Capital Clean Energy Carriers Corp. Announces Strategic Boat Sale
ATHENS, Greece — Capital Clean Energy Carriers Corp. (NASDAQ: CCEC), a prominent international shipping company, has made a significant step in its business strategy by announcing the sale of the M/V Buenaventura Express. This 142,411 DWT container vessel, which is capable of carrying 13,312 TEUs, is equipped with a hybrid scrubber and was built in 2023 by Hyundai Samho Industries in South Korea.
Details of the Vessel Sale
The memorandum of agreement for the sale was signed on October 29, and the transfer of ownership is planned for the first quarter of the upcoming year. This strategic divestment is expected to yield a book gain of approximately $4.4 million. The proceeds from the sale will primarily be utilized for reducing outstanding debt and supporting general corporate initiatives, with the total debt standing at around $84.4 million.
Transitioning Focus Towards Gas Transportation
This sale aligns seamlessly with CCEC’s strategic plan to steer its focus towards transporting various gas forms, such as liquefied natural gas (LNG) and other emerging commodities in the energy transition domain. Since February 2024, the company has successfully divested or agreed to divest 14 container vessels, generating gross expected proceeds nearing $814.3 million. With this latest sale, CCEC will maintain a single container vessel in its fleet, which has secured employment until 2033 with potential extensions until 2039.
About Capital Clean Energy Carriers Corp.
Capital Clean Energy Carriers Corp. operates one of the world's foremost platforms for gas carriage solutions, emphasizing energy transition. With a fleet comprising 14 high-specification vessels, including 12 state-of-the-art LNG carriers, CCEC is well-positioned within the industry. Furthermore, it has six LNG carriers and additional dual-fuel medium gas carriers under construction, expected to be delivered between 2026 and 2027, strengthening its commitment to innovative energy solutions.
Company Contact Information
For more inquiries related to the company or investor relations, individuals can reach out to the following:
Brian Gallagher
EVP Investor Relations
Tel: +44 (770) 368 4996
Email: b.gallagher@capitalmaritime.comm
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel: +1-212-661-7566
Email: ccec@capitalink.com
Markella Kara
Email: ccec@capitallink.com
Frequently Asked Questions
What vessel did Capital Clean Energy Carriers Corp. sell?
The company sold the M/V Buenaventura Express, a hybrid scrubber-fitted container vessel.
What is the estimated financial impact of the sale?
The sale is expected to result in a book gain of approximately $4.4 million.
How does this sale fit into the company's strategy?
This divestment aligns with CCEC's strategy to focus more on gas transportation and energy transition.
What will happen to the company's fleet after this sale?
After the sale, CCEC will retain only one container vessel, which has secured employment through 2033.
How is Capital Clean Energy expanding its fleet?
CCEC has six LNG carriers and several dual-fuel carriers under construction, aimed at enhancing its capabilities.
