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MarketBeat
Thu, May 7, 2026 astatine 10:43 AM CDT 6 min read
Capital Clean Energy Carriers (NASDAQ:CCEC) reported first-quarter 2026 nett income from continuing operations of $18.3 million, down from $32.7 cardinal successful the prior-year period, arsenic off-hire clip and peculiar survey-related costs weighed connected results. Management besides highlighted caller financing, a transaction with vigor trader BGN that expanded contracted backlog, and a recently authorized stock repurchase program.
Quarterly results impacted by off-hire clip and survey costs
Chief Financial Officer Nikos Kalapotharakos said the 4th was “heavily impacted by the off-hire periods and further voyage and operating costs” for definite vessels undergoing their five-year peculiar surveys. Voyage expenses roseate to $6.2 cardinal from $1.1 cardinal a twelvemonth earlier, which Kalapotharakos attributed chiefly to bunker expenses tied to repositioning voyages and survey-related drydocking moves.
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Kalapotharakos besides said voyage expenses included $2.7 cardinal of warfare hazard security premiums “due to the ongoing geopolitical tensions successful the Middle East.” He emphasized that these premiums were “fully reimbursed by our charterers and are included successful revenue.”
Looking up connected drydocking, Kalapotharakos said 4 LNG vessels scope their 5th twelvemonth of property during 2026: Adamastos and Aristarchos, which concluded adust dock successful March and April, and Athalassos and Asklepios, expected to commence adust dock successful the 3rd quarter. He said nary further peculiar surveys are expected until 2028. Guidance remained astatine astir $5 cardinal per adust dock and astir 20 to 25 days of off-hire, though helium noted the adust docks completed truthful acold were delivered “ahead of fund and with less off-hire days.”
Dividend declared; committee approves stock buyback
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Executive Vice President of Investor Relations Brian Gallagher said the quarter’s show supported a currency dividend of $0.15 per share. Kalapotharakos reiterated that the dividend payout remains “an important and halfway component” of the company’s shareholder worth proposition, and said the dividend volition beryllium paid connected May 20 to shareholders of grounds connected May 11. He added that it marked the company’s “76th consecutive quarter” of paying a currency dividend.
Gallagher besides said the committee approved a $20 cardinal stock buyback programme to beryllium executed implicit the adjacent 2 years.
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Gallagher said the institution raised an further EUR 250 cardinal during the 4th done a Greek enslaved carrying a 3.75% coupon. Kalapotharakos said the institution ended the 4th with $546 cardinal of cash, up from $296 cardinal successful the anterior quarter, and reported a nett leverage ratio of 45.6%.
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