Capital Clean Energy Carriers announces sale of M/V Manzanillo Express

Capital Clean Energy Carriers (CCEC) announced: The sale of M/V Manzanillo Express to a third party for an expected book gain of $6.9 million; and Securing of financing of all six Dual Fuel Medium Gas Carriers under construction. On August 7, the Company signed a memorandum of agreement for the sale of M/V Manzanillo Express. The vessel is expected to be delivered to its new owner during the third quarter of 2025. The Company expects to record a gain of approximately $6.9 million from the sale. Cash proceeds will be used to pay down outstanding debt, estimated at $90.4 million at the end of the third quarter of 2025, and for general corporate purposes. Upon completion of this transaction, CCEC will have only two remaining 13,000 TEU container vessels – both on long term time charters through 2033, with options to extend to 2039. This vessel sale aligns with the Company’s strategic plan, announced in November 2023, to shift its strategic focus towards the transportation of various forms of gas to industrial customers, including liquefied natural gas and emerging new commodities in connection with the energy transition. Since February 2024, CCEC has sold or agreed to sell 13 container vessels, including the M/V Manzanillo Express, generating expected gross proceeds of approximately $694.2 million. These funds are being reinvested in state-of-the-art gas transportation assets. On August 13, the Company entered into a seven-year financing arrangement for all six of its DF MGCs under construction. The relevant vessels include M/T Aristogenis, M/T Aridaios, M/T Aratos, M/T Agenor, and M/T Andrianos and M/T Anios. The total expected financing amount is $310.1 million which can increase, in case long-term employment is secured, up to a total of $376.6 million. The facility also includes the option to draw pre-delivery financing.