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Rebranding for growth: Capital Clean Energy Carriers Corp
Capital Product Partners rebrands to Capital Clean Energy Carriers Corp, marking a strategic shift towards LNG and clean-energy transport
Capital Product Partners LP has reached a pivotal moment in its corporate evolution. During its Q2 2024 earnings call on 2 August 2024, the company announced it will officially change its name to Capital Clean Energy Carriers Corp (CCEC).
This name change is more than a cosmetic update; it represents a strategic pivot toward the liquefied natural gas (LNG) and broader energy transport sectors.
CCEC chief executive Jerry Kalogiratos highlighted this transformation, stating, "We are positioning ourselves to lead in the clean energy shipping sector, reflecting our commitment to the energy transition and sustainable growth."
This corporate rebranding coincides with the completion of the company’s conversion from a Master Limited Partnership to a C-Corporation, effective 26 August 2024. The transition, which involves converting all common units into common shares and eliminating general partner units and their associated rights, is expected to enhance shareholder value by broadening the investor base, improving liquidity and strengthening corporate governance.
"Becoming a corporation aligns with our goal of becoming the largest US-listed LNG company focused on the energy transition," Mr Kalogiratos added.
In tandem with this structural shift, CCEC has embarked on an ambitious fleet expansion strategy. The company has invested US$756M in 10 newbuilding gas carriers, including dual-fuel LPG carriers and the industry’s first liquid CO2 vessels.
These newbuilds are scheduled for delivery between Q1 2026 and Q3 2027 and are poised to significantly bolster the company’s capabilities in both traditional and emerging energy markets.
CCEC’s fleet will see substantial growth, with a planned expansion to 36 vessels by 2027, featuring modern, eco-efficient ships designed to transport LNG, LPG, liquid CO2 and low-carbon ammonia.
This diversification into gas carriers and clean-energy vessels marks a deliberate shift from CCEC’s historical focus on container ships, aligning the company with future demand trends in global energy markets.
Mr Kalogiratos said, "Our fleet strategy is designed to provide operational flexibility and position us at the forefront of the clean-energy shipping industry."
The company’s financial performance in Q2 2024 reflects the success of these strategic moves. Net income surged by 362.2% to US$34.2M, up from US$7.4M in Q2 2023, while revenues climbed to US$97.7M, driven by the addition of new vessels.
Despite higher interest expenses due to rising debt levels, the overall financial outlook remains robust, supported by a revenue backlog of US$2.4Bn from contracted LNG carriers.
Only a few weeks earlier, the National Shipping Co of Saudi Arabia (Bahri) announced it has finalised a purchase agreement with Evangelos Marinakis-backed Capital Maritime and Trading, to acquire nine very large crude carriers (VLCCs) for a total of US$1.0Bn.
At the time, Mr Kalogiratos said, “Each of these vessels was ordered by Capital to the highest specifications, with some having been traded since delivery to Bahri, one of the most reputable names in the oil industry and one of the largest VLCC owners in the world.”
Mr Kalogiratos will participate in the upcoming CO2 Shipping, Terminals & CCS Conference, Americas 2024. Scheduled for 16 September 2024 in Houston, Mr Kalogiratos will speak in the session titled Unlocking CO2 Shipping and Storage Potential in the US and Beyond, where he will share insights into CCEC’s role in this critical sector, "We are not just building ships; we are building the future of energy transport," Mr Kalogiratos remarked.
More details about the event can be found here.
Riviera’s Crude Tankers & Terminals Conference will be held in London, 22-23 October 2024. Click here for more information on this industry-leading event.
Riviera’s LNG Shipping & Terminals Conference will be held in London, 12 November 2024. Click here for more information on this industry-leading event.
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