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Capital Clean Energy Carriers Corp. Announces Third Quarter 2024 Financial Results

/EIN News/ -- ATHENS, Greece, Nov. 08, 2024 (GLOBE NEWSWIRE) -- 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 third quarter ended September 30, 2024.

Key Quarterly Highlights

  • Announced dividend of $0.15 for the third quarter of 2024.
  • Completed conversion from a Marshall Islands limited partnership to a Marshall Islands corporation, and name change to “Capital Clean Energy Carriers Corp.” on August 26, 2024.
  • Announced the sale of five debt-free container sister vessels, for an expected book gain of $118.4 million.
  • Refinanced the Liquified Natural Gas Carrier (the “LNG/C”) Attalos and the LNG/C Asklipios releasing $72.6 million of additional liquidity net of financing charges and extending the maturities to 2031.

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 as a result of the energy transition. As a result, the Company agreed to acquire 11 newbuild LNG/Cs (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. 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 for all periods presented on a continuing operations basis, except 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 periods ended September 30,
  2024 2023 Increase / (Decrease)
Revenues $106.0 million $63.9 million 66%
Expenses $48.9 million $33.3 million 47%
Interest expense and finance cost $40.7 million $25.6 million 59%
Net Income $15.8 million $5.0 million 216%
Average number of vessels1 15.0 11.0 36%


Management Commentary

Mr. Jerry Kalogiratos, Chief Executive Officer of CCEC, commented:
“I am pleased to see our company, under its new name of Capital Clean Energy Carriers Corp., advancing steadily in line with our chosen strategy. The recent name change and our conversion to a corporation with enhanced standards of corporate governance is an important step in reinforcing our platform further and expanding the Company to a broader investor base. The accretive sale of our five Neo Panamax container vessels, agreed upon during the quarter, reflects management’s commitment to deliver on our objective of positioning the Company as premier carrier of gas including emerging trades from the energy transition. Since February 2024, our group has taken advantage of positive container market dynamics and in total sold or agreed to sell 12 container vessels raising approximately $472.0 million in net proceeds, thereby further strengthening our financial position. We believe that with a robust gas-focused platform, CCEC is well placed to grow over the next two years, as we bring an additional 16 state-of-the-art new vessels in operation. This growth is further supported by a current contracted revenue backlog of more than $2.6 billion. The board and management look forward to enhancing the Company’s profile and reach a broader and more diversified investor base in the current quarter and beyond.”

Overview of Third Quarter 2024 Results

Net income from continuing operations for the quarter ended September 30, 2024, was $15.8 million compared with net income from continuing operations of $5.0 million for the third quarter of 2023.

Upon conversion from a Marshall Islands limited partnership to a Marshall Islands corporation the 348,570 general partner units and all the incentive distribution rights, were exchanged for an aggregate of 3,500,000 common shares. The amount of $46.2 million, representing the difference between the book value of the general partner units and the fair value of the common shares, was presented as a deemed dividend to the General Partner. As a result, net loss from continuing operations per share for the quarter ended September 30, 2024, was $0.54. After adjusting for the deemed dividend to the General Partner, the adjusted net income from continuing operations per share for the quarter ended September 30, 2024, was $0.28. This compares to a net income from continuing operations per common unit of $0.25 for the third quarter of 2023.

Total revenue from continuing operations for the quarter ended September 30, 2024, was $106.0 million, compared to $63.9 million during the third quarter of 2023. The increase in revenue was attributable to the five newbuilding LNG carrier 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 from 11 to 15 compared to the same quarter last year.

Total expenses from continuing operations for the quarter ended September 30, 2024, were $48.9 million, compared to $33.3 million in the third quarter of 2023. Total vessel operating expenses from continuing operations during the third quarter of 2024 amounted to $17.1 million, compared to $13.0 million during the third 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 third quarter of 2024 also include vessel depreciation and amortization of $24.2 million, compared to $14.2 million in the third quarter of 2023. The increase in depreciation and amortization from continuing operations during the third 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 third quarter of 2024 increased to $4.7 million, compared to $2.6 million in the third quarter of 2023, mainly due to costs associated with the investment in 10 latest technology gas carriers announced in June 2024, and the corporate conversion and name change that became effective in August 2024.

