1 & Q3 2026

101.7

117.3

1.3

1.5

37.5

43.2

12.0

 

*	Increased amount if long term employment is secured

On August 13, 2025, the vessel-owning companies of six MG/Cs currently under construction, entered into six separate sale and lease back agreements with subsidiaries of the CMB Financial Leasing Co., Ltd (“CMBFL”), the “2025 CMBFL - MG/C” to partially finance the deliveries from the shipyard. The Company is acting as a parent guarantor. The following table presents an analysis of the main terms of the sale and leaseback agreements:

All amounts presented in the table below are expressed in millions of United States Dollars

 

Vessel Name		Vessel Type				CBM				Scheduled Delivery				Financing Amount								Quarterly Instalment								Balloon								Duration in years
														Base				Increased*				Base				Increased*				Base				Increased*
Aristogenis			MG/C				45,000				Q2/2026				54.7				66.4				0.7				0.8				35.5				43.2				7.0
Aridaios			MG/C				45,000				Q3/2026				54.7				66.4				0.7				0.8				35.5				43.2				7.0
Aratos			MG/C				45,000				Q1/2027				54.7				66.4				0.7				0.8				35.5				43.2				7.0
Agenor			MG/C				45,000				Q2/2027				54.7				66.4				0.7				0.8				35.5				43.2				7.0
Andrianos			MG/C				40,000				Q1/2027				45.7				55.5				0.6				0.7				29.7				36.1				7.0
Anios			MG/C				40,000				Q3/2027				45.7				55.5				0.6				0.7				29.7				36.1				7.0

 

*	Increased amount if long term employment is secured

On June 26, 2025, the vessel-owning companies of two LCO2 – HMG/C currently under construction, entered into a new credit facility, the “2025 - LCO2 Amadeus, Athenian credit facility” to partially finance the deliveries from the shipyard. The Company is acting as a parent guarantor. The following table presents an analysis of the main terms of the credit facility:

All amounts presented in the table below are expressed in millions of United States Dollars

 

Vessel Name

Vessel Type

CBM

Scheduled Delivery

Financing Amount

Quarterly Instalment

Balloon

Duration in years

Base

Increased*

Base

Increased*

Base

Increased*

Amadeus & Athenian

LCO2 – HMG/C

22,000

Q2 & Q4 2026

101.7

117.3

1.3

1.5

76.3

88.0

5.0

 

*	Increased amount if long term employment is secured

Please see section “Borrowings (Financing arrangements)” below.

Quarterly Common Share Cash Dividend

On January 22, 2025, the Board declared a cash dividend of $0.15 per common share for the fourth quarter of 2024 which was paid on February 12, 2025, to common shareholders of record on February 6, 2025.

On April 30, 2025, the Board declared a cash dividend of $0.15 per common share for the first quarter of 2025 which was paid on May 16, 2025, to common shareholders of record on May 12, 2025.

On July 24, 2025, the Board declared a cash dividend of $0.15 per common share for the second quarter of 2025 which was paid on August 8, 2025, to common shareholders of record on August 4, 2025.

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

On June 10, 2025, we announced a Dividend Reinvestment Plan (“DRIP”). The DRIP is open to our existing shareholders and investors who will become our shareholders in the future outside of the DRIP. During the nine-month period ended September 30, 2025, the Company issued 356,099 common shares under the DRIP at the price of $22.85 per share, net of issuance costs. During the nine-month period ended September 30, 2025, we recognized expenses of $0.2 million relating to the DRIP.

Declaration and payment of any dividend is subject to the discretion of our board of directors. Our dividend policy may be changed at any time, and from time to time, by the board of directors. The timing and amount of dividend payments to holders of our shares will depend on, among other things, shipping market developments and the charter rates we are able to negotiate when we charter our vessels, our cash earnings, financial condition and cash requirements, and could be affected by a variety of factors, including increased or unanticipated expenses, the loss of a vessel, required capital expenditures, reserves established by the board of directors, refinancing or repayment of debt, additional borrowings, compliance with the covenants in our financing arrangements, our anticipated future cost of capital, access to financing and equity and debt capital markets, including for the purposes of refinancing or repaying existing debt, asset valuations, other factors described in our filings with the SEC from time to time and the applicable provisions of Marshall Islands law. See also the risks discussed in our Annual Report, including in particular the risk factor entitled “We cannot assure you that we will pay any dividends on our common shares.”

Factors Affecting Our Future Results of Operations

Please refer to our Annual Report, regarding the factors affecting our future results of operations.

Financial Results in thousands of United States dollars:

 

		For the nine-month periods ended September 30,
		2025				2024
Revenues		$	305,945			$	253,563
Expenses:
Voyage expenses			5,524				7,683
Vessel operating expenses			46,886				38,376
Vessel operating expenses—related parties			7,153				6,623
General and administrative expenses			11,643				12,410
Vessel depreciation and amortization			69,152				58,513
Operating income, net			165,587				129,958
Other (expense) / income, net:
Interest expense and finance cost			(83,372	)			(97,540	)
Other income, net			3,836				2,198
Total other expense, net			(79,536	)			(95,342	)
Net income from continuing operations			86,051				34,616
Net income from discontinued operations			48,190				56,762
Net income from operations		$	134,241			$	91,378

Results of Operations

Nine-Month Period Ended September 30, 2025, compared to the Nine-Month Period Ended September 30, 2024

Our results of operations for the nine-month periods ended September 30, 2025, and 2024 differ primarily due to:

 

•

The increase in the average number of vessels in our fleet by 1.8 vessels compared to the corresponding period in 2024 following the acquisition of three LNG/Cs in the second quarter of 2024;

 

•

the increase in revenues, partly offset by the off-hire periods as two of our LNG/Cs underwent their five-year special surveys, operating expenses and depreciation and amortization as a result of the acquisition of the three LNG/Cs; and

 

•

the decrease in interest expense and finance cost during the nine-month period ended September 30, 2025, compared to the corresponding period in 2024, mainly attributable to the decrease in the weighted average interest rate charged on our debt partly set off by the increase in our average indebtedness.

