Capital Clean Energy Carriers (CCEC) Q2 2026 earnings summary

Executive summary

• Delivered four vessels in Q2 2026: two LNG carriers, one handy LPG/LCO2 carrier, and one dual-fuel medium gas carrier, with another MGC delivered in July; some reports note two LNG carriers, one Handy LCO2 Multi-Gas Carrier, and two dual-fuel MGCs.

• Announced a joint venture for an LNG bunkering vessel, formed additional joint ventures for LNG carriers, and divested a 49% stake in an LNG carrier with a 10-year charter.

• Initiated a $20 million share buyback program and declared a $0.15 per share dividend, marking the 77th consecutive quarterly payout since IPO.

• Now the largest U.S.-listed LNG company by tonnage, with a diversified customer base and $2.9 billion in firm contracted revenues.

• Fleet includes 14 latest-generation LNG carriers, with significant newbuilds on order through 2029.

Financial highlights

• Q2 2026 revenues rose 8% year-over-year to $104.9 million; net income from continuing operations was $29.0 million, down from $29.7 million in Q2 2025.

• Operating income was $53.1 million, nearly flat year-over-year.

• Expenses increased due to fleet expansion and special survey costs; interest expense declined due to lower average rates.

• Total assets grew to $4.7 billion, with shareholders' equity at $1.5 billion.

• Cash and equivalents at quarter-end: $268.9 million, including $16.2 million restricted cash.

Outlook and guidance

• Remaining 2026 CapEx is fully funded, with significant cash expected to be released back to the company; 70% debt financing assumed for remaining LNG carriers.

• CapEx for 2026-2027 will be weighted towards LNG carriers; ongoing fleet expansion with multiple vessels under construction.

• No vessels scheduled for special survey after August/Q3 2026 until 2028.

• Dividend policy to be reconsidered after completion of the new building program, with potential for revision by end of 2026 or early 2027.

• Guidance on dry dockings: 20-25 days off-hire and $4.5–$5.0 million cost per vessel.