Unidentified ‘energy major’ will employ a large gas carrier for up to 10 years through to 2038
Capital Clean Energy Carriers, a company aspiring to become a major owner of US-listed modern, two-stroke LNG carriers, has secured long-term business for one of its numerous newbuildings.
The firm, controlled by Greek owner Evangelos Marinakis, said in its earnings results on Thursday that a “major energy company” agreed to forward fix the 174,000-cbm Athlos (built 2027) for a firm period of seven years at an undisclosed rate.
The charter, which can be extended for up to three consecutive one-year options, is set to begin in the first quarter of 2028 — about a year after HD Hyundai Samho is scheduled to deliver the ship.
Capital Clean Energy has the right to substitute the Athlos with sister ship Archon, which the same South Korean yard will deliver at about the same time.
The company currently boasts 12 modern trading LNG carriers on the water, built between 2020 and 2024 — all fixed out on time-charter business to key chartering names including Nigeria LNG, QatarEnergy, Tokyo LNG Tanker Co, JERA, BP Shipping, Cheniere Energy, Hartree Shipping and Engie.
Such long-term business is key to Capital Clean Energy’s efforts to build a secured revenue stream, which is set to increase to a backlog of $4.4bn with an average duration of 9.8 years if its charterers decide to exercise all outstanding extension options.
“The company remains insulated from prevailing spot LNG market conditions for the next 12 months,” chief executive Jerry Kalogiratos said.
Capital Clean Energy posted on Thursday net income of $23.1m for the third quarter, up from $16.1m in the same period last year.
That is calculated based on continued operations, which exclude 13 container ships that its predecessor Capital Product Partners sold for total gross proceeds of $694m over the past two years to become a pure-play gas carrier company.
The last of these vessels to go was the 13,312-teu Manzanillo Express (built 2022), which Capital Clean Energy sold in August to Germany’s Foroohari for $118.5m.
That has left Capital Clean Energy with two identical neo-panamax container sister ships — the Itajai Express and the Buenaventura Express, which are potential sale candidates as well.
Capital Clean Energy, however, might hold on to these vessels, as they are both on long-term time charters through to 2033 with options to extend to 2039.
The company kept its dividend steady for a 16th consecutive quarter at $0.15 per common unit.
The Marinakis family, including founder Evangelos Marinakis and his son Miltiadis, is the top shareholder with close to a 59% stake in Capital Clean Energy.
The second-largest shareholder, Greek property investor Ioannis Papalekas, has been steadily increasing his participation. As of late September, Papalekas-controlled Cyprus-based vehicle Yoda Plc held 29.1% of the company.
Capital Clean Energy has an extensive newbuilding programme that consists of six LNG carriers, six LPG/ammonia units and four liquefied CO2/multi-gas vessels due for delivery in 2026 and 2027.
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