{"url_path":"/sec/ccec/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 Exhibits","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1392326/0001193125-26-179568-index.html","accession_number":"0001193125-26-179568","cik":"0001392326","ticker":"CCEC","issuer_name":"Capital Clean Energy Carriers Corp.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1392326/0001193125-26-179568-index.html","primary_entity_key":"0001392326","primary_entity_name":"Capital Clean Energy Carriers Corp."},"word_count":22044,"has_tables":true,"body_markdown":"Item 19.\nExhibits\n\nThe following exhibits are filed as part of this Annual Report:\n\nExhibit No.\nDescription\n\n[1.1](http://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex991.htm)\n[Certificate of Conversion of Capital Clean Energy Carriers Corp.(1)](http://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex991.htm)\n\n[1.2](http://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex992.htm)\n[Articles of Incorporation of Capital Clean Energy Carriers Corp.(1)](http://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex992.htm)\n\n[1.3](http://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex993.htm)\n[Bylaws of Capital Clean Energy Carriers Corp.(1)](http://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex993.htm)\n\n[2.1](d41846dex21.htm)\n[Description of Securities registered under Section 12 of the Exchange Act](d41846dex21.htm)\n\n2.2\nCertain long-term debt instruments, none of which relates to indebtedness that exceeds 10% of the consolidated assets of Capital Clean Energy Carriers Corp., have not been filed as exhibits to this Form 20-F. Capital Clean Energy Carriers Corp. agrees to furnish the Securities and Exchange Commission, upon its request, a copy of any such instrument defining the rights of holders of long-term debt of Capital Clean Energy Carriers Corp. and its consolidated subsidiaries\n\n[4.1](http://www.sec.gov/Archives/edgar/data/1392326/000095012311087926/y92932exv99wii.htm)\n[Amended and Restated Omnibus Agreement, dated September 30, 2011(3)](http://www.sec.gov/Archives/edgar/data/1392326/000095012311087926/y92932exv99wii.htm)\n\n[4.2](d41846dex42.htm)\n[Form of Floating Rate Management Agreement with Capital Containers Ship Management Corp.](d41846dex42.htm)\n\n[4.3](https://www.sec.gov/Archives/edgar/data/1392326/000119312522123927/d332302dex48.htm)\n[Form of Floating Rate Management Agreement with Capital Gas Ship Management Corp.(2)](https://www.sec.gov/Archives/edgar/data/1392326/000119312522123927/d332302dex48.htm)\n\n[4.4](https://www.sec.gov/Archives/edgar/data/1392326/000104746907001935/a2176615zex-10_4.htm)\n[Administrative Services Agreement with Capital Ship Management(4)](https://www.sec.gov/Archives/edgar/data/1392326/000104746907001935/a2176615zex-10_4.htm)\n\n[4.5](https://www.sec.gov/Archives/edgar/data/1392326/000119312513038546/d472929dex442.htm)\n[Amendment 1 to Administrative Services Agreement with Capital Ship Management Corp., dated April 2, 2012(5)](https://www.sec.gov/Archives/edgar/data/1392326/000119312513038546/d472929dex442.htm)\n\n \n \n138\n\n[Table of Contents](#TableOfContents)\n\n \n\n \n\n[4.6](https://www.sec.gov/Archives/edgar/data/1392326/000119312518070556/d537681dex438.htm)\n[IT Agreement, dated April 3, 2007, by and between Capital Ship Management Corp. and Capital Clean Energy Carriers Corp. (formerly known as Capital Product Partners L.P.)(6)](https://www.sec.gov/Archives/edgar/data/1392326/000119312518070556/d537681dex438.htm)\n\n[4.7](https://www.sec.gov/Archives/edgar/data/1392326/000119312518070556/d537681dex439.htm)\n[Addendum No. 1 to IT Agreement, dated April 2, 2012(6)](https://www.sec.gov/Archives/edgar/data/1392326/000119312518070556/d537681dex439.htm)\n\n[4.8](https://www.sec.gov/Archives/edgar/data/1392326/000119312518070556/d537681dex440.htm)\n[Addendum No. 2 to IT Agreement, dated April 2, 2017(6)](https://www.sec.gov/Archives/edgar/data/1392326/000119312518070556/d537681dex440.htm)\n\n[4.9](https://www.sec.gov/Archives/edgar/data/1392326/000119312522123927/d332302dex414.htm)\n[Addendum No. 3 to IT Agreement, dated April 2, 2022(2)](https://www.sec.gov/Archives/edgar/data/1392326/000119312522123927/d332302dex414.htm)\n\n[4.10](https://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex997.htm)\n[Capital Clean Energy Carriers Corp.’s Omnibus Incentive Compensation Plan, amended and restated on August 26, 2024(1)](https://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex997.htm)\n\n[4.11](http://www.sec.gov/Archives/edgar/data/1392326/000119312523275968/d283146dex992.htm)\n[Umbrella Agreement, by and among Capital Maritime & Trading Corp., Capital GP L.L.C. and Capital Clean Energy Carriers Corp. (formerly known as Capital Product Partners L.P.), dated November 13, 2023(7)](http://www.sec.gov/Archives/edgar/data/1392326/000119312523275968/d283146dex992.htm)\n\n[4.12](http://www.sec.gov/Archives/edgar/data/1392326/000119312523275968/d283146dex992.htm)\n[Form of Supervision Agreement with Capital-Gas Ship Management Corp.(7)](http://www.sec.gov/Archives/edgar/data/1392326/000119312523275968/d283146dex992.htm)\n\n[4.13](https://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex994.htm)\n[Shareholders’ Agreement dated August 26, 2024 by and among Capital Clean Energy Carriers Corp. and Capital Maritime & Trading Corp., Capital Gas Corp. and Capital GP L.L.C.(1)](https://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex994.htm)\n\n[4.14](https://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex995.htm)\n[Registration Rights Agreement dated August 26, 2024 by and among Capital Clean Energy Carriers Corp., Capital Maritime & Trading Corp., Capital Gas Corp., Capital GP L.L.C., Paparebecorp Limited and Ascetico Limited(1)](https://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex995.htm)\n\n[4.15](https://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex996.htm)\n[Executive Services Agreement dated August 26, 2024 by and between Capital Clean Energy Carriers Corp. and Capital GP L.L.C. (1)](https://www.sec.gov/Archives/edgar/data/1392326/000119312524206723/d859782dex996.htm)\n\n[4.16](https://www.sec.gov/Archives/edgar/data/1392326/000119312525013483/d857884dex11.htm)\n[Open Market Sales AgreementSM dated January 27, 2025 by and between Jefferies LLC and Capital Clean Energy Carriers Corp. (9)](https://www.sec.gov/Archives/edgar/data/1392326/000119312525013483/d857884dex11.htm)\n\n[8.1](d41846dex81.htm)\n[List of Subsidiaries of Capital Clean Energy Carriers Corp.](d41846dex81.htm)\n\n[11.1](https://www.sec.gov/Archives/edgar/data/1392326/000119312525084452/d842797dex111.htm)\n[Insider Trading Policy of Capital Clean Energy Carriers Corp.(8)](https://www.sec.gov/Archives/edgar/data/1392326/000119312525084452/d842797dex111.htm)\n\n[12.1](d41846dex121.htm)\n[Rule 13a-14(a)/15d-14(a) Certification of Capital Clean Energy Carriers Corp.’s Chief Executive Officer](d41846dex121.htm)\n\n[12.2](d41846dex122.htm)\n[Rule 13a-14(a)/15d-14(a) Certification of Capital Clean Energy Carriers Corp.’s Chief Financial Officer](d41846dex122.htm)\n\n[13.1](d41846dex131.htm)\n[Capital Clean Energy Carriers Corp. Certification of Gerasimos (Jerry) Kalogiratos, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 2002*](d41846dex131.htm)\n\n \n \n139\n\n[Table of Contents](#TableOfContents)\n\n \n\n \n\n[13.2](d41846dex132.htm)\n[Capital Clean Energy Carriers Corp. Certification of Nikolaos Kalapotharakos, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the U.S. Sarbanes-Oxley Act of 2002*](d41846dex132.htm)\n\n[15.1](d41846dex151.htm)\n[Consent of Deloitte Certified Public Accountants S.A., independent registered public accounting firm.](d41846dex151.htm)\n\n[97.1](https://www.sec.gov/Archives/edgar/data/1392326/000119312525084452/d842797dex971.htm)\n[Policy Regarding the Recovery Erroneously Awarded Incentive-Based Compensation (8)](https://www.sec.gov/Archives/edgar/data/1392326/000119312525084452/d842797dex971.htm)\n\n101.INS\nInline XBRL Instance Document\n\n101.SCH\nInline XBRL Taxonomy Extension Schema Document\n\n101.CAL\nInline XBRL Taxonomy Extension Calculation Linkbase Document\n\n101.DEF\nInline XBRL Taxonomy Definition Linkbase Document\n\n101.LAB\nInline XBRL Taxonomy Extension Label Linkbase Document\n\n101.PRE\nInline XBRL Taxonomy Extension Presentation Linkbase Document\n\n104\nCover Page Interactive Data File (Inline XBRL)\n\n \n\n(1)\nPreviously furnished as a Report on Form 6-K with the SEC on August 26, 2024.\n\n \n\n(2)\nPreviously filed as an exhibit to Capital Clean Energy Carriers Corp.’s (formerly known as Capital Product Partners L.P.) Annual Report on Form 20-F for the year ended December 31, 2021 and filed with the SEC on April 27, 2022.\n\n \n\n(3)\nPreviously furnished as a Report on Form 6-K with the SEC on September 30, 2011.\n\n \n\n(4)\nPreviously filed as an exhibit to Capital Clean Energy Carriers Corp.’s (formerly known as Capital Product Partners L.P.) Registration Statement on Form F-1 (File No. 333-141422), filed with the SEC on March 19, 2007 and hereby incorporated by reference to such Registration Statement.\n\n \n\n(5)\nPreviously filed as an exhibit to the registrant’s Annual Report on Form 20-F for the year ended December 31, 2012 and filed with the SEC on February 5, 2013.\n\n \n\n(6)\nPreviously filed as an exhibit to Capital Clean Energy Carriers Corp.’s (formerly known as Capital Product Partners L.P.) Annual Report on Form 20-F for the year ended December 31, 2019 and filed with the SEC on February 28, 2020.\n\n \n\n(7)\nPreviously furnished as Exhibit II to Capital Clean Energy Carriers Corp.’s (formerly known as Capital Product Partners L.P.) Report on Form 6-K with the SEC on November 13, 2023.\n\n \n\n(8)\nPreviously filed as an exhibit to Capital Clean Energy Carriers Corp.’s Annual Report on Form 20--F for the year ended December 31, 2024 and filed with the SEC on April 17, 2025.\n\n \n\n(9)\nPreviously furnished as Exhibit 1.1 to Capital Clean Energy Carriers Corp.’s Report on Form 6-K filed with the SEC on January 27, 2025.\n\n \n\n*\nFurnished only and not filed\n\n \n \n140\n\n[Table of Contents](#TableOfContents)\n\n \n\n \n\nSIGNATURE\n\nPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized.\n\nCAPITAL CLEAN ENERGY CARRIERS CORP.\n\n/s/ Gerasimos (Jerry) Kalogiratos\n \n\nName:\n \nGerasimos (Jerry) Kalogiratos\n\nTitle:\n \nChief Executive Officer\n\nDated: April 27, 2026\n\n \n\n \n \n141\n\n[Table of Contents](#TableOfContents)\n\n \n\n \n\n**INDEX TO FINANCIAL STATEMENTS**\n \n\n \n\n**CAPITAL CLEAN ENERGY CARRIERS CORP.**\n \n\n \n**Page**\n\n[Report of Independent Registered Public Accounting Firm (PCAOB ID No. 1163)](#auditors)\n[**F-1**](#auditors)\n\n[Consolidated Balance Sheets as of December 31, 2025 and 2024](#bs)\n[**F-2**](#bs)\n\n[Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023](#pnl)\n[**F-3**](#pnl)\n\n[Consolidated Statements of Changes in Shareholders’ Equity and Partners’ Capital for the years ended December 31, 2025, 2024 and 2023](#equity)\n[**F-4**](#equity)\n\n[Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#CF)\n[**F-5**](#CF)\n\n[Notes to the Consolidated Financial Statements](#notes)\n[**F-6**](#notes)\n\n \n\n \n \n[Table of Contents](#TableOfContents)\n\n \n\n \n\nREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM\n\nTo the shareholders and the Board of Directors of Capital Clean Energy Carriers Corp.\n\nOpinion on the Financial Statements\n\nWe have audited the accompanying consolidated balance sheets of Capital Clean Energy Carriers Corp. and subsidiaries (the \"Company\") as of December 31, 2025 and 2024, the related consolidated statements of comprehensive income, changes in shareholders’ equity and partners’ capital, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the \"financial statements\"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.\n\nWe have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated April 27, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.\n\nBasis for Opinion\n\nThese financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\nWe conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.\n\nCritical Audit Matters\n\nCritical audit matters are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters.\n\n \n\n/s/ Deloitte Certified Public Accountants S.A.\n\nAthens, Greece\nApril 27, 2026\n\nWe have served as the Company's auditor since 2006.\n\n \n F-\n1\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.** **Consolidated Balance Sheets** **(In thousands of United States Dollars, except number of shares)**   \n\n \n\n \n \n \n \n \n\n \n \n**As of December 31, 2025**\n \n \n**As of December 31, 2024**\n\n**Assets**\n \n \n \n \n \n\n**Current assets**\n \n \n \n \n \n\nCash and cash equivalents\n$\n273,843\n \n$\n312,654\n\nRestricted cash (Note 8)\n \n7,024\n \n \n—\n\nTrade accounts receivable\n \n8,437\n \n \n3,689\n\nPrepayments and other assets\n \n7,437\n \n \n7,194\n\nDue from related party (Note 5)\n \n—\n \n \n1,131\n\nInventories\n \n3,982\n \n \n4,427\n\nClaims\n \n1,044\n \n \n865\n\nCurrent assets of discontinued operations (Note 3)\n \n124,238\n \n \n75,583\n\n**Total current assets**\n \n**426,005**\n \n \n**405,543**\n\n**Fixed assets**\n \n \n \n \n \n\nAdvances for vessels under construction - related party (Notes 5, 6)\n \n54,000\n \n \n54,000\n\nVessels, net and vessels under construction (Notes 5, 6)\n \n3,516,778\n \n \n3,289,660\n\n**Total fixed assets**\n \n**3,570,778**\n \n \n**3,343,660**\n\n**Other non-current assets**\n \n \n \n \n \n\nAbove market acquired charters (Note 7)\n \n66,597\n \n \n101,574\n\nDeferred charges, net\n \n3,483\n \n \n 361\n\nRestricted cash (Note 8)\n \n14,023\n \n \n22,521\n\nDerivative asset (Note 9)\n \n13,682\n \n \n1,574\n\nPrepayments and other assets\n \n546\n \n \n4\n\nNon-current assets of discontinued operations (Note 3)\n \n—\n \n \n237,645\n\n**Total non-current assets**\n \n**3,669,109**\n \n \n**3,707,339**\n\n**Total assets**\n**$**\n**4,095,114**\n \n**$**\n**4,112,882**\n\n**Liabilities and Shareholders’ Equity**\n \n \n \n \n \n\n**Current liabilities**\n \n \n \n \n \n\nCurrent portion of long-term debt, net (Note 8)\n$\n122,144\n \n$\n117,126\n\nTrade accounts payable\n \n11,129\n \n \n14,615\n\nDue to related parties (Note 5)\n \n5,607\n \n \n3,542\n\nAccrued liabilities (Note 11)\n \n37,717\n \n \n31,160\n\nDeferred revenue\n \n29,413\n \n \n29,804\n\nDerivative liabilities (Note 9)\n \n—\n \n \n18,114\n\nCurrent liabilities of discontinued operations (Note 3)\n \n103,514\n \n \n29,130\n\n**Total current liabilities**\n \n**309,524**\n \n \n**243,491**\n\n**Long-term liabilities**\n \n \n \n \n \n\nLong-term debt, net (Note 8)\n \n2,232,193\n \n \n2,277,957\n\nBelow market acquired charters (Note 7)\n \n53,531\n \n \n65,923\n\nDeferred revenue\n \n499\n \n \n634\n\nNon-current liabilities of discontinued operations (Note 3)\n \n—\n \n \n181,908\n\n**Total long-term liabilities**\n \n**2,286,223**\n \n \n**2,526,422**\n\n**Total liabilities**\n \n**2,595,747**\n \n \n**2,769,913**\n\nCommitments and contingencies (Note 17)\n \n—\n \n \n—\n\n**Shareholders’ Equity**\n \n \n \n \n \n\nCommon shares ($0.01 par value, 60,708,914 and 59,938,374 shares issued and 59,487,853 and 58,387,313 shares outstanding as of December 31, 2025 and 2024, respectively) (Note 14)\n \n607\n \n \n599\n\nAdditional paid-in capital\n \n1,263,065\n \n \n1,240,044\n\nRetained earnings\n \n237,270\n \n \n102,615\n\nAccumulated other comprehensive loss (Note 9)\n \n(1,575)\n \n \n(289)\n\n**Total shareholders’ equity**\n \n**1,499,367**\n \n \n**1,342,969**\n\n**Total liabilities and shareholders’ equity**\n**$**\n**4,095,114**\n** **\n**$**\n**4,112,882**\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\n \n F-\n2\n\n[Table of Contents](#TableOfContents)\n\n**Clean Energy Carriers Corp.**\n\n**Consolidated Statements of Comprehensive Income**\n\n**(In thousands of United States Dollars except number of shares and net income per share)**\n\n****\n\n \n\n \n  \n \n \n \n \n \n \n\n \n**For the years ended December 31,**\n\n \n \n**2025**\n \n \n**2024**\n \n \n**2023**\n\n**Revenues (Note 4)**\n**$**\n**392,706**\n \n**$**\n**339,549**\n \n**$**\n**219,196**\n\n**Expenses:**\n \n \n \n \n \n \n \n \n\nVoyage expenses, net (Note 12)\n \n7,733\n \n \n9,833\n \n \n11,619\n\nVessel operating expenses (Note 12)\n \n59,083\n \n \n50,170\n \n \n37,928\n\nVessel operating expenses - related parties (Notes 5, 12)\n \n9,144\n \n \n8,722\n \n \n6,165\n\nGeneral and administrative expenses (including $3,708, $2,980 and $2,564 to related parties, for the years ended December 31, 2025, 2024 and 2023, respectively) (Notes 5, 15)\n \n15,598\n \n \n16,682\n \n \n13,445\n\nVessel depreciation and amortization (Note 6)\n \n87,213\n \n \n76,454\n \n \n47,559\n\nImpairment of vessels\n \n—\n \n \n—\n \n \n11,157\n\n**Operating income, net**\n \n**213,935**\n \n \n**177,688**\n \n \n**91,323**\n\n**Other (expense) / income, net:**\n \n \n \n \n \n \n \n \n\nInterest expense and finance cost (including $3,174 to related party, for the year ended December 31, 2024) (Note 5, 8)\n \n(103,128)\n \n \n(125,760)\n \n \n(84,330)\n\nOther income, net (Note 9)\n \n2,587\n \n \n3,262\n \n \n1,254\n\n**Total other expense, net**\n \n**(100,541)**\n \n \n**(122,498)**\n \n \n**(83,076)**\n\n**Net income from continuing operations**\n \n**113,394**\n \n \n**55,190**\n \n \n**8,247**\n\n**Net income from discontinued operations (Note 3)**\n** **\n**57,365**\n** **\n** **\n**138,444**\n** **\n** **\n**38,961**\n\n**Net income from operations**\n** **\n**170,759**\n** **\n** **\n**193,634**\n** **\n** **\n**47,208**\n\nNet income attributable to General Partner (Note 16)\n \n—\n \n \n743\n \n \n680\n\nDeemed dividend to General Partner (Note 16)\n \n—\n \n \n46,184\n \n \n—\n\nNet income attributable to unvested shares (Note 16)\n \n—\n \n \n808\n \n \n929\n\nNet income attributable to common shareholders (Note 16)\n \n170,759\n \n \n145,899\n \n \n45,599\n\n**Net income from continuing operations per:**\n \n \n \n \n \n \n \n \n\n**• Common share, basic and diluted**\n**$**\n**1.92**\n \n**$**\n**0.15**\n\n**$**\n**0.38**\n\n**Weighted-average shares outstanding:**\n \n \n \n \n \n \n \n \n\n**• Common shares, basic**\n \n**58,919,848**\n \n \n**56,094,666**\n \n \n**21,182,471**\n\n**• Common shares, diluted**\n** **\n**59,191,879**\n** **\n** **\n** 56,094,666**\n** **\n** **\n**21,182,471**\n\n**Net income from discontinued operations per:**\n** **\n \n** **\n** **\n \n** **\n** **\n \n\n**• Common share, basic and diluted**\n** $**\n**0.97**\n** **\n** $**\n**2.45**\n** **\n**$**\n**1.77**\n\n**Weighted-average shares outstanding:**\n** **\n \n** **\n** **\n \n** **\n** **\n \n\n**• Common shares, basic**\n** **\n**58,919,848**\n** **\n** **\n**56,094,666**\n** **\n** **\n**21,182,471**\n\n**• Common shares, diluted**\n** **\n**59,191,879**\n** **\n** **\n** 56,094,666**\n** **\n** **\n**21,182,471**\n\n**Net income from operations per:**\n** **\n \n** **\n** **\n \n** **\n** **\n \n\n**• Common share, basic**\n** $**\n**2.90**\n\n**$**\n**2.60**\n** **\n** $**\n**2.15**\n\n**• Common share, diluted**\n** $**\n**2.88**\n\n**$**\n**2.60**\n** **\n** $**\n**2.15**\n\n**Weighted-average shares outstanding:**\n** **\n \n** **\n** **\n \n** **\n** **\n \n\n**• Common shares, basic**\n** **\n**58,919,848**\n** **\n** **\n**56,094,666**\n** **\n** **\n**21,182,471**\n\n**• Common shares, diluted**\n** **\n**59,191,879**\n** **\n** **\n**56,094,666**\n** **\n** **\n**21,182,471**\n\nNet income from operations\n \n170,759\n \n \n193,634\n \n \n47,208\n\n**Other comprehensive (loss) / income:**\n \n \n \n \n \n \n \n \n\nUnrealized (loss) / income on derivative instruments (Note 9)\n \n(1,286)\n \n \n1,297\n \n \n3,180\n\n**Total comprehensive income**\n**$**\n**169,473**\n \n**$**\n**194,931**\n \n**$**\n**50,388**\n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n\n \n F-\n3\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Consolidated Statements of Changes in Shareholders’ Equity and Partners’ Capital**\n\n**(In thousands of United States Dollars)**\n\nThe statements below for the period from January 1, 2024, to August 25, 2024 and for the year ended December 31, 2023 represent Capital Clean Energy Carriers Corp. as a partnership prior to the Conversion (Note 1). The statements below for the year ended December 31, 2025 and for the period from August 26, 2024, to December 31, 2024, represent Capital Clean Energy Carriers Corp. as a corporation subsequent to the Conversion.