Total Revenues

Total revenues, consisting of time and bareboat charter revenues, amounted to $305.9 million for the nine-month period ended September 30, 2025, compared to $253.6 million for the nine-month period ended September 30, 2024. The increase of $52.3 million during the nine-month period ended September 30, 2025, was primarily attributable to the three LNG/Cs we acquired in the second quarter of 2024, namely the LNG/C Apostolos, the LNG/C Aktoras and the LNG/C Assos. As a result, the average number of vessels in our fleet for the nine-month period ended September 30, 2025, increased by 1.8 vessels compared to the corresponding period in 2024.

Time and bareboat charter revenues are mainly comprised of the charter hires received from unaffiliated third-party charterers and are affected by the number of days our vessels operate, the average number of vessels in our fleet and the charter rates.

For the nine-month period ended September 30, 2025, BP Gas Marketing Limited (“BP”), Bonny Gas Transport Limited (“BGT”), Cheniere Marketing International LLP (“Cheniere”), Qatar Energy Trading LLC (“Qatar Energy Trading”) and Hartree Partners Power & Gas Company (UK) Limited (“Hartree”) accounted for 17%, 16%, 13%, 10% and 10% of our total revenues, respectively.

Voyage Expenses

Total voyage expenses amounted to $5.5 million for the nine-month period ended September 30, 2025, compared to $7.7 million for the nine-month period ended September 30, 2024. The decrease of $2.2 million was mainly attributed to certain voyage expenses we incurred that were reimbursed to us by charterers during the nine-month period ended September 30, 2025 and higher costs incurred for additional war risk premiums during the nine-month period ended September 30, 2024 compared to the corresponding period in 2025.

Voyage expenses primarily consist of bunkers, port expenses and commissions. In voyage charters the shipowner generally is responsible for paying voyage expenses while voyage expenses incurred during time and bareboat charters are paid by the charterer, except for commissions, which are paid for by us. Voyage expenses incurred during off-hire periods are paid by us.

Vessel Operating Expenses

For the nine-month period ended September 30, 2025, our total vessel operating expenses amounted to $54.0 million, compared to $45.0 million for the nine-month period ended September 30, 2024. The increase of $9.0 million for the nine-month period ended September 30, 2025, was mainly due to the increase in the average number of vessels in our fleet compared to the corresponding period in 2024. During the nine-month period ended September 30, 2025, two of our LNGC’s underwent special surveys recognizing additional costs compared to the corresponding period in 2024 in which none of our vessels underwent special survey.

Total vessel operating expenses for the nine-month period ended September 30, 2025, include expenses of $7.2 million incurred under management agreements with Capital-Executive Ship Management Corp. (“Capital-Executive”), Capital Container Ship Management Corp. (“Capital-Container”) and Capital Gas Ship Management Corp. (“Capital Gas Management”), compared to $6.6 million during the nine-month period ended September 30, 2024. Please also refer to Note 5 (Transactions with related parties) in the unaudited condensed consolidated financial statements for the nine-month period ended September 30, 2025, included elsewhere herein.

General and Administrative Expenses

General and administrative expenses amounted to $11.6 million for the nine-month period ended September 30, 2025, compared to $12.4 million for the nine-month period ended September 30, 2024. The decrease of $0.8 million in general and administrative expenses was mainly attributable to the decrease in fees related to the corporate conversion of the Company during the nine-month period ended September 30, 2024, partly offset by the increase in fees paid under the executive services agreement with Capital GP L.L.C. (“CGP”) and the higher costs in connection with our equity compensation incentive plan.

General and administrative expenses include Board fees and expenses, audit and certain legal fees and other fees related to the requirements of being a publicly traded entity, the amortization associated with our equity incentive plan and the cost of other transactions.

Vessel Depreciation and Amortization

Vessel depreciation and amortization increased to $69.2 million for the nine-month period ended September 30, 2025, compared to $58.5 million for the nine-month period ended September 30, 2024. The increase of $10.7 million in vessel depreciation and amortization was attributable to the increase in the average number of vessels in our fleet.

Total Other Expense, Net

Total other expense, net for the nine-month period ended September 30, 2025, amounted to $79.5 million, compared to $95.3 million for the nine-month period ended September 30, 2024. Total other expense, net include interest expense and finance cost of $83.4 million for the nine-month period ended September 30, 2025, compared to $97.5 million for the nine-month period ended September 30, 2024. The decrease of $14.1 million in interest expense and finance cost during the nine-month period ended September 30, 2025, was mainly due to the decrease in the weighted average interest rate charged on our debt partly set off by the increase in our average indebtedness compared to the corresponding period in 2024. Please also refer to Note 8 (Long-term debt) to our unaudited condensed consolidated financial statements included elsewhere herein.

Interest expense and finance cost include interest expense, amortization of financing charges, commitment fees and bank charges.

Net Income

Net income for the nine-month period ended September 30, 2025, amounted to $86.1 million compared to $34.6 million for the corresponding period in 2024.

Liquidity and Capital Resources

As of September 30, 2025, total cash amounted to $332.3 million. Total cash includes restricted cash of $21.5 million in total representing the minimum liquidity requirement under our credit facilities, sale and lease back agreements and unsecured bonds (the “financing arrangements”).

Generally, our primary sources of funds have been cash from operations, bank borrowings, sale and lease back arrangements and, depending on our access to the capital markets, equity and debt securities offerings.

Cash from operations depends on our chartering activity. Depending on the prevailing market rates when our charters expire, we may not be able to re-charter our vessels at levels similar to their current charters, which may affect our future cash flows from operations. Cash flows from operations may be further affected by other factors described in our Annual Report in “Item 3. Key Information—D. Risk Factors.”

Subject to our ability to obtain required financing and access financial markets, we expect to continue to evaluate opportunities to acquire vessels and businesses. As of September 30, 2025, we had the following outstanding commitments for the acquisition of vessel-owning companies from a related party and vessels under construction that will be financed through the issuance of debt and cash at hand:

 

Year ending September 30,		Vessels’ acquisitions				Vessels under construction				Total
2026		$	244.0			$	601.0			$	845.0
2027			245.3				676.7				922.0
Total		$	489.3			$	1,277.7			$	1,767.0

Furthermore, we have outstanding commitments relating to supervision services agreements for vessels under construction amounting to $4.2 million.

