Capital Clean Energy Carriers Corp. (the “Company,” “CCEC” or “we”
or “us”) (NASDAQ: CCEC), an international owner of ocean-going
vessels, today released its financial results for the fourth
quarter ended December 31, 2024.
Key Quarterly Highlights
- Announced dividend of $0.15 for the
fourth quarter of 2024
-
Concluded the sale of three debt-free container sister vessels
In November 2023, the Company announced its
decision to shift its strategic focus towards the transportation of
various forms of gas to industrial customers, including liquefied
natural gas (“LNG”) and new commodities emerging in connection with
the energy transition. As a result, the Company agreed to acquire
11 newbuild LNG carriers (“LNG/C”) (the “Newbuild LNG/C Vessels”)
and in June 2024, the Company further invested in 10 gas carriers,
including four LCO2/multi gas and six LPG-ammonia carriers (the
“Gas Fleet”). Since December 2023, the Company has also completed
or entered into agreements for the sale of 12 container
vessels.
In view of this strategic shift, we present our
financial results on a continuing operations basis, except for
where reference is made to discontinued operations. Financial
results from continuing operations include revenues, expenses and
cash flows arising from our 15 vessels currently in-the-water,
including 12 latest generation LNG/Cs and three 13,000 twenty
equivalent unit (“TEU”) Neo-Panamax container vessels.
Financial results from discontinued operations
include revenues, expenses and cash flows arising from the 12
container vessels we have sold or agreed to sell following the
announcement of our strategic shift in November 2023. Please refer
to Appendix A Discontinued Operations.
Key Financial Highlights (continuing
operations)
|
|
Three-month period ended December 31, |
|
|
2024 |
2023 |
Increase |
|
Revenues |
$105.1 million |
$64.2 million |
64% |
|
Expenses (excluding impairment of vessels) |
$48.7 million |
$34.4 million |
42% |
|
Interest expense and finance cost |
$36.7 million |
$25.8 million |
42% |
|
Impairment of vessels |
- |
$3.2 million |
- |
|
Net Income |
$20.8 million |
$1.1 million |
1,791% |
|
Average number of vessels1 |
15.0 |
10.5 |
43% |
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer
of CCEC, commented:
“We continue to make progress on our chosen
objective of positioning the Company as the premier carrier of gas
including emerging trades from the energy transition. The sale of
four of our wide beam 5,000 TEU container vessels has been
completed, with the last vessel expected to be delivered later in
the first quarter of 2025. This sale will further solidify our
position as a gas-focused platform with built-in growth driven by
the delivery of 16 new gas carriers over six quarters, starting in
2026. Importantly, CCEC is largely insulated from current spot
market conditions, with our first open newbuilding scheduled for
the first quarter of 2026.
We anticipate that the weakness in the
underlying spot and short-term period markets is likely to act as a
catalyst for a potentially substantial reduction in older
technology LNG vessels in the global fleet. In addition, the new
U.S. administration’s stated intention to help boost US LNG exports
should further support what we expect to be already a tight
long-term demand supply picture, when it comes to LNG shipping.
With the support of a current contracted revenue backlog of more
than $2.5 billion, the board and management look forward to
expanding CCEC’s profile and narrative to reach a broader and more
diversified investor base."
Overview of Fourth Quarter 2024
Results
Net income from continuing operations for the
quarter ending December 31, 2024, was $20.8 million, compared with
net income from continuing operations of $1.1 million for the
fourth quarter of 2023.
Total revenue from continuing operations for the
quarter ended December 31, 2024, was $105.1 million, compared to
$64.2 million during the fourth quarter of 2023. The increase in
revenue was attributable to the five LNG/C vessels acquired by the
Company, namely the LNG/C Amore Mio I acquired in the fourth
quarter of 2023, the LNG/C Axios II acquired in the first quarter
of 2024, and the LNG/C Apostolos, the LNG/C Aktoras and the LNG/C
Assos acquired in the second quarter of 2024, which increased the
average number of vessels to 15.0 from 10.5 in the same quarter of
last year.
