Capital Clean Energy Carriers Corp. Announces Fourth Quarter 2025 Financial Results

Since December 2023, the Company has also completed the sale of 14 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 13 vessels in-the-water during Q4 2025, including 12 latest generation LNG/Cs and a 13,312 twenty-foot equivalent unit (“TEU”) Neo-Panamax container vessel.

Financial results from discontinued operations include revenues, expenses and cash flows arising from the 14 container vessels we have sold, following the announcement of our strategic shift in November 2023. Please refer to Appendix A Discontinued Operations.

Fleet Update

The first of our LCO₂/multi-gas carriers, the Active (28,629 DWT, 22,000 CBM, low-pressure LCO₂ carrier, Hyundai Mipo Dockyard Co., Ltd., South Korea) was delivered to the Company on January 5, 2026, and commenced a six-month time charter transporting LPG, with an option for a further six-month extension with an energy trading company. The acquisition of the Active was financed with $29.4 million cash on hand and a 12-year ECA-backed loan of $48.9 million. The loan is repayable in 48 quarterly instalments of $0.6 million, with a balloon payment of $18.0 million payable with the final instalment in December 2037. The Company may borrow an additional amount of up to $7.5 million if the vessel secures long-term employment.

Container Divestment Update

On October 29, 2025, the Company signed a memorandum of agreement (“MOA”) for the sale of the M/V Buenaventura Express (142,411 DWT / 13,696 TEU, eco container vessel, built 2023, Hyundai Samho Industries Co. Ltd, South Korea). The vessel was delivered to its new owners on January 19, 2026, and we recognized a total gain from the sale of $4.2 million. Cash proceeds were used to pay down outstanding debt of $84.4 million, with the remaining balance allocated to   general corporate purposes. The divestment of this additional container vessel is consistent with the Company’s stated strategy to shift our 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 December 2023, CCEC has sold 14 container vessels generating gross proceeds of approximately $814.3 million. After this latest sale, the Company retains only a 13,312 TEU container vessel in its fleet, currently employed on a long-term time-charter through 2033, with options to extend through 2039.

Contracting of three latest-technology LNG/Cs

On December 29, 2025, CCEC announced that it had secured three LNG/C berths at HD Hyundai Samho Co., Ltd., with one vessel scheduled for delivery in the third quarter of 2028 and two further deliveries in the first quarter of 2029. The en bloc ship building price of these vessels is $769.5 million. The vessels have been designed to incorporate a number of upgrades in their specifications and are expected to rank amongst the most efficient LNG/Cs in the global fleet in terms of fuel consumption and boil-off rates.

With its latest order for three additional LNG/Cs, the Company reaffirms its strategic position as the largest US-listed LNG shipping company, with 12 LNG/Cs currently in the water and nine LNG/Cs on order (“Newbuild LNG/Cs”).

Under-Construction Fleet Update

The Company’s under-construction fleet includes nine latest generation LNG/Cs (comprising the remaining Newbuild LNG/Cs 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 December 31, 2025.

Capex Schedule of CCEC in USD million, as of December 31, 2025:

The Company has paid by the end of the fourth quarter of 2025, $704.9 million in advances towards the acquisition of its under-construction fleet. The delivery instalment of the Active was paid in December 2025.

Overview of Fourth Quarter 2025 Results

Net income for the quarter ended December 31, 2025, was $28.4 million, compared with net income of $20.8 million for the fourth quarter of 2024.

Total revenue for the quarter ended December 31, 2025, was $98.3 million, compared to $97.6 million during the fourth quarter of 2024. The increase in revenue was attributable to the commencement of the long-term bareboat charter of LNG/C Axios II in the first quarter of 2025, partly offset by the scheduled hire rate step down of LNG/C Attalos.

Total expenses for the quarter ended December 31, 2025, were $44.8 million, compared to $44.5 million in the fourth quarter of 2024. Total vessel operating expenses during the fourth quarter of 2025 amounted to $16.5 million, compared to $16.1 million during the fourth quarter of 2024.

Total expenses for the fourth quarter of 2025 also include vessel depreciation and amortization of $21.9 million, in line with the fourth quarter of 2024. General and administrative expenses for the fourth quarter of 2025 amounted to $4.0 million, compared to $4.3 million in the fourth quarter of 2024, on the back of lower costs incurred in connection with our equity compensation incentive plan.