Total other expenses, net from continuing operations for the quarter ended September 30, 2024, was $41.3 million compared to $25.5 million for the third quarter of 2023. Total other expenses, net from continuing operations include interest expense and finance cost of $40.7 million for the third quarter of 2024, compared to $25.6 million for the third 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 third quarter of 2023.

Company Capitalization

As of September 30, 2024, total cash amounted to $183.1 million. Total cash includes restricted cash of $18.3 million, which represents the minimum liquidity requirement under our financing arrangements.

As of September 30, 2024, the Company’s total shareholders’ equity amounted to $1,245.4 million, an increase of $70.5 million compared to $1,174.9 million as of December 31, 2023. The increase reflects net income of $91.4 for the nine months to September 30, 2024, the amortization associated with the equity incentive plan of $4.5 million, partly offset by distributions declared and paid during the period in a total amount of $25.1 million and the other comprehensive loss of $0.4 million relating to the net effect of the cross-currency swap agreement we designated as an accounting hedge.

As of September 30, 2024, the Company’s total debt (including debt classified within discontinued operations) was $2,698.1 million before financing fees, reflecting an increase of $910.3 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 “Seller’s Credit”), in connection with the acquisition of the LNG/C Axios II, the LNG/C Assos, the LNG/C Apostolos and the LNG/C Aktoras (ii) the refinancing of the outstanding indebtedness of the LNG/C Aristidis I the LNG/C Attalos and the LNG/C Asklipios discussed below, which released $130.2 million gross of additional liquidity and (iii) the $2.3 million increase as of September 30, 2024 in the U.S. Dollar equivalent of the euro-denominated bonds issued by CPLP Shipping Holdings Plc in July 2022 and October 2021. The increase of the Company’s total debt was partly offset by (i) scheduled principal payments for the period of $85.4 million, (ii) the early repayment in full of the facilities related to the M/V Athos the M/V Aristomenis and the M/V Akadimos in the amount of $88.9 million in total due to the vessels’ sale, and (iii) the repayment of $92.6 million of the Seller’s Credit.

LNG/Cs Financing Updates

On August 23, 2024, the Company agreed to refinance the financing facility for the LNG/C Attalos, by fully repaying outstanding debt of $123.6 million and drawing $162.5 million under a new financing arrangement. The outstanding amount is repayable in 84 monthly instalments of $0.7 million, together with a repurchase obligation of $100.0 million due at the expiration of the lease in July 2031.

On August 23, 2024, the Company agreed to refinance the financing facility for the LNG/C Asklipios by fully repaying outstanding debt of $126.7 million and drawing $162.5 million under a new financing arrangement. The outstanding amount is repayable in 84 monthly instalments of $0.7 million, together with a repurchase obligation of $100.0 million due at the expiration of the lease in July 2031.

On July 16, 2024, the Company repaid in full the $192.0 bridge loan facility of the LNG/C Apostolos and drew a $240.0 million Japanese Operating Lease with Call Option (“JOLCO”). The JOLCO amount consists of 80% debt and 20% tax equity, with escalating amortization, an eight-year term and a balloon payment of $166.8 million due in July 2032.

Following the above financings, as of September 30, 2024, the weighted average margin for our floating debt was 1.90% over SOFR, which represents a 56-basis points reduction compared to September 30, 2023. As of September 30, 2024, the weighted average interest rate for our fixed rate debt was 4.61%.

Completion of Corporate Conversion and Change of Name

On August 26, 2024, we completed our conversion from a Marshall Islands master limited partnership to a Marshall Islands corporation (the “Conversion”) and changed our name to “Capital Clean Energy Carriers Corp.” with the new Nasdaq stock market ticker of “CCEC” (the “Name Change”).