We expect four of our LNG/C vessels will undergo a special survey in the next twelve months.

As of September 30, 2025, 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 reflects net income from operations of $134.2 million for the nine-month period to September 30, 2025, the amortization associated with the equity incentive plan of $4.3 million net of dividends declared on unvested shares, and the net proceeds from the offering according to the Sales Agreement of 0.2 million, and $8.1 million of common shares issued under our Dividend Reinvestment Plan, partly offset by dividends declared during the period in a total amount of $26.6 million and the other comprehensive loss of $0.3 million relating to the net effect of the cross-currency swap agreement we designated as an accounting hedge.

Subject to shipping, charter and financial market developments, we believe that our working capital will be sufficient to meet our existing liquidity needs for at least the next 12 months.

Cash Flows

The following table summarizes our cash and cash equivalents and restricted cash provided by / (used in) operating, investing and financing activities for the periods, presented in millions of United States dollars:

 

		For the nine-month periods ended September 30,
		2025				2024
Net Cash Provided by Operating Activities		$	179.0			$	128.1
Net Cash Used in Investing Activities			(180.5	)			(1,195.5	)
Net Cash (Used in) / Provided by Financing Activities		$	(114.3	)		$	831.2

Net Cash Provided by Operating Activities

Net cash provided by operating activities was $179.0 million for the nine-month period ended September 30, 2025, compared to $128.1 million for the nine-month period ended September 30, 2024. The increase of $50.9 million was mainly attributable to the increase in revenues and the amounts due to related parties and the decrease in interest expense, finance costs, partly offset by the increase in vessel operating expenses, the decrease in trade payables, accrued liabilities and deferred revenue, the increase in trade receivables and the amount paid for dry docking costs.

Net Cash Used in Investing Activities

Net cash used in investing activities refers primarily to cash used for vessel acquisitions, advances for vessels under construction and improvements. Net cash used in investing activities during the nine-month period ended September 30, 2025, amounted to $180.5 million compared to $1,195.5 million during the corresponding period in 2024.

During the nine-month period ended September 30, 2025, we paid advances and initial expenses for vessels under construction of $180.3 million and $0.2 million for expenses relating to the sale of vessels.

During the nine-month period ended September 30, 2024, we paid $948.8 million to acquire the shares of the companies owning the LNG/C Axios II, the LNG/C Aktoras, the LNG/C Apostolos, and the LNG/C Assos and we paid advances for vessels under construction of $244.2 million, paid $2.3 million for vessel improvements and $0.2 million for expenses relating to the sale of vessels.

Net Cash (Used In)/ Provided by Financing Activities

Net cash used in financing activities for the nine-month period ended September 30, 2025, was $114.3 million representing $95.2 million we repaid in line with the amortization schedule of our financing arrangements, $0.8 million we paid in financing and offering costs, and $18.5 million of dividends we paid to our shareholders partly offset by $0.2 million of net proceeds we received from the sale of new common shares according to our Sales Agreement.

Net cash provided by financing activities for the nine-month period ended September 30, 2024, was $831.2 million representing cash proceeds of $1,582.0 million from the issuance of a new financing arrangement that we entered into in order to partly finance the acquisition of the shares of the companies owning the LNG/C Axios II, the LNG/C Aktoras, the LNG/C Apostolos, and the LNG/C Assos partly offset by $713.4 million in total of long term debt principal payments, $12.4 million we paid in financing costs, and $25.1 million of dividends we paid to our shareholders.

Borrowings (Financing Arrangements)

Our long-term borrowings are reflected in our balance sheet in long-term liabilities as “Long-term debt, net” and in current liabilities as “Current portion of long-term debt, net”.

As of September 30, 2025, and December 31, 2024, total borrowings of $2,440.8 million and $2,504.0 million were outstanding under our financing arrangements, respectively.

On September 30, 2025, the vessel-owning companies of two LCO2 – HMG/C currently under construction, entered into a new credit facility, the “2025 - LCO2 Active, Alkimos credit facility” to partially finance the deliveries from the shipyard.

On August 13, 2025, the vessel-owning companies of six MG/Cs currently under construction, entered into the “2025 CMBFL - MG/C” sale and lease back agreements to partially finance the deliveries from the shipyard.

On June 26, 2025, the vessel-owning companies of two LCO2 – HMG/C currently under construction, entered into the 2025 - LCO2 Amadeus, Athenian credit facility to partially finance the deliveries from the shipyard.

For information relating to our credit facilities, sale and lease back agreements and unsecured bonds, please refer to Note 8 of our audited Consolidated Financial Statements included in our Annual Report and Note 8 to our unaudited interim condensed consolidated financial statements and the descriptions above in “Recent Developments” and “Liquidity and Capital Resources”.

As of September 30, 2025, and December 31, 2024, we were in compliance with all financial debt covenants. Our ability to comply with the covenants and restrictions contained in our financing arrangements and any other debt instruments we may issue or enter into in the future may be affected by events beyond our control, including prevailing economic, financial and industry conditions, such as interest rate developments, changes in the funding costs offered by our banks and changes in asset valuations. If market or other economic conditions deteriorate, our ability to comply with these covenants may be impaired. If we are in breach of any of the restrictions, covenants, ratios or tests included in our financing arrangements, we are unlikely to be able to make any dividends to holders of our common shares, a significant portion of our obligations may become immediately due and payable and our lenders’ commitment to make further loans to us, if any, may terminate. We may not have, or be able to obtain, sufficient funds to make these accelerated payments. In addition, obligations under our financing arrangements are secured by certain of our vessels, and if we are unable to repay debt under our financing arrangements, the lenders could seek to foreclose on those assets. More specifically, 15 vessels, including the M/V Manzanillo Express, which is presented within discontinued operations, with an aggregate net book value of $3.1 billion as of September 30, 2025, have been provided as collateral under the terms of our credit facilities or the title of ownership is held by the relevant lender under our sale and lease back agreements.

