Key Quarterly Highlights
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New long term time charter agreement for one liquefied natural gas (“LNG”) carrier (“LNG/C”) under construction
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Concluded the sale of a 13,312 TEU container vessel announced in August 2025
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Secured financing for all six Dual Fuel Medium Gas Carriers (“DF MGC”) and two Liquid CO2 (“LCO2”) /multi-gas carriers under construction
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Completed the 5-year special surveys of LNG/Cs Aristos I and Aristidis I
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Announced dividend of $0.15 per share for the third quarter of 2025
The Company announced in November 2023 its decision to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including LNG and emerging new commodities in connection with the energy transition. As a result, the Company agreed to acquire 11 newbuild LNG/Cs (the “Newbuild LNG/C Vessels”) and in June 2024, the Company further expanded its gas-focused portfolio with the acquisition of 10 gas carriers, including four LCO2/multi-gas and six DF MGCs (the “Gas Fleet”). Since December 2023, the Company has also completed the sale of 13 container vessels.
In view of this strategic shift, we present our financial results on a continuing operations basis, except for where reference is made to discontinued operations. Financial results from continuing operations include revenues, expenses and cash flows arising from our 14 vessels currently in-the-water, including 12 latest generation LNG/Cs and two 13,000 twenty equivalent unit (“TEU”) Neo-Panamax container vessels.
Financial results from discontinued operations include revenues, expenses and cash flows arising from the 13 container vessels we have sold following the announcement of our strategic shift in November 2023. Please refer to Appendix A Discontinued Operations.
Key Financial Highlights (continuing operations)
| Three-month period ended September 30, | ||||
| 2025 | 2024 | Increase/ (Decrease) |
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| Revenues | $99.5 million | $102.4 million | (2.8%) | |
| Expenses | $49.5 million | $46.9 million | 5.5% | |
| Interest expense and finance cost | $26.9 million | $38.8 million | (30.7%) | |
| Net Income | $23.1 million | $16.1 million | 43.5% | |
| Average number of vessels1 | 14.0 | 14.0 | 0.0% | |
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented:
“The third quarter has marked another period of robust performance for the Company, with significant achievements across all strategic fronts and operational priorities. The business continues to build momentum, further strengthening its position within the LNG and gas transportation sector.
The Company has successfully secured long-term employment for another LNG carrier currently under construction, well ahead of its scheduled delivery. This move not only demonstrates proactive planning but also contributes to further diversification of our customer base. The Company’s total contract backlog duration now stands at 6.9 years, with $3.0 billion in contracted revenues. These figures highlight increased cash flow visibility and a de-risked balance sheet, which we believe will support the Company’s financial stability.
Financing has been secured for all six DF MGCs and all four LCO2/multi-gas carriers, which underscores the Company’s financial agility and commitment to its strategic objectives. In parallel, the sale of another container vessel has enabled further recycling of the capital base with the proceeds being reinvested into the Company’s under-construction fleet of gas shipping assets.
Corporate governance continues to evolve, with changes in our Board of Directors. The Company expresses gratitude to Abel Rasterhoff for his service since our U.S. listing in 2007 and wishes him well in retirement. Martin Houston is welcomed to our Board, bringing unparalleled experience and stature in the LNG market.
It has been just two years since the Company began its journey focused on gas transportation, following a rights issue in November 2023. Out of an eventual fleet of 18 LNG/Cs, CCEC now only has three latest generation LNG/Cs under construction that remain available for charter. Discussions regarding their future employment are underway with multiple counterparties, while the Company remains insulated from prevailing spot LNG market conditions for the next 12 months.
By consistently executing on its strategy, CCEC is well on its way to becoming the largest US-listed company dedicated to LNG and gas transportation.”