\n\n \n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**No. of Shares** \n\n \n** **\n**Share Capital**\n \n** **\n\n**General Partner**\n\n \n** **\n\n**Common Unitholders**\n\n** **\n\n**Treasury Units**\n** **\n** **\n**Additional Paid-In Capital**\n \n** **\n**Retained Earnings**\n \n** **\n\n**Accumulated Other Comprehensive Loss**\n\n** **\n** **\n**Total**\n\n**Balance at January 1, 2023**\n— \n \n**$**\n—\n \n**$**\n**12,414**\n \n**$**\n**634,605**\n** **\n**$**\n**(3,827)**\n** **\n**$**\n—\n \n**$**\n—  \n \n**$**\n**(4,766)**\n** **\n**$**\n**638,426**\n\nDividends declared (distributions of $ 0.60 per common unit)\n—\n \n \n—\n \n \n(209)\n \n \n(12,033)\n \n** **\n—\n \n \n—\n \n \n—\n \n \n—\n \n \n(12,242)\n\nPartnership’s net income\n—\n \n \n—\n \n \n680\n \n \n46,528\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n47,208\n\nIssuance of Partnership’s common units, net - rights offering (Note 14)\n—\n \n \n—\n \n \n—\n \n \n498,687\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n498,687\n\nEquity compensation expense (Note 15)\n—\n \n \n—\n \n \n—\n \n \n3,786\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n3,786\n\nRepurchase of common units (Note 14)\n—\n \n \n—\n \n \n—\n \n \n—\n \n \n(4,112)\n \n \n—\n \n \n—\n \n \n—\n \n \n(4,112)\n\nOther comprehensive income (Note 9)\n— \n \n \n— \n \n \n— \n \n \n— \n \n \n— \n \n \n— \n \n \n— \n \n \n3,180\n \n \n3,180\n\n**Balance at December 31, 2023**\n—\n \n**$**\n—\n \n**$**\n**12,885**\n \n**$**\n**1,171,573**\n** **\n**$**\n**(7,939)**\n** **\n**$**\n—\n \n**$**\n—\n \n**$**\n**(1,586)**\n** **\n**$**\n**1,174,933**\n\nDividends declared (distributions of $0.45 per common unit)\n—\n \n \n—\n \n \n (155)\n \n \n(24,900)\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n (25,055)\n\nPartnership’s net income\n—\n \n \n—\n \n \n516\n \n \n81,745\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n82,261\n\nEquity compensation expense (Note 15)\n—\n \n \n—\n \n \n—\n \n \n4,093\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n4,093\n\nOther comprehensive income (Note 9)\n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n179\n \n \n179\n\n**Balance at August 25, 2024**\n—\n \n**$ **\n—\n \n**$ **\n**13,246**\n \n**$ **\n**1,232,511**\n \n**$ **\n**(7,939)**\n \n**$ **\n—\n \n**$ **\n—\n \n**$ **\n**(1,407)**\n \n**$ **\n**1,236,411**\n\nDividends declared (distributions of $0.15 per common share)\n —\n \n \n—\n \n \n— \n \n \n— \n \n \n— \n \n \n— \n \n \n(8,758)\n \n \n—\n \n \n(8,758)\n\nNet Income from 26/8/24 to 31/12/24\n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n111,373\n \n \n—\n \n \n111,373\n\nEquity compensation expense (Note 15)\n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n2,825\n \n \n—\n \n \n—\n \n \n2,825\n\nConversion of 54,887,313 common units to common shares and 1,551,061 treasury units to treasury shares (Notes 1, 14)\n56,438,374\n \n \n564\n \n \n—\n \n \n—\n \n \n—\n \n \n(564)\n \n \n—\n \n \n—\n \n \n—\n\nConversion of 348,570 general partner units into 3,500,000 common shares (Notes 1, 14)\n3,500,000\n \n \n35\n \n \n46,184\n \n \n(46,184)\n \n \n— \n \n \n(35)\n \n \n—\n \n \n—\n \n \n—\n\nReclassification resulting from the Conversion (Notes 1, 14)\n\n—\n \n \n—\n \n \n(59,430)\n \n \n(1,186,327)\n \n \n7,939\n \n \n1,237,818\n \n \n—\n \n \n—\n \n \n—\n\nOther comprehensive income (Note 9)\n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n1,118\n \n \n1,118\n\n**Balance at December 31, 2024**\n**59,938,374**\n \n**$ **\n**599**\n \n**$ **\n**—**\n \n**$ **\n—\n** **\n**$**\n**—**\n** **\n**$**\n**1,240,044**\n \n**$**\n**102,615**\n \n**$**\n**(289)**\n** **\n**$**\n**1,342,969**\n\nDividends declared (distributions of $0.60 per common share)\n —\n \n \n—\n \n \n— \n \n \n— \n \n \n— \n \n \n— \n \n \n(35,472)\n \n \n—\n \n \n(35,472)\n\nNet income from operations\n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n170,759\n \n \n—\n \n \n170,759\n\nEquity compensation expense (Note 15)\n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n6,395\n \n \n(632)\n \n \n—\n \n \n5,763\n\nProceeds from offering, net (Note 14)\n9,466\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n207\n \n \n—\n \n \n—\n \n \n207\n\nDividends reinvestment plan, net of expenses (Note 14)\n761,074\n \n \n8\n \n \n—\n \n \n—\n \n \n—\n \n \n16,419\n \n \n—\n \n \n—\n \n \n16,427\n\nOther comprehensive loss (Note 9)\n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n—\n \n \n(1,286)\n \n \n(1,286)\n\n**Balance at December 31, 2025**\n**60,708,914**\n \n**$ **\n**607**\n \n**$ **\n**—**\n \n**$ **\n—\n** **\n**$**\n**—**\n** **\n**$**\n**1,263,065**\n \n**$**\n**237,270**\n \n**$**\n**(1,575)**\n** **\n**$**\n**1,499,367**\n\n \n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n \n F-\n4\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Consolidated Statements of Cash flows**\n\n**(In thousands of United States Dollars)**\n\n \n \n \n \n \n \n \n \n \n\n \n**For the years ended December 31,**\n\n \n**2025**\n \n**2024**\n \n**2023**\n\n**Cash flows from operating activities of continuing operations:**\n \n \n \n \n \n \n \n \n\n**Net income from operations**\n**$**\n**170,759**\n** **\n**$**\n**193,634**\n** **\n**$**\n**47,208**\n\nLess: Net income from discontinued operations\n \n57,365\n \n \n138,444\n \n \n38,961\n\nNet income from continuing operations\n \n**113,394**\n \n \n**55,190**\n \n \n**8,247**\n\n**Adjustments to reconcile net income to net cash provided by operating activities:**\n \n \n \n \n \n \n \n \n\nVessel depreciation and amortization (Note 6)\n \n87,213\n \n \n76,454\n \n \n47,559\n\nImpairment of vessels (Note 2)\n \n—\n \n \n—\n \n \n11,157\n\nAmortization and write-off of deferred financing costs\n \n3,738\n \n \n3,028\n \n \n1,742\n\nAmortization / accretion of above / below market acquired charters (Note 7)\n \n22,585\n \n \n17,052\n \n \n(4,014)\n\nAmortization of ineffective portion of derivatives\n \n(210)\n \n \n(209)\n \n \n(260)\n\nEquity compensation expense (Note 15)\n \n6,395\n \n \n6,918\n \n \n3,786\n\nChange in fair value of derivatives (Note 9)\n \n(18,114)\n \n \n10,934\n \n \n(5,529)\n\nUnrealized bonds exchange differences (Note 8)\n \n19,775\n \n \n(9,848)\n \n \n6,018\n\n**Changes in operating assets and liabilities:**\n \n \n \n \n \n \n \n \n\nTrade accounts receivable\n \n(4,748)\n \n \n(1,799)\n \n \n170\n\nPrepayments and other assets\n \n(785)\n \n \n525\n \n \n1,002\n\nDue from related party\n \n1,131\n \n \n716\n \n \n(1,847)\n\nInventories\n \n445\n \n \n(1,904)\n \n \n1,730\n\nClaims\n \n(752)\n \n \n—\n \n \n—\n\nTrade accounts payable\n \n(2,566)\n \n \n5,634\n \n \n2,776\n\nDue to related parties\n \n2,065\n \n \n1,386\n \n \n1,140\n\nAccrued liabilities\n \n5,265\n \n \n13,403\n \n \n3,593\n\nDeferred revenue\n \n(526)\n \n \n7,337\n \n \n8,499\n\nDry-docking costs paid\n \n(1,488)\n \n \n —\n \n \n 1\n\n**Net cash provided by operating activities of continuing operations**\n**$**\n**232,817**\n \n**$**\n**184,817**\n \n**$**\n**85,770**\n\n**Cash flows from investing activities of continuing operations:**\n \n \n \n \n \n \n \n \n\nVessel acquisitions, vessels under construction and improvements including acquired time and bareboat charter agreements (Notes 6, 7)\n \n(315,121)\n \n \n(1,200,978)\n \n \n(336,335)\n\nProceeds from insurance claims\n \n573\n \n \n —\n \n \n—\n\n(Expenses paid for the sale of vessels) / proceeds from sale of vessels, net (Note 6)\n \n(220)\n \n \n(219)\n \n \n21,780\n\n**Net cash used in investing activities of continuing operations**\n**$**\n**(314,768)**\n\n**$**\n**(1,201,197)**\n** **\n**$**\n**(314,555)**\n\n**Cash flows from financing activities of continuing operations:**\n \n \n \n \n \n \n \n \n\nProceeds from long-term debt (Note 8)\n \n44,454\n \n \n1,582,000\n \n \n292,000\n\nDeferred financing and offering costs paid\n \n(1,462)\n \n \n(12,911)\n \n \n(2,488)\n\nPayments of long-term debt (Note 8)\n \n(120,868)\n \n \n(780,910)\n \n \n(67,029)\n\nProceeds from offering, net of commissions paid (Notes 1, 14)\n \n207\n \n \n—\n \n \n45,817\n\nRights offering costs paid\n \n(498)\n \n \n(476)\n \n \n(824)\n\nRepurchase of common units (Note 14)\n \n—\n \n \n—\n \n \n(4,112)\n\nDividends paid (Note 14)\n \n(18,997)\n \n \n(33,813)\n \n \n(12,242)\n\n**Net cash (used in) / provided by financing activities of continuing operations**\n**$**\n**(97,164)**\n** **\n**$**\n**753,890**\n** **\n**$**\n**251,122**\n\n**Net (decrease) / increase in cash, cash equivalents and restricted cash from continuing operations**\n**$**\n**(179,115)**\n** **\n**$**\n**(262,490)**\n** **\n**$**\n**22,337**\n\n**Cash flows from discontinued operations**\n** **\n \n** **\n** **\n \n** **\n** **\n \n\nOperating activities\n \n9,245\n \n \n55,030\n \n \n102,942\n\nInvesting activities\n \n230,195\n \n \n448,059\n \n \n(132,537)\n\nFinancing activities\n \n(100,610)\n \n \n(108,902)\n \n \n55,888\n\n**Net increase in cash, cash equivalents and restricted cash from discontinued operations**\n** **\n**138,830**\n** **\n** **\n**394,187**\n** **\n** **\n**26,293**\n\n**Net (decrease) / increase in cash, cash equivalents and restricted cash**\n** **\n**(40,285)**\n** **\n** **\n**131,697**\n** **\n** **\n**48,630**\n\n**Cash, cash equivalents and restricted cash at the beginning of the year**\n**$**\n**335,175**\n \n**$**\n**203,478**\n \n**$**\n**154,848**\n\n**Cash, cash equivalents and restricted cash at the end of the year**\n**$**\n**294,890**\n \n**$**\n**335,175**\n \n**$**\n**203,478**\n\n**Supplemental cash flow information**\n \n \n \n \n \n \n \n \n\nCash paid for interest net of interest capitalized during the construction period (Note 2(m))\n$\n107,022\n \n$\n131,870\n \n$\n98,606\n\n**Non-Cash Investing and Financing Activities**\n \n \n \n \n \n \n \n \n\nCapital expenditures included in liabilities\n \n2,929\n \n \n4,140\n \n \n6,684\n\nCapitalized dry-docking costs included in liabilities\n \n4,021\n \n \n4,149\n \n \n4,149\n\nDeferred financing costs included in liabilities\n \n60\n \n \n86\n \n \n1,934\n\nExpenses for sale of vessels included in liabilities\n \n1,870\n \n \n5,396\n \n \n440\n\nSeller’s credit agreements in connection with the acquisition of vessel- owning companies (Notes 5, 6, 8)\n \n—\n \n \n134,764\n \n \n—\n\nDividends reinvestment plan issuance of new shares (Note 14)\n \n16,475\n \n \n —\n \n \n—\n\nSale and lease back agreements and credit facility assumed in connection with the acquisition of vessel-owning companies\n \n—\n \n \n—\n \n \n196,317\n\nAmounts for the acquisition of vessel owning companies and companies owning vessels under construction, netted against the amount due from CMTC pursuant to the Standby Purchase Agreement (Notes 1, 5, 14)\n \n—\n \n \n—\n \n \n279,783\n\nAdvances for vessels under construction - related party, netted against the amount due from CMTC pursuant to the Standby Purchase Agreement (Notes 1, 5, 6, 14)\n \n—\n \n \n—\n \n \n174,400\n\n**Reconciliation of cash, cash equivalents and restricted cash**\n \n \n \n \n \n \n \n \n\nCash and cash equivalents\n \n273,843\n \n \n 312,654\n \n \n191,757\n\nRestricted cash - current assets\n \n7,024\n \n \n—\n \n \n—\n\nRestricted cash - non-current assets\n \n14,023\n \n \n22,521\n \n \n11,721\n\n**Total cash, cash equivalents and restricted cash shown in the statements of cash flows**\n**$**\n**294,890**\n \n**$**\n** 335,175**\n \n**$**\n**203,478**\n\n \n\n \n\nThe accompanying notes are an integral part of these consolidated financial statements. \n\n \n F-\n5\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)**\n\n \n\n**1. Basis of Presentation and General Information**** **\n\n \n\nCapital Clean Energy Carriers Corp. (the “Company or CCEC”) is an international owner of ocean-going vessels, with a focus on the energy transition. As of December 31, 2025, the Company’s in-the-water fleet included 14 high specification vessels, including 12 latest generation Liquified Natural Gas Carriers (“LNG/Cs”) and two legacy Neo-Panamax container vessels, one of which the Company has agreed to sell in 2025, namely the M/V Buenaventura Express, which was subsequently delivered to its new owners in January 2026. The assets and liabilities, results of operations and cash flows of the M/V Buenaventura Express are reported in discontinued operations (Note 3). In addition, the Company’s under-construction fleet included nine additional latest generation LNG/Cs, six dual-fuel Medium Gas Carriers (“MG/Cs”) and four Handy Liquified CO2 Multi-Gas Carriers (“LCO2 – HMG/C”), to be delivered between the first quarter of 2026 and the first quarter of 2029. On January 5, 2026, the Company took delivery of its first LCO2 – HMG/C Active. The Company’s vessels operate under medium to long-term time and bareboat charters.\n\nThe Company was originally formed on January 16, 2007, as a Marshall Islands limited partnership with the name Capital Product Partners L.P. (the “Partnership” or “CPP”). On August 26, 2024, (the “Effective Date”), the Partnership converted from a Marshall Islands limited partnership to a Marshall Islands corporation and changed its name to Capital Clean Energy Carriers Corp. (the “Conversion”). The Conversion and the name change were approved by the majority of the Partnership’s unitholders, the conflicts committee of the Partnership’s board of directors, the Partnership’s full board of directors and the Partnership’s general partner, Capital GP L.L.C. (the “CGP”). As a result of the Conversion the following changes to the capital structure and corporate governance, among others, occurred:\n\n(i) each common unit of the Partnership outstanding immediately prior to the Effective Date was converted into one common share of CCEC with par value of $0.01 per share (the “common shares”);\n\n(ii) the 348,570 general partner units and the general partner’s incentive distribution rights, in each case, outstanding immediately prior to the Effective Date were converted into an aggregate of 3,500,000 common shares;\n\n(iii) CGP gave up its existing management and consent rights with respect to CPP, including its right to appoint three directors to CPP’s board of directors and its veto rights over, among other things, approval of mergers, consolidations and other significant corporate transactions and amendments to CPP’s governing documents;\n\n(iv) following the Conversion, the board of directors consist of eight directors, a majority of which are “independent” in accordance with Nasdaq rules; and\n\n(v)  until Capital Maritime & Trading Corp. (“CMTC”) and its affiliates cease to own at least 25% of the outstanding common shares, CMTC and its affiliates will have the right to nominate three out of the eight directors to the board. If the holdings of CMTC and its affiliates fall below 25% but remain above 15% of the outstanding common shares, CMTC and its affiliates thereafter will have the right to nominate two out of eight directors to the board. If the holdings of CMTC and its affiliates fall below 15% but remain above 5% of the outstanding common shares, CMTC and its affiliates thereafter will have the right to nominate one out of eight directors to the board. If the holdings of CMTC and its affiliates fall below 5%, CMTC will no longer have any rights to nominate directors to the board. The remaining members of the board of directors will be nominated by CCEC’s nominating committee and all directors will be elected by majority vote of the holders of common shares (including CMTC and its affiliates), other than in a contested election, in which the election of directors will be by a plurality vote.\n\n \n\nThe Conversion is deemed a continuation of the existence of the Partnership in the form of a Marshall Islands corporation, with the existence of the Company deemed to have commenced on the date the Partnership commenced its existence. Following the Conversion the Company’s common shares are trading on the Nasdaq Global Select Market under the name “Capital Clean Energy Carriers Corp.” with the ticker symbol CCEC. Except where the context otherwise requires, references herein to CCEC or the Company for periods prior to the Conversion are to CPP, and references to common shares for periods prior to the Conversion are to common units of CPP. The financial impact of the Conversion reflected in the audited consolidated financial statements contained herein consisted of (i) reclassifications from partnership equity accounts to equity accounts reflective of a corporation and (ii) the recognition of a deemed dividend relating to the conversion of 348,570 general partner units and the general partner’s incentive distribution rights into 3,500,000 common shares (Note 14).