Total other expenses, net for the quarter ended December 31, 2025, were $25.2 million compared to $32.3 million incurred in the fourth quarter of 2024. Total other expenses, net include interest expense and finance cost of $23.9 million for the fourth quarter of 2025, compared to $33.4 million for the fourth 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 fourth quarter of last year.

Company Capitalization

As of December 31, 2025, total cash, including discontinued operations, amounted to $295.6 million. Total cash includes restricted cash of $21.0 million, which represents the minimum liquidity requirement under our financing arrangements.

As of December 31, 2025, the Company’s total shareholders’ equity amounted to $1,499.4 million, an increase of $156.4 million compared to $1,343.0 million as of December 31, 2024. The increase for the year ended December 31, 2025 reflects net income (including net income from discontinued operations) of $170.8 million, amortization associated with the equity incentive plan of $5.8 million, net proceeds of $0.2 million under the Company’s ATM Program (as defined below) and $16.4 million of common shares issued under our Dividend Reinvestment Plan net of expenses, partly offset by dividends declared during the period for a total amount of $35.5 million and other comprehensive loss of $1.3 million relating to the net effect of the cross-currency swap agreement we designated as an accounting hedge.

As of December 31, 2025, the Company’s total debt including discontinued operations was $2,454.3 million compared to $2,598.3 million as of December 31, 2024. As of December 31, 2025, the Company’s total debt from continuing operations was $2,369.9 million compared to $2,413.3 million as of December 31, 2024.

As of December 31, 2025, the weighted average margin on our floating debt, including discontinued operations amounting to $1,928.1 million, was 1.8% over SOFR and the weighted average interest rate on our fixed rate debt, amounting to $526.2 million, was 4.3%.

Issuance of €250.0 million unsecured bonds

On February 25, 2026, CCEC successfully completed the offering of €250.0 million of unsecured bonds to investors in Greece (the “Bonds”), which were admitted to trading in the category of fixed income securities of the Regulated Market of the Athens Exchange on February 26, 2026.

The Bonds will mature in 2033 and will bear a coupon of 3.75%, payable semi-annually.

The proceeds of the Bonds will be used to refinance the outstanding €150.0 million unsecured bond issued in 2021, as well as to partially fund CCEC’s capital expenditures and support the Company’s working capital needs. CCEC estimates the expenses related to the offering to be approximately €7.5 million.

ATM Program

On January 27, 2025, we entered into an Open Market Sale Agreement^SM with Jefferies LLC, under which we may sell, from time to time through Jefferies LLC, acting 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 December 31, 2025, the Company issued and sold 556 shares pursuant to the ATM Program at an average price of $21.14 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 available to our existing shareholders and investors who may become our shareholders in the future outside of the DRIP. In November 2025, the Company issued 404,975 common shares under the DRIP at the price of $20.50 per share, gross of issuance costs.

Quarterly Dividend Distribution

On January 22, 2026, the Board of Directors of the Company declared a cash dividend per share of $0.15 for the fourth quarter of 2025 which was paid on February 12, 2026, to shareholders of record on February 3, 2026.

LNG Market Update

The fourth quarter of 2025 saw the strongest spot LNG shipping market of the past two years. Spot charter rates for two-stroke vessels averaged approximately $76,000 per day during the quarter, peaking in November at around $150,000 per day—an impressive recovery from the depressed levels observed over the previous three quarters.

Unexpectedly higher production out of the U.S., pockets of floating storage opportunities, open arbitrage to the East, and logistical constraints at discharge ports collectively drove spot rates higher by more than 240% compared to their peak in the third quarter. This served as a stark reminder of the fragility of the LNG shipping supply–demand balance, where modest changes in cargo economics, production volumes, or port logistics can collectively have a disproportionate impact on freight markets.

Two-stroke vessels fully captured the benefits of the strengthening market, while rates for older, smaller, and less efficient tonnage improved only marginally. This divergence underscores the increasingly limited commercial relevance of older vessels going forward.

Mid- and long-term time charter rates softened slightly during the quarter, with multiple fixtures concluded in the low- to mid-$80,000 per day range, driven primarily by long-term fundamentals. Ordering activity increased materially in the fourth quarter following three comparatively quiet quarters by historical standards. A total of 23 LNG carriers were ordered during the quarter, 17 of which were placed in December alone. For context, only 21 vessels were ordered across the previous three quarters combined. This surge in ordering activity has resulted in upward pressure on newbuilding prices, with the latest contracts each concluded at slightly greater than $250.0 million per vessel.

As of quarter-end, 283 LNG carriers were on order, with 23 vessels delivered during the fourth quarter of 2025. Of the total orderbook, analysts estimate that only 35 vessels remain without committed employment, six of which are controlled by the Company.

LPG Market Update

CCEC has an additional nine gas carriers on order as part of its Gas Fleet, consisting of three LCO₂ / multi-gas carriers and six dual-fuel medium gas carriers .The deliveries commenced with the handy LCO₂/multi-gas carrier Active (22,000 CBM, Hyundai) in January 2026, which has been immediately deployed under a six-month time charter transporting LPG, with an option to extend the charter for an additional six months.

Market conditions across both handy-sized and mid-size gas segments remained positive, with employment reflecting a balanced mix of spot exposure and short-term time charters. The multi-gas carrier (“MGC”) fleet amounts to 138 vessels, of which approximately 68% is secured on time charter coverage, with around 32% of the time charter fleet employed in ammonia trading. The semi-refrigerated handy-sized segment comprises 57 vessels, of which 49 are fixed on short term time charters (less than two years), with approximately 16% of the time charter fleet engaged in ammonia trading during the fourth quarter of 2025.

Earnings were supported by stable rates and strong utilization, particularly in the handy-sized segment, driven by continued butadiene flows to the Far East and ambient Iraqi LPG exports. The MGC segment recorded its strongest fixing quarter in recent years, benefiting from robust US LPG export volumes that tightened VLGC availability. Elevated VLGC rates encouraged charterers to seek alternative tonnage, supporting strong earnings throughout the reporting period.

Looking ahead, supply growth in the semi-refrigerated handy-sized segment remains limited. Looking into 2026, there are only seven vessels scheduled for delivery until year end, representing approximately 12% of the existing fleet. The MGC segment saw two newbuildings delivered during the fourth quarter of 2025, with a further 22 vessels expected over the next 12 months, equating to approximately 16% of the current fleet.

Time charter rates remained firm during the fourth quarter, with semi-refrigerated handy-sized vessels assessed at $31,000 per day for one year, while fully refrigerated MGCs (40,000 cbm conventional) rates were assessed at $32,000 per day.

Corporate Governance Update

The Climate Disclosure Project (CDP) is a global environmental disclosure system used by companies, capital markets and other stakeholders to assess and compare reported environmental information. Operating in more than 90 countries, the CDP is spearheading a global push to integrate climate risk and social responsibility into strategic planning for businesses, municipalities, and beyond. CCEC is pleased to announce that, following its first CDP disclosure, the Company has scored a “B” rating.

Conference Call and Webcast

Today, March 5th, 2026, the Company will host an interactive conference call at 8:30 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 13759104. Click here for participant 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.

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 a leading platform 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, one legacy Neo-Panamax container vessel, and one handy LCO2/multi-gas carrier. In addition, CCEC’s under-construction fleet includes nine additional latest generation LNG/Cs, six dual-fuel medium gas carriers and three handy LCO2/multi-gas carriers, to be delivered between the second quarter of 2026 and the first quarter of 2029.

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

Forward-Looking Statements

The statements in this press release that are not historical facts, including, among other things, statements related to CCEC’s 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
Tel. +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

Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Statements of Comprehensive Income
(In thousands of United States Dollars, except for number of shares and earnings per share)

Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of United States Dollars)

Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands of United States Dollars)

Appendix A

I. Discontinued Operations – Vessels

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

During the year ended December 31, 2025, the Company disposed of the following vessels recognizing, a gain on sale of vessels of $53,705.

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

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 “Non-current assets of discontinued operations” in the summarized unaudited condensed selected balance sheet information from discontinued operations as of December 31, 2024. 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. The vessel was delivered to its new owner on October 6, 2025.

On October 29, 2025, the Company entered into a MOA, to sell the M/V Buenaventura Express to an unaffiliated party for total consideration of $120,100. At that date, the Company considered that the M/V Buenaventura Express met the criteria to be classified as held for sale and is included in “Current assets from discontinued operations” in the summarized unaudited condensed selected balance sheet information from discontinued operations as of December 31, 2025, and 2024. As of the MOA date the M/V Buenaventura Express fair value less estimated costs to sell exceeded its carrying amount, so no impairment charge was recognized. The vessel was delivered to its new owner in January 2026.