Capital Clean Energy Carriers Corp Posts Strong Q3 2026 Results
Capital Clean Energy Carriers Corp has released its third quarter 2026 financial results, showcasing impressive growth across various key metrics. The company's quarterly dividend payout remains a core aspect of its value proposition to shareholders.
CEO Jerry Kalogiratos highlighted the delivery of three vessels - the LNG carrier Alcaios I, dual-fuel MGC carrier Aridaios in July, and LCO2 multi-gas carrier Alkimos in September. Additionally, Capital Clean Energy Carriers secured new employment for two LNG carriers and four gas carriers.
Net income from continuing operations stood at $34.6 million, a 52% increase compared to the same period last year. This significant growth is largely attributed to the recent deliveries starting to contribute positively to the company's financials. The quarterly dividend was declared at $0.15 per share, marking the company's 78th consecutive cash quarterly dividend since its IPO in 2007.
Financially, revenue for the three months ended September 30th, 2026 increased to $138.1 million from $95.6 million during the same period last year. This 44% increase primarily reflects the growth in the average number of vessels in the fleet to 19.7 vessels from 13 vessels during the same period last year.
The TCE for the quarter was just under $84,000 a day for the LNG fleet and just under $41,000 a day for the gas fleet. Voyage expenses increased to $9 million from $2.2 million in the third quarter of 2025 due to voyage expenses incurred by certain vessels during delivery and start of employment.
The company's balance sheet remains solid, with total cash at $287 million, including restricted cash. The net leverage ratio adjusted for the fair market value of vessels is approximately 55%. Total assets grew to $4.9 billion, an increase of more than 20% from the beginning of 2026.
Shareholders' equity rose by $87 million, or by 6%, to approximately $1.6 billion. As of quarter-end, total debt stood at $3.2 billion, with floating rate debt making up approximately 78%. The company's fixed rate debt and zero-cost interest rate collars entered into during the second and third quarters make approximately 47% of total debt either fixed or hedged.
The new building program is well-funded, with a substantial portion of CapEx paid from internally generated cash, asset monetizations, and attractive debt financing. The bond issuance in February has also contributed to the company's financial stability.