\n\n \n\nFollowing the announcement of the Company on November 13, 2023, of its intention to shift its business focus towards liquified natural gas and energy transition shipping and gradually divest from its non-core assets, the Company entered into 14 memoranda of agreement (“MOA”) with third parties for the disposal of 14 container carrier vessels. The Company determined that the assets and liabilities, results of operations and cash flows of the 14 container carrier vessels met the criteria to be reported in discontinued operations (Note 3). \n\n \n\n \n\n \n F-\n6\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n**1. Basis of Presentation and General Information – Continued**\n\n \n\nAs of December 31, 2025, the consolidated financial statements include Capital Clean Energy Carriers Corp. and the following wholly owned significant subsidiaries which were all incorporated or formed under the laws of the Marshall Islands, Liberia or Cyprus.\n\nBasis of Presentation and General Information - List of Subsidiaries (Table)\n\n**Subsidiary**\n**Date of Incorporation**\n**Name of Vessel Owned by Subsidiary**\n**Deadweight (“DWT”)**\n**Date acquired/delivered by the Company / estimated delivery date**\n**Date acquired / delivered by CMTC or CGC Operating Corp. (“CGC”)**\n\nCapital Product Operating LLC\n01/16/2007\n—\n—\n—\n—\n\nCPLP Shipping Holdings PLC (“CPLP PLC”)\n08/14/2021\n—\n—\n—\n—\n\nCPLP Gas Operating Corp.\n08/24/2021\n—\n—\n—\n—\n\nPatroklos Marine Corp.\n06/17/2008\nM/V Cape Agamemnon (3)\n179,221\n06/09/2011\n01/25/2011\n\nAnax Container Carrier S.A.\n04/08/2011\nM/V Hyundai Prestige(2)\n63,010\n09/11/2013\n02/19/2013\n\nHercules Container Carrier S.A.\n04/08/2011\nM/V Hyundai Premium(2)\n63,010\n03/20/2013\n03/11/2013\n\nIason Container Carrier S.A.\n04/08/2011\nM/V Hyundai Paramount(2)\n63,010\n03/27/2013\n03/27/2013\n\nThiseas Container Carrier S.A.\n04/08/2011\nM/V Hyundai Privilege(1)\n63,010\n09/11/2013\n05/31/2013\n\nCronus Container Carrier S.A.\n07/19/2011\nM/V Hyundai Platinum(1)\n63,010\n09/11/2013\n06/14/2013\n\nDias Container Carrier S.A.\n05/16/2013\nM/V Akadimos(2)\n115,534\n06/10/2015\n06/10/2015\n\nDeka Container Carrier S.A.\n03/28/2017\nM/V Athenian(2)\n118,834\n01/22/2020\n04/28/2017\n\nJupiter Container Carrier S.A.\n03/28/2017\nM/V Athos(2)\n118,888\n01/23/2020\n05/19/2017\n\nNikitis Container Carrier S.A.\n03/28/2017\nM/V Aristomenis(2)\n118,712\n01/23/2020\n06/27/2017\n\nNeos Container Carriers Corp.\n09/04/2020\nM/V Long Beach Express(2)\n68,618\n02/25/2021\n01/07/2021\n\nMaistros Container Carriers Corp.\n09/04/2020\nM/V Seattle Express(2)\n68,411\n02/25/2021\n01/07/2021\n\nFilos Container Carriers Corp.\n09/04/2020\nM/V Fos Express(2)\n68,579\n02/25/2021\n01/07/2021\n\nPanormos Container Carrier S.A.\n12/17/2020\nM/V Manzanillo Express(1)\n142,411\n10/12/2022\n10/12/2022\n\nEktoras Container Carrier S.A.\n12/17/2020\nM/V Itajai Express\n142,411\n01/10/2023\n01/10/2023\n\nMonos Container Carrier S.A.\n02/05/2021\nM/V Buenaventura Express(4)\n142,411\n06/20/2023\n06/20/2023\n\nAssos Gas Carrier Corp.\n07/16/2018\nLNG/C Aristos I\n81,978\n09/03/2021\n11/12/2020\n\nDias Gas Carrier Corp.\n07/16/2018\nLNG/C Aristarchos\n81,956\n09/03/2021\n06/15/2021\n\nAtrotos Gas Carrier Corp.\n07/16/2018\nLNG/C Aristidis I\n81,898\n12/16/2021\n01/04/2021\n\nPoseidon Gas Carrier Corp.\n07/16/2018\nLNG/C Attalos\n81,850\n11/18/2021\n08/13/2021\n\nMaximus Gas Carrier Corp.\n04/10/2019\nLNG/C Asklipios\n81,882\n11/18/2021\n09/29/2021\n\nKronos Gas Carrier Corp.\n02/04/2019\nLNG/C Adamastos\n82,095\n11/29/2021\n08/23/2021\n\nHermes Gas Carrier Corp.\n07/05/2019\nLNG/C Asterix I\n81,932\n02/17/2023\n02/17/2023\n\nOmega Gas Carriers Corp.\n06/18/2021\nLNG/C Amore Mio I\n82,076\n12/21/2023\n10/31/2023\n\nBeta Gas Carriers Corp.\n06/18/2021\nLNG/C Axios II\n82,271\n01/02/2024\n01/02/2024\n\nRomanos Gas Carrier Corp.\n11/01/2021\nLNG/C Assos\n82,306\n05/31/2024\n05/31/2024\n\nLeon Gas Carrier Corp.\n11/01/2021\nLNG/C Apostolos\n82,068\n06/05/2024\n06/05/2024\n\nTaurus Gas Carrier Corp.\n11/01/2021\nLNG/C Aktoras\n82,194\n06/28/2024\n06/28/2024\n\nAqua Gas Carrier Corp.\n01/17/2023\nLNG/C Alcaios I (Hull - 8202) (5)\n—\n09/2026 (6)\n—\n\nMare Gas Carrier Corp.\n01/17/2023\nLNG/C Antaios I (Hull - 8203) (5)\n—\n11/2026 (6)\n—\n\nPolis Gas Carrier Corp.\n03/27/2023\nLNG/C Athlos (Hull - 8206) (5)\n—\n02/2027 (6)\n—\n\nElpis Gas Carrier Corp.\n03/27/2023\nLNG/C Archon (Hull - 8207) (5)\n—\n03/2027 (6)\n—\n\nÁison Gas Carriers Corp.\n03/28/2024\nMG/C Agenor (Hull - 8427) (5)\n—\n05/2027 (6)\n—\n\nAlvis Gas Carriers Corp.\n03/28/2024\nMG/C Aridaios (Hull - 8425) (5)\n—\n09/2026 (6)\n—\n\nDaidalos Carriers Corp.\n06/21/2023\nLCO2 - HMG/C Amadeus (Hull - 8399) (5)\n—\n04/2026 (6)\n—\n\nIason Gas Carriers Corp.\n03/07/2024\nMG/C Anios (Hull - S1111) (5)\n—\n03/2027 (6)\n—\n\nIfaistos Carriers Corp.\n01/29/2024\nLCO2 - HMG/C Alkimos (Hull - 8404) (5)\n—\n09/2026 (6)\n—\n\nIkaros Carriers Corp.\n06/21/2023\nLCO2 - HMG/C Active (Hull - 8398) (5)\n—\n01/2026 (6)\n—\n\nLeandros Carriers Corp.\n01/29/2024\nLCO2 - HMG/C Athenian (Hull - 8405) (5)\n—\n11/2026 (6)\n—\n\nMenelaos Gas Carriers Corp.\n03/07/2024\nMG/C Andrianos (Hull - S1112) (5)\n—\n07/2027 (6)\n—\n\nOmiros Gas Carriers Corp.\n03/28/2024\nMG/C Aratos (Hull - 8426) (5)\n—\n02/2027 (6)\n—\n\nVenus Gas Carriers Corp.\n03/28/2024\nMG/C Aristogenis (Hull - 8424) (5)\n—\n06/2026 (6)\n—\n\nEgeus Gas Carrier Corp.\n06/23/2025\nLNG/C Amfialos (Hull No.8327) (5)\n—\n08/2028 (6)\n—\n\nAigeas Gas Carrier Corp.\n06/23/2025\nLNG/C Amfilochos (Hull No.8328) (5)\n—\n01/2029 (6)\n—\n\nDareios Gas Carrier Corp.\n06/23/2025\nLNG/C Amissos (Hull No.8329) (5)\n—\n02/2029 (6)\n—\n\n \n\n(1)\nVessels were disposed in 2025\n\n(2)\nVessels were disposed in 2024\n\n(3)\nVessel was disposed in 2023\n\n(4)\nVessel agreed to be disposed in 2026\n\n(5)\nVessels are under construction\n\n(6)\nEstimated delivery dates for newbuild vessels as of December 31, 2025\n\n  \n\n \n F-\n7\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n**2. Significant Accounting Policies**\n\n** **\n\n**(a) Principles of consolidation:**The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of the legal entities comprising the Company as discussed in Note 1. Intra-group balances and transactions have been eliminated upon consolidation.\n\n \n\n**(b) Use of estimates:**The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognized during the reporting period. Actual results could differ from those estimates.\n\n \n\n**(c)** **Accounting for revenue, voyage expenses and operating expenses:**Revenue is generated from time, bareboat or voyage charter contracts.\n\n**Time and bareboat charters contracts**\n\n** **\n\nA time and bareboat charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. A time and bareboat charter generally provides typical warranties and owner protective restrictions. A time and bareboat charter begins when the vessel is delivered to the charterer and ends when the vessel is redelivered back to its owner. The time and bareboat charter contracts are considered operating leases because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Revenues from time and bareboat charters are recognized ratably on a straight-line basis over the period of the respective charter. Under time charter agreements, all voyage expenses, except commissions are assumed by the charterer. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid by the owner under time charter agreements. Under bareboat charter agreements, all voyage, except commissions, and operating expenses, are assumed by the charterer. The Company applied the practical expedient included in Accounting Standards Codification (“ASC”) 842 and elected to not separate the lease and non-lease components included in the time and bareboat charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The daily hire rate represents the hire rate for a bareboat charter as well as the compensation for expenses for operating and maintaining the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants. Both the lease and non-lease components are earned by passage of time. The nature of the lease component and non-lease component that were combined as a result of applying the practical expedient are the contract for the hire of a vessel and the fees for operating and maintaining the vessel respectively. The lease component is the predominant component and the Company accounts for the combined component as an operating lease in accordance with Topic 842.\n\n**Voyage charters contracts**\n\nA voyage charter is a contract in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge port basis, subject to various cargo handling terms. The Company accounts for a voyage charter when all the following criteria are met: (1) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (2) the Company can identify each party’s rights regarding the services to be transferred, (3) the Company can identify the payment terms for the services to be transferred, (4) the charter agreement has commercial substance (that is, the risk, timing, or amount of the Company’s future cash flows is expected to change as a result of the contract) and (5) it is probable that the Company will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Company determined that its voyage charters consist of a single performance obligation which is met evenly as the voyage progresses and begins to be satisfied once the vessel is ready to load the cargo. The voyage charter party agreement generally has a demurrage/despatch clause according to which in the case of demurrage, the charterer reimburses the vessel owner for any potential delays exceeding the allowed lay time as per the charter party clause at the ports visited which is recorded as demurrage revenue. In the case of despatch, the owner reimburses the charterer for the earlier completion of cargo operations from the agreed time. Demurrage/despatch are recognized starting from the point that is determined that the amount can be estimated, and its collection/payment is probable and on a straight-line basis until the end of the voyage. Revenues from voyage charters are recognized on a straight-line basis over the voyage duration which commences once the vessel is ready to load the cargo and terminates upon the completion of the discharge of the cargo. Under ASC 606, receivables represent an entity’s unconditional right to consideration, whether billed or unbilled.\n\n \n\nIn voyage charters, vessel operating expenses and voyage expenses are paid for by the Company. The voyage charters are considered service contracts which fall under the provisions of ASC 606, because the Company retains control over the operations of the vessels, such as the routes taken or the vessels’ speed.\n\nPayment terms under voyage charters are disclosed in the relevant voyage charter agreements and generally have standard payment terms of 90% to 95% of the freight which is paid within three days after the completion of the vessel’s loading.\n\n \n F-\n8\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n2. Significant Accounting Policies – Continued\n**(c)****Accounting for revenue, voyage expenses and operating expenses - Continued:**\n\n**Voyage charters contracts - Continued**\n\nVessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Company and are expensed over the related charter period. All other voyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Company satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that the Company can specifically identify, (2) able to generate or enhance resources of the Company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘prepayments and other assets’ in the consolidated balance sheets.\n\n \n\nVessel operating expenses presented in the consolidated financial statements mainly consist of crew, repairs and maintenance, insurance, stores, spares, lubricants, other operating expenses and management fees payable to the Company’s managers.\n\nVessel operating expenses are expensed as incurred.\n\n \n\n**(d) Foreign currency transactions:**The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets that utilize the U.S. Dollar as the functional currency. The accounting records of the Company are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in currencies other than the U.S. Dollar, are translated into the functional currency using the exchange rate at those dates. Gains or losses resulting from foreign currency transactions are included in “Other income, net” in the consolidated statements of comprehensive income.\n\n** **\n\n**(e) Cash and cash equivalents:**The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. As of December 31, 2025, and 2024 the cash and cash equivalents of the Company were $273,843 and $312,654, respectively.\n\n** **\n\n**(f) Restricted cash:**The Company must maintain minimum cash deposits in order to comply with debt covenants under its credit facilities, sale and lease back agreements and unsecured bonds collectively the “financing arrangements”. Such deposits are considered by the Company to be restricted cash. As of December 31, 2025, and 2024 the restricted cash of the Company were $21,047 and $22,521, respectively.\n\n** **\n\n**(g) Trade accounts receivable:**The amount shown as trade accounts receivable primarily consists of earned revenue that has not been billed yet or that has been billed but has not yet been collected. At each balance sheet date, the Company assesses collectability by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the Company identifies specific charterers with known disputes or collectability concerns in order to determine the appropriate write-off. As of December 31, 2025, and 2024 the Company had trade accounts receivables of $8,437 and $3,689, respectively. For the years ended December 31, 2025, and 2024 the respective write off amounted to nil. 0\n\n \n\n**(h) Inventories:**Inventories consist of consumable bunkers, lubricants, spares and stores and are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling prices less reasonably predictable costs of disposal and transportation. The cost is determined by the first-in, first-out method. As of December 31, 2025, and 2024 the value of the Company’s inventories was $3,982 and $4,427, respectively.\n\n \n\n**(i) Vessels held for sale:**The Company classifies vessels as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.\n\nVessels classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. These vessels are not depreciated once they meet the criteria to be classified as held for sale.\n\nIf a plan to sell a vessel is cancelled, the Company reclassifies the vessel as held for use and re-measures it at the lower of (i) its carrying amount before the vessel was classified as held for sale, adjusted for any depreciation expense that would have been recognized if the vessel had been continuously classified as held and used and (ii) its fair value at the date of the subsequent decision not to sell.\n \n\n \n F-\n9\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n2. Significant Accounting Policies – Continued\n\n**(j) Fixed assets:**Fixed assets consist of vessels, which are stated at cost, less accumulated depreciation and impairment if any. Vessel cost consists of the contract price for the vessel, any material expenses incurred during its construction (improvements and delivery expenses, on-site supervision costs incurred during the construction periods, as well as capitalized interest expense during the construction period). Certain subsequent expenditures for major improvements and regulatory requirements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Vessels acquired through acquisition of businesses are recorded at their acquisition date fair values. Vessels acquired through asset acquisitions are recorded at cost. The cost of each of the Company’s vessels is depreciated, beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Management estimates the scrap value of the Company’s vessels to be $0.2 per light weight ton (“LWT”) and useful life to be 35 years for the LNG/C vessels and 25 years for the container carrier vessels (Notes 3, 6).\n\n \n\n**(k) Impairment of vessels****:**An impairment loss on vessels is recognized when indicators of impairment are present and the carrying amount of the assets group is greater than its fair value and is determined not to be recoverable. In determining future benefits derived from use of the vessels, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related vessel. If the carrying value of the asset, including any related intangible assets and liabilities, exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value. Various factors including future charter rates and vessel operating costs are included in this analysis.\n\n \n\nAs of December 31, 2025 and 2024, no indicators of impairment were present since the carrying amount of each vessel, including the book value of the attached time charter, if any, in the Company’s fleet did not exceed its respective charter-attached market value. Accordingly, no undiscounted cash flow tests were required to be performed for any of the Company’s vessels. For the years ended December 31, 2025, 2024 and 2023, the impairment loss was nil, nil and $11,157, respectively. 0\n\n \n\n**(l) Deferred charges, net:**Deferred charges, net are comprised mainly of dry-docking costs. The Company’s vessels are required to be dry-docked every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are under operation. The Company has adopted the deferral method of accounting for dry-docking activities whereby costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-docking activity. As of December 31, 2025, and 2024, the Company’s deferred charges, net amounted to $2,231 and nil, respectively.0\n\n** **\n\n**(m) Financing costs:** Financing costs directly attributable to the construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other financing costs are expensed in the period in which they occur. Financing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.