Capital Clean Energy Carriers Corp. Divests 49% Stake in LNG Carrier (“LNG/C”) Amore Mio I, Forms a Joint Venture Company With an Affiliate of the BGN Group and Secures 10-Year Time Charter
Capital Clean Energy Carriers Corp. (NASDAQ: CCEC) (“CCEC” or the “Company”) has announced that it has agreed to sell the LNG/C Amore Mio I (2023-built 174,000 cbm) to a subsidiary of a joint venture company (the “Joint Venture”) owned 51% by CCEC and 49% by a company affiliated with global energy trader BGN Group in the first quarter of 2027.
The Joint Venture has secured a 10-year time charter (with two three-year extension options) of the vessel to BGN INT DMCC commencing simultaneously with the acquisition of the vessel and expected to generate aggregate revenues (including all options) of up to approximately $485.6 million and extending up to 2043 if all options are exercised.
Joint Venture Structure
The Joint Venture will be effected through BM Capital HoldCo LLC, a newly formed Marshall Islands limited liability company, in which CCEC holds a 51% interest and BMarine Shipping Investment FZCO holds the remaining 49%. BM Capital LLC, a wholly owned subsidiary of BM Capital HoldCo LLC, will acquire the vessel for $230 million.
The existing financing on the vessel is expected to be refinanced upon acquisition of the vessel in the first quarter of 2027.
Jerry Kalogiratos, CEO of CCEC, commented: “This innovative transaction enables CCEC to achieve several strategic objectives simultaneously. Firstly, it highlights our ability to attract co-investment with a major energy trading partner. Secondly, securing a new long-term charter underscores the enduring strength of the LNG shipping sector for reputable owners operating state-of-the-art LNG carriers. Thirdly, the new charter enhances the diversity and quality of our charter portfolio, provides further balance sheet flexibility and strengthens cash flow visibility for our investors.”
Ozan Turgut, BGN Shipping Director commented: “We are delighted to enter into this landmark agreement with CCEC. This is a major milestone for BGN as we continue to invest in and expand our maritime operations. Taking delivery of our first LNG shipping vessel significantly enhances our fleet capacity and our ability to meet growing demand across our global customer base.
“BGN has set an ambition to increase its fleet with two new LNG vessels by 2027 and ten new LPG vessels by 2028. I’m pleased to say that taking delivery of the LNG/C Amore Mio I in early 2027 puts us firmly on track to achieve this goal.”
As a result of this transaction, as at end March 2026, CCEC will have average remaining firm charter duration for its LNG/Cs of 6.9 years and $2.9 billion in contracted revenues, which if all extension options are exercised by the charterers, would increase to average duration of 9.9 years and total contracted revenues of $4.3 billion.
Euroseas Ltd. Announces Time Charter for its Older Containership, M/V Aegean Express, and Spinoff of its Older Three Vessels into a Separate Company
Euroseas Ltd. (NASDAQ: ESEA) (“Euroseas” or the “Company”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, made yesterday the following announcements:
Time Charter for its Older Containership, M/V Aegean Express
Euroseas announced a new charter for its older and smaller feeder containership, M/V Aegean Express. Specifically, the charter of M/V Aegean Express has been extended in direct continuation of its existing charter for a minimum period of ten months and a maximum period of twelve months at a rate of $16,700 per day.
Spin-off of its Older Three Vessels into a Separate Company
The Company also announced its intent to spin-off the Company’s older three vessels, M/V Aegean Express, M/V Diamantis P and M/V Joanna, into a separate company, Euroholdings Ltd. (“Euroholdings”), which has applied for listing on the NASDAQ Capital Market.
The Company will contribute the three vessels to Euroholdings in exchange for 100% of the shares of Euroholdings which it will then distribute to its shareholders. There can be no assurance that the spin-off transaction will ultimately occur or, if it does occur, what its structure, terms or timing will be. The Company has scheduled a conference call to discuss the spin-off on January 7, 2025, at 9:00 a.m. EST. Please find conference call and webcast information further in the press release.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to announce the extension of the charter of Aegean Express and our plan to spin-off our three elder vessels in a separate company, Euroholdings Ltd., which has applied for listing on NASDAQ. The spin-off of our three older vessels into a separate entity and the distribution of all shares to our common shareholders, the only shareholder class in our capital structure, enables us to maximize the value of the older vessels in our fleet and shareholder returns by creating a new platform to capture new opportunities following a different strategy from Euroseas.