Total expenses from continuing operations for
the quarter ended December 31, 2024, were $48.7 million, compared
to $34.4 million in the fourth quarter of 2023 (excluding a
non-cash impairment charge of $3.2 million in total that we
recognized in the fourth quarter of 2023 in connection with the
sale of the M/V Cape Agamemnon). Total vessel operating expenses
from continuing operations during the fourth quarter of 2024
amounted to $17.7 million, compared to $11.8 million during the
fourth quarter of 2023. The increase in vessel operating expenses
from continuing operations was mainly due to the net increase in
the average number of vessels in our fleet. Total expenses from
continuing operations for the fourth quarter of 2024 also include
vessel depreciation and amortization of $24.2 million, compared to
$14.5 million in the fourth quarter of 2023. The increase in
depreciation and amortization from continuing operations during the
fourth quarter of 2024 was attributable to the net increase in the
average number of vessels in our fleet. General and administrative
expenses from continuing operations for the fourth quarter of 2024
amounted to $4.3 million, a reduction of $1.4 million compared to
total general and administrative expenses of $5.7 million in the
fourth quarter of 2023, mainly due to costs associated with the
acquisition of the “Newbuild LNG/C Vessels” that were incurred
during the fourth quarter of last year.
Total other expenses, net from continuing
operations for the quarter ended December 31, 2024, were $35.5
million compared to $25.5 million for the fourth quarter of 2023.
Total other expenses, net from continuing operations include
interest expense and finance cost of $36.7 million for the fourth
quarter of 2024, compared to $25.8 million for the fourth quarter
of 2023. The increase in interest expense and finance cost from
continuing operations was mainly attributable to the increase in
the Company’s average indebtedness as a result of the net increase
in the average number of vessels in our fleet, partly offset by the
decrease in the weighted average interest rate compared to the
fourth quarter of 2023.
____________________1 Average number of vessels
is measured by aggregating the number of days each vessel was part
of our fleet during the period and dividing such aggregate number
by the number of calendar days in the period.
Company Capitalization
As of December 31, 2024, total cash amounted to
$336.5 million. Total cash includes restricted cash of $22.5
million, which represents the minimum liquidity requirement under
our financing arrangements.
As of December 31, 2024, the Company’s total
shareholders’ equity amounted to $1,343.0 million, an increase of
$168.1 million compared to $1,174.9 million as of December 31,
2023. The increase reflects total net income from operations of
$193.6 million for the twelve months to December 31, 2024, the
amortization associated with the equity incentive plan of $6.9
million and other comprehensive gain of $1.3 million relating to
the net effect of the cross-currency swap agreement we designated
as an accounting hedge, partly offset by distributions declared and
paid during the period in the total amount of $33.8 million.
As of December 31, 2024, the Company’s total
debt was $2,598.3 million before financing fees, reflecting an
increase of $810.5 million compared to $1,787.8 million as of
December 31, 2023. The increase is attributable to (i) the drawdown
of $910.0 million in total of bank debt and the drawdown of $134.8
million in total under the $220.0 million unsecured seller’s credit
issued to the Company by Capital Maritime & Trading Corp. (the
“LNG Seller’s Credit”), in connection with the acquisition of four
LNG/C carriers and (ii) the refinancing of the outstanding
indebtedness of the LNG/C Aristidis I, the LNG/C Attalos and the
LNG/C Asklipios which released $130.2 million of gross additional
liquidity. The increase of the Company’s total debt was partly
offset by (i) scheduled principal payments for the year of $118.3
million, (ii) the early repayment in full of the seller’s credit
issued to the Company by Capital Maritime & Trading Corp.
(“Capital Maritime”) for an amount of $6.0 million to finance the
past acquisition of three container vessels (iii) the early
repayment in full of the facilities related to three container
vessel sales in the total amount of $88.9 million due to the
vessels’ sale, (iv) the $16.4 million decrease as of December 31,
2024 in the U.S. Dollar equivalent of the euro-denominated bonds
issued by CPLP Shipping Holdings Plc in October 2021 and July 2022
and (v) the repayment in full of the LNG Seller’s Credit.
As of December 31, 2024, the weighted average
margin on our floating debt amounting to $2,093.4 million was 1.84%
over SOFR and the weighted average interest rate on our fixed rate
debt amounting to $505.0 million was 4.41%.
ATM Offering
On January 27, 2025, we entered into an open
market sale agreement with Jefferies LLC, under which we may sell,
from time to time through Jefferies LLC, as our sales agent, new
common shares having an aggregate offering amount of up to $75.0
million. We intend to use the net proceeds from the sales of new
common shares, after deducting the sales agent’s commissions and
our offering expenses, for general corporate purposes, which may
include, among other things, the acquisition of new vessels, the
repayment or refinancing of all or a portion of our outstanding
indebtedness and funding of working capital requirements or capital
expenditures.