The Conversion and the Name Change are key milestones in our strategic pivot towards the transportation of various forms of natural gas to industrial customers, including LNG and new commodities emerging as a result of the energy transition, as initially announced in November 2023. To achieve our strategic pivot, we agreed in November 2023 to acquire the Newbuild LNG/C Vessels, of which five vessels are already on the water and the remaining six vessels are expected to be delivered between the first quarter of 2026 and the first quarter of 2027. In June 2024, we also invested in 10 state-of-the-art, high-specification gas carriers, including four unique handy multi gas carriers that can carry liquid CO2. These, along with the Newbuild LNG/C Vessels, collectively form the “Energy Transition Vessels”. This $3.9 billion investment, notable both in asset value and scope, demonstrates our commitment to becoming a leading provider of transportation for LNG and other clean fuels.

Preliminary Capex Schedule in USD million, as of September 30, 2024:

  2024 2025 2026 2027 TOTAL
  Q4 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 38.3 7.1 22.5 15.5 22.0 74.0 105.4 123.2 47.7 89.3 46.9 35.9 627.8
TOTAL 38.3 7.1 72.4 41.1 72.6 585.0 156.6 272.9 197.4 396.5 46.9 35.9 1,922.7


Sale of five 5,023 TEU Container Vessels

On September 23, 2024, the Company announced it had entered into five memoranda of agreement 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. The vessels are expected to be delivered to their new owners progressively between November 2024 and January 2025.

The Company expects to record a gain of $118.4 million from sales. All five vessels are debt-free, and the cash proceeds will be used to pay down debt and for general corporate purposes. 

Quarterly Dividend Distribution

On October 30, 2024, the Board of Directors of the Company declared a cash dividend per share of $0.15 for the third quarter of 2024 payable on November 15, 2024, to shareholders of record on November 11, 2024.

LNG Market Update

The LNG 2-stroke spot market average for the third quarter of 2024 was 73,404 per day compared to 160,308 per day for the same period last year. Spot rates weakened further into the fourth quarter despite the typical seasonal patterns, and as a result charter rates are expected to be significantly weaker this year compared to previous years amidst firm fleet growth and delayed project start-ups.  

Overall, while Red Sea disruption and US-Asia volumes have driven a strong gain in LNG tonne-mile trade year to date, market conditions remain subdued due to the increased fleet capacity growth, expected at 7.6% this year and 10.9% next year.

CCEC’s on the water fleet is largely shielded from spot market conditions, as our first open newbuilding is scheduled for delivery in January 2026, and the earliest charter expiry of our existing vessels is not before November 2026.

Conference Call and Webcast

Today, Friday, November 8, 2024, the Corporation will host an interactive conference call at 08:00 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: +1 877 405 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 13750078. 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.

Add to Calendar: To easily add this event to your calendar, please use the following links: Outlook | Google Calendar

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 20 high specification vessels, including 12 latest generation LNG/Cs and eight legacy Neo-Panamax container vessels. 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. CCEC has agreed to sell five Neo-Panamax container vessels by the first quarter of 2025.

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 the effects of the Conversion and Name Change. 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 Gallagher
EVP Investor Relations
Tel. +44-(770) 368 4996
E-mail: b.gallagher@capitalmaritime.com

Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. +1-212-661-7566
E-mail : ccec@capitallink.com

Source: 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 net (loss) / income per share)

  For the three-month
periods ended September 30,
For the nine-month
periods ended September 30,
    2024     2023     2024     2023  
Revenues   106,043     63,856     264,295     177,576  
Expenses:        
Voyage expenses   2,921     3,440     7,951     9,878  
Vessel operating expenses   14,473     11,249     40,297     31,683  
Vessel operating expenses - related parties   2,603     1,793     6,927     5,002  
General and administrative expenses   4,687     2,595     12,410     7,710  
Vessel depreciation and amortization   24,191     14,244     61,964     40,387  
Impairment of vessel   -     -     -     7,956  
Operating income, net   57,168     30,535     134,746     74,960  
Other income / (expense), net:        
Interest expense and finance cost   (40,691 )   (25,622 )   (103,178 )   (69,935 )
Other (expense) / income, net   (636 )   108     2,197     962  
Total other expense, net   (41,327 )   (25,514 )   (100,981 )   (68,973 )
Net income from continuing operations   15,841     5,021     33,765     5,987  
Net income from discontinued operations   7,457     12,017     57,613     28,491  
Net income from operations   23,298     17,038     91,378     34,478  
Net income attributable to General Partner   54     292     462     589  
Deemed dividend to General Partner   46,184     -     46,184     -  
Net income attributable to unvested shares   100     415     404     838  
Net (loss)/income attributable to common shareholders   (23,040 )   16,331     44,328     33,051  
         
