Capital Clean Energy Carriers Corp. Completes Vessel Sale & Financing
Capital Clean Energy Carriers Corp. Announces Major Developments
Capital Clean Energy Carriers Corp. (CCEC), a prominent name in the maritime shipping industry, is embracing significant advancements in its operational strategy. The company, an international leader in ocean-going vessels, has recently completed the sale of a substantial asset while securing critical financing for future projects.
Successful Sale of Container Vessel
The company has finalized the sale of the M/V Manzanillo Express, a hybrid scrubber-fitted eco container vessel boasting a capacity of 13,312 TEU. This vessel was sold to a third party, and Capital Clean Energy expects to record a notable book gain of around $6.9 million from this transaction.
Details of the Sale
On [transaction date], CCEC entered into a memorandum of agreement to transfer ownership of the vessel, which is under construction by Hyundai Samho Industries. Anticipated delivery to the buyer is set for the third quarter of 2025. The financial benefits from this sale will be strategically reinvested to pay down existing debt and will also serve general corporate needs, reflecting CCEC's commitment to maintaining financial health.
Financing for Future Fleet Enhancements
In addition to the vessel sale, CCEC has successfully arranged a comprehensive financing deal covering six of its new dual fuel medium gas carriers (MGCs). This includes financing for four vessels with a capacity of 45,000 cbm and two with 40,000 cbm, with an expected aggregate financing amount reaching $310.1 million, potentially increasing to $376.6 million.
Breakdown of the Financing Agreement
This seven-year financing agreement paves the way for CCEC to enhance its fleet further, ensuring its position in the evolving gas carriage market. The financing will also provide options for pre-delivery funding, reinforcing the company’s adaptability to changing market dynamics and customer demands.
Strategic Shift Towards Gas Transportation
This vessel sale and financing arrangement aligns perfectly with CCEC’s strategic plan initiated in late 2023, focusing on transitioning towards gas transportation services. The company aims to cater to a growing industrial customer base by offering liquefied natural gas (LNG) and other emerging gas commodities.
Since the beginning of the year, CCEC has successfully navigated the sale of 13 vessels, collectively expected to generate gross proceeds of approximately $694.2 million. These proceeds will primarily be channeled into state-of-the-art gas transportation assets, reflecting CCEC's commitment to innovation in this sector.
About Capital Clean Energy Carriers Corp.
Capital Clean Energy Carriers Corp. (CCEC) continues to establish itself as a frontrunner in global gas carriage solutions. The company’s operational fleet currently consists of 15 advanced vessels and is further enhanced by an impressive order book including six latest-generation LNG carriers and several dual-fuel medium gas carriers. These assets are slated for delivery between early 2026 and late 2027.
For additional insights or inquiries about the company, interested parties are encouraged to reach out directly through their investor relations team.
Frequently Asked Questions
What is Capital Clean Energy Carriers Corp. known for?
Capital Clean Energy Carriers Corp. is recognized for its leadership in gas carriage solutions with a focus on environmental sustainability and energy transition.
What recent financial milestones has CCEC achieved?
The company has successfully sold the M/V Manzanillo Express for a significant book gain and secured financing for the construction of its medium gas carriers.
How does the sale of the M/V Manzanillo Express fit into CCEC’s strategy?
This sale is part of CCEC's strategic shift towards gas transportation, thereby allowing reinvestment into innovative gas carriage assets.
What are CCEC's plans for their fleet?
CCEC aims to expand its fleet with state-of-the-art vessels focusing on LNG and other gas transportation solutions to meet market demand.
How can investors contact CCEC?
Investors can reach out to Brian Gallagher at +44 (770) 368 4996 or through the email address b.gallagher@capitalmaritime.com for investor relations queries.
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