Capital Clean Energy Carriers (CCEC) is the new name & ticker for the former Capital Product Partners (CPP). Name & ticker change occurred in late Aug 2024. CCEC announced results on 11/08/24
- Rev of $106M
- Net Income $15.8M (adj NI $23.3M)
- Financing for 2 LNG carriers
- Declared div of 15c/sh
- Contracted backlog of $2.6B ($2.3B from LNG fleet)
https://www.capitalcleanenergycarriers.com/static-files/6b5f7886-ff50-45cd-b400-839ef3e3951b
Mid-year company announced newbuild orders for Mid-size gas Carriers and Liquid Carbon Carriers. More than a couple of slides on the plans for the vessels, and this emerging market. Yes - maybe, is my view. I am guessing, those shipping companies that placed orders for vessels with Methanol as a fuel have already started working plans fueling at least two locations (one in Asia, one in Europe). One in North America, but where- East Coast or West Coast?
The pricing for some of CCEC’s LNG newbuilds was on the higher side. LNG vessel pricing has since come down. Slide 10 offers a breakdown of the how the newbuild program will be funded. I notice there is an equity funding gap of $78M. If that’s due to the mid-year order of liquid gas carriers, that’s probably not too big a surprise. Still, it represents a dilution risk somewhere down the road.
I guess, there’s always the remaining three container vessels that could be sold and free up additional cash for the new vessels. But, that would obviously affect cash flow.