Capital Clean Energy Carriers (NASDAQ:CCEC) reported second-quarter net income from continuing operations of $29 million, compared with $29.7 million a year earlier, as vessel additions increased revenue and the company advanced its LNG, LPG and liquid CO2 carrier expansion…
ogram. Revenue rose to $104.9 million for the three months ended June 30, from $96.7 million in the prior-year period
Chief Financial Officer Nikos Kalampotharakos said the increase reflected a larger average fleet following the delivery of two handy gas carriers, the first dual-fuel medium gas carrier, and two LNG carriers. The company took delivery of four vessels during the quarter—two LNG carriers, a handy LPG/liquid CO2 carrier and a dual-fuel medium gas carrier—and said another medium gas carrier was delivered in July. It also announced a joint venture for an LNG bunkering vessel and initiated a $20 million share-repurchase program.
Dividend, balance sheet and capital spending Capital Clean Energy Carriers declared a quarterly dividend of $0.15 per share, payable Aug. 13 to shareholders of record as of Aug. 4. Kalampotharakos said the payment marks the company’s 77th consecutive quarterly cash dividend since its 2007 initial public offering. Operating expenses increased year over year, partly because certain vessels incurred about $3.5 million in additional special-survey costs, according to the CFO.