Container Divestment Update
During the third quarter of 2024, the Company
announced it had entered into five agreements for the sale of five
container sister vessels: the M/V Hyundai Prestige, the M/V Hyundai
Premium, the M/V Hyundai Paramount, the M/V Hyundai Privilege and
the M/V Hyundai Platinum, (each 63,010 DWT/ 5,023 TEU container
vessel, built 2013, Hyundai Heavy Industries Co., Ltd., S. Korea)
to a third party. Of these, the M/V Hyundai Prestige, the M/V
Hyundai Premium and the M/V Hyundai Paramount were successfully
delivered to their new owners in the fourth quarter of 2024, and
the M/V Hyundai Privilege in January 2025. The M/V Hyundai Platinum
is expected to be delivered to her new owners during the first
quarter of 2025.
Under-Construction Fleet
Update
The Company’s under-construction fleet includes
six additional latest generation LNG/Cs (comprising the remaining
Newbuild LNG/C Vessels that have not yet been delivered to the
Company) and the Gas Fleet. The Company expects delivery of these
16 new gas carriers to occur between the first quarter of 2026 and
the third quarter of 2027. The following table sets out the
Company’s schedule of expected capex payments for its
under-construction fleet as of December 31, 2024.
Capex Schedule of CCEC in USD million,
as of December 31, 2024:
|
|
2025 |
2026 |
2027 |
TOTAL |
|
|
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
Q4 |
Q1 |
Q2 |
Q3 |
|
|
LNG/Cs2 |
- |
49.9 |
25.6 |
50.6 |
511.0 |
51.2 |
149.7 |
149.7 |
307.2 |
- |
- |
1,294.9 |
|
Gas Fleet |
45.4 |
22.5 |
15.5 |
22.0 |
74.0 |
105.4 |
123.2 |
47.7 |
89.3 |
46.9 |
35.9 |
627.8 |
|
TOTAL |
45.4 |
72.4 |
41.1 |
72.6 |
585.0 |
156.6 |
272.9 |
197.4 |
396.5 |
46.9 |
35.9 |
1,922.7 |
Quarterly Dividend
Distribution
On January 22, 2024, the Board of Directors of
the Company declared a cash dividend per share of $0.15 for the
fourth quarter of 2024 payable on February 12, 2025, to
shareholders of record on February 6, 2025.
LNG Market Update
Despite demand for LNG reaching its seasonal
peak in the fourth quarter, high European gas prices combined with
delays in the commissioning of certain natural gas liquefaction
projects and subdued demand from Asia led to an oversupply of
vessels. This, in turn, led to a further fall in spot charter rates
across both basins compared to the previous quarter, following a
steady decline experienced throughout the year.
According to analysts, rates for a 2-stroke
vessel averaged $29,054 per day in the fourth quarter, while one
year time charter rates stood at similar levels. Longer-term
charter rates continue to command a significant premium compared to
shorter-term rates, with the last fixture over 10 years for
delivery of a latest generation two-stroke vessel in 2027, being
reported close to $90,000 per day.
LNG trade grew by approximately 1.7% in 2024 on
the back of limited project start-ups. Over the same period, the
LNG/C fleet grew by 62 ships, the majority of which had been
ordered against US projects that were delayed. The delivery ramp-up
throughout the year was significant, with ten deliveries in the
first quarter of the year increasing to 23 by the fourth quarter.
Currently 317 vessels are on order. Looking further ahead, long
term prospects for the LNG/C market remain robust – we expect this
to be the case especially for modern, latest generation vessels,
like those controlled by CCEC. On the one hand, the current
weakness in the spot and short-term markets is expected to
accelerate the commercial removal of older, smaller and less
efficient vessels - a process that increased in pace last year with
a record of eight older Steam Turbine vessels sold for demolition.
Currently, the steam turbine fleet comprises approximately 200
vessels or 32% of the current fleet. On the other hand, the ~200
mtpa of incremental LNG liquefaction capacity that has taken FID
and is expected to come online between 2025-2028 and an additional
circa ~150 to 170 mtpa that is awaiting regulatory and investment
approvals, which are expected to be accelerated under the new US
administration, mean that demand for LNG/Cs is expected to exceed
current supply over the coming years, leading to a tightening
market from 2026 and especially 2027 onwards.
