Capital Clean Energy Carriers Reports Q2 Earnings with Fleet Growth and Share Repurchase
Capital Clean Energy Carriers (NASDAQ:CCEC) reported second-quarter net income of $29 million, nearly unchanged from the prior year. Revenue increased to $104.9 million in Q2 compared to $96.7 million a year ago due to fleet expansion and higher vessel utilization. The company delivered four new vessels during the quarter—two LNG carriers, one LPG/liquid CO2 carrier, and a dual-fuel medium gas carrier—with another delivery occurring in July. Capital Clean Energy Carriers maintained its $0.15 quarterly dividend for the 77th consecutive period since going public in 2007. The company also announced a $20 million share-repurchase program to return value to shareholders and reported approximately $2.8 billion in contracted LNG revenue backlog. CFO Nikos Kalampotharakos noted that operating expenses rose due to special survey costs, but the company expects remaining capital expenditures for newbuildings to be fully funded. Management remains optimistic about long-term demand for LNG shipping, citing higher spot rates and expected U.S.-led supply growth through the early 2030s. However, it will not order additional LNG carriers until securing more employment visibility.
Tickers: $CCEC
Topics: dividend_policy fleet_expansion lng_demand revenue_growth share_buybacks