Any contemplated vessel acquisitions will have to be at levels that do not impair the required ratios, see “Item 5.B. Liquidity and Capital Resources— Borrowings (Financing Arrangements)” in our Annual Report. If the estimated asset values of vessels in our fleet decrease, we may be obliged to prepay part of our outstanding debt in order to remain in compliance with the relevant covenants in our financing arrangements. A decline in the market value of our vessels could also affect our ability to refinance our financing arrangements and/or limit our ability to obtain additional financing. As of September 30, 2025, a decrease of 10% in the aggregate fair market values of our fleet would not cause any violation of the total indebtedness to aggregate market value covenant contained in our financing arrangements.

Off-Balance Sheet Arrangements

As of September 30, 2025, we have not entered into any off-balance sheet arrangements.

Critical Accounting Estimates

A discussion of our critical accounting estimates can be found in our Annual Report.

Changes in Accounting Policies

See Note 2 to our unaudited interim condensed consolidated financial statements included elsewhere herein.

Exhibit II

INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CAPITAL CLEAN ENERGY CARRIERS CORP.

 

		Page
Unaudited Condensed Consolidated Balance Sheets as of September  30, 2025 and December 31, 2024			F-1
Unaudited Condensed Consolidated Statements of Comprehensive Income for the nine-month periods ended September 30, 2025 and 2024			F-2
Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity and Partners’ Capital for the nine-month periods ended September 30, 2025 and 2024			F-3
Unaudited Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2025 and 2024			F-4
Notes to the Unaudited Interim Condensed Consolidated Financial Statements			F-5

 

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 (Note 5)			—				1,131
Inventories			4,201				4,584
Claims			1,617				865
Derivative assets (Note 9)			1,791				—
Current assets of discontinued operations (Note 3)			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 (Note 6)			3,526,175				3,415,915
Total fixed assets			3,580,175				3,469,915
Other non-current assets
Above market acquired charters (Note 7)			75,369				101,574
Deferred charges, net			3,211				361
Restricted cash (Note 8)			21,546				22,521
Derivative assets (Note 9)			14,265				1,574
Prepayments and other assets			—				4
Non-current assets of discontinued operations (Note 3)			—				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 (Note 8)		$	124,294				123,198
Trade accounts payable			10,530				14,857
Due to related parties (Note 5)			5,674				3,542
Accrued liabilities			39,498				31,783
Deferred revenue			28,401				29,804
Derivative liabilities (Note 9)			—				18,114
Current liabilities of discontinued operations (Note 3)			99,204				22,193
Total current liabilities			307,601				243,491
Long-term liabilities
Long-term debt, net (Note 8)			2,299,819				2,361,456
Below market acquired charters (Note 7)			65,489				75,659
Deferred revenue			1,081				634
Non-current liabilities of discontinued operations (Note 3)			—				88,673
Total long-term liabilities			2,366,389				2,526,422
Total liabilities			2,673,990				2,769,913
Commitments and contingencies (Note 14)
Total shareholders’ equity			1,462,927				1,342,969
Total liabilities and shareholders’ equity		$	4,136,917			$	4,112,882

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

F-1

Capital Clean Energy Carriers Corp.

Unaudited Condensed Consolidated Statements of Comprehensive Income

(In thousands of United States Dollars except number of shares and net income per share)

 

		For the nine-month periods ended September 30,
		2025				2024
Revenues (Note 4)		$	305,945			$	253,563
Expenses:
Voyage expenses			5,524				7,683
Vessel operating expenses			46,886				38,376
Vessel operating expenses - related parties (Note 5)			7,153				6,623
General and administrative expenses (including $2,779 and $2,046 to related parties, for the nine-month periods ended September 30, 2025 and 2024, respectively) (Note 5)			11,643				12,410
Vessel depreciation and amortization (Note 6)			69,152				58,513
Operating income, net			165,587				129,958
Other (expense) / income, net:
Interest expense and finance cost (including $2,673 to related party, for the nine-month period ended September 30, 2024) (Notes 5, 8)			(83,372	)			(97,540	)
Other income, net			3,836				2,198
Total other expense, net			(79,536	)			(95,342	)
Net income from continuing operations			86,051				34,616
Net income from discontinued operations (Note 3)			48,190				56,762
Net income from operations			134,241				91,378
Net income attributable to General Partner			—				462
Deemed dividend to General Partner			—				46,184
Net income attributable to unvested shares			—				404
Net income attributable to common shareholders			134,241				44,328
Net income / (loss) from continuing operations per:
• Common share, basic and diluted (Note 13)		$	1.46			$	(0.22	)
Weighted-average shares outstanding:
• Common shares, basic			58,791,023				55,323,667
• Common shares, diluted			59,020,011				55,323,667
Net income from discontinued operations per:
• Common share, basic and diluted		$	0.82			$	1.02
Weighted-average shares outstanding:
• Common shares, basic			58,791,023				55,323,667
• Common shares, diluted			59,020,011				55,323,667
Net income from operations per:
• Common share, basic and diluted		$	2.28			$	0.80
Weighted-average shares outstanding:
• Common shares, basic			58,791,023				55,323,667
• Common shares, diluted			59,020,011				55,323,667
Net income from operations			134,241				91,378
Other comprehensive loss:
Unrealized loss on derivative instruments (Note 9)			(305	)			(364	)
Total comprehensive income		$	133,936			$	91,014

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

F-2

Capital Clean Energy Carriers Corp.

Unaudited Condensed Consolidated Statements of Changes in Shareholders’ Equity and Partners’ Capital

(In thousands of United States Dollars except for the number of shares)

 

The statement below for the nine-month period ended September 30, 2024, represents Capital Clean Energy Carriers Corp. as a partnership prior to the Conversion (as defined in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission on April 17, 2025 (the “2024 20-F”)). The statement below for the nine-month period ended September 30, 2025, represents Capital Clean Energy Carriers Corp. as a corporation after the Conversion.

