The Evangelos Marinakis-backed, US-listed shipping firm said in its first-quarter report that the three 174,000-cbm LNG carriers in question are Archimidis, Agamemnon, and Alcaios I.
CCEC agreed with South Korea’s Hyundai Samho to move the delivery of Archimidis from July to June, Agamemnon from January 2027 to June, and Alcaios I from September to July.
Moreover, the company said that the acquisition of Archimidis is expected to be financed with cash on hand and a new JOLCO facility for $216.0 million, with a term of eight years.
The acquisition of Agamemnon is expected to be financed by cash on hand and a new senior secured bridge loan facility of $216 million.
CCEC said the bridge facility is expected to be refinanced upon the drawdown in July of a JOLCO facility for $216 million with a duration of eight years.
Both facilities remain subject to final long-form documentation, it said.
In December 2025, CCEC ordered three LNG carriers from HD Hyundai Samho.
The en-bloc shipbuilding price of these vessels is $769.5 million, or $256.5 per vessel.
With its latest order for three additional LNG carriers, CCEC said it reaffirms its strategic position as the largest US-listed LNG shipping company with 12 vessels currently in the water and nine on order.
$2.9 billion in contracted revenues
CCEC reported net income of $18.3 million in the first quarter, compared with net income of $32.7 million for the first quarter of 2025.
Total revenues for the quarter ended March 31, 2026, were $98 million, compared to $102 million during the first quarter of 2025.
“During the first quarter, the company continued to deliver on our strategy to build a leading gas transportation platform, generating both robust cash flows and further strengthening our financial position through a successful bond offering,” Jerry Kalogiratos, CEO of CCEC, said.
“Post quarter end, we executed an innovative transaction, which not only highlighted our ability to attract a co-investment with a major energy trading partner, but also enhanced the quality and diversification of our charter portfolio,” he said.
As a result, the average firm contract duration for CCEC’s LNG carriers stands at 6.9 years, representing approximately $2.9 billion in contracted revenues, which increases to 9.9 years and $4.3 billion, respectively, should all extension options be exercised by the company’s charterers.
“The ongoing geopolitical tensions in the Middle East, particularly the Iran conflict, have created considerable uncertainty and disrupted across global energy shipping markets,” Kalogiratos said.
“The company’s long-term contracts and solid market positioning offer significant resilience amid these volatile conditions. At the same time, we remain vigilant of opportunities that might develop from such volatility and with this view, we have advanced the delivery timeline of three of our LNG carriers newbuildings,” Kalogiratos added.
