Capital Clean Energy Carriers Corp.

For Q2 2026, net income from continuing operations was $29 million, versus $29.7 million in Q2 2025. Revenue was $104.9 million, up from $96.7 million year over year. The company did not give gross margin in the transcript. It declared a $0.15 per share dividend, payable August 13 to shareholders of record August 4. Balance sheet items included total assets of $4.7 billion, shareholders’ equity of $1.5 billion, cash of $269 million, and net leverage of approximately 54%. Guidance/comments: special survey cost guidance remains about $5 million per dry dock and 20 to 25 off-hire days, with remaining LNG carriers Attalos and Asklipios expected to go through special survey in August and no further special surveys scheduled until 2028. Management said the company expects to be fully funded for remaining CapEx assuming 70% financing on vessels without debt in place, and that approximately 50% of total debt is now fixed-rate or interest-rate protected.

The CEO’s tone was constructive and focused on portfolio building: the company said it had a “very busy and productive quarter” and emphasized that CCEC is now the largest U.S.-listed LNG company by tonnage. Strategically, the message was that the fleet is becoming more diversified across LNG, LPG/MGC, and liquid CO2, with contracted cash flows supporting dividends and growth. Management also highlighted the new LNG bunkering JV as a first move into a different but growing segment.

The CFO said dividend policy remains a core part of the value proposition and noted the $0.15 dividend marks the 77th consecutive quarterly cash dividend since the IPO. He cited revenue of $104.9 million and net income of $29 million, with the earnings comparison framed against $29.7 million last year, and explained higher vessel operating expenses and depreciation mainly by special survey costs and the larger fleet. On the balance sheet, he pointed to total assets of $4.7 billion, equity of $1.5 billion, cash of $269 million, and net leverage of about 54%, while noting the repayment of a EUR 150 million bond and issuance of a EUR 250 million bond at 3.75% to extend maturities. He also said the company executed two zero-cost SOFR collars totaling $800 million notional, with protection between a roughly 3.7% floor and 4.3% cap.

Analysts focused on the impact of Middle East conflict on freight, LNG bunkering, charter duration choices, and whether the company may shift toward more LNG or LPG exposure. Management said spot charter rates have stayed elevated, citing average spot charter rates of $93,000 so far this year versus $39,000 last year, and described the market as backwardated with freight acting as the way to capture option value from wider JKM-TTF spreads. On bunkering, management said it is a new, more specialized business and that the JV with CMA is structured cautiously on a 50-50 basis. They also said they remain constructive on LNG and LPG fundamentals but want more visibility on employment before adding more LNG newbuild exposure.