 

		No. of shares				Share Capital				General Partner				Common Unitholders / Shareholders				Treasury units				Additional Paid-In Capital				Retained Earnings				Accumulated Other Comprehensive Loss				Total
Balance at January 1, 2024			—			$	—			$	12,885			$	1,171,573			$	(7,939	)		$	—			$	—			$	(1,586	)		$	1,174,933
Dividends declared (distributions of $0.45 per common unit) (Note 11)			—				—				(155	)			(24,900	)			—				—				—				—				(25,055	)
Net income			—				—				516				81,745				—				—				—				—				82,261
Equity compensation expense (Note 12)			—				—				—				4,093				—				—				—				—				4,093
Other comprehensive income (Note 9)			—				—				—				—				—				—				—				179				179
Balance at August 25, 2024			—			$	—			$	13,246			$	1,232,511			$	(7,939	)		$	—			$	—			$	(1,407	)		$	1,236,411
Net Income from 26/8/24 to 30/09/2024			—				—				—				—				—				—				9,117				—				9,117
Equity compensation expense (Note 12)			—				—				—				—				—				371				—				—				371
Conversion of 54,887,313 common units to common shares and 1,551,061 treasury units to treasury shares.			56,438,374				564				—				—				—				(564	)			—				—				—
Conversion of 348,570 general partner units into 3,500,000 common shares (Notes 1, 11)			3,500,000				35				46,184				(46,184	)			—				(35	)			—				—				—
Reclassification resulting from the Conversion			—				—				(59,430	)			(1,186,327	)			7,939				1,237,818				—				—				—
Other comprehensive loss (Note 9)			—				—				—				—				—				—				—				(543	)			(543	)
Balance at September 30, 2024			59,938,374			$	599			$	—			$	—			$	—			$	1,237,590			$	9,117			$	(1,950	)		$	1,245,356

 

		No. of shares				Share Capital				Additional Paid-In Capital				Retained Earnings				Accumulated Other Comprehensive Loss				Total
Balance at January 1, 2025			59,938,374			$	599			$	1,240,044			$	102,615			$	(289	)		$	1,342,969
Dividends declared (distributions of $0.45 per common share) (Note 11)			—				—				—				(26,610	)			—				(26,610	)
Net income from operations			—				—				—				134,241				—				134,241
Equity compensation expense (Note 12)			—				—				4,783				(477	)			—				4,306
Proceeds from offering, net			8,910				—				196				—				—				196
Dividend reinvestment plan, net of expenses (Note 11)			356,099				4				8,126				—								8,130
Other comprehensive loss (Note 9)			—				—				—				—				(305	)			(305	)
Balance at September 30, 2025			60,303,383			$	603			$	1,253,149			$	209,769			$	(594	)		$	1,462,927

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

F-3

Capital Clean Energy Carriers Corp.

Unaudited Condensed Consolidated Statements of Cash Flows

(In thousands of United States Dollars)

 

		For the nine-month periods 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 (Note 6)			69,152				58,513
Amortization and write-off of deferred financing costs			2,920				2,232
Amortization / accretion of above / below market acquired charters (Note 7)			16,035				11,367
Amortization of ineffective portion of derivatives			(155	)			(157	)
Equity compensation expense (Note 12)			4,783				4,464
Change in fair value of derivatives (Note 9)			(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 costs 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 acquired time and bareboat charter agreements (Note 6)			(180,247	)			(1,195,264	)
Expenses paid for the sale of vessels			(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 (Note 8)			(95,242	)			(713,371	)
Dividends paid (Note 11)			(18,455	)			(25,055	)
Proceeds from offering, net of commissions paid			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
Dividend reinvestment plan issuance of new shares (Note 11)			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

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

F-4

Capital Clean Energy Carriers Corp.

Notes to the Unaudited Condensed Consolidated Financial Statements

(In thousands of United States Dollars except number of shares and net income per share)

 

1. Basis of Presentation and General Information

Capital Clean Energy Carriers Corp. (the “Company or CCEC”) is an international owner of ocean-going vessels, with a focus on the energy transition. As of September 30, 2025, the Company’s in-the-water fleet included 15 high specification vessels, including 12 latest generation Liquified Natural Gas Carriers (“LNG/Cs”) and three legacy Neo-Panamax container vessels, one of which the Company sold on October 6, 2025 (Note 3). In addition, the Company’s under-construction fleet includes six additional latest generation LNG/Cs, six dual-fuel Medium Gas Carriers (“MG/Cs”) and four Handy Liquified CO2 Multi-Gas Carriers (“LCO2 – HMG/C”), to be delivered between the first quarter of 2026 and the third quarter of 2027. The Company’s vessels operate under medium to long-term time and bareboat charters.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements and the accompanying notes should be read in conjunction with the Company’s consolidated financial statements for the year ended December 31, 2024, (the “Consolidated Financial Statements for the year ended December 31, 2024”), included in the 2024 20-F.

These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the periods presented. Operating results for the nine-month period ended September 30, 2025, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2025.

2. Significant Accounting Policies

A discussion of the Company’s significant accounting policies can be found in the Consolidated Financial Statements for the year ended December 31, 2024.

3. Discontinued Operations

Following the announcement of the Company on November 13, 2023, of its intention to shift its business focus towards liquified natural gas and energy transition shipping and gradually divest from its non-core assets, the Company entered into 13 memoranda of agreement (“MOA”) with third parties for the disposal of 13 container carrier vessels. The Company determined that the assets and liabilities, results of operations and cash flows of the 13 container carrier vessels met the criteria to be reported in discontinued operations. The container carrier vessels that the Company sold are listed below.

 

Name of Vessel		Type		Twenty-foot Equivalent Unit (“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

Summarized selected operating results of the discontinued operations for the nine-month periods ended September 30, 2025 and 2024 are as follows:

 

		For the nine-month periods ended September 30,
		2025				2024
Revenues		$	13,186			$	68,516
Expenses / (income), net:
Voyage expenses			301				1,460
Vessel operating expenses			3,330				16,298
Vessel operating expenses - related party			400				2,475
Vessel depreciation and amortization			2,762				14,469
Gain on sale of vessels			(46,213	)			(31,602	)
Operating income, net			52,606				65,416
Other income / (expense), net:
Interest expense and finance cost (including $228 to related party, for the nine-month period ended September 30, 2024)			(4,644	)			(8,693	)
Other income, net			228				39
Total other expense, net			(4,416	)			(8,654	)
Net income from discontinued operations		$	48,190			$	56,762

 

F-5

Capital Clean Energy Carriers Corp.

