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- **Strategic Milestones Achieved**: Secured 10-year charter, sold container vessel, and finalized financing for 10 newbuilds.
- **Financial Resilience**: $23.1M net income despite $8.8M survey costs; 74th consecutive dividend payout.
- **Market Outlook**: LNG demand growth driven by 70-120 new carriers needed; EU sanctions to boost ton-mile demand by 2%.
- **Supply Tightening**: 14 vessels scrapped in 2025; 35 steam vessels idle; 86 steam vessels set to redeliver by 2030.
- **Rate Dynamics**: 2027+ charters at high 80s-low 90s, despite weak spot rates; multi-gas carriers expected to command $900k-$1M/month.
- **Execution Focus**: Securing employment for 3 uncommitted LNG carriers; no immediate acquisitions beyond newbuilds.

**【Management Opening Remarks】**
- Achieved three key milestones: secured a 10-year time charter for an LNG carrier, sold one container vessel (Manzanillo Express), and finalized financing for all 10 multi-gas carriers (MGCs) and LCO2 carriers.
- Net income from continued operations was $23.1 million, impacted by $8.8 million in special survey costs for two LNG carriers.
- Maintained dividend payout of $0.15 per share, marking the 74th consecutive quarter of cash distribution.

**【CEO Financial Summary】**
- Sold Manzanillo Express, reclassifying it as discontinued operations, leaving 2 container vessels under long-term charters.
- Completed 2 special surveys ahead of schedule, with 38 days off-hire and $4.4 million per vessel cost.
- Secured $332.2 million in cash, with 79% of debt floating, benefiting from Fed rate cuts.
- Announced a 7-year time charter (plus 3 one-year options) for an LNG carrier, commencing Q1 2028, with 3 charters to allocate across 6 newbuilds.
- Fleet average charter duration is 6.9 years, with $2.8 billion firm charter backlog (93 years) and $4 billion if options exercised.

**【CCO Market Commentary】**
- LNG demand growth driven by 7 FIDs in 2025, requiring 70-120 new carriers. EU ban on Russian LNG from 2027 could increase global ton-mile demand by 2%, shifting trade from short-haul to long-haul routes.
- Vessel supply tightening: 14 vessels scrapped in 2025 (average age 26 years), 35 steam vessels idle, and 86 steam vessels set to redeliver by 2030.
- Projected inflection point for LNG carrier supply-demand balance in 2027-2028, with efficient two-stroke vessels commanding higher rates.

**【Q&A Highlights】**
- Charter rates for 2027+ deliveries in high 80s to low 90s, reflecting market tightness despite weak spot rates.
- Delays in LNG projects (e.g., Qatar's North Field expansion) already factored into market expectations.
- Company confident in securing employment for 3 uncommitted LNG carriers, with 2026 redelivery vessel under active discussion.
- Multi-gas carriers (e.g., handy LPG/CO2 carriers) expected to generate $900k-$1M/month rates post-delivery.
- No immediate acquisition plans, focusing on newbuild employment and cash generation before future growth.

Capital Clean Energy Carriers Corp. (CCEC) Q3 2025 Earnings Call Transcript

Revenue

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Selling, General and Administrative Expenses

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CCEC

CCEC fundamentals

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