Marinakis' CCEC maps out LCO2 carrier deployment, seals long-term LNG carrier charters 

The US-listed Greek shipping company has four 22,000-m³ LCO2 carriers under construction, scheduled for delivery in 2026. Speaking during the Q1 earnings call, CCEC chief executive Jerry Kalogiratos described the vessels as semi-refrigerated Handysize multi-gas carriers capable of transporting LPG, ammonia, and other cargoes, in addition to liquid CO2.

Focusing on the LCO2 carrier segment, Mr Kalogiratos highlighted increasing project activity, citing Northern Lights as a notable example. However, he noted the bulk of these projects are not expected to materialise until 2028–2029 and beyond.

He revealed CCEC has already received multiple inquiries regarding the future employment of the LCO2 carrier fleet, with demand strengthening as delivery approaches. "The default would be to trade them as Handysize LPG/ammonia carriers,” he noted.

Ongoing discussions are reportedly centered around large industrial players with varied gas transport needs, including grey and low-carbon ammonia, LPG, and liquid CO2. Some of these companies are interested in three- to five-year charters, with flexibility to deploy the vessels across their logistical chains, Mr Kalogiratos added.

Firm LNG employment secured

A major highlight of the Q1 financial update was the announcement of long-term charter agreements for two 174,000-m³ LNG carriers currently under construction.

Athlos has been fixed on a firm five-year charter, with an additional five-year option at the charterer’s discretion. Meanwhile, Archon has been chartered for seven years, also with a five-year optional extension, to a major energy company. Both vessels are set to commence employment upon delivery in Q1 2027.

While specific charter rates were not disclosed, management indicated during the earnings call that the rates are close to US$90,000 per day.

“In our view, these fixtures signal the long-term fundamentals of LNG shipping remain robust for high-quality owners like CCEC, operating latest generation LNG carriers, despite the challenges in the short-term market,” said Mr Kalogiratos.

With these charters, CCEC now holds an average remaining firm charter duration of 7.3 years and US$3.1Bn in contracted revenues. The company remains largely insulated from the short-term spot market, with its first two open LNG newbuildings not scheduled for delivery before Q3 2026.

Out of CCEC’s eventual fleet of 18 LNG carriers, only four remain open for charter. The company’s chief commercial officer Nikos Tripodakis noted charterers are increasingly aware of the upcoming tonnage shortfall projected from 2027–2028, and are willing to commit at competitive rates.

Strong financial results 

CCEC posted a strong financial performance in Q1 2025, with revenue surging to US$109M, up from US$76M in the same period last year. The growth was driven by the acquisition of three LNG carriers in Q2 2024.

Net income from continuing operations reached US$33M, up sharply from around US$6M in Q1 2024. As of 31 March 2025, CCEC reported total cash of US$420M.

The company’s on-the-water fleet currently comprises 12 latest-generation LNG carriers and three legacy neo-Panamax container vessels. In addition, CCEC has six LNG carriers, six dual-fuel medium gas carriers, and four Handysize LCO2/multi-gas carriers under construction, with deliveries scheduled between Q1 2026 and Q3 2027.

During Q1 2025, CCEC also completed the delivery of the last of five container sister vessels it had agreed to sell in the previous year.