Notes to the Unaudited Condensed Consolidated Financial Statements

(In thousands of United States Dollars except number of shares and net income per share)

 

3. Discontinued Operations – Continued

Summarized selected balance sheet information from discontinued operations as of September 30, 2025 and December 31, 2024, was as follows:

 

		As of September 30, 2025				As of December 31, 2024
Cash and cash equivalents		$	4			$	38
Trade accounts receivable			399				763
Inventories			—				260
Prepayments and other assets			877				1,060
Claims			49				49
Assets held for sale			108,915				71,720
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				—
Current liabilities of discontinued operations			99,204				22,193
Long-term debt, net			—				88,673
Non-current liabilities of discontinued operations		$	—			$	88,673

During the nine-month period ended September 30, 2025, the Company disposed of two container carrier vessels, the M/V Hyundai Privilege and the M/V Hyundai Platinum on January 10, 2025 and March 10, 2025, respectively.

For the nine-month period ended September 30, 2025, the Company recognized a gain on sale of vessels from discontinued operations which is analyzed as follows:

 

Vessel		Sale price				Carrying value on sale				Other sale expenses				Gain on sale
M/V Hyundai Privilege			60,650				(35,646	)			(1,825	)			23,179
M/V Hyundai Platinum			60,650				(35,791	)			(1,825	)			23,034
Total		$	121,300			$	(71,437	)		$	(3,650	)		$	46,213

In addition, on August 7, 2025, the Company entered into a 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 “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.

4. Revenues

The following table shows the revenues earned from time and bareboat charters contracts for the nine-month periods ended September 30, 2025 and 2024:

 

		For the nine-month periods ended September 30,
		2025				2024
Time charters		$	258,423			$	242,790
Bareboat charters			47,522				10,773
Total		$	305,945			$	253,563

As of September 30, 2025, all of the Company’s vessels were employed under time and bareboat charter agreements with the remaining tenor ranging between 0.9 and 9.1 years. From these time and bareboat charter agreements eight include extensions at the charterers’ option that range between 1.9 to 5.9 years. In addition, three of the Company’s under-construction vessels have secured time charter agreements with tenors of 4.9 and 6.9 years from the respective date of delivery. All of these charter agreements include extensions at the charterers’ option that range between 3.0 to 5.0 years.

5. Transactions with Related Parties

Capital Maritime & Trading Corp. (“CMTC”) is an international shipping company with a long history of operating and investing in the shipping market. As of September 30, 2025 and December 31, 2024, CMTC may be deemed to beneficially own 48.2% and 48.5% of the common shares, respectively.

Capital Gas Corp. is a privately held company controlled by Mr. Miltiadis Marinakis, the son of Mr. Evangelos M. Marinakis, who also controls Capital GP L.L.C. (“CGP”). As of September 30, 2025 and December 31, 2024, Capital Gas Corp. may be deemed to beneficially own 2.0% of the common shares.

CGP, the Partnership’s general partner until the Conversion, is a privately held company controlled by Mr. Miltiadis Marinakis. As of September 30, 2025, and December 31, 2024, CGP may be deemed to beneficially own 8.5% and 8.6% of the common shares, respectively.

Capital Container Ship Management Corp. (“Capital-Container”) is a privately held company controlled by Mr. Miltiadis Marinakis and the manager of the Company’s container vessels.

 

F-6

Capital Clean Energy Carriers Corp.

Notes to the Unaudited Condensed Consolidated Financial Statements

(In thousands of United States Dollars except number of shares and net income per share)

 

5. Transactions with Related Parties - Continued

The Company and its subsidiaries had related party transactions with Capital Ship Management Corp. (“CSM”), Capital-Executive Ship Management Corp. (“Capital-Executive”), Capital-Container and Capital-Gas Ship Management Corp. (“Capital-Gas Management”), (collectively “Managers”), and CGP, arising from certain terms of the following management and administrative services agreements.

1. Floating fee management agreements: Under the terms of these agreements the Company compensates its Managers for expenses and liabilities incurred on the Company’s behalf while providing the agreed services, including, but not limited to, crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating costs. Costs and expenses associated with a managed vessel’s next scheduled dry-docking are borne by the Company and not by the Managers. The Company also pays its Managers a daily technical management fee per managed vessel that is revised annually based on the United States Consumer Price Index. For the nine-month periods ended September 30, 2025 and 2024, management fees under the management agreements amounted to $6,894 and $6,564, respectively, and are included in “Vessel operating expenses – related parties” in the unaudited condensed consolidated statements of comprehensive income.

2. Fixed fee management agreements: Under the terms of these agreements the Company pays a fixed daily fee per bareboat chartered vessel in its fleet, mainly to cover commercial and administrative costs. For the nine-month periods ended September 30, 2025 and 2024 management fees under the management agreements amounted to $259 and $59, respectively, and are included in “Vessel operating expenses – related parties” in the unaudited condensed consolidated statements of comprehensive income.

3. Administrative and service agreements: On April 4, 2007, the Company entered into an administrative services agreement with CSM, pursuant to which CSM has agreed to provide certain administrative management services to the Company such as accounting, auditing, legal, insurance, IT and clerical services. In addition, the Company reimburses CSM and CGP for reasonable costs and expenses incurred in connection with the provision of these services, after the submission of the respective invoices for such costs and expenses together with any supporting detail that may be reasonably required. These expenses are included in “General and administrative expenses” in the unaudited condensed consolidated statements of comprehensive income. In 2015, the Partnership entered into an executive services agreement with CGP, which was amended in 2016, 2019, 2023 and 2024. In connection with the Conversion, the Company entered into a new executive services agreement with CGP. According to the executive services agreements, CGP provided and continues to provide certain executive officers services for the management of the Company’s business as well as investor relations and corporate support services to the Company. For the nine-month periods ended September 30, 2025 and 2024 the fees under the executive services agreement with CGP amounted to $2,625 and $1,877, respectively and are included in “General and administrative expenses” in the unaudited condensed consolidated statements of comprehensive income.