Conference Call and Webcast
Today, February 6, 2025, the Company will host
an interactive conference call at 09:30 a.m. Eastern Time to
discuss the financial results.
Conference Call Details
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: 877
405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard
International Dial In). Please quote Capital Clean Energy Carriers
to the operator and/or conference ID 13751252. Click here for
additional participant International Toll-Free access numbers.
Alternatively, participants can register for the
call using the “call me” option for a faster connection to join the
conference call. You can enter your phone number and let the system
call you right away. Click here for the “call me” option.
Slides and Audio Webcast
There will also be a live, and then archived,
webcast of the conference call and accompanying slides, available
through the Company’s website. To listen to the archived audio
file, visit our website http://ir.capitalcleanenergycarriers.com/
and click on Webcasts & Presentations under our Investor
Relations page. Participants in the live webcast should register on
the website approximately 10 minutes prior to the start of the
webcast.
About Clean Energy Carriers
Corp.
Capital Clean Energy Carriers Corp. (NASDAQ:
CCEC), an international shipping company, is one of the world’s
leading platforms of gas carriage solutions with a focus on energy
transition. CCEC’s in-the-water fleet includes 16 high
specification vessels, including 12 latest generation LNG/Cs and
four legacy Neo-Panamax container vessels, one of which we have
agreed to sell within the first quarter of 2025. In addition,
CCEC’s under-construction fleet includes six additional latest
generation LNG/Cs, six dual-fuel medium gas carriers and four handy
liquid CO2/multi-gas carriers, to be delivered between the first
quarter of 2026 and the third quarter of 2027.
For more information about the Company, please
visit: www.capitalcleanenergycarriers.com
Forward-Looking Statements
The statements in this press release that are
not historical facts, including, among other things, statements
related to CCEC’s ability to pursue growth opportunities and CCEC’s
expectations or objectives regarding future vessel deliveries and
charter rate expectations, are forward-looking statements (as such
term is defined in Section 21E of the Securities Exchange Act of
1934, as amended). These forward-looking statements involve risks
and uncertainties that could cause the stated or forecasted results
to be materially different from those anticipated. For a discussion
of factors that could materially affect the outcome of
forward-looking statements and other risks and uncertainties, see
“Risk Factors” in our annual report filed with the SEC on Form 20-F
for the year ended December 31, 2023, filed on April 23, 2024 and
amended on May 22, 2024, and the risk factors set out in Exhibit
99.8 to our Report on Form 6-K furnished on August 26, 2024. Unless
required by law, CCEC expressly disclaims any obligation to update
or revise any of these forward-looking statements, whether because
of future events, new information, a change in its views or
expectations, to conform them to actual results or otherwise. CCEC
does not assume any responsibility for the accuracy and
completeness of the forward-looking statements. You are cautioned
not to place undue reliance on forward-looking statements.
Contact Details:Investor Relations /
Media
Brian GallagherEVP Investor RelationsTel.
+44-(770) 368 4996 E-mail: b.gallagher@capitalmaritime.comm
Nicolas BornozisCapital Link, Inc. (New
York)Tel. +1-212-661-7566E-mail: ccec@capitallink.comSource:
Capital Clean Energy Carriers Corp.