Net (loss)/income from continuing operations per:        
Common share, basic and diluted $(0.54 ) $0.25   $(0.23 ) $0.29  
Weighted-average shares outstanding:        
Common shares, basic and diluted   56,256,878     19,459,264     55,323,667     19,578,570  
Net (loss)/income from discontinued operations per:        
Common share, basic and diluted $0.13   $0.59   $1.03   $1.40  
Weighted-average shares outstanding:        
Common shares, basic and diluted   56,256,878     19,459,264     55,323,667     19,578,570  
Net (loss)/income from operations per:        
Common share, basic and diluted $(0.41 ) $0.84   $0.80   $1.69  
Weighted-average shares outstanding:   56,256,878     19,459,264     55,323,667     19,578,570  
Common shares, basic and diluted        
 
 

Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Balance Sheets
(In thousands of United States Dollars)

    As of September 30, 2024     As of December 31,2023  
Assets            
Current assets            
Cash and cash equivalents $ 164,793   $ 192,420  
Trade accounts receivable, net   4,255     3,103  
Prepayments and other assets   7,543     6,748  
Due from related party   114     402  
Inventories   4,997     3,004  
Claims   865     865  
Current assets of discontinued operations   177,857     18,962  
Total current assets   360,424     225,504  
Fixed assets            
Advances for vessels under construction – related party   54,000     174,400  
Vessels, net and vessels under construction   3,545,796     2,212,613  
Total fixed assets   3,599,796     2,387,013  
Other non-current assets            
Above market acquired charters   109,840     73,969  
Restricted cash   18,323     11,721  
Derivative asset   7,328     6,636  
Prepayments and other assets   45     1,325  
Non-current assets of discontinued operations   -     434,131  
Total non-current assets   3,735,332     2,914,795  
Total assets $ 4,095,756   $ 3,140,299  
Liabilities and Shareholders’ Equity            
Current liabilities            
Current portion of long-term debt, net $ 128,152   $ 93,457  
Trade accounts payable   11,600     9,809  
Due to related parties   2,655     4,156  
Accrued and other liabilities   31,507     18,658  
Deferred revenue   25,481     19,100  
Current liabilities of discontinued operations   14,651     38,750  
Total current liabilities   214,046     183,930  
Long-term liabilities            
Long-term debt, net (including $42,164 payable to related party as of September 30, 2024)   2,543,218     1,585,196  
Derivative liabilities   6,601     7,180  
Below market acquired charters   79,428     85,408  
Deferred revenue   1,107     4,001  
Non-current liabilities of discontinued operations (including $6,000 payable to related party as of September 30, 2024 and December 31, 2023)   6,000     99,651  
Total long-term liabilities   2,636,354     1,781,436  
Total liabilities   2,850,400     1,965,366  
Commitments and contingencies   -     -  
Total shareholders’ equity   1,245,356     1,174,933  
Total liabilities and shareholders’ equity $ 4,095,756   $ 3,140,299  
 
 

Capital Clean Energy Carriers Corp.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands of United States Dollars)

For the nine-month periods ended September 30,
 
    2024      2023   
Cash flows from operating activities of continuing operations:        
Net income from operations $ 91,378   $ 34,478  
Less: Net income from discontinued operations   57,613     28,491  
Net income from continuing operations   33,765     5,987  
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:        
Vessel depreciation and amortization   61,964     40,387  
Impairment of vessel   -     7,956  
Amortization and write-off of deferred financing costs   2,334     1,436  
Amortization / accretion of above / below market acquired charters   11,367     (2,873 )
Amortization of ineffective portion of derivatives   (157 )   (208 )
Equity compensation expense   4,464     2,812  
Change in fair value of derivatives   (578 )   1,039  
Unrealized bonds exchange differences   1,352     (882 )
Changes in operating assets and liabilities:        
Trade accounts receivable, net   (1,152 )   116  
Prepayments and other assets   484     (493 )
Due from related party   1,733     -  
Inventories   (1,993 )   358  
Trade accounts payable   1,709     4,167  
Due to related parties   499     1,554  
Accrued liabilities   12,911     2,123  
Deferred revenue   3,488     1,280  
Dry-docking costs paid   -     1  
Net cash provided by operating activities of continuing operations   132,190     64,760  
Cash flows from investing activities of continuing operations:        
Vessel acquisitions, vessels under construction and improvements including time charter agreements   (1,195,264 )   (451,167 )
Expenses for sale of vessels paid / Net proceed from sale of vessels   (220 )   2,200  
Net cash used in investing activities of continuing operations   (1,195,484 )   (448,967 )
Cash flows from financing activities of continuing operations:        
Proceeds from long-term debt   1,582,000     392,000  
Deferred financing costs paid   (12,415 )   (3,841 )
Payments of long-term debt   (717,361 )   (55,598 )
Repurchase of common units   -     (4,090 )
Dividends paid   (25,055 )   (9,197 )
Net cash provided by financing activities of continuing operations   827,169     319,274  
Net decrease in cash, cash equivalents and restricted cash from continuing operations   (236,125 )   (64,933 )
Cash flows from discontinued operations        
Operating activities   39,441     66,031  
Investing activities   266,991     (15,670 )
Financing activities   (91,332 )   (31,797 )
Net increase in cash, cash equivalents and restricted cash from discontinued operations   215,100     18,564  
Net decrease in cash, cash equivalents and restricted cash   (21,025 )   (46,369 )
Cash, cash equivalents and restricted cash at beginning of period   204,141     154,848  
Cash, cash equivalents and restricted cash at end of period $ 183,116   $ 108,479  
Supplemental cash flow information        
Cash paid for interest   94,881     72,174  
Non-Cash Investing and Financing Activities        
Capital expenditures included in liabilities   4,317     4,109  
Capitalized dry-docking costs included in liabilities   4,149     4,109  
Deferred financing costs included in liabilities   310     177  
Expenses for sale of vessels included in liabilities   640     -  
Seller’s credit agreement in connection with the acquisition of vessel-owning companies   134,764     -  
Reconciliation of cash, cash equivalents and restricted cash        
Cash and cash equivalents   164,793     96,767  
Restricted cash - non-current assets   18,323     11,712  
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 183,116   $ 108,479  
 
 

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 From November 2024 to January 2025
M/V Hyundai Paramount Neo Panamax Container Vessel 5,023 September 12, 2024 From November 2024 to January 2025
M/V Hyundai Prestige Neo Panamax Container Vessel 5,023 September 12, 2024 From November 2024 to January 2025
M/V Hyundai Privilege Neo Panamax Container Vessel 5,023 September 12, 2024 From November 2024 to January 2025
M/V Hyundai Platinum Neo Panamax Container Vessel 5,023 September 12, 2024 From November 2024 to January 2025
 

 

II.   Discontinued Operations - Unaudited Condensed Consolidated Statements of Comprehensive Income
(In thousands of United States Dollars)


  For the three-month
periods ended September 30,
For the nine-month
periods ended September 30,
  2024   2023   2024   2023  
Revenues 13,871   31,670   57,784   87,501  
Expenses / income, net:        
Voyage expenses 204   684   1,192   2,028  
Vessel operating expenses 3,256   8,230   14,377   25,390  
Vessel operating expenses - related party 536   1,058   2,171   3,061  
Vessel depreciation and amortization 2,253   7,695   11,018   21,605  
Gain on sale of vessels -   -   (31,602 ) -  
Operating income, net 7,622   14,003   60,628   35,417  
Other income / (expense), net:        
Interest expense and finance cost (77 ) (2,140 ) (3,055 ) (7,017 )
Other (expense) / income, net (88 ) 154   40   91  
Total other expense, net (165 ) (1,986 ) (3,015 ) (6,926 )
Net income from discontinued operations 7,457   12,017   57,613   28,491  



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.

2 Newbuild LNG/C Vessels.


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