\n\n** **\n\n**(n) Deferred financing costs:**Deferred financing costs are costs incurred in connection with the issuance of a financing arrangement. Issuance costs are amortized over the term of the respective financing arrangement using the effective interest rate method and are included in the consolidated statement of comprehensive income in “Interest expense and finance cost”. The unamortized portion of the issuance costs are presented as a deduction from the Company’s corresponding liability. Any unamortized balance of the issuance costs relating to a financing arrangement extinguished is expensed in the period in which the extinguishment is made. Deferred financing costs relating to financing arrangements that have not yet drawn are presented in “Deferred charges, net” under non-current assets in the audited consolidated balance sheets.\n\n** **\n\n**(o) Intangible assets:*** *When a company that owns a vessel is acquired with an existing charter agreement, the Company considers whether any value should be assigned to the attached charter agreement acquired. In case of asset acquisitions, the acquisition consideration is allocated between the vessel and the attached charter agreement based on their relative fair values. The fair value of the attached charter agreement is based on the present value of the difference of the contractual charter rate of the agreement acquired and the prevailing market rate for a charter of equivalent duration at the time of the acquisition, determined by independent appraisers as at that date. The resulting above-market (assets) or below-market (liabilities) charters are amortized using the straight-line method as a reduction or increase, respectively, to revenues over the remaining term of the charters (Note 7).\n\n** **\n\n**(p) Other comprehensive (loss) / income:** The Company records certain transactions directly as components of Shareholders’ Equity. The Company’s other comprehensive (loss) / income was related to the changes of the fair value of the derivatives designated as accounting hedge (Note 9).\n\n** **\n\n**(q) Net income per share:**\n\n**(i) Net income per common share:**Basic net income per common share is computed by dividing net income available to common shareholders, by the weighted average number of common shares outstanding during the period. Diluted net income per common share reflects the potential dilution that could occur if securities were converted or other contracts to issue common stock were exercised at the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of warrants issued, if any. The if-converted method is used to compute the dilutive effect of shares which could be issued upon conversion of the convertible securities, if any. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted net income per share (Note 16).\n\n \n\n**(ii) Net income per Limited Partner share:**Basic net income per limited partner share is calculated by dividing the Company’s net income less net income allocable to preferred shareholders, (if any), general partner’s interest in net income (including incentive distribution rights (“IDR”)) and net income allocable to unvested shares, by the weighted-average number of common shares outstanding during the period (Note 16). Diluted net income per limited partner share reflects the potential dilution that could occur if securities or other contracts to issue limited partner shares were exercised.\n\n \n F-\n10\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n2. Significant Accounting Policies – Continued\n\n**(r) Segment reporting****:**The Company reports financial information and evaluates its operations by charter revenues and not by the length, type of vessel or type of ship employment for its customers, i.e. time, bareboat or voyage charters. The Company does not use discrete financial information to evaluate the operating results for each such type of charter or vessel but is instead regularly provided with only the consolidated operating results as noted on the face of the consolidated statements of comprehensive income. Although revenue can be identified for these types of charters or vessels, management cannot and does not identify expenses, profitability or other financial information for these various types of charters or vessels. As a result, management, including the chief operating decision maker (CODM), who is the Company’s CEO, reviews operating results solely by revenue per day and the operating results of the fleet. The CODM assesses performance for the vessel operations segment and decides how to allocate resources based on consolidated net income. Thus, the Company has determined that it operates as one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.****\n\n** **\n\n**(s) Omnibus incentive compensation plan:**Equity compensation expense represents vested and unvested shares granted to employees and to non-employee directors, for their services as directors, as well as to non-employees and are included in general and administrative expenses in the consolidated statements of comprehensive income. These shares are measured at their fair value equal to the market value of the Company’s common shares on the grant date. The shares that contain a time-based service vesting condition are considered unvested shares on the grant date and the total fair value of such shares is recognized on a straight-line basis over the requisite service period. The Company accounts for forfeitures when incurred (Note 15).\n\n** **\n\n**(t) Treasury shares:**The Company records the repurchase of its common shares at cost based on the settlement dates of repurchase transactions. These shares, which is a reduction to shareholders’ equity, together with the shares that have been issued but not granted under the Company’s Omnibus Incentive Compensation Plan are classified as treasury shares. Treasury shares are included in authorized and issued shares but excluded from outstanding shares (Notes 14, 15).\n\n** **\n\n**(u) Fair value of financial instruments:**The Company follows the accounting guidance for financial instruments that establishes a framework for measuring fair value under generally accepted accounting principles and expands disclosure about fair value measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:\n\n \n\nLevel 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;\n\n \n\nLevel 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and\n\n \n\nLevel 3: Inputs are unobservable inputs for the asset or liability.\n\n \n\n**(v) Derivative instruments:**The Company from time to time may enter into derivative instruments to hedge its exposure to foreign exchange or interest rate risks arising from operational, financing and investment activities. Derivatives are initially measured at fair value; attributable transaction costs are expensed as incurred. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as foreign currency risk and interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect in a cash flow hedge. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either offset against the fair value of assets, liabilities or firm commitments through income, or recognized in other comprehensive income (effective portion) until the hedged item is recognized in the consolidated statements of comprehensive income. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting to such contracts (Note 9).\n\n \n\n**(w) Discontinued operations:**In accordance with Accounting Standards Update (‘ASU’) 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.\n\n \n\nAllocation of Interest Expense to Discontinued Operations: The Company elects to allocate the interest on debt that is required to be repaid as a result of a disposal transaction to discontinued operations.\n \n\n \n F-\n11\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n2. Significant Accounting Policies – Continued\n\n**(x) Recent Accounting Pronouncements:**\n\n \n\n(i) Disclosure Improvements: In November 2024, the Financial Accounting Standards Board issued Accounting Standard Update (“ASU”) No. 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40)”. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments require that at each interim and annual reporting period an entity:\n\n \n\n1. Disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (DD&A) (or other amounts of depletion expense) included in each relevant expense caption. A relevant expense caption is an expense caption presented on the face of the income statement within continuing operations that contain any of the expense categories listed in (a)-(e).\n\n \n\n2. Include certain amounts that are already required to be disclosed under current generally accepted accounting principles (GAAP) in the same disclosure as the other disaggregation requirements.\n\n \n\n3. Disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.\n\n \n\n4. Disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.\n\n \n\nThe amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this Update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact, if any, of the adoption of this ASU.\n\n \n\n(ii) In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets”. The ASU 2025-05 provides a practical expedient that all entities may elect to use when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under ASC 606, Revenue from Contracts with Customers, by allowing them to assume that current conditions as of the balance sheet date will not change for the remaining life of the asset. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those periods, with early adoption permitted. The Company is currently evaluating the impact, if any, that the adoption of ASU 2025-05 will have on its consolidated financial statements and related disclosures.\n\n \n\n(iii) In December 2025 the FASB issued ASU No. 2025-12 to clarify, correct errors in or make other improvements to a broad range of topics in the ASC, including ASC 260, Earnings Per Share; ASC 325, Investments — Other; and ASC 958, Not-for-Profit Entities. The guidance is effective for all entities for annual reporting periods beginning after 15 December 2026, and interim periods within those annual periods. Early adoption is permitted. Entities are required to apply the amendments to ASC 260 retrospectively to each prior reporting period presented in the period of adoption. Entities can apply all other amendments in the period of adoption either (1) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments or (2) retrospectively to the beginning of the earliest comparative period presented, with an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning of the earliest comparative period presented. An entity may elect the transition method on an issue-by-issue basis (except for the ASC 260 amendments). The Company is currently evaluating the impact the adoption of ASU No. 2025-12 will have on its consolidated financial statements and related disclosures. \n\n \n\n \n F-\n12\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n3. Discontinued Operations\n\nFollowing the announcement of the Company on November 13, 2023, of its intention to shift its business focus towards LNG and energy transition shipping and gradually divest from its non-core assets, taking advantage of the attractive vessel valuations, the Company entered into 14 MOAs with third parties for the disposal of 14 container carrier vessels. The Company determined that the assets and liabilities, results of operations and cash flows of the 14 container carrier vessels met the criteria to be reported in discontinued operations. The container carrier vessels that the Company sold following the announcement are listed below.\n\nDiscontinued Operations - Memoranda of Agreement for the Sale of 14 Container Vessels(Table)\n\n \n \n \n \n \n \n \n \n \n\n**Name of Vessel**\n \n**Type**\n \n**TEU**\n \n**MOA Date**\n \n**Delivery**\n\nM/V Akadimos\n \nNeo Panamax Container Vessel\n \n9,288\n \nJanuary 31, 2024\n \nMarch 8, 2024\n\nM/V Long Beach Express\n \nPanamax Container Vessel\n \n5,089\n \nDecember 15, 2023\n \nFebruary 26, 2024\n\nM/V Seattle Express\n \nPanamax Container Vessel\n \n5,089\n \nFebruary 14, 2024\n \nApril 26, 2024\n\nM/V Fos Express\n \nPanamax Container Vessel\n \n5,089\n \nFebruary 14, 2024\n \nMay 3, 2024\n\nM/V Athenian\n \nNeo Panamax Container Vessel\n \n9,954\n \nMarch 1, 2024\n \nApril 22, 2024\n\nM/V Athos\n \nNeo Panamax Container Vessel\n \n9,954\n \nMarch 1, 2024\n \nApril 22, 2024\n\nM/V Aristomenis\n \nNeo Panamax Container Vessel\n \n9,954\n \nMarch 1, 2024\n \nMay 3, 2024\n\nM/V Hyundai Premium\n \nNeo Panamax Container Vessel\n \n5,023\n \nSeptember 12, 2024\n \nNovember 22, 2024\n\nM/V Hyundai Paramount\n \nNeo Panamax Container Vessel\n \n5,023\n \nSeptember 12, 2024\n \nDecember 20, 2024\n\nM/V Hyundai Prestige\n \nNeo Panamax Container Vessel\n \n5,023\n \nSeptember 12, 2024\n \nDecember 5, 2024\n\nM/V Hyundai Privilege\n \nNeo Panamax Container Vessel\n \n5,023\n \nSeptember 12, 2024\n \nJanuary 10, 2025\n\nM/V Hyundai Platinum\n \nNeo Panamax Container Vessel\n \n5,023\n \nSeptember 12, 2024\n \nMarch 10, 2025\n\nM/V Manzanillo Express\n \nNeo Panamax Container Vessel\n \n13,312\n \nAugust 7, 2025\n \nOctober 6, 2025\n\nM/V Buenaventura Express\n \nNeo Panamax Container Vessel\n \n13,696\n \nOctober 29, 2025\n \nJanuary 19, 2026\n\n \n\n \n\nSummarized selected operating results of the discontinued operations for the years ended December 31, 2025, 2024 and 2023 are as follows: \n\nDiscontinued Operations - Operating Results of the Discontinued Operations (Table) \n\n \n \n \n \n \n \n \n\n \n**For the years ended December 31,**\n\n \n \n**2025**\n \n**2024**\n \n**2023**\n\n**Revenues**\n**$**\n**28,886 **\n**$**\n**100,439**\n**$**\n**141,390**\n\n**Expenses**\n \n \n \n \n \n \n\nVoyage expenses\n \n662 \n \n2,114\n \n3,301\n\nVessel operating expenses\n \n6,390\n \n22,536\n \n36,862\n\nVessel operating expenses - related party\n \n836 \n \n3,443\n \n4,734\n\nVessel depreciation and amortization\n \n6,983 \n \n20,720\n \n36,640\n\nImpairment of vessel\n \n— \n \n—\n \n340\n\nGain on sale of vessels\n \n(53,705)\n \n(103,807)\n \n—\n\n**Operating income, net**\n \n** 67,720**\n \n**155,433**\n \n**59,513**\n\n**Other (expense) / income, net:**\n \n \n \n \n \n \n\nInterest expense and finance cost (including $304 to related party, for the years ended December 31, 2024 and 2023)\n \n (10,572)\n \n(17,203)\n \n(20,528)\n\nOther income / (expense), net\n \n217 \n \n214\n \n(24)\n\n**Total other expense, net**\n \n**(10,355) **\n \n**(16,989)**\n \n**(20,552)**\n\n**Net income from discontinued operations**\n**$**\n**57,365 **\n**$**\n**138,444**\n**$**\n**38,961**\n\n \n\nSummarized selected balance sheet information from discontinued operations as of December 31, 2025 and 2024, was as follows:\n\n Discontinued Operations - Balance Sheet Information from Discontinued Operations (Table)\n\n \n \n \n \n \n\n \n \n**As of December 31, 2025**\n \n**As of December 31, 2024**\n\nCash and cash equivalents\n$\n680\n$\n1,371\n\nTrade accounts receivable\n \n92\n \n800\n\nPrepayments and other assets\n \n1,205\n \n1,226\n\nInventories\n \n—\n \n417\n\nClaims\n \n49\n \n49\n\nAssets held for sale\n \n122,212\n \n71,720\n\n**Current assets of discontinued operations**\n \n**124,238**\n \n**75,583**\n\nVessels, net\n \n**—**\n \n237,645\n\n**Non-current assets of discontinued operations**\n \n**—**\n \n**237,645**\n\nCurrent portion of long-term debt, net\n \n—\n \n11,257\n\nTrade accounts payable\n \n2,446\n \n3,530\n\nAccrued liabilities\n \n9,017\n \n13,440\n\nDeferred revenue\n \n—\n \n903\n\nLiabilities associated with vessel held for sale\n \n92,051\n \n—\n\n**Current liabilities of discontinued operations**\n \n**103,514**\n \n**29,130**\n\nNon-current liabilities associated with vessels held for sale\n \n—\n \n172,172\n\nBelow market acquired charters\n \n—\n \n9,736\n\n**Non-current liabilities of discontinued operations**\n**$**\n**—**\n**$**\n**181,908**\n\n \n\n \n\n \n F-\n13\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n3. Discontinued Operations – Continued\n\nAs of December 31, 2025, the Company disposed of 13 out of the 14 container carrier vessels agreed to sell. The remaining container carrier vessel, the M/V Buenaventura Express, that was disposed of on January 19, 2026, met the criteria to be classified as vessel held for sale and is included in “Assets held for sale” in the summarized selected balance sheet information from discontinued operations as of December 31, 2025. As of the MOA date the M/V Buenaventura Express fair value less estimated costs to sell exceeded its carrying amount, so no impairment charge was recognized.\n\n \n\nOn January 27, 2021, the Company entered into the Seller’s Credit Agreement with CMTC (“CMTC Seller’s Credit”) in order to defer $6,000 of the purchase price of the M/V Long Beach Express, M/V Seattle Express and M/V Fos Express for up to five years from the vessels’ delivery date. The CMTC Seller’s Credit was fully paid on December 30, 2024. 6,000\n\n \n\nDuring the year ended December 31, 2024, the Company repaid in full the amounts outstanding under the 2020 CMB Financial Leasing Co., Ltd (“CMBFL”) and ICBC Financial Leasing Co., Ltd. (“ICBCFL”) sale and lease back facilities the Company has issued to partly finance the acquisition of the M/V Akadimos, M/V Athos and M/V Aristomenis in the total amount of $88,932.\n\n \n\nFor the year ended December 31, 2025, the Company recognized a gain on sale of vessels from discontinued operations which is analyzed as follows:\n\nDiscontinued Operations - Gain on Sale of Vessels 2025 (Table)\n\n \n \n \n \n \n \n \n \n\n**Vessel**\n \n**Sale price**\n \n**Carrying value on sale**\n \n**Other sale expenses**\n**Gain on sale**\n\nM/V Hyundai Privilege\n$ \n60,650\n$\n(35,647)\n$ \n(1,824)\n$\n23,179\n\nM/V Hyundai Platinum\n \n60,650\n \n(35,792)\n \n(1,824)\n \n23,034\n\nM/V Manzanillo Express\n \n118,500\n \n(108,631)\n \n(2,377)\n \n7,492\n\n**Total**\n**$**\n**239,800**\n**$**\n**(180,070)**\n**$**\n**(6,025)**\n**$**\n**53,705**\n\n \n\n  \n\nFor the year ended December 31, 2024, the Company recognized a gain on sale of vessels from discontinued operations which is analyzed as follows:\n\nDiscontinued Operations - Gain on Sale of Vessels 2024 (Table) \n\n \n \n \n \n \n \n \n \n\n**Vessel**\n \n**Sale price**\n \n**Carrying value on sale**\n \n**Other sale expenses**\n**Gain / (loss) on sale**\n\nM/V Akadimos\n$\n80,000\n$\n(62,030)\n$\n(1,560)\n$\n16,410\n\nM/V Seattle Express\n13,200\n \n(12,939)\n \n(269)\n \n(8)\n\nM/V Fos Express\n \n13,200\n \n(12,931)\n \n(284)\n \n(15)\n\nM/V Long Beach Express\n \n13,050\n \n(12,789)\n \n(261)\n \n— \n\nM/V Athenian\n \n51,000\n \n(44,833)\n \n(1,029)\n \n5,138\n\nM/V Athos\n \n51,000\n \n(44,760)\n \n(1,029)\n \n5,211\n\nM/V Aristomenis\n \n51,000\n \n(45,105)\n \n(1,029)\n \n4,866\n\nM/V Hyundai Premium\n \n60,650\n \n(34,626)\n \n(1,825)\n \n24,199\n\nM/V Hyundai Paramount\n \n60,650\n \n(34,736)\n \n(1,825)\n \n24,089\n\nM/V Hyundai Prestige\n \n60,650\n \n(34,908)\n \n(1,825)\n \n23,917\n\n**Total**\n**$**\n**454,400**\n**$**\n**(339,657)**\n**$**\n**(10,936)**\n**$**\n**103,807**\n\n \n\n \n\n4. Revenues\n\nThe following table shows the revenues earned from time, bareboat and voyage charters contracts for the years ended December 31, 2025, 2024 and 2023:\n\nRevenues - Disaggregation of revenue (Table)\n\n \n \nFor the years ended December 31,\n\n \n \n2025\n \n2024\n \n**2023**\n\nTime charters (operating leases)\n$\n328,264\n$\n320,377\n$\n208,238\n\nBareboat charters (operating leases)\n \n64,442\n \n19,172\n \n —\n\nVoyage charters\n \n—\n \n—\n \n10,958\n\nTotal\n$\n392,706\n$\n339,549\n$\n**219,196**\n\n \n\n \n\nAs of December 31, 2025, all of the Company’s vessels were employed under time and bareboat charter agreements with the remaining tenor ranging between 0.7 and 8.8 years. From these time and bareboat charter agreements, seven include extensions at the charterers’ option that range between 2.0 and 6.0 years. In addition, four of the Company’s vessels under-construction have secured time charter agreements with tenor range between 0.5 and 6.9 years from the respective date of delivery. All these charter agreements include extensions at the charterers’ option that range between 0.5 and 5.0 years.