Capital Clean Energy Carriers
Corp.Unaudited Condensed Consolidated Statements
of Comprehensive Income(In thousands of United
States Dollars, except for number of shares and earnings per
share)
| |
For the three-monthperiod ended December
31, |
For the year |
|
ended December 31, |
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
Revenues |
105,118 |
|
64,190 |
|
369,413 |
|
241,767 |
|
|
Expenses: |
|
|
|
|
| Voyage expenses |
2,596 |
|
2,334 |
|
10,547 |
|
12,213 |
|
| Vessel operating expenses |
15,056 |
|
10,043 |
|
55,353 |
|
41,726 |
|
| Vessel operating expenses -
related parties |
2,623 |
|
1,778 |
|
9,550 |
|
6,780 |
|
| General and administrative
expenses |
4,272 |
|
5,735 |
|
16,682 |
|
13,445 |
|
| Vessel depreciation and
amortization |
24,192 |
|
14,478 |
|
86,156 |
|
54,866 |
|
| Impairment of vessel |
- |
|
3,201 |
|
- |
|
11,157 |
|
|
Operating income, net |
56,379 |
|
26,621 |
|
191,125 |
|
101,580 |
|
| Other income /
(expense), net: |
|
|
|
|
| Interest expense and finance
cost |
(36,653) |
|
(25,808) |
|
(139,831) |
|
(95,743) |
|
| Other
income, net |
1,118 |
|
292 |
|
3,315 |
|
1,253 |
|
|
Total other expense, net |
(35,535) |
|
(25,516) |
|
(136,516) |
|
(94,490) |
|
| Net income from
continuing operations |
20,844 |
|
1,105 |
|
54,609 |
|
7,090 |
|
|
Net income from discontinued operations |
81,412 |
|
11,625 |
|
139,025 |
|
40,118 |
|
|
Net income from operations |
102,256 |
|
12,730 |
|
193,634 |
|
47,208 |
|
|
Net income attributable to General Partner |
- |
|
110 |
|
743 |
|
680 |
|
| Deemed dividend to General
Partner |
- |
|
- |
|
46,184 |
|
- |
|
| Net income attributable to
unvested shares |
391 |
|
119 |
|
808 |
|
929 |
|
| Net income attributable to
common shareholders |
101,865 |
|
12,501 |
|
145,899 |
|
45,599 |
|
| |
|
|
|
|
| Net income from
continuing operations per: |
|
|
|
|
| Common
shares, basic and diluted |
0.36 |
|
0.05 |
|
0.14 |
|
0.33 |
|
| Weighted average
shares outstanding: |
|
|
|
|
|
Common shares, basic and diluted |
58,390,900 |
|
25,941,874 |
|
56,094,666 |
|
21,182,471 |
|
| Net income from
discontinued operations per: |
|
|
|
|
|
Common shares, basic and diluted |
1.39 |
|
0.44 |
|
2.46 |
|
1.83 |
|
| Weighted average
shares outstanding: |
|
|
|
|
|
Common shares, basic and diluted |
58,390,900 |
|
25,941,874 |
|
56,094,666 |
|
21,182,471 |
|
| Net income from
operations per: |
|
|
|
|
|
Common shares, basic and diluted |
1.74 |
|
0.48 |
|
2.60 |
|
2.15 |
|
| Weighted average
shares outstanding: |
|
|
|
|
|
Common shares, basic and diluted |
58,390,900 |
|
25,941,874 |
|
56,094,666 |
|
21,182,471 |
|
Capital Clean Energy Carriers
Corp.Unaudited Condensed Consolidated Balance
Sheets(In thousands of United States
Dollars)
|
|
|
As of December31, 2024 |
|
As of December31, 2023 |
|
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
313,988 |
$ |
192,420 |
|
Trade accounts receivable, net |
|
3,853 |
|
3,103 |
|
Prepayments and other assets |
|
7,512 |
|
6,748 |
|
Due from related party |
|
1,131 |
|
402 |
|
Inventories |
|
4,844 |
|
3,004 |
|
Claims |
|
865 |
|
865 |
|
Current assets of discontinued operations |
|
73,350 |
|
18,962 |
|
Total current assets |
|
405,543 |
|
225,504 |
|
Fixed assets |
|
|
|
|
|
Advances for vessels under construction – related party |
|
54,000 |
|
174,400 |
|
Vessels, net and vessels under construction |
|
3,527,305 |
|
2,212,613 |
|
Total fixed assets |
|
3,581,305 |
|
2,387,013 |
|
Other non-current assets |
|
|
|
|
|
Above market acquired charters |
|
101,574 |
|
73,969 |
|
Deferred charges, net |
|
361 |
|
- |
|
Restricted cash |
|
22,521 |
|
11,721 |
|
Derivative asset |
|
1,574 |
|
6,636 |
|
Prepayments and other assets |
|
4 |
|
1,325 |
|
Non-current assets of discontinued operations |
|
- |
|
434,131 |
|
Total non-current assets |
|
3,707,339 |
|
2,914,795 |
|
Total assets |
$ |
4,112,882 |
$ |
3,140,299 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Current portion of long-term debt, net |
$ |
128,383 |
$ |
93,457 |
|
Trade accounts payable |
|
15,119 |
|
9,809 |
|
Due to related parties |
|
3,542 |
|
4,156 |
|
Accrued liabilities |
|
32,157 |
|
18,658 |
|
Deferred revenue |
|
29,804 |
|
19,100 |
|
Current liabilities of discontinued operations |
|
16,372 |
|
38,750 |
|
Total current liabilities |
|
225,377 |
|
183,930 |
|
Long-term liabilities |
|
|
|
|
|
Long-term debt, net |
|
2,450,129 |
|
1,585,196 |
|
Derivative liabilities |
|
18,114 |
|
7,180 |
|
Below market acquired charters |
|
75,659 |
|
85,408 |
|
Deferred revenue |
|
634 |
|
4,001 |
|
Non-current liabilities of discontinued operations (including
$6,000 payable to related party as of December 31, 2023) |
|
- |
|
99,651 |
|
Total long-term liabilities |
|
2,544,536 |
|
1,781,436 |
|
Total liabilities |
|
2,769,913 |
|
1,965,366 |
|
Commitments and contingencies |
|
- |
|
- |
|
Total shareholders’ equity |
|
1,342,969 |
|
1,174,933 |
|
Total liabilities and shareholders’ equity |
$ |
4,112,882 |
$ |
3,140,299 |
Capital Clean Energy Carriers
Corp.Unaudited Condensed Consolidated Statements
of Cash Flows(In thousands of United States
Dollars)
|
|
For the years endedDecember 31, |
|
|
2024 |
2023 |
|
Cash flows from operating activities of continuing
operations: |
|
|
|
|
|
Net income from operations |
$ |
193,634 |
|
$ |
47,208 |
|
| Less: Net income from
discontinued operations |
|
139,025 |
|
|
40,118 |
|
| Net income from
continuing operations |
|
54,609 |
|
|
7,090 |
|
| Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
| Vessel depreciation and
amortization |
|
86,156 |
|
|
54,866 |
|
| Impairment of vessels |
|
- |
|
|
11,157 |
|
| Gain on sale of vessels |
|
- |
|
|
- |
|
| Amortization and write-off of
deferred financing costs |
|
3,347 |
|
|
1,977 |
|
| Amortization / accretion of
above / below market acquired charters |
|
15,864 |
|
|
(4,646 |
) |
| Amortization of ineffective
portion of derivatives |
|
(209) |
|
|
(260) |
|
| Equity compensation
expense |
|
6,918 |
|
|
3,786 |
|
| Change in fair value of
derivatives |
|
10,934 |
|
|
(5,529) |
|
| Unrealized bonds exchange
differences |
|
(9,848) |
|
|
6,018 |
|
| Unrealized cash, cash
equivalents and restricted cash exchange differences |
|
- |
|
|
- |
|
| Changes in operating
assets and liabilities: |
|
|
|
|
| Trade accounts receivable,
net |
|
(750) |
|
|
(1,015) |
|
| Prepayments and other
assets |
|
557 |
|
|
682 |
|
| Due from related party |
|
716 |
|
|
(1,847) |
|
| Inventories |
|
(1,840) |
|
|
1,476 |
|
| Claims |
|
- |
|
|
- |
|
| Trade accounts payable |
|
5,524 |
|
|
3,351 |
|
| Due to related parties |
|
1,386 |
|
|
1,140 |
|
| Accrued liabilities |
|
13,806 |
|
|
3,801 |
|
|
Deferred revenue |
|
7,337 |
|
|
8,498 |
|
|
Net cash provided by operating activities of continuing
operations |
$ |
194,507 |
|
$ |
90,545 |
|
|
Cash flows from investing activities of continuing
operations: |
|
|
|
|
| Vessel acquisitions, vessels
under construction and improvements including time and bareboat
charter agreements |
|
(1,200,981) |
|
|
(451,598) |
|
|
(Expenses for sale of vessels paid) / Proceeds from sale of
vessels, net |
|
(219) |
|
|
20,540 |
|
|
Net cash used in investing activities of continuing
operations |
$ |
(1,201,200) |
|
$ |
(431,058) |
|
|
Cash flows from financing activities of continuing
operations: |
|
|
|
|
| Proceeds from long-term
debt |
|
1,582,000 |
|
|
392,000 |
|
| Deferred financing and
offering costs paid |
|
(12,911) |
|
|
(3,841) |
|
| Payments of long-term
debt |
|
(792,480) |
|
|
(75,474) |
|
| Proceeds from rights
offering |
|
- |
|
|
45,817 |
|
| Rights offering costs
paid |
|
(476) |
|
|
(824) |
|
| Repurchase of common
units |
|
- |
|
|
(4,112) |
|
|
Dividends paid |
|
(33,813) |
|
|
(12,242) |
|
|
Net cash provided by financing activities of continuing
operations |
$ |
742,320 |
|
$ |
341,324 |
|
|
Net (decrease) / increase in cash, cash equivalents and
restricted cash from continuing operations |
$ |
(264,373) |
|
$ |
811 |
|
|
Cash flows from discontinued operations |
|
|
|
|
| Operating activities |
|
46,011 |
|
|
98,830 |
|
| Investing activities |
|
448,062 |
|
|
(16,034) |
|
|
Financing activities |
|
(97,332) |
|
|
(34,312) |
|
|
Net increase / (decrease) in cash, cash equivalents and
restricted cash from discontinued operations |
|
396,741 |
|
|
48,484 |
|
|
Net increase in cash, cash equivalents and restricted
cash |
|
132,368 |
|
|
49,295 |
|
|
Cash, cash equivalents and restricted cash at the beginning
of the year |
$ |
204,141 |
|
$ |
154,846 |
|
|
Cash, cash equivalents and restricted cash at the end of
the year |
$ |
336,509 |
|
$ |
204,141 |
|
|
Supplemental cash flow information |
|
|
|
|
| Cash paid for interest |
$ |
131,870 |
|
$ |
98,606 |
|
| Non-Cash Investing and
Financing Activities |
|
|
|
|
| Capital expenditures included
in liabilities |
|
4,140 |
|
|
6,684 |
|
| Capitalized dry-docking costs
included in liabilities |
|
4,149 |
|
|
4,149 |
|
| Deferred financing costs
included in liabilities |
|
86 |
|
|
1,934 |
|
| Expenses for sale of vessels
included in liabilities |
|
5,396 |
|
|
440 |
|
| Seller’s credit agreement in
connection with the acquisition of vessel-owning companies |
|
134,764 |
|
|
- |
|
| Sale and lease back agreements
and credit facility assumed in connection with the acquisition of
vessel-owning companies |
|
- |
|
|
196,317 |
|
| Amounts for the acquisition of
vessel-owning companies and companies owning vessels under
construction, netted against the amount due from CMTC pursuant to
the Standby Purchase Agreement |
|
- |
|
|
279,783 |
|
| Advances for vessels under
construction – related party, netted against the amount due from
CMTC pursuant to the Standby Purchase Agreement |
|
- |
|
|
174,400 |
|
| Re-issuance of treasury units
in connection with the acquisition of a vessel-owning company |
|
- |
|
|
- |
|
| Reconciliation of
cash, cash equivalents and restricted cash |
|
|
|
|
| Cash and cash equivalents |
|
313,988 |
|
|
192,420 |
|
|
Restricted cash - non-current assets |
|
22,521 |
|
|
11,721 |
|
|
Total cash, cash equivalents and restricted cash shown in
the statements of cash flows |
$ |
336,509 |
|
$ |
204,141 |
|
Appendix A
I. Discontinued
Operations - Vessels
|
Name of Vessel |
Type |
TEU |
Memorandum of Agreement Date |
Delivery/Expected Delivery |
| M/V
Akadimos |
Neo
Panamax Container Vessel |
9,288 |
January 31, 2024 |
March 8, 2024 |
| M/V Long Beach Express |
Panamax Container Vessel |
5,089 |
December 15, 2023 |
February 26, 2024 |
| M/V Seattle Express |
Panamax Container Vessel |
5,089 |
February 14, 2024 |
April 26, 2024 |
| M/V Fos Express |
Panamax Container Vessel |
5,089 |
February 14, 2024 |
May 3, 2024 |
| M/V Athenian |
Neo Panamax Container Vessel |
9,954 |
March 1, 2024 |
April 22, 2024 |
| M/V Athos |
Neo Panamax Container Vessel |
9,954 |
March 1, 2024 |
April 22, 2024 |
| M/V Aristomenis |
Neo Panamax Container Vessel |
9,954 |
March 1, 2024 |
May 3, 2024 |
| M/V Hyundai Premium |
Neo Panamax Container Vessel |
5,023 |
September 12, 2024 |
November 22, 2024 |
| M/V Hyundai Paramount |
Neo Panamax Container Vessel |
5,023 |
September 12, 2024 |
December 20, 2024 |
| M/V Hyundai Prestige |
Neo Panamax Container Vessel |
5,023 |
September 12, 2024 |
December 5, 2024 |
| M/V Hyundai Privilege |
Neo Panamax Container Vessel |
5,023 |
September 12, 2024 |
January 10, 2025 |
| M/V Hyundai Platinum |
Neo Panamax Container Vessel |
5,023 |
September 12, 2024 |
First quarter of 2025 |
II. Discontinued Operations
- Unaudited Condensed Consolidated Statements of Comprehensive
Income (In
thousands of United States Dollars)
| |
For the three-monthperiod ended December
31, |
For the year |
|
ended December 31, |
| |
2024 |
2023 |
2024 |
2023 |
|
Revenues |
12,791 |
|
31,319 |
|
70,575 |
|
118,819 |
|
| Expenses / (income),
net: |
|
|
|
|
| Voyage expenses |
208 |
|
680 |
|
1,400 |
|
2,707 |
|
| Vessel operating expenses |
2,976 |
|
7,674 |
|
17,353 |
|
33,064 |
|
| Vessel operating expenses -
related party |
444 |
|
1,058 |
|
2,615 |
|
4,119 |
|
| Vessel depreciation and
amortization |
- |
|
7,729 |
|
11,018 |
|
29,333 |
|
| Impairment of vessel |
- |
|
340 |
|
- |
|
340 |
|
| Gain on sale of vessels |
(72,205) |
|
- |
|
(103,807) |
|
- |
|
|
Operating income, net |
81,368 |
|
13,838 |
|
141,996 |
|
49,256 |
|
| Other income /
(expense), net: |
|
|
|
|
| Interest expense and finance
cost |
(77) |
|
(2,098) |
|
(3,132) |
|
(9,115) |
|
| Other
income / (expense), net |
121 |
|
(115) |
|
161 |
|
(23) |
|
|
Total other income / (expense), net |
44 |
|
(2,213) |
|
(2,971) |
|
(9,138) |
|
|
Net income from discontinued operations |
81,412 |
|
11,625 |
|
139,025 |
|
40,118 |
|
During the fourth quarter of 2024, the Company
disposed of the following vessels that were presented as assets
held for sale under total current assets of discontinued operations
recognizing, a gain on the sale of vessels of $72,205.
|
Vessel |
MOA Date |
Delivery date |
|
M/V Hyundai Premium |
September 12, 2024 |
November 22, 2024 |
| M/V Hyundai Paramount |
September 12, 2024 |
December 20, 2024 |
| M/V Hyundai Prestige |
September 12, 2024 |
December 5, 2024 |
III. Discontinued Operations -
Unaudited Condensed selected balance sheets
information (In
thousands of United States Dollars)
|
|
|
As of December 31, 2024 |
|
As of December 31, 2023 |
|
Cash and cash equivalents |
$ |
38 |
$ |
2 |
| Trade accounts receivable,
net |
|
636 |
|
14 |
| Prepayments and other
assets |
|
907 |
|
1,954 |
| Inventories |
|
- |
|
2,549 |
| Claims |
|
49 |
|
49 |
| Assets
held for sale |
|
71,720 |
|
14,394 |
|
Total current assets of discontinued
operations |
|
73,350 |
|
18,962 |
|
Vessels, net |
|
- |
|
419,672 |
| Above market acquired
charters |
|
- |
|
9,420 |
| Deferred charges, net |
|
- |
|
4,714 |
|
Prepayments and other assets |
|
- |
|
325 |
|
Total non-current assets of discontinued
operations |
|
- |
|
434,131 |
|
Current portion of long-term debt, net |
|
- |
|
9,659 |
| Trade accounts payable |
|
3,026 |
|
4,607 |
|
Due to related parties |
|
- |
|
3,823 |
| Accrued liabilities |
|
12,443 |
|
9,895 |
| Deferred revenue |
|
903 |
|
9,319 |
| Below
market acquired charters associated with vessels held for sale |
|
- |
|
1,447 |
|
Total current liabilities of discontinued
operations |
|
16,372 |
|
38,750 |
|
Non-current liabilities associated with vessels held for sale
(including $6,000 payable to related party as of December 31,
2023) |
|
- |
|
86,983 |
| Below market acquired
charters |
|
- |
|
3,135 |
|
Deferred revenue |
|
- |
|
9,533 |
|
Total non-current liabilities of discontinued
operations |
$ |
- |
$ |
99,651 |
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