Euroholdings shares represent only about 5% of our Euroseas’ NAV estimate, so the spin-off is not expected to have any material impact on Euroseas and its overall strategy. At Euroseas, we plan to continue taking advantage of growth opportunities as they may present themselves while continuing our high quarterly dividend distributions based on our strong capital structure and forward charter cover. Furthermore, Euroseas intends to continue with its stated strategy of modernizing its fleet as we have demonstrated over the last couple of years by placing orders for 11 newbuilding vessels, seven of which have been delivered in 2023 and 2024, two are slated for delivery in early January 2025 and the remaining two in 2027.
We firmly believe that under the right circumstances, there is considerable value in the current environment in continuing to trade older well-maintained vessels, rather than selling them, as these can ultimately generate higher returns. The increased market and operational risks associated with older vessels are mitigated by the fact that the three first Euroholdings vessels are currently unlevered, two of the three are under time charter employment providing medium term visibility of earnings and all vessels will continue to be managed by our affiliate, Eurobulk Ltd., which has a proven track record of handling older vessels.
Given the company’s fleet profile and capital structure, shorter remaining economic life and higher intended dividend distribution policy, we believe that Euroholdings shares should trade at better valuation levels and smaller or no discount to NAV compared to its sector peers. We anticipate that both Euroseas and Euroholdings will be valued better separately as they offer more and different options to investors. Furthermore, Euroholdings with its clean balance sheet and relatively liquid platform can be used as a consolidating vehicle in the shipping sector, especially for vintage vessels, creating additional value to shareholders over the longer term.
We plan to discuss the spin-off in more detail and the opportunities it may generate in a separate conference call on January 7, 2025, at 9:00 a.m. EST.”
Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Euroseas” to the operator and/or conference ID 13750842. Click here for additional participant International Toll- Free access numbers.
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Dynagas LNG Partners LP Announces New Time Charter for the LNG Carrier Arctic Aurora
Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced that it has entered into a new time charter party agreement with Equinor ASA (“Equinor”) for the employment of the 2013 built ice class LNG carrier Arctic Aurora.
Under the new time charter agreement, the Arctic Aurora is expected to be delivered to Equinor in September 2021 in direct continuation of the current charter party with Equinor, meaning there will be no lapse of time between the current and the new time charter. The term ‘in direct continuation’ does not refer to the contracted income.
The time charter period is about 2 years and the annual gross revenues from the time charter agreement are expected to be about $21.5 million.
Tony Lauritzen, Chief Executive Officer of Dynagas LNG Partners LP, commented:
“We are very pleased to enter into this new agreement with Equinor, with whom the Arctic Aurora has been employed since its delivery in 2013, reflecting our long-standing relationship with Equinor and the outstanding operational performance of the Arctic Aurora and our manager throughout the years.”
Diana Shipping Inc. Announces Time Charter Contract for m/v Alcmene with Cargill
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Post-Panamax dry bulk vessels, the m/v Alcmene, for a period of about thirteen (13) months to maximum fifteen (15) months. The gross charter rate is US$4,000 per day for the first sixty (60) days of the charter period and US$8,500 per day for the balance period of the time charter, in each case minus a 4.75% commission paid to third parties. The charter commenced earlier today.
The “Alcmene” is a 93,193 dwt Post-Panamax dry bulk vessel built in 2010.
This employment is anticipated to generate approximately US$2.92 million of gross revenue for the minimum scheduled period of the time charter.
Petronas signs long-term time charter with Japan shipbuilder K Line
Petronas’ subsidiary Petronas LNG Ltd recently signed a 12-year time charter party with a Japanese shipowner Kawasaki Kisen Kaisha Ltd for two midsized new build LNG vessels.
The deal comes with an option to extend the charter of the vessels, each boasting 79,960 cubic metres in capacity, for another 12 years,
Petronas said this was in line with the signing of the shipbuilding agreements between ‘K’ Line and Hudong-Zhonghua Shipbuilding Co Ