CCEC Becomes Largest US-Listed LNG Owner as Fleet Expands

Capital Clean Energy Carriers has become the largest US-listed LNG shipping company following the delivery of additional vessels secured under charter contracts. The Greek owner, led by Evangelos Marinakis, reported the milestone in its second-quarter earnings, having taken delivery of two 174,000-cubic-metre LNG carriers alongside an LPG carrier. The company now holds approximately 2.9 billion dollars in contracted revenues, potentially rising to 4.3 billion dollars if all charter options are exercised, supported by fleet growth extending through 2029.

 

Recent Vessel Deliveries

 

The company has taken delivery of several new vessels recently. It received the 174,000-cubic-metre LNG carriers Archimidis and Agamemnon from HD Hyundai Samho. Both vessels arrived during the previous month. Each has commenced bridging time charter employment with a major energy company. These bridging charters run through June 2027.

The deliveries extended beyond LNG carriers to the LPG segment. The company completed delivery of the 45,000-cubic-metre LPG carrier Aridaios in July. This vessel came from HD Hyundai Heavy Industries. The LPG dual-fuel vessel is currently expected to trade in the spot market. This adds to the company's presence in the LPG sector alongside its LNG activities.

 

Charter Arrangements

 

The newly delivered vessels carry structured long-term employment prospects. Upon completing their bridging charters, Archimidis and Agamemnon have further options. Each is expected to commence one of two previously announced long-term charters. These carry firm periods of five and seven years respectively. Both long-term charters also include an additional five-year extension option.

Further vessels have secured employment ahead of delivery. The 174,000-cubic-metre carrier Alcaios I is expected to be delivered on 31 July. It has secured employment under an 18-month index-linked time charter. Company leadership noted that market volatility supported this contracting activity. Middle East tensions during the second quarter allowed the company to secure coverage at attractive rates.

 

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Fleet and Orderbook

 

The company now operates a substantial and diversified fleet. Its active fleet comprises 14 LNG carriers alongside four handy and medium gas carriers. It also includes one container vessel among its operating assets. This mix reflects a focus on gas shipping with some diversification. The scale of the LNG fleet underpins its claim to market leadership.

A significant orderbook supports continued expansion. The orderbook comprises seven LNG carriers and two handy gas carriers. It also includes four medium gas carriers and one LNG bunker vessel. This pipeline provides contracted fleet growth extending through 2029. The bunker vessel reflects the company's move into the LNG bunkering segment.

 

Contract Coverage and Revenue Visibility

 

The company has built substantial contracted revenue backing its fleet. It holds approximately 2.9 billion dollars in contracted revenues across a diversified customer base. This figure could rise to approximately 4.3 billion dollars if all charter options were exercised. Such coverage provides investors with cash flow visibility and stability. It reduces the company's exposure to short-term market fluctuations.

The recent charters have strengthened the fleet's contract duration profile. These arrangements increased the average firm contract duration of the LNG fleet to 6.5 years. The LPG and multi-gas fleet carries a shorter average firm duration of 0.9 years. This difference reflects the LPG fleet's greater exposure to spot market trading. Together the figures illustrate a balance between long-term security and market flexibility.

 

Joint Ventures and Financial Results

 

The company has been active in forming partnerships during the year. Last month it entered a 50-50 joint venture with CMA CGM. That venture covers the construction and operation of a 20,000-cubic-metre LNG bunker vessel. Earlier in the year, it partnered with BGN on the operation of one LNG carrier. These arrangements extend the company's reach through shared ventures with major partners.

Financial results showed mixed performance across the period. Revenues increased by 8 percent in the second quarter to 104.9 million dollars. Net income declined by 2 percent to 29.0 million dollars in the same quarter. For the first half, revenues rose 2 percent to 202.9 million dollars. However, net income fell 24 percent to 47.3 million dollars, with total cash of 268 million dollars as of 30 June.