Evangelos Marinakis-led Capital Clean Energy Carriers (CCEC)’s strategy of securing long-term charters has helped shield the company from Middle East-driven market volatility
“The ongoing geopolitical tensions in the Middle East, particularly the Iran conflict, have created considerable uncertainty and disruption across global energy shipping markets,” CCEC chief executive Jerry Kalogiratos said in the company’s Q1 financial report.
However, he added that the company’s long-term contracts and “solid market positioning” provide “significant resilience amid these volatile conditions”.
The average remaining firm contract duration for CCEC’s LNG carriers stands at 6.9 years, representing approximately US$2.9Bn in contracted revenues. This would increase to 9.9 years and US$4.3Bn, respectively, if all extension options are exercised by charterers.
Management noted that LNG carrier spot rates surged to around US$300,000 per day following the closure of the Strait of Hormuz, before partially correcting after some vessels from Middle Eastern producers were released into the market.
However, rates remain in six-digit territory for inter-basin trades.
Commenting on the term market, CCEC said one-year charter rates remain elevated, while long-term rates for periods of three to seven years have continued to firm as stronger near-term fundamentals feed through the curve.
Advanced vessel deliveries
In another significant quarterly development, CCEC agreed with South Korean shipbuilder HD Hyundai to bring forward the delivery of three LNG carriers – Archimidis, Agamemnon and Alcaios I. All three vessels are now scheduled to join the fleet by July 2026.
European shipbrokers reported last week that Archimidis was on subjects for a multi-month charter at a rate of around US$90,000 per day.
“We remain vigilant for opportunities that may arise from such volatility,” Mr Kalogiratos commented.
The US-listed Greek owner also took delivery in late April of 22,000-m³ Amadeus, its second /multi-gas carrier from Hyundai Mipo Dockyard.
The acquisition of the vessel was financed through US$21.6M in cash on hand and a five-year term loan worth US$50.9M.
Another notable development during the quarter was the formation of a joint venture with energy trader BGN, focused on the operation of a modern LNG carrier under a long-term charter agreement.
Profitable course
CCEC posted revenues of US$98M in Q1 2026, compared with US$102M in the same period last year, while net income declined to US$18.3M from US$32.7M.
As of 31 March 2026, total cash stood at US$546.4M.
“The company continued to execute on our strategy to build a leading gas transportation platform, generating robust cash flows,” Mr Kalogiratos said.
Meanwhile, CCEC’s board approved a share repurchase programme authorising the buyback of up to US$20M of the company’s common shares over a two-year period.
CCEC operates a fleet of 15 vessels, comprising 12 LNG carriers, two /multi-gas carriers and one container vessel. It also has a 17-ship newbuilding programme, including nine LNG carriers, six medium gas carriers and two /multi-gas carriers.