4. Supervision services agreements with Capital-Gas Management: On December 21, 2023 and June 17, 2024 each of the vessel-owning companies of the vessels currently under construction entered into a separate supervision services agreement with Capital-Gas Management in order to supervise the performance of the design, building, equipment, completion and delivery by the shipyard of the respective vessels. For the nine-month periods ended September 30, 2025 and 2024, the Company recognized $1,967 and 1,317, respectively, in connection with the supervision services agreements which are included in “Vessels, net and vessels under construction” in the unaudited condensed consolidated balance sheets.

Balances and transactions with related parties consisted of the following:

 

Consolidated Balance Sheets		As of September 30, 2025				As of December 31, 2024
Assets:
Capital-Gas Management – advances from the Company (a)		$	—			$	1,131
Due from related party			—				1,131
Liabilities:
CSM – payments on behalf of the Company (b)			329				34
Capital-Executive – payments on behalf of the Company (b)			213				3,508
Capital-Container – payments on behalf of the Company (b)			351				—
Capital-Gas Management – payments on behalf of the Company (b)			4,781				—
Due to related parties		$	5,674			$	3,542

 

		For the nine-month periods ended September 30,
Consolidated Statements of Comprehensive Income		2025				2024
Vessel operating expenses		$	7,153			$	6,623
General and administrative expenses (c)			2,779				2,046
Interest expense and finance cost (d)			—				2,673

(a) Managers - Advances from the Company: This line item represents the amounts advanced by the Company for operating and voyage expenses that will be paid by the Managers on behalf of the Company and its subsidiaries.

(b) 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.

(c) General and administrative expenses: This line item mainly includes fees relating to internal audit, investor relations and consultancy fees.

(d) Interest expense and finance cost: This line item reflects interest expense of the Company’s Sellers Credit.

 

F-7

Capital Clean Energy Carriers Corp.

Notes to the Unaudited Condensed Consolidated Financial Statements

(In thousands of United States Dollars except number of shares and net income per share)

 

6. Fixed Assets

 

A.

Vessels, net

The following table presents an analysis of vessels, net:

 

		Vessel cost				Accumulated depreciation				Net book value
Balance as at January 1, 2025		$	3,195,676			$	(170,051	)		$	3,025,625
Improvements			69				—				69
Depreciation for the period			—				(69,123	)			(69,123	)
Balance as at September 30, 2025		$	3,195,745			$	(239,174	)		$	2,956,571

Four vessels with an aggregate net book value of $864,649, have been provided as collateral under the terms of the Company’s credit facilities (Note 8). In addition, there are 10 vessels financed through sale and lease back agreements, for which the title of ownership is held by the relevant lender, with an aggregate net book value of $2,091,922 as of September 30, 2025 (Note 8).

During the nine-month period ended September 30, 2025, certain of the Company’s vessels underwent improvements. The Company capitalized the $69 cost of improvements as part of the vessels’ cost, which was paid during the nine-month period ended September 30, 2025.

 

B.

Vessels under construction

The following table presents an analysis of vessels under construction:

 

		Vessels under construction cost
Balance as at January 1, 2025		$	390,290
Advances and initial expenses for vessels under construction			179,314
Balance as at September 30, 2025		$	569,604

During the nine-month period ended September 30, 2025, the Company paid advances to the shipyards plus initial expenses of $179,314. Capitalized interest for the nine-month period ended September 30, 2025, amounted to $17,954 and is included in initial expenses.

7. Above / Below Market Acquired Charters

The fair value of the time and the bareboat charters attached to the vessels representing the difference between the time and the bareboat charter rates at which the vessels were fixed and the market rates for comparable charters as determined by reference to market data on the acquisition dates were recorded as “Above market acquired charters” under other non-current assets or “Below market acquired charters” under long-term liabilities in the unaudited condensed consolidated balance sheet as of the acquisition dates, respectively.

Above and below market acquired time and bareboat charters are amortized or accreted using the straight-line method over the remaining period of the time and bareboat charters acquired as a reduction or addition to time and bareboat charter revenues. For the nine-month periods ended September 30, 2025, and 2024 such amortization to time and bareboat charter revenues for the above market acquired time and bareboat charters amounted to $26,205 and $22,383, respectively. For the nine-month periods ended September 30, 2025, and 2024 such accretion to time and bareboat charter revenues for the below market acquired time and bareboat charters amounted to $10,170 and $11,016, respectively.

The following table presents an analysis of above / below market acquired charters:

 

		Above market acquired charters				Below market acquired charters
Carrying amount as at January 1, 2025		$	101,574			$	(75,659	)
(Amortization) / accretion			(26,205	)			10,170
Carrying amount as at September 30, 2025		$	75,369			$	(65,489	)

As of September 30, 2025, the remaining carrying amount of unamortized above / below market acquired time and bareboat charters will be amortized / accreted in future years as follows:

 

For the twelve-month period ending September 30,		Above market acquired charters				Below market acquired charters
2026		$	32,658			$	(13,512	)
2027			7,451				(13,512	)
2028			7,471				(13,549	)
2029			7,451				(13,512	)
2030			7,451				(4,898	)
Thereafter			12,887				(6,506	)
Total		$	75,369			$	(65,489	)

 

F-8

Capital Clean Energy Carriers Corp.

Notes to the Unaudited Condensed Consolidated Financial Statements

(In thousands of United States Dollars except number of shares and net income per share)

 

8. Long-Term Debt

Long-term debt consists of the following credit facilities, sale and lease back agreements and unsecured bonds, collectively the “financing arrangements”. As of September 30, 2025 and December 31, 2024, the following amounts were outstanding under the Company’s financing arrangements:

 

				As of September 30, 2025				As of December 31, 2024				Rate of interest
		Credit facilities
(i)		Issued in June 2023 maturing in June 2031 (the “2023 credit facility”)			85,938				90,625			Margin + SOFR
(ii)		Issued in January 2024 maturing in December 2030 (the “2024 – LNG/C Axios II credit facility ”)			172,500				180,000			Margin + SOFR
(iii)		Issued in June 2024 maturing in June 2031 (the “2024 – LNG/C Aktoras credit facility”)			223,750				233,500			Margin + SOFR
(iv)		Issued in June 2024 maturing in June 2031 (the “2024 – LNG/C Aristidis I credit facility”)			145,312				151,125			Margin + SOFR
(v)		Sale and lease back agreements
		Assumed in September 2021 maturing in June 2030 (the “2021 Bocomm”)			113,576				118,216			Margin + SOFR
(vi)		Assumed in September 2021 maturing in November 2029 (the “2021 Bocomm”)			108,786				113,210			Margin + SOFR
(vii)		Assumed in November 2021 maturing in July 2036 (the “2021 Shin Doun”)			119,504				124,376			Fixed rate
(viii)		Issued in December 2022 maturing in January 2031 (the “2022 Jolco”)			97,126				100,273			($64,726: Margin + SOFR, $32,400: Fixed rate)
(ix)		Issued in February 2023 maturing in February 2033 (the “2023 CMBFL – LNG/C”)			162,125				168,687			Margin + SOFR
(x)		Assumed in December 2023 maturing in October 2033 (the “2023 CMBFL – LNG/C AMI”)			157,632				174,212			Margin + SOFR
(xi)		Issued in May 2024 maturing in May 2032 (the “2023 – LNG/C Assos Jolco”)			229,148				236,079			($187,748: Margin + SOFR, $41,400: Fixed rate)
(xii)		Issued in July 2024 maturing in July 2032 (the “2024 – LNG/C Apostolos Jolco”)			228,928				235,870			($187,528: Margin + SOFR, $41,400: Fixed rate)
(xiii)		Issued in August 2024 maturing in July 2031 (the “2024 Bocomm – LNG/C Attalos”)			152,083				158,780			Margin + SOFR
(xiv)		Issued in August 2024 maturing in July 2031 (the “2024 Bocomm – LNG/C Asklipios”)			152,083				158,780			Margin + SOFR
		Unsecured Bonds
(xv)		Issued in October 2021 maturing in October 2026 (the “2021 Bonds”)			175,398				156,136			Fixed rate
(xvi)		Issued in July 2022 maturing in July 2029 (the “2022 Bonds”)			116,932				104,091			Fixed rate
		Total long-term debt			2,440,821				2,503,960
		Less: Deferred financing costs			16,708				19,306
		Total long-term debt, net			2,424,113				2,484,654
		Less: Current portion of long-term debt			128,263				127,118
		Add: Current portion of deferred financing costs			3,969				3,920
		Long-term debt, net		$	2,299,819			$	2,361,456

 

F-9

Capital Clean Energy Carriers Corp.

Notes to the Unaudited Condensed Consolidated Financial Statements

(In thousands of United States Dollars except number of shares and net income per share)

 

8. Long-Term Debt – Continued

Details of the Company’s financing arrangements are discussed in Note 8 of the Company’s Consolidated Financial Statements for the year ended December 31, 2024.

On September 30, 2025, the vessel-owning companies of two LCO2 – HMG/C currently under construction, entered into a new credit facility, the “2025 – LCO2 Active, Alkimos credit facility”. The Company is acting as a parent guarantor. The following table presents an analysis of the main terms of the credit facility:

 

Vessel		Financing Amount				Financing Amount if long term employment secured				Quarterly Instalment				Quarterly Instalment if long term employment secured				Balloon				Balloon if long term employment secured				Duration in years		Purpose
LCO2 – HMG/C Active LCO2 – HMG/C Alkimos		$	101,702			$	117,349			$	1,338			$	1,544			$	37,469			$	43,234			12		partially financing the delivery from the shipyard

On August 13, 2025, the vessel-owning companies of six MG/Cs currently under construction, entered into six separate sale and lease back agreements with subsidiaries of the CMB Financial Leasing Co., Ltd (“CMBFL”), the “2025 CMBFL - MG/C”. The Company is acting as a parent guarantor. The following table presents an analysis of the main terms of the sale and leaseback agreements:

 

Vessel		Financing Amount				Financing Amount if long term employment secured				Quarterly Instalment				Quarterly Instalment if long term employment secured				Purchase Obligation				Purchase Obligation if long term employment secured				Duration in years		Purpose
MG/C Aristogenis		$	54,670			$	66,385			$	683			$	830			$	35,536			$	43,150			7		partially financing the delivery from the shipyard
MG/C Aridaios			54,670				66,385				683				830				35,536				43,150			7		partially financing the delivery from the shipyard
MG/C Aratos			54,670				66,385				683				830				35,536				43,150			7		partially financing the delivery from the shipyard
MG/C Agenor			54,670				66,385				683				830				35,536				43,150			7		partially financing the delivery from the shipyard
MG/C Andrianos			45,726				55,525				572				694				29,722				36,091			7		partially financing the delivery from the shipyard
MG/C Anios			45,726				55,525				572				694				29,722				36,091			7		partially financing the delivery from the shipyard

On June 26, 2025, the vessel-owning companies of two LCO2 – HMG/C currently under construction, entered into a new credit facility, the “2025 - LCO2 Amadeus, Athenian credit facility”. The Company is acting as a parent guarantor. The following table presents an analysis of the main terms of the credit facility:

 

Vessel		Financing Amount				Financing Amount if long term employment secured				Quarterly Instalment				Quarterly Instalment if long term employment secured				Balloon				Balloon if long term employment secured				Duration in years		Purpose
LCO2 – HMG/C Amadeus LCO2 – HMG/C Athenian		$	101,702			$	117,349			$	1,271			$	1,467			$	76,277			$	88,011			5		partially financing the delivery from the shipyard

During the nine-month period ended September 30, 2025, the Company repaid the amount of $95,242, in line with the amortization schedule of its financing arrangements.

For the nine-month periods ended September 30, 2025, and 2024, the Company recorded interest expense net of capitalized interest of $80,211 and $93,647 (Note 6), respectively and the weighted average interest rate of the Company’s financing arrangements was 5.2% and 6.6%, respectively.

As of September 30, 2025, the required annual payments to be made subsequently to September 30, 2025, are as follows:

 

For the twelve-month period ending September 30,		Amount
2026		$	128,263
2027			292,225
2028			114,241
2029			233,148
2030			280,202
Thereafter			1,392,742
Total		$	2,440,821

 

F-10