\n\n \n\nAs of December 31, 2024, all of the Company’s vessels were employed under time and bareboat charter agreements with the remaining tenor ranging between 0.8 and 9.8 years. From these time and bareboat charter agreements 10 include extensions at the charterers’ option that range from 2.0 to 9.0 years.\n\n \n\n \n F-\n14\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n5. Transactions with Related Parties\n\nCMTC which is owned by Mr. Evangelos Marinakis, is an international shipping company with a long history of operating and investing in the shipping market and the Company’s sponsor. As of December 31, 2025 and 2024, CMTC may be deemed to beneficially own 48.2% and 48.5% of the Company’s common shares, respectively.\n\n \n\nCapital Gas Corp. is a privately held company controlled by Mr. Miltiadis Marinakis the son of Mr. Evangelos M. Marinakis, who also controls CGP. As of December 31, 2025 and 2024, Capital Gas Corp. may be deemed to beneficially own 2.0% of the common shares.\n\n \n\nCGP, the Partnership’s general partner until the Conversion, is a privately held company controlled by Mr. Miltiadis Marinakis. As of December 31, 2025 and 2024, CGP may be deemed to beneficially own 8.5% and 8.6% of the common shares.\n\n \n\nCapital-Gas Ship Management Corp. (“Capital-Gas Management”), is a privately held company ultimately controlled by Mr. Miltiadis Marinakis and the manager of the Company’s LNG/C vessels.\n\n \n\nCapital Containers Ship Management Corp. (“Capital-Containers”) is a privately held company ultimately controlled by Mr. Miltiadis Marinakis and the manager of the Company’s container vessels since the third quarter of 2025.\n\n \n\nCapital-Executive Ship Management Corp. (“Capital-Executive”) was a privately held company ultimately controlled by Mr. Miltiadis Marinakis and was the manager of the Company’s container vessels until the third quarter of 2025.\n\n \n\nCapital Ship Management Corp. (“CSM”), is a privately held company initially formed by CMTC. In 2018, CSM conducted a management buy-out led by its senior management. Since then, CSM is no longer part of the group of companies controlled by CMTC.\n\n****\n\n**Acquisition of the Gas Vessels:**\n\n \n\nOn June 3, 2024, the Company announced an investment in 10 new gas carriers’ vessels under construction (the “Gas Vessels”) for a total amount of $755,976 with expected deliveries between the first quarter of 2026 and the third quarter of 2027. On June 17, 2024, and upon entry into 10 separate Share Purchase Agreements (“SPAs”) with CMTC, the Company paid CMTC $74,654 to acquire 100% of the equity interests in each of the vessel-owning companies of the Gas Vessels (Note 6).\n\n \n\nUpon entering into the above SPAs each of the 10 vessel-owning companies of the Gas Vessels entered into a separate supervision services agreement with Capital-Gas Management.\n\n \n\nAn analysis of the Gas Vessels is as follows:\n\nTransactions with related parties - Gas vessels under construction (Table)\n\n**Vessel Type**\n**Hull No. / Vessel Name**\n**Cubic Meters (“CBM”)**\n**Shipyard**\n**Delivery / Estimated Delivery**\n**Amount paid to CMTC for the acquisition of the vessel-owning companies of the Gas Vessels**\n\nMG/C\n8424\n45,000\nHyundai Mipo Dockyard Co. Ltd, South Korea (“Hyundai Mipo”)\nJun-26\n—\n\nMG/C\n8425\n45,000\nHyundai Mipo\nSep-26\n—\n\nMG/C\n8426\n45,000\nHyundai Mipo\nFeb-27\n—\n\nMG/C\n8427\n45,000\nHyundai Mipo\nMay-27\n—\n\nMG/C\nS1111\n40,000\nNantong CIMC Sinopacific Offshore & Engineering Co. Ltd, China (“CIMC SOE”)\nMar-27\n9,798\n\nMG/C\nS1112\n40,000\nCIMC SOE\nJul-27\n9,798\n\nLCO2 – HMG/C\n8398 / LCO2 – HMG/C Active\n22,000\nHyundai Mipo\nDelivered on January 5, 2026\n19,885\n\nLCO2 – HMG/C\n8399\n22,000\nHyundai Mipo\nApr-26\n19,885\n\nLCO2 – HMG/C\n8404\n22,000\nHyundai Mipo\nSep-26\n7,644\n\nLCO2 – HMG/C\n8405\n22,000\nHyundai Mipo\nNov-26\n7,644\n\n**Total**\n \n \n \n \n**$    74,654**\n\n  \n\n**The Umbrella Agreement**\n\n \n\n**Acquisition of 11 LNG/Cs**\n\n \n\nOn November 13, 2023, the Company entered into an umbrella agreement (the “Umbrella Agreement”) with CMTC and CGP, providing for the acquisition of the following companies each of which owning a LNG/C vessel (the “Newbuild Vessels”) under construction at Hyundai Heavy Industries Co., LTD and Hyundai Samho Heavy Industries Co. Ltd., South Korea (collectively, “Hyundai”):\n\n \n\n \n F-\n15\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n5. Transactions with Related Parties - Continued\n\n**The Umbrella Agreement - Continued**\n\n* *\n\n**Acquisition of 11 LNG/Cs - Continued**\n\nTransactions with related parties- LNG/Cs Vessels acquired (Table)\n\n**Hull Number / Vessel name**\n \n**CBM**\n \n**Delivery / Expected delivery date to the Company**\n\nHull 3315 - LNG/C Amore Mio I\n \n174,000\n \nDelivered on December 21, 2023\n\n**Initial Vessels**\n \n \n \n \n\nHull 3316 - LNG/C Axios II\n \n174,000\n \nDelivered on January 2, 2024\n\nHull 3341 - LNG/C Assos\n \n174,000\n \nDelivered on May 31, 2024\n\nHull 3342 - LNG/C Apostolos\n \n174,000\n \nDelivered on June 28, 2024\n\nHull 8140 - LNG/C Aktoras\n \n174,000\n \nDelivered on June 5, 2024\n\nHull 8198 - LNG/C Archimidis\n \n174,000\n \nJuly 2026\n\nHull 8199 - LNG/C Agamemnon\n \n174,000\n \nJanuary 2027\n\n**Remaining Vessels**\n \n \n \n \n\nHull 8202 - LNG/C Alcaios I\n \n174,000\n \nSeptember 2026\n\nHull 8203 - LNG/C Antaios I\n \n174,000\n \nNovember 2026\n\nHull 8206 - LNG/C Athlos\n \n174,000\n \nFebruary 2027\n\nHull 8207 - LNG/C Archon\n \n174,000\n \nMarch 2027\n\n* * \n\nDuring the year ended December 31, 2024, pursuant to the Umbrella Agreement, the Company acquired from CMTC the shares of the vessel-owning companies of the LNG/C Axios II, the LNG/C Assos, the LNG/C Aktoras and the LNG/C Apostolos for a total consideration of $1,204,000. During 2023, the Company paid $54,000 advances to CMTC for the remaining two Initial Vessels namely the LNG/C Archimidis and the LNG/C Agamemnon. These vessels will be delivered to the Company upon the completion of their construction. Upon delivery, each vessel-owning company of the LNG/C Assos, the LNG/C Axios II the LNG/C Apostolos and the M/T Aktoras entered into a floating/fixed fee management agreement with Capital-Gas Management.\n\n* *\n\n*Umbrella Seller’s Credit*\n\n \n\nOn December 21, 2023, CMTC issued to the Company the Umbrella Seller’s Credit in an amount equal to $220,000 to finance a portion of the purchase price for certain of the Newbuild Vessels (Note 8).\n\n \n\nOn the acquisition of the LNG/C Axios II, the LNG/C Aktoras and the LNG/C Apostolos, the Company drew $134,764 in total.\n\n \n\nOn February 28, March 11, April 24 and November 26, 2024, after the deliveries of the M/V Long Beach Express, the M/V Akadimos, the M/V Athenian and the M/V Hyundai Premium to their new owners, the Company repaid the amounts of $12,789, $39,973, $39,838 and $42,164, respectively (Notes 3, 8).\n\n \n\nAs of December 31, 2024, there were no amounts outstanding or unutilized under the Umbrella Seller’s Credit. 0\n\n  \n\n \n F-\n16\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n5. Transactions with Related Parties - Continued\n\nFurther to the transactions described above, the Company and its subsidiaries have related party transactions with CSM, Capital-Containers and Capital-Gas Management, (collectively “Managers”), and CGP, arising from certain terms of the following management and administrative services agreements.\n\n \n\n**1. Floating fee management agreements:**Under the terms of these agreements the Company compensates its Managers for expenses and liabilities incurred on the Company’s behalf while providing the agreed services, including, but not limited to, crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating costs. Costs and expenses associated with a managed vessel’s next scheduled dry-docking are borne by the Company and not by the Managers. The Company also pays its Managers a daily technical management fee per managed vessel that is revised annually based on the United States Consumer Price Index. For the years ended December 31, 2025, 2024 and 2023, management fees under the management agreements amounted to $8,793, $8,617 and $6,165, respectively, and are included in “Vessel operating expenses - related parties” in the consolidated statements of comprehensive income.\n\n \n\n**2. Fixed fee management agreements:**Under the terms of these agreements the Company pays a fixed daily fee per bareboat chartered vessel in its fleet, mainly to cover commercial and administrative costs. For the years ended December 31, 2025, 2024 and 2023 management fees under the management agreements amounted to $351, $105 and nil, respectively, and are included in “Vessel operating expenses - related parties” in the consolidated statements of comprehensive income. 0\n\n** **\n\n**3. Administrative and service agreements:**On April 4, 2007, the Company entered into an administrative services agreement with CSM, pursuant to which CSM has agreed to provide certain administrative management services to the Company such as accounting, auditing, legal, insurance, IT and clerical services. In addition, the Company reimburses CSM and CGP for reasonable costs and expenses incurred in connection with the provision of these services, after CSM and/or CGP submits to the Company an invoice for such costs and expenses together with any supporting detail that may be reasonably required. These expenses are included in “General and administrative expenses” in the consolidated statements of comprehensive income. In 2015, the Partnership entered into an executive services agreement with CGP, which was amended in 2016, 2019, 2023 and 2024. In connection with the Conversion, the Company entered into a new executive services agreement with CGP. According to the executive services agreements, CGP provided and continues to provide certain executive officers’ services for the management of the Company’s business as well as investor relations and corporate support services to the Company. For the years ended December 31, 2025, 2024 and 2023 the fees under the executive services agreement with CGP amounted to $3,500, $2,752 and $2,350, respectively and are included in “General and administrative expenses” in the consolidated statements of comprehensive income.\n\n** **\n\n**4. Supervision services agreements:** Under the terms of these agreements, the Company pays a fixed fee to Capital-Gas Management in order to supervise the performance of the design, building, equipment, completion and delivery by the shipyard of the respective vessels. For the years ended December 31, 2025 and 2024 the Company recognized the amounts of $4,100 and $1,433 respectively as part of the construction cost and paid the amounts of $2,717 and $3,317, respectively in connection with the supervision services agreements.\n\n \n\nBalances and transactions with related parties consisted of the following:\n\nTransactions with Related Parties -  Consolidated Balance Sheets (Table)\n\n \n \n \n \n \n \n\n** **\n**As of December 31**,\n\n**Consolidated Balance Sheets**\n \n**2025**\n \n \n**2024**\n\n**Assets:**\n \n \n \n \n \n\nCapital-Gas Management - advances from the Company(a)\n\n—\n \n\n1,131\n\n**Due from related party**\n**$**\n**—**\n \n**$**\n**1,131**\n\n**Liabilities:**\n \n \n \n \n \n\nCSM - payments on behalf of the Company (b)\n$\n35\n \n$\n34\n\nCapital-Executive - payments on behalf of the Company (b)\n \n—\n \n \n3,508\n\nCapital-Containers - payments on behalf of the Company (b)\n \n1,877\n \n \n—\n\nCapital-Gas Management- payments on behalf of the Company (b)\n \n3,695\n \n \n—\n\n**Due to related parties**\n**$**\n**5,607**\n \n**$**\n**3,542**\n\n \n\nTransactions with Related Parties - Consolidated Statements of Comprehensive Income\n\n \n**For the years ended December 31,**\n\n**Consolidated Statements of Comprehensive Income**\n \n**2025**\n \n \n**2024**\n \n \n**2023**\n\nVessel operating expenses\n$\n9,144\n \n$\n8,722\n \n$\n6,165\n\nGeneral and administrative expenses (c)\n \n3,708\n \n \n2,980\n \n \n2,564\n\nInterest expense and finance cost (d)\n \n—\n \n \n3,174\n \n \n— \n\n \n\n**(a) **\n\n**Managers - Advances from the Company:**This line item represents the amounts advanced by the Company for operating and voyage expenses that will be paid by the Managers on behalf of the Company and its subsidiaries.\n****\n\n \n\n**(b)**\n\n**Managers - Payments on behalf of the Company:**This line item represents the amount outstanding for payments for operating and voyage expenses made by the Managers on behalf of the Company and its subsidiaries.\n\n \n\n**(c)**\n\n**General and administrative expenses:** This line item mainly includes fees relating to internal audit, investor relations and consultancy fees.\n\n \n\n**(d)**\n\n**Interest expense and finance cost:** This line item reflects interest expense of the Umbrella Seller’s Credit (Note 8).\n\n \n\n \n\n \n\n \n F-\n17\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n6. Fixed Assets\n\n**A.** Vessels, net\n\nThe following table presents an analysis of vessels, net:\n\nFixed Assets - Vessels, net (Table)  \n\n**Vessel cost**\n \n**Accumulated depreciation**\n \n**Net book value**\n\n**Balance as at January 1, 2024**\n**$**\n**1,910,692**\n \n**$**\n**(85,791)**\n \n**$**\n**1,824,901**\n\nVessel acquisitions\n \n1,150,782\n \n \n—\n \n \n1,150,782\n\nImprovements\n \n141\n \n \n—\n \n \n141\n\nDepreciation for the year\n \n—\n \n \n(76,454)\n \n \n(76,454)\n\n**Balance as at December 31, 2024**\n**$**\n**3,061,615**\n \n**$**\n**(162,245)**\n \n**$**\n**2,899,370**\n\nImprovements\n \n72\n \n \n—\n \n \n72\n\nDepreciation for the year\n \n—\n \n \n(87,065)\n \n \n(87,065)\n\n**Balance as at December 31, 2025**\n**$**\n**3,061,687**\n \n**$**\n**(249,310)**\n \n**$**\n**2,812,377**\n\n  \n\nThree vessels with an aggregate net book value of $736,674 as of December 31, 2025, have been provided as collateral under the terms of the Company’s credit facilities (Note 8). In addition, there are 10 vessels financed through sale and lease back agreements, for which the title of ownership is held by the relevant lender, with an aggregate net book value of $2,075,703 as of December 31, 2025 (Note 8).\n\n* *\n\n*Vessel acquisitions for the year 2024*\n\n \n\nPursuant to the Umbrella Agreement (Note 5), during the year ended December 31, 2024, the Company acquired from CMTC the shares of the vessel-owning companies of the below vessels:\n\nFixed Assets - Vessel acquisitions (Table)\n\n**Vessel**\n**Delivery Date**\n \n**Consideration**\n \n**Debt (Note 8)**\n \n**Umbrella Seller’s Credit (Note 8)**\n \n**Advances**\n \n**Cash**\n\nLNG/C Axios II\nJanuary 2, 2024\n$\n314,000\n$\n190,000\n$\n92,600\n$\n31,400\n$\n—\n\nLNG/C Assos\nMay 31, 2024\n \n277,000\n \n240,000\n \n—\n \n27,700\n \n9,300\n\nLNG/C Aktoras\nJune 5, 2024\n \n311,000\n \n240,000\n \n39,900\n \n31,100\n \n—\n\nLNG/C Apostolos\nJune 28, 2024\n \n302,000\n \n192,000\n \n2,264\n \n30,200\n \n77,536\n\n**Total**\n \n**$**\n**1,204,000**\n**$**\n**862,000**\n**$**\n**134,764**\n**$**\n**120,400**\n**$**\n**86,836**\n\n \n\nThe Company accounted for these acquisitions as acquisitions of assets since the fair value of the vessels and the time and bareboat charters attached are concentrated in a single identifiable asset. The Company considered whether any value should be assigned to the attached charter party agreements acquired and concluded that (i) for the LNG/C Axios II, the LNG/C Apostolos and the LNG/C Aktoras, the contracted daily charter rate was above the market rate on the acquisition date and therefore the total consideration was allocated to the vessel’s cost and the above market acquired charter (Note 7) and (ii) for the LNG/C Assos the contracted daily charter rate was below the market rate on the acquisition date and therefore the total consideration was allocated to the vessel’s cost and the below market acquired charter (Note 7). The Company allocated the cost of the vessels and the time and bareboat charters acquired on the basis of their relative fair values.\n\n \n\nThe total acquisition cost of $1,204,000 was recorded in the Company’s financial statements as follows:\n\n Fixed Assets - Vessel acquisitions 2024 (Table)\n\nVessels, net\n$\n1,150,782\n\nAbove market acquired charters (Note 7)\n \n58,254\n\nBelow market acquired charters (Note 7)\n \n(5,036)\n\n**Total**\n**$**\n**1,204,000**\n\n \n\n*Improvements for the years 2025 and 2024*\n\n \n\nDuring the years ended December 31, 2025 and 2024, certain of the Company’s vessels underwent improvements. The costs of these improvements amounted to $72 and $141 respectively and were capitalized as part of the vessels’ cost.\n\n \n\n \n\n \n F-\n18\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n  \n\n6. Fixed Assets - Continued\n\n**B. Vessels under construction**\n\n \n\nOn December 31, 2025, the Company entered into three separate ship building contracts with HD Hyundai Samho Co., Ltd for the construction of three additional latest technology LNG/Cs vessels, presented below:\n\nFixed Assets - vessels additional latest technology under construction cost (Table)\n\n \n \n \n \n \n\n \n \n \n \n \n\n**Hull Number/Vessel name**\n**CBM**\n \n**Contract price**\n**Expected delivery**\n\nLNG/C Amfialos (Hull No.8327)\n174,000\n$\n248,000\nAugust 2028\n\nLNG/C Amfilochos (Hull No.8328)\n174,000\n \n248,000\nJanuary 2029\n\nLNG/C Amissos (Hull No.8329)\n174,000\n \n248,000\nFebruary 2029\n\n \n\n \n\n \n\nThe following table presents an analysis of vessels under construction:\n\nFixed Assets - vessels under construction cost (Table) \n\n \n \n**Vessels under construction cost**\n\n**Balance as at January 1, 2024**\n**$**\n**140,369**\n\nAdvances and initial expenses for vessels under construction\n \n249,921\n\n**Balance as at December 31, 2024**\n**$**\n**390,290**\n\nAdvances and initial expenses for vessels under construction\n \n314,111\n\n**Balance as at December 31, 2025**\n**$**\n**704,401**\n\n \n\n \n\nDuring the years ended December 31, 2025 and 2024, the Company paid advances of $283,409 and $229,350 in relation to the vessels under construction, respectively. During the years ended December 31, 2025 and 2024, the Company recognized initial expenses of $30,702 and $20,571 as part of vessels under construction cost. Capitalized interest for the years ended December 31, 2025 and 2024, included in initial expenses, amounted to $24,972 and $19,077, respectively (Notes 2(m), 8).\n\n \n\n**C. Advances for vessels under construction-related party**\n\n \n\nThe following table presents an analysis of advances for vessels under construction-related party:\n\nFixed Assets - Advances for vessels under construction - related party (Table) \n\n \n \n**Advances for vessels under construction-related party**\n\n**Balance as at January 1, 2024**\n**$**\n**174,400**\n\nTransfer to vessels, net\n \n(120,400)\n\n**Balance as at December 31, 2024**\n**$**\n**54,000**\n\n \n-\n\n**Balance as at December 31, 2025**\n**$**\n**54,000**\n\n  \n\n \n\nDuring the year ended December 31, 2024, pursuant to the Umbrella Agreement and upon the delivery of the LNG/C Axios II, the LNG/C Assos, the LNG/C Apostolos and the LNG/C Aktoras from the shipyard, the Company acquired from CMTC the vessel-owning companies of these four LNG/Cs and as a result $120,400 of advances for vessels under construction-related party were transferred to vessels, net (Note 5).\n\n  \n\n \n F-\n19\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n7. Above / Below Market Acquired Charters\n\nDuring the year ended December 31, 2024, the Company acquired the LNG/C Axios II, the LNG/C Apostolos and the LNG/C Aktoras with time and bareboat charter daily rates being above the market rates for equivalent time and bareboat charters prevailing at the time of acquisitions (Note 6). During the year ended December 31, 2024, the Company also acquired the LNG/C Assos with time charter attached to the vessel, with time charter daily rate being below market rate for equivalent time charter prevailing at the time of acquisition (Note 6).\n\n \n\nThe acquisition consideration allocated to the below and above market acquired charters was determined based on their relative fair value in relation to the fair value of the vessels as of the acquisition date and was recorded as “Above market acquired charters” under other non-current assets or “Below market acquired charters” under long-term liabilities, respectively, in the audited consolidated balance sheets. The fair value of the time and the bareboat charters attached to the vessels are based on the difference between the time and the bareboat charter rates at which the vessels were fixed and the market rates for comparable charters as determined by reference to market data on the acquisition dates. The fair values of the time and the bareboat charters attached were determined using Level 2 inputs being market values on the acquisition dates (Note 10).\n\n \n\nAbove and below market acquired time and bareboat charters are amortized or accreted using the straight-line method over the remaining period of the time and bareboat charters acquired as a reduction or addition to time and bareboat charter revenues. For the years ended December 31, 2025, 2024 and 2023 such amortization to time and bareboat charter revenues for the above market acquired time and bareboat charters amounted to $34,977, $30,649 and $7,786, respectively. For the years ended December 31, 2025, 2024 and 2023 such accretion to time charter revenues for the below market acquired time charters amounted to $12,392, $13,597 and $11,800, respectively.\n\n \n\nThe following table presents an analysis of above / below market acquired charters:\n\nAbove / Below market acquired time charters (Table)\n\n \n \n**Above market acquired charters**\n \n \n**Below market acquired charters**\n\n**Carrying amount as at January 1, 2024**\n**$**\n**73,969**\n \n**$**\n**      (74,484)**\n\nAdditions\n \n58,254\n \n \n(5,036)\n\n(Amortization) / accretion\n \n(30,649)\n \n \n13,597\n\n**Carrying amount as at December 31, 2024**\n**$**\n**101,574**\n \n**$**\n**(65,923)**\n\n(Amortization) / accretion\n \n(34,977)\n \n \n12,392\n\n**Carrying amount as at December 31, 2025**\n**$**\n**66,597**\n \n**$**\n**(53,531)**\n\n \n\n \n\nAs of December 31, 2025, the remaining carrying amount of unamortized above / below market acquired time charters will be amortized / accreted in future years as follows:\n\nAbove / Below market acquired time charters - Amortization Schedule (Table)  \n\n**For the year ending December 31,**\n \n**Above market acquired charters**\n \n \n**Below market acquired charters**\n\n2026\n$\n25,764\n \n$\n(12,328)\n\n2027\n \n7,451\n \n \n(12,328)\n\n2028\n \n7,471\n \n \n(12,360)\n\n2029\n \n7,451\n \n \n(11,907)\n\n2030\n \n7,451\n \n \n(1,373)\n\nThereafter\n \n11,009\n \n \n(3,235)\n\n**Total**\n**$**\n**66,597**\n \n**$**\n**(53,531)**\n\n \n\n \n F-\n20\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n8. Long-Term Debt\n\nLong-term debt consists of the following financing arrangements. As of December 31, 2025 and 2024, the following amounts were outstanding under the Company’s financing arrangements:\n\nLong-Term Debt - Bank Loans (Table)\n\n \n \n \n**As of December 31, 2025**\n \n \n**As of December 31, 2024**\n \n**Rate of interest**\n\n \n**Credit facilities**\n \n \n \n \n \n \n \n\n(i)\nIssued in January 2024 maturing in December 2030 (the “2024 - LNG/C Axios II credit facility”)\n \n170,000\n \n \n180,000\n \nMargin + Secured Overnight Financing Rate (“SOFR”)\n\n(ii)\nIssued in June 2024 maturing in June 2031 (the “2024 - LNG/C Aktoras credit facility”)\n \n220,500\n \n \n233,500\n \n\nMargin + SOFR\n\n(iii)\nIssued in June 2024 maturing in June 2031 (the “2024 - LNG/C Aristidis I credit facility”)\n \n143,375\n \n \n151,125\n \nMargin + SOFR\n\n(iv)\nIssued in September 2025 maturing in December 2037 (the Tranche A of the “2025 - LCO2 - HMG/Cs Active, Alkimos credit facility”)\n \n44,454\n \n \n— \n \nMargin + SOFR\n\n \n**Sale and lease back agreements**\n \n \n \n \n \n \n \n\n(v)\nAssumed in September 2021 maturing in June 2030 (the “2021 Bocomm”)\n \n112,028\n \n \n118,216\n \nMargin + SOFR\n\n(vi)\nAssumed in September 2021 maturing in November 2029 (the “2021 Bocomm”)\n \n107,311\n \n \n113,210\n \nMargin + SOFR\n\n(vii)\nAssumed in November 2021 maturing in July 2036 (the “2021 Shin Doun”)\n \n117,817\n \n \n124,376\n \nFixed rate\n\n(viii)\nIssued in December 2022 maturing in January 2031(the “2022 Jolco”)\n \n96,062\n \n \n100,273\n \n($63,662: Margin + SOFR, $32,400: Fixed rate)\n\n(ix)\nIssued in February 2023 maturing in February 2033(the “2023 CMBFL - LNG/C”)\n \n159,937\n \n \n168,687\n \n\nMargin + SOFR\n\n(x)\nAssumed in December 2023 maturing in October 2033 (the “2023 CMBFL - LNG/C AMI”)\n \n152,107\n \n \n174,212\n \nMargin + SOFR\n\n(xi)\nIssued in May 2024 maturing in May 2032 (the “2023 - LNG/C Assos Jolco”)\n \n226,811\n \n \n236,079\n \n($185,411: Margin + SOFR, $41,400: Fixed rate)\n\n(xii)\nIssued in July 2024 maturing in July 2032 (the “2024 - LNG/C Apostolos Jolco”)\n \n226,590\n \n \n235,870\n \n($185,190: Margin + SOFR, $41,400: Fixed rate)\n\n(xiii)\nIssued in August 2024 maturing in July 2031 (the “2024 Bocomm - LNG/C Attalos”)\n \n149,851\n \n \n158,780 \n \nMargin + SOFR\n\n(xiv)\nIssued in August 2024 maturing in July 2031 (the “2024 Bocomm - LNG/C Asklipios”)\n \n149,851\n \n \n158,780 \n \nMargin + SOFR\n\n \n**Unsecured Bonds**\n \n \n \n \n \n \n \n\n(xv)\nIssued in October 2021 maturing in October 2026 (the “2021 Bonds”)\n \n175,911\n \n \n156,136\n \nFixed rate\n\n(xvi)\nIssued in July 2022 maturing in July 2029 (the “2022 Bonds”)\n \n117,275\n \n \n104,091\n \nFixed rate\n\n \n**Total long-term debt**\n \n**2,369,880**\n \n \n**2,413,335**\n \n \n\n \nLess: Deferred financing costs\n \n15,543\n \n \n18,252\n \n \n\n \n**Total long-term debt, net**\n \n**2,354,337**\n \n \n**2,395,083**\n \n \n\n \nLess: Current portion of long-term debt\n \n124,779\n \n \n120,869\n \n \n\n \nAdd: Current portion of deferred financing costs\n \n2,635\n \n \n3,743\n \n \n\n \n**Long-term debt, net**\n****\n**2,232,193**\n \n****\n**2,277,957**\n \n \n\n \n\n \n F-\n21\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n8. Long-Term Debt - Continued\n\nChanges in the financing arrangements for the years 2025 and 2024 are as follows:\n\n \n\n**For the year 2025**\n\n \n\nOn September 30, 2025, the vessel-owning companies of two LCO2 – HMG/Cs under construction (Note 1, 6B), entered into a new credit facility, the “2025 – LCO2 – HMG/Cs Active, Alkimos credit facility”. The Company is acting as a parent guarantor. On December 30, 2025 the Company drew down the amount of $44,454 as part of the Tranche A of the loan. On January 5, 2026, upon the delivery of the LCO2 – HMG/Cs Active (Note 18), the Company drew down the remaining amount of the Tranche A of $4,410.\n\n \n\nThe following table presents an analysis of the main terms of the credit facility:\n\nLong-Term Debt - LCO2 – HMGC/s credit facility analysis(Table)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Vessel**\n\n**Financing Amount**\n \n**Financing Amount if long-term employment secured**\n \n**Quarterly Instalment**\n\n**Quarterly Instalment if long-term employment secured**\n\n**Balloon**\n \n**Balloon if long-term employment secured**\n**Duration in years**\n**Purpose**\n\nLCO2 – HMG/C\n\nActive\nLCO2 – HMG/C Alkimos\n\n$\n101,702\n$\n117,349\n$\n1,338\n$\n1,544\n$\n37,469\n$\n43,234\n\n12\n\n12 years \n\npartially financing the delivery from the shipyard\n\n \n\nOn August 13, 2025, the vessel-owning companies of six MG/Cs currently under construction (Note 1, 6B), entered into six separate sale and lease back agreements with subsidiaries of the CMB Financial Leasing Co., Ltd (“CMBFL”), the “2025 CMBFL - MG/C”. The Company is acting as a parent guarantor. The following table presents an analysis of the main terms of the sale and leaseback agreements:\n\nLong-Term Debt -Sale and leaseback agreements analysis(Table)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Vessel**\n \n**Financing Amount**\n \n**Financing Amount if long-term employment secured**\n \n**Quarterly Instalment**\n \n**Quarterly Instalment if long-term employment secured**\n \n**Purchase Obligation**\n \n**Purchase Obligation if long-term employment secured**\n**Duration in years**\n**Purpose**\n\nMG/C Aristogenis\n$\n54,670\n$\n66,385\n$\n683\n$\n830\n$\n35,536\n$\n43,150\n\n7\n\n7 years \n\npartially financing the delivery from the shipyard\n\nMG/C Aridaios\n \n54,670\n \n66,385\n \n683\n \n830\n \n35,536\n \n43,150\n\n7\n\n7 years \n\npartially financing the delivery from the shipyard\n\nMG/C Aratos\n \n54,670\n \n66,385\n \n683\n \n830\n \n35,536\n \n43,150\n\n7\n\n7 years\n\npartially financing the delivery from the shipyard\n\nMG/C Agenor\n \n54,670\n \n66,385\n \n683\n \n830\n \n35,536\n \n43,150\n\n7\n\n7 years\n\npartially financing the delivery from the shipyard\n\n MG/C Andrianos\n \n45,726\n \n55,525\n \n572\n \n694\n \n29,722\n \n36,091\n\n7\n\n7 years\n\npartially financing the delivery from the shipyard\n\nMG/C Anios\n \n45,726\n \n55,525\n \n572\n \n694\n \n29,722\n \n36,091\n\n7\n\n7 years \n\npartially financing the delivery from the shipyard\n\n \n\nOn June 26, 2025, the vessel-owning companies of two LCO2 – HMG/Cs currently under construction (Note 1, 6B), entered into a new credit facility, the “2025 - LCO2 – HMG/C Amadeus, Athenian credit facility”. The Company is acting as a parent guarantor. The following table presents an analysis of the main terms of the credit facility:\n\nLong-Term Debt - LCO2 – HMG/C credit facility analysis(Table)\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n**Vessel**\n \n**Financing Amount**\n \n**Financing Amount if long-term employment secured**\n \n**Quarterly Instalment**\n \n**Quarterly Instalment if long-term employment secured**\n \n**Balloon**\n \n**Balloon if long-term employment secured**\n**Duration in years**\n**Purpose**\n\nLCO2 – HMG/C Amadeus\nLCO2 – HMG/C Athenian\n$\n101,702\n$\n117,349\n$\n1,271\n$\n1,467\n$\n76,277\n$\n88,011\n\n5\n\n5 years \n\npartially financing the delivery from the shipyard\n\n \n\n \n\n \n\n \n F-\n22\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n8.       Long-Term Debt - Continued\n\n**For the year 2024**\n\n \n\n*“2024 Bocomm - LNG/C Asklipios” and “2024 Bocomm - LNG/C Attalos”*\n\n \n\nOn August 23, 2024, the Company entered into two separate sale and lease back agreements with subsidiaries of the Bank of Communications Financial Leasing Co., Ltd (“Bocomm”) for the LNG/C Asklipios and the LNG/C Attalos, the “2024 Bocomm - LNG/C Asklipios” and the “2024 Bocomm - LNG/C Attalos”, respectively, for an amount of $162,500 each with the purpose of refinancing the then outstanding balance of both vessels of $250,365 under the sale and lease back arrangements that the companies owning the vessels had entered into with CMB Financial Leasing Co., Ltd (“CMBFL”) in 2021. The new sale and lease back agreements have remaining duration, starting from August 29, 2024, when the refinancing took place, of seven years.\n\n \n\n*“2024 - LNG/C Aristidis I credit facility”*\n\n \n\nOn June 25, 2024, the vessel-owning company of the LNG/C Aristidis I entered into a new credit facility, the “2024 - LNG/C Aristidis I credit facility”, of up to $155,000, mainly for the full repayment of the then outstanding balance of $99,403 of the 2021 credit facility. The Company is acting as a parent guarantor. The Company drew down the full amount of the facility on June 26, 2024. The facility has a duration of seven years.\n\n \n\n*“2024 - LNG/C Apostolos Jolco”*\n\n \n\nOn June 25, 2024, the vessel-owning company of the LNG/C Apostolos entered into a new sale and lease back agreement, the “2024 - LNG/C Apostolos Jolco”, of up to $240,000, for the purpose of full repayment of the 2024 - LNG/C Apostolos credit facility. On July 16, 2024, the Company drew down the full amount of 2024-LNG/C Apostolos Jolco. The sale and lease back agreement has a duration of eight years.\n\n* *\n\n*“2024 - LNG/C Apostolos credit facility”*\n\n \n\nOn June 20, 2024, the vessel-owning company of the LNG/C Apostolos entered into a new credit facility, the “2024 - LNG/C Apostolos credit facility”, of up to $192,000, for the purpose of partially financing the construction of the vessel (Note 6). During June 2024 the Company drew down the full amount of the facility. The facility was fully repaid on July 16, 2024, through the 2024 - LNG/C Apostolos Jolco.\n\n* *\n\n*“2024 - LNG/C Aktoras credit facility”*\n\n \n\nOn May 31, 2024, the vessel-owning company of the LNG/C Aktoras entered into a new credit facility, the “2024 - LNG/C Aktoras credit facility”, of up to $240,000, for the purpose of partially financing the construction of the vessel (Note 6). The Company is acting as a parent guarantor. During June 2024, the Company drew down the full amount of the facility. The facility has a duration of seven years.\n\n* *\n\n*“2021 Bocomm”*\n\n \n\nOn May 14, 2024, the Company agreed with Bocomm to amend certain of the terms included in two separate sale and lease back agreements that the companies owning the vessels LNG/C Aristos I and the LNG/C Aristarchos had entered into with Bocomm in 2021. Specifically, effective from May 2024, the Company agreed to reduce the interest paid on the outstanding amount and extended the maturity for both facilities by two years.\n\n \n\n* *“2023 - LNG/C Assos Jolco”\n\n \n\nOn December 22, 2023, the Company entered into a new sale and lease back agreement of up to $240,000, for the purpose of partially financing the acquisition of the shares of the vessel-owning company of the LNG/C Assos (Note 6A). The full amount of the sale and lease back agreement was drawn in May 2024. The 2023 LNG/C Assos Jolco, has a duration of eight years.\n\n* *\n\n* “2024 - LNG/C Axios II credit facility”*\n\n \n\nOn December 20, 2023, the vessel-owning company of the LNG/C Axios II entered into a new credit facility, the “2024 - LNG/C Axios II credit facility”, of up to $190,000, for the purpose of partially financing the construction of the vessel (Note 6A). The Company is acting as a parent guarantor. The Company drew down the full amount of the facility on January 2, 2024, upon the completion of the acquisition of the vessel from CMTC. The facility has a duration of seven years.\n\n \n\n \n F-\n23\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n8. Long-Term Debt – Continued\n\n**For the year 2024 - Continued**\n\n \n\n*“Umbrella Seller’s Credit”*\n\n \n\nOn December 21, 2023, upon entering the Umbrella Agreement the Company entered into an unsecured seller’s credit agreement with CMTC, the “Umbrella Seller’s Credit” in an amount of up to $220,000 in order to finance a portion of the purchase price of the 11 new 174,000 CBM LNG/C vessels under construction (Note 5). The Umbrella Seller’s Credit provides for interest at a rate of 7.5% per annum and has a maturity date of June 30, 2027. On January 2, 2024, upon the delivery of the LNG/C Axios II, the Company utilized a portion of $92,600. On February 28, March 11 and April 24, 2024, after the deliveries of the M/V Long Beach Express, the M/V Akadimos and the M/V Athenian, to their new owners (Note 3), the Company repaid the amounts of $12,789, $39,973 and $39,838, respectively, leaving the remaining unutilized amount at $127,400. Following the sales of the M/V Athenian and the M/V Athos (April 22, 2024), the M/V Seattle Express (April 26, 2024), the M/V Aristomenis (May 3, 2024) and the M/V Fos Express (May 3, 2024), the unutilized amount was reduced by $85,236 at $42,164. On June 5 and June 28, 2024, upon the deliveries of the LNG/C Aktoras and the LNG/C Apostolos, the Company utilized the remaining portion of $39,900 and $2,264, respectively. On November 26, 2024, after the delivery of the M/V Hyundai Premium, to its new owner (Note 3), the Company fully repaid the amount of $42,164.\n\n \n\nAll the Company’s sale and leaseback agreements were classified as financing arrangements since the existence of various purchase options retained by the Company commencing from the first-year anniversary and including either an obligation or an option to acquire each vessel at expiration at a predetermined price, precludes the transfer of control over the vessels.\n\n \n\nDuring the year ended December 31, 2025, the Company repaid the amount of $120,868, in line with the amortization schedule of its financing arrangements.\n\n \n\nDuring the year ended December 31, 2024, the Company prepaid the amount of $676,532 as a result of the refinancing of the outstanding indebtedness of the LNG/C Aristidis I, the LNG/C Attalos, the LNG/C Asklipios and the LNG/C Apostolos and the repayment in full of the Umbrella Seller’s Credit and repaid the amount of $104,378, in line with the amortization schedule of its financing arrangements.\n\n \n\nThe Company’s credit facilities and sale and lease back agreements contain customary ship finance covenants, including restrictions on changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness and the mortgaging of vessels and requirements such as that the ratio of EBITDA to net interest expenses be no less than 2:1, a minimum cash requirement of $500 per vessel, that the ratio of net total indebtedness to the total assets of the Company adjusted for the market value of the fleet not exceed 0.75:1. A number of the Company’s financing agreements require that the Company maintains a minimum fair value of the collateral for each financing arrangement, so that the aggregate fair value of the vessels collateralizing the financing arrangement is at least between 110% and 120% — depending on the financing arrangement — of the aggregate principal amount outstanding under such financing arrangement. Also, the vessel-owning companies may pay dividends or make distributions only when no event of default has occurred and the payment of such dividend or distribution has not resulted in a breach of any of the financial covenants. In addition, the 2022 and 2021 Bonds contain requirements such as that the ratio of EBITDA to net interest expenses be no less than 2:1, a restricted cash requirement and that the ratio of net total indebtedness to the total assets of the Company adjusted for the market value of the fleet not exceed 0.75:1. In addition, the 2022 and 2021 Bonds require that:\n\n \n\n·\nthe Company maintain a pledged Debt Service Reserve Account (“DSRA”) with a minimum balance €100,000;\n\n·\nthe Company deposit to the DSRA 50% of any cash disbursements to unitholders (e.g., dividends) exceeding $20,000 per annum, capped at 1/3 of the par value of the 2022 and 2021 Bonds outstanding at the time; and\n\n·\nif the Company’s Market Value Adjusted Net Assets (“MVAN”) falls below $300,000 then to deposit to the DSRA the difference between the MVAN and the $300,000 (capped to 1/3 of the par value of the 2022 and 2021 Bonds outstanding).\n\n  \n\nAs of December 31, 2025 and 2024 the Company was in compliance with all financial covenants.\n\n \n\nThe Company’s credit facilities and sale and lease back agreements include a general assignment of the earnings, insurances and requisition compensation of the respective collateral vessel or vessels. They also require additional security, such as pledge and charge on current accounts and mortgage interest insurance.\n\n \n\nAs of December 31, 2025, the Company had maximum undrawn amount under its financing arrangements of $566,834.\n\n \n\nFor the years ended December 31, 2025, 2024 and 2023, the Company recorded interest expense of $99,081, $121,015 and $82,344 net of capitalized interest of $24,972, $19,077 and $269 respectively, which is included in “Interest expense and finance cost” in the consolidated statements of comprehensive income.\n\n \n\nFor the years ended December 31, 2025, 2024 and 2023, the weighted average interest on the Company’s long-term debt was 5.1%, 6.5% and 6.2% respectively.\n\n  \n\n \n F-\n24\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n8. Long-Term Debt – Continued\n\nAs of December 31, 2025, the required annual payments to be made subsequently to December 31, 2025, are as follows:\n\nLong-Term Debt - Required Annual Loan Payments (Table)\n\n**For the year ending December 31,**\n \n**Amount**\n\n2026\n$\n124,779\n\n2027\n \n108,980\n\n2028\n \n110,809\n\n2029\n \n313,803\n\n2030\n \n310,093\n\nThereafter\n \n1,401,416\n\n**Total**\n**$**\n**2,369,880**\n\n   \n\n9. Derivative Instruments\n\nIn connection with the issuance of the 2022 Bonds and the 2021 Bonds (Note 8), the Company entered into certain cross-currency swap agreements to manage the related foreign currency exchange risk by effectively converting the fixed-rate, Euro-denominated Bonds, including the semi-annual interest payments for the period from July 26, 2022 to July 26, 2029 and from October 21, 2021 to October 21, 2025, respectively to fixed-rate, U.S. Dollar-denominated debt. The economic effect of the swap agreements is to eliminate the uncertainty of the cash flows in U.S. Dollars associated with the issuance of the 2022 Bonds and the 2021 Bonds by fixing the principal amount of the 2022 Bonds and the 2021 Bonds, with a fixed annual interest rate. The cross-currency swap agreement related to the 2022 Bonds was designated as an accounting hedge.\n\n \n\nDerivative instruments not designated as hedges are not speculative and are used to manage the Company’s exposure to identified risks but do not meet the strict hedge accounting requirements and/or the Company has not elected to apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in the consolidated statements of comprehensive income. Changes in the fair value of derivatives designated as accounting hedges are recorded in the consolidated statements of other comprehensive income (effective portion), until the hedged item is recognized in the consolidated statements of comprehensive income.\n\n \n\nThe cross-currency swap agreements related to the 2021 Bonds matured and were settled in accordance with their contractual terms on October 21, 2025.\n\n \n\nThe following table summarizes the terms of the cross-currency swap agreements and their respective fair value as of December 31, 2025 and 2024.\n\nDerivative Instruments - Schedule of Derivative instruments (Assets/ Liabilities) at fair value (Table)\n\n*As of December 31, 2025:*\n\n \n\na) **Derivative Asset:**\n\n \n\n**Effective Date**\n**Termination Date**\n**Notional Amount in thousands of EUROS**\n**Notional Amount in United States Dollars**\n**Fixed Rate the Company receives in EURO**\n**Fixed Rate the Company pays in United States Dollars**\n \n**Fair Value December 31, 2025, in United States Dollars**\n\n26/07/2022\n26/07/2029\n100,000\n101,800\n4.40%\n6.55%\n \n13,682\n\n \n \n \n \n**Total Fair Value**\n**$**\n**13,682**\n\n* *\n\n \n\n*As of December 31, 2024:*\n\n* *\n\n**\n\n***a)** **Derivative Asset:***\n\n*** ***\n\n**Effective Date**\n**Termination Date**\n**Notional Amount in thousands of EUROS**\n**Notional Amount in United States Dollars**\n**Fixed Rate the Company receives in EURO**\n**Fixed Rate the Company pays in United States Dollars**\n \n**Fair Value December 31, 2024, in United States Dollars**\n\n26/07/2022\n26/07/2029\n100,000\n101,800\n4.40%\n6.55%\n \n1,574\n\n \n \n \n \n**Total Fair Value**\n**$**\n**1,574**\n\n*** ***\n\n***b)** **Derivative Liabilities:***\n\n*** ***\n\n******\n\n**Effective Date**\n**Termination Date**\n**Notional Amount in thousands of EUROS**\n**Notional Amount in United States Dollars**\n**Fixed Rate the Company receives in EURO**\n**Fixed Rate the Company pays in United States Dollars**\n \n**Fair Value December 31, 2024, in United States Dollars**\n\n21/10/2021\n21/10/2025\n120,000\n139,716\n2.65%\n3.66%\n$\n14,588\n\n21/10/2021\n21/10/2025\n30,000\n34,929\n2.65%\n3.69%\n \n3,526\n\n \n \n \n \n**Total Fair Value**\n**$**\n**18,114**\n\n* *\n\n \n\n \n F-\n25\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n9. Derivative Instruments - Continued\n\nThe fair value of the cross-currency swap agreements is presented net of accrued interest expense which is recorded in “Accrued liabilities” in the consolidated balance sheets.\n\n \n\nThe following tables summarize the effect of the cross-currency swap agreements for the years ended December 31, 2025, 2024 and 2023:\n\n Derivative Instruments - Summary of Gain (Loss) on Change in Fair Value of Derivatives - Derivative Designated as Accounting Hedge (Table)\n\n**- Derivative designated as accounting hedge** \n\n \n**For the years ended December 31,**\n\n** Amount of gain / (loss) recognized in accumulated other comprehensive loss**\n \n**2025**\n \n**2024**\n \n**2023**\n\nCross-currency swap agreement related to 2022 Bonds\n$\n10,239\n$\n (7,239)\n$\n5,286\n\nReclassification to other income, net\n \n(11,525)\n \n 8,536\n \n(2,106)\n\n**Total (loss) / gain recognized in accumulated other comprehensive loss**\n**$**\n**(1,286)**\n**$**\n **1,297**\n**$**\n**3,180**\n\n** **\n\n** ** \n\nThe estimated net expense that is expected to be reclassified within the next 12 months from Accumulated Other Comprehensive Loss to earnings in respect of the settlements on cross-currency swap agreements designated as accounting hedge, amounts to $1,441.\n\n \n\nDerivative Instruments - Summary of Gain (Loss) on Change in Fair Value of Derivatives - Derivatives not Designated as Accounting Hedge \n\n- **Derivatives not designated as accounting hedges:**\n\n****\n\n \n**For the years ended December 31,**\n\n **Amount of gain / (loss) recognized in other income, net**\n \n**2025**\n \n**2024** \n \n**2023**\n\nChange in fair value of derivatives related to 2021 Bonds\n$\n18,114\n$\n(10,934) \n$\n5,529\n\nRealized interest expense of derivatives related to 2021 Bonds\n \n(1,119)\n \n(2,141) \n \n(2,111)\n\n**Total gain / (loss) recognized in other income, net**\n**$**\n**16,995**\n**$**\n**(13,075)** \n**$**\n**3,418**\n\n** **\n\n \n\n10. Financial Instruments\n\n**(a) Fair value of financial instruments**\n\n \n\n**Cash and cash equivalents, restricted cash and other assets and liabilities**\n\n \n\nThe carrying value of cash and cash equivalents and restricted cash, are considered Level 1 items as they represent liquid assets with short-term maturities. The carrying value of trade receivables, amounts due to related parties, trade accounts payable and accrued liabilities approximate their fair value.\n\n** **\n\n**Long-term debt**\n\n \n\nThe fair value of variable rate long-term debt (Note 8) approximates the recorded value, due to its variable interest being based on the SOFR rates and due to the fact that the lenders have the ability to pass on their funding cost to the Company under certain circumstances, which reflects their current assessed risk. The Company believes the terms of its variable rate loans are similar to those that could be procured as of December 31, 2025. SOFR rates are observable at commonly quoted intervals for the full term of the loans and hence bank loans are considered Level 2 items in accordance with the fair value hierarchy.\n\n \n\nThe fair value of the fixed rate long-term debt (Note 8 ((vii), (viii), (xi) and (xii))) as of December 31, 2025, was approximately $235,273 (carrying value: $233,017) and was determined by using Level 2 inputs being the discounted expected cash flows of the outstanding amount.\n\n \n\nThe 2022 Bonds and the 2021 Bonds (Note 8 ((xv) and (xvi))) have a fixed rate, and their estimated fair values as of December 31, 2025, were determined through Level 1 inputs of the fair value hierarchy (quoted price under the ticker symbols CPLPB1 and CPLPB2 on Athens Stock Exchange) and were approximately $296,191 (carrying value: $293,186).\n\n \n F-\n26\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n10. Financial Instruments\n\n**(a) Fair value of financial instruments - Continued**\n\n** **\n\n**Derivative instruments**\n\n****\n\n**Financial Instruments - Fair value measurements on a recurring basis (Table)**\n\n**As of December 31, 2025:**\n\n \n\n**Items Measured at Fair Value on a recurring Basis - Fair Value Measurements**\n\n** **\n\n**Recurring measurements:**\n \n**December 31, 2025**\n \n**Quoted prices in active markets for identical assets (Level 1)**\n \n**Significant other observable inputs (Level 2)**\n \n**Unobservable inputs (Level 3)**\n\nCross Currency SWAP (100,000) - asset position\n$\n13,682\n$\n–\n$\n13,682\n$\n–\n\n**Total**\n**$**\n**13,682**\n**$**\n**–**\n$\n**13,682**\n**$**\n**–**\n\n** ** \n\n**As of December 31, 2024:**\n\n \n\n**Items Measured at Fair Value on a recurring Basis - Fair Value Measurements**\n\n** **\n\n**Recurring measurements:**\n \n**December 31, 2024**\n \n**Quoted prices in active markets for identical assets (Level 1)**\n \n**Significant other observable inputs (Level 2)**\n \n**Unobservable inputs (Level 3)**\n\nCross Currency SWAP (100,000) - asset position\n$\n1,574\n$\n–\n$\n1,574\n$\n–\n\nCross Currency SWAP (120,000) - liability position\n \n(14,588)\n \n–\n \n(14,588)\n \n–\n\nCross Currency SWAP (30,000) - liability position\n \n(3,526)\n \n–\n \n(3,526)\n \n–\n\n**Total**\n**$**\n**(16,540)**\n**$**\n**–**\n$\n**(16,540)**\n**$**\n**–**\n\n** ** \n\nThe fair value (Level 2) of cross-currency swap derivative agreements is the present value of the estimated future cash flows that the Company would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, current interest rates, foreign exchange rates and the credit worthiness of both us and the derivative counterparty. This line item is presented in “Derivative asset” and “Derivative liabilities” in the consolidated balance sheets.\n\n \n\nThere were no Level 3 items.\n\n \n\n**(b) Concentration of credit risk**\n\n \n\nFinancial instruments which potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with a limited number of creditworthy financial institutions rated by qualified rating agencies. Most of the Company’s revenues were derived from a few charterers.\n\n \n\nFor the years ended December 31, 2025, 2024 and 2023, the following charterers accounted for more than 10% of the Company’s revenues.\n\n \n\nFinancial Instruments - Concentration of Credit Risk (Table)\n\n \n \n \n \n \n \n \n\n \n**2025**\n**2024**\n**2023**\n\nBP Gas Marketing Limited (“BP”)\n \n18%\n \n23%\n34%\n\nBonny Gas Transport Limited (“BGT”)\n \n16%\n \n< 10%\n—\n\nCheniere Marketing International LLP (“Cheniere”)\n \n14%\n \n17%\n26%\n\nHartree Partners Power & Gas Company (UK) Limited (“Hartree”)\n \n10%\n \n12%\n16%\n\nEngie Energy Marketing Singapore Pte Ltd (“Engie”)\n \n< 10%\n \n< 10%\n11%\n\nQatar Energy Trading LLC (“Qatar Energy”)\n \n10%\n \n12%\n< 10%\n\n \n\n \n\n \n F-\n27\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n11. Accrued Liabilities\n\nAccrued liabilities consist of the following:\n\nAccrued liabilities (Table)\n\n \n \n \n \n \n \n\n \n**As of December 31,**\n\n \n \n**2025**\n \n \n**2024**\n\nAccrued loan interest and loan fees\n$\n17,816\n \n$\n16,768\n\nAccrued operating expenses\n \n8,661\n \n \n7,238\n\nAccrued capitalized expenses\n \n101\n \n \n101\n\nAccrued voyage expenses and commissions\n \n9,927\n \n \n5,305\n\nAccrued general and administrative expenses\n \n1,212\n \n \n1,748\n\n**Total**\n**$**\n**37,717**\n \n**$**\n**31,160**\n\n \n\n \n\n \n\n \n\n**12. Voyage Expenses, Net and Vessel Operating Expenses**\n\n \n\nVoyage expenses and vessel operating expenses consist of the following:\n\nVoyage expenses and vessel operating expenses (Table)\n\n \n \n \n \n \n \n \n \n \n\n \n**         For the years ended December 31,**\n\n \n \n**2025**\n \n \n**2024**\n \n \n**2023**\n\n**Voyage expenses:**\n \n \n \n \n \n \n \n \n\nCommissions\n$\n7,784\n \n$\n6,565\n \n$\n3,643\n\nBunkers\n \n(1,069)\n \n \n715\n \n \n5,320\n\nPort expenses\n \n—\n \n \n74\n \n \n2,246\n\nOther\n \n1,018\n \n \n2,479\n \n \n410\n\n**Total**\n**$**\n**7,733**\n \n**$**\n**9,833**\n \n**$**\n**11,619**\n\n**Vessel operating expenses:**\n \n \n \n \n \n \n \n \n\nCrew costs and related costs\n$\n30,487\n \n$\n29,730\n \n$\n22,324\n\nInsurance expense\n \n4,430\n \n \n4,706\n \n \n3,260\n\nSpares, repairs, maintenance and other expenses\n \n15,135\n \n \n7,379\n \n \n5,274\n\nStores and lubricants\n \n5,687\n \n \n5,366\n \n \n4,365\n\nManagement fees (Note 5)\n \n9,144\n \n \n8,722\n \n \n6,165\n\nOther operating expenses\n \n3,344\n \n \n2,989\n \n \n2,705\n\n**Total**\n**$**\n**68,227**\n \n**$**\n**58,892**\n \n**$**\n**44,093**\n\n \n\n \n\n13. Income taxes\n\nUnder the laws of the Marshall Islands and Liberia, the countries in which the vessel-owning subsidiaries were incorporated, these companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes in the country in which the vessels are registered and managed from, and such taxes have been included in “Vessel operating expenses” in the consolidated statements of comprehensive income.\n\n \n\nPursuant to Section 883 of the United States Internal Revenue Code (the “Code”) and the regulations thereunder, a foreign corporation engaged in the international operation of ships is generally exempt from U.S. federal income tax on its U.S.-source shipping income if the foreign corporation meets both of the following requirements: (a) the foreign corporation is organized in a foreign country that grants an “equivalent exemption” to corporations organized in the United States for the types of shipping income (e.g., voyage and time charter) earned by the foreign corporation and (b) more than 50% of the voting power and value of the foreign corporation’s stock is “primarily and regularly traded on an established securities market” in the United States and certain other requirements are satisfied (the “Publicly-Traded Test”). Each of the jurisdictions where the Company’s vessel-owning subsidiaries are incorporated grants an “equivalent exemption” to United States corporations with respect to each type of shipping income earned by the Company’s vessel-owning subsidiaries. Additionally, the Company’s shares are only traded on the Nasdaq Global Market, which is considered to be an established securities market. The Company has satisfied the Publicly-Traded Test for the years ended December 31, 2025, 2024 and 2023 and the vessel-owning subsidiaries are exempt from United States federal income taxation with respect to U.S.-source shipping income.\n\n \n\nCPLP PLC is incorporated in Cyprus and does not conduct any substantive operations of its own. No provision for Cyprus income tax has been made in the financial statements as CPLP PLC had no assessable income for the years ended December 31, 2025, 2024 and 2023. 0\n\n \n F-\n28\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n14. Shareholders’ Equity\n\n*Dividend Reinvestment Plan (the “DRIP”)*\n\n \n\nOn June 10, 2025, the Company announced that it has implemented the DRIP. During the year ended December 31, 2025, the Company issued 404,975 and 356,099 common shares under the DRIP at the price of $20.50 and $22.85 per share, respectively, net of issuance costs. During the year ended December 31, 2025, the Company recognized deferred expenses of $219 relating to the DRIP.* *\n\n* *\n\n*Open market sales agreement (the “Sales Agreement”)*\n\n \n\nOn January 27, 2025, the Company entered into the “Sales Agreement” with Jefferies LLC (“Jefferies”) under which the Company may sell, from time to time, through Jefferies, as its sales agent, new common shares having an aggregate offering amount of up to $75,000. The open-market sale agreement provides that Jefferies, when it is acting as the Company’s sales agent, will be entitled to compensation of up to 2.5% of the gross sales price of the common shares sold through Jefferies from time to time. During the year ended December 31, 2025, the Company issued 9,466 new common shares resulting in net proceeds of $207 after the payment of commission to the sales agent, but before offering expenses. During the year ended December 31, 2025, the Company recognized deferred offering expenses of $497 in connection with the Sales Agreement.\n\n* *\n\n*Transformative Transaction for the Acquisition of 11 Newbuild LNG/Cs*\n\n \n\nOn August 26, 2024, the Company converted from a Marshall Islands limited partnership to a Marshall Islands corporation (Note 1). Upon the Conversion each common unit issued and outstanding immediately prior to the Effective Date was converted into one common share, par value $0.01 per share, of the Company and the 348,570 general partner units and all of the incentive distribution rights, in each case outstanding immediately prior to the Effective Date, were exchanged with an aggregate of 3,500,000 common shares. The amount of $46,184, being the difference between the fair value of the 3,500,000 common shares of $59,430, at the price of $16.98 per common share as quoted on the Nasdaq Stock Exchange on August 25, 2024, and the book value of the 348,570 general partner units of $13,246 as of August 25, 2024, is presented as deemed dividend to CGP in the Company’s consolidated statements of changes in shareholders’ equity.\n\n \n\nPursuant to the Umbrella Agreement (Note 5), the Company conducted a Rights Offering for up to $500,000 with the purpose of partially financing the acquisition of the shares of the vessel-owning companies of 11 new LNG/C vessels. The Rights Offering resulted in subscriptions for 445,988 common shares representing limited partnership interests in the Company offered at an exercise price of $14.25 per common share amounting to $6,355. CMTC purchased 34,641,731 common shares that were not issued pursuant to the Rights Offering for an aggregate amount of $493,645 pursuant to the Standby Purchase Agreement. As of December 31, 2023, the Company recognized the amount of $1,313 representing part of the transaction expenses as a reduction to Partners’ Capital.\n\n \n\n*Repurchase Plan*\n\n \n\nOn January 26, 2023, the Company’s Board of Directors authorized a new share repurchase plan, replacing the earlier plan (the “Repurchase Plan”). Pursuant to the Repurchase Plan, the Company may purchase up to $30,000 of its common shares through January 2025, at times and prices that are considered to be appropriate. The Company could repurchase shares under the Repurchase Plan in the open market or in privately negotiated transactions but is not obligated under the terms of the Repurchase Plan to repurchase any shares, and, at any time, may suspend, delay or discontinue the Repurchase Plan. During the year ended December 31, 2023, the Company completed the repurchase of 304,283 shares, paying an average price per share of $13.48 plus repurchasing expenses. These shares were held as treasury shares and were recorded as a reduction in the Company’s Partners’ Capital. No shares were repurchased during the years ended December 31, 2025 and 2024. 0\n\n* *\n\n**Compensation Plan (the “Plan”)\n\n \n\nIn January 2024, the board of directors adopted an amended and restated Compensation Plan (the “Plan”) and reserved for issuance a maximum number of 3,300,000 restricted common shares. On January 25, 2024, 1,100,000 common units of the 3,300,000 restricted common units were issued and recognized under treasury shares. In connection with the Conversion, on the Effective Date, the board of directors of the Company adopted an amendment and restatement of the Plan to reflect the effects of the Conversion and all the treasury units were converted into treasury shares (Note 15).\n\n \n\nAs of December 31, 2025 and 2024, the Company’s capital structure was comprised of the following shares:\n\nShareholders' Equity - Company’s shares (Table) \n\n \n \n \n \n\n \n**As of December 31,**\n\n \n**2025**\n \n**2024**\n\nCommon shares\n59,487,853\n \n58,387,313\n\nTreasury shares\n1,221,061\n \n1,551,061\n\n**Total Company’s shares**\n**60,708,914**\n \n**59,938,374**\n\n \n\n \n\n \n F-\n29\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n15. Omnibus Incentive Compensation Plan\n\nIn connection with the Conversion, on the Effective Date, the board of directors of the Company adopted an amendment and restatement of the Plan to reflect the effects of the Conversion and all the treasury units were converted to treasury shares.\n\n \n\nIn January 2024, the board of directors adopted the Plan and reserved for issuance a maximum number of 3,300,000 restricted common shares. On January 25, 2024, 1,100,000 common units of the 3,300,000 restricted common units were issued and recognized under treasury shares.\n\n \n\nOn January 1, 2025, the Company awarded 1,050,000 unvested shares to Employees and Non-Employees with a grant-date fair value of $18.27 per share. Awards granted to certain Employees and Non-Employees will vest in three equal installments. One third of the shares awarded, namely 350,000 shares vested on December 31, 2025. The fair value of these shares was $7,305 as of December 31, 2025.\n\n \n\nIn January 2022, according to the amended and restated compensation plan approved by the board of directors the total number of restricted common shares reserved and issued was 1,045,000. On March 18, 2022, the Company awarded 743,800 unvested shares to Employees and Non-Employees with a grant-date fair value of $15.18 per share. Awards granted to certain Employees and Non-Employees would vest in three equal installments. One third of the shares awarded, namely 247,934, 247,933 and 247,933 shares vested on December 31, 2024, 2023 and 2022, respectively. On March 8, 2024, the Company awarded 96,104 unvested shares to Employees and Non-Employees with a grant-date fair value of $17.45 per share. The shares were fully vested on the same date. On December 31, 2024, the Company awarded 82,066 unvested shares to Employees and Non-Employees with a grant-date fair value of $18.36 per share. The shares were fully vested on the same date.\n\n \n\nThe unvested shares accrue distributions as declared and paid, which distributions are retained by the custodian of the Plan until the vesting date at which time they are payable to the grantee. As unvested share grantees accrue distributions on awards that are expected to vest, such distributions are charged to Company’s retained earnings. As of December 31, 2025, the unvested shares accrued $632 of distributions.\n\n \n\nThere were no forfeitures of awards during the years ended December 31, 2025, 2024 and 2023. The Company estimated the forfeitures of unvested shares to be immaterial.\n\n \n\nFor the years ended December 31, 2025, 2024 and 2023 the equity compensation expense included in “General and administrative expenses” in the consolidated statements of comprehensive income was $6,395, $6,918 and $3,786, respectively. The Company uses the straight-line method to recognize the cost of the awards. As of December 31, 2025, the total unrecognized compensation cost relating to non-vested awards was $12,789 and is expected to be recognized over a period of 2.0 years.\n\n \n\nThe following table contains details of Company’s plan:\n\nOmnibus Incentive Compensation Plan (Table)\n\n \n**Equity compensation plan**\n\n**Unvested Shares**\n**Shares**\n \n \n**Value**\n\n**Unvested on January 1, 2024**\n**247,934**\n \n**$**\n**3,769**\n\nGranted\n178,170\n \n \n3,149\n\nVested\n(426,104)\n \n \n(6,918)\n\n**Unvested on December 31, 2024**\n**—**\n \n**$**\n**—**\n\nGranted\n1,050,000\n \n \n19,184\n\nVested\n(350,000)\n \n \n(6,395)\n\n**Unvested on December 31, 2025**\n**700,000**\n \n**$**\n**12,789**\n\n \n\n \n\n16. Net Income Per Share\n\nBasic net income per common share represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Diluted net income per common share, if applicable, reflects the potential dilution that could occur upon vesting of the Company’s restricted stock awards, resulting in additional shares that would then share in the Company’s net income.\n\n \n\nThe Company’s restricted stock awards include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied and therefore, these shares are not considered participating securities and are excluded from the calculation of the weighted average number of common shares outstanding, basic. For the purpose of calculating diluted earnings per share, the weighted average number of diluted shares outstanding includes the incremental shares assumed issued upon vesting of the restricted stock awards in excess of the number of shares assumed to be repurchased with the assumed proceeds, determined in accordance with the treasury stock method. For the year ended December 31, 2025, incremental shares totaled 272,031. For year ended December 31, 2024, the Company excluded the effect of 247,934 non-vested share awards, which all vested on December 31, 2024, in calculating diluted net income per common share, as they were anti-dilutive. For the year ended December 31, 2023, the Company excluded the effect of 495,867 non-vested share awards, from which 247,933 vested on December 31, 2023, in calculating dilutive EPS for its common shareholders as they were anti-dilutive.\n\n  \n\n \n F-\n30\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n16. Net Income Per Share - Continued\n\nThe Company calculates net income per common share from continuing operations as follows:\n\nNet Income Per Share - Basic and Diluted (Table)\n\n**BASIC AND DILUTED**\n \n**2025**\n \n \n**2024**\n \n \n**2023**\n\n**Numerators**\n \n \n \n \n \n \n \n \n\nCompany’s net income from continuing operations\n$\n113,394\n \n$\n55,190\n \n$\n8,247\n\nLess:\n \n \n \n \n \n \n \n \n\nGeneral Partner’s interest in Company’s net income\n \n—\n \n \n188\n \n \n63\n\nDeemed dividend to General Partner\n \n—\n \n \n46,184\n \n \n— \n\nCompany’s net income allocable to unvested shares\n \n—\n \n \n203\n \n \n53\n\nNet income attributable to common shareholders\n**$**\n**113,394**\n \n**$**\n**8,615**\n \n**$**\n**8,131**\n\n**Denominators**\n \n \n \n \n \n \n \n \n\nWeighted average number of common shares outstanding, basic\n \n58,919,848\n \n \n56,094,666\n \n \n21,182,471\n\nEffect of dilutive shares\n \n272,031\n \n \n—\n \n \n—\n\nWeighted average number of common shares outstanding, diluted\n \n59,191,879\n \n \n56,094,666\n \n \n21,182,471\n\n**Net income from continuing operations per common share:**\n \n \n \n \n \n \n \n \n\n**Basic and Diluted (in United States Dollars)**\n**$**\n**1.92**\n \n**$**\n**0.15**\n \n**$**\n**0.38**\n\n \n\n  \n\n17. Commitments and Contingencies\n\n**Contingencies**\n\n \n\nVarious claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company’s vessels.\n\n \n\nThe Company accrues the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.\n\n \n\nAn estimated loss from a contingency should be accrued by a charge to expense and a liability recorded only if all of the following conditions are met:\n\n \n\n• Information available prior to the issuance of the financial statement indicates that it is probable that a liability has been incurred at the date of the financial statements.\n\n• The amount of the loss can be reasonably estimated. \n\n \n\nCurrently, the Company is not aware of any such claims or contingent liabilities which should be disclosed or for which a provision should be established in the consolidated financial statements.\n\n \n\n**Commitments**\n\n \n\n**(A) Leases:**Future minimum charter hire receipts, excluding any profit share revenue that may arise, based on non-cancellable time and bareboat charter contracts, as of December 31, 2025 were:\n\nCommitments and Contingencies - Future minimum charter hire receipts (Table)\n\n**Year ending December 31,**\n \n**Amount**\n\n2026\n$\n349,471\n\n2027\n \n378,369\n\n2028\n \n433,257\n\n2029\n \n410,987\n\n2030\n \n385,313\n\nThereafter\n \n799,701\n\n**Total**\n**$**\n**2,757,098**\n\n \n\n \n F-\n31\n\n[Table of Contents](#TableOfContents)\n\n**Capital Clean Energy Carriers Corp.**\n\n**Notes to the Consolidated Financial Statements**\n\n**(In thousands of United States Dollars, unless otherwise specified)** \n\n \n\n17. Commitments and Contingencies – Continued\n\n**Commitments – Continued**\n\n \n\n**(B) Vessels Under Construction:**As of December 31, 2025, the Company had outstanding commitments relating to acquisitions of vessels and vessels under construction amounting to $489,300 and $1,897,117, respectively, which will be financed through the issuance of debt and cash at hand (Notes 5, 6).\n\n \n\nThe following table contains details of vessels under construction commitments:\n\nCommitments and Contingencies - Commitments for the acquisition of vessel owning companies from a related party and vessels under construction (Table) \n\n**Year ending December 31,**\n \n**Vessels’ acquisitions**\n \n**Vessels under construction**\n \n**Total**\n\n2026\n$\n244,000\n$\n710,784\n$\n954,784\n\n2027\n \n 245,300\n \n 577,908\n \n 823,208\n\n2028\n \n—\n \n235,675\n \n235,675\n\n2029\n \n—\n \n372,750\n \n372,750\n\n**Total**\n**$**\n**489,300**\n**$**\n**1,897,117**\n**$**\n**2,386,417**\n\n \n\n  \n\n**(C) Supervision Services:**As of December 31, 2025, the Company had outstanding commitments relating to supervision services agreements for vessels under construction, amounting to $6,567 (Notes 5, 6).\n\n \n\nThe following table contains details of supervision services commitments:\n\nCommitments and Contingencies - Supervision services commitments (Table)\n\nYear ending December 31,\n \n \n \n \n \n**Amount**\n\n2026\n \n \n \n \n$\n2,067\n\n2027\n \n \n \n \n \n3,000\n\n2028\n \n \n \n \n \n500\n\n2029\n \n \n \n \n \n1,000\n\n**Total**\n \n \n \n \n**$**\n**6,567**\n\n \n\n \n\n18. Subsequent Events\n\n**(A) Dividends:**On January 22, 2026, the Board of Directors of the Company declared a cash dividend per share of $0.15 for the fourth quarter of 2025 which was paid on February 12, 2026, to shareholders of record on February 3, 2026.\n\n** **\n\n**(B) Vessel delivery:** On January 5, 2026, the Company took delivery of Hull 8398 from Hyundai, the LCO2 – HMG/C Active (Notes 6, 8).\n\n** **\n\n**(C) Unsecured bonds:**On February 25, 2026, the Company successfully completed the offering of €250,000,000 of unsecured bonds to investors in Greece (the “2026 Bonds”), which were admitted to trading in the category of fixed income securities of the Regulated Market of the Athens Exchange on February 26, 2026. The 2026 Bonds will mature in 2033 and will bear a coupon of 3.75%, payable semi-annually. The proceeds of the 2026 Bonds will be used to refinance the outstanding €150,000,000 of the 2021 Bonds, as well as to partially fund the Company’s capital expenditures and support the Company’s working capital needs. In April 2026 the Company fully repaid the 2021 Bonds.\n\n \n\n**(D) Cross-currency swap agreements:** In February 2026, in connection with the issuance of the 2026 Bonds, the Company entered into three cross-currency swap agreements (“Swap Agreements”) starting on February 25, 2026:\n\n \n\n•\nWith the first Swap Agreement the Company exchanges €83,000,000 with $97,766 paying fixed annual rate of 5.11%;\n\n•\nWith the second Swap Agreement the Company exchanges €83,000,000 with $97,840 paying fixed annual rate of 5.11%; and\n\n•\nWith the third Swap Agreement the Company exchanges €84,000,000 with $98,990 paying fixed annual rate of 5.10%.\n\n \n\n****\n\n**(E) Uncertainties caused by the conflict in the Middle East:** The recent tensions and hostilities involving the United States, Israel and Iran may lead to further regional and international conflicts or armed action. It is possible that such conflict could disrupt global energy transportation routes and cause instability in the global economy. While much uncertainty remains regarding the global impact of the conflict in the Middle East, it is possible that such tensions could adversely affect the Company’s business, financial condition, results of operations and cash flows. Currently, the conflict in Iran has had no material impact on the Company’s operations or financial performance.\n\n \n\n**(F) Sale of Vessel to a joint venture company:** In April 2026, the Company entered into a joint venture arrangement (the “BGN JV”) with BMarine Shipping Investment FZCO (“BMarine”), an affiliate of the BGN Group. Pursuant to the joint venture arrangement, the Company agreed to sell the LNG/C Amore Mio I to the BGN JV, a newly formed Marshall Islands limited liability company in which the Company holds a 51% interest and BMarine holds the remaining 49% for a total consideration of $230,000. In connection with the transaction, the LNG/C Amore Mio I will be chartered to an affiliate of BGN Group, under a 10-year time charter, with two three-year extension options exercising by the charterer, commencing in the first quarter of 2027.\n\n \n\n \n F-\n32\n\n[Table of Contents](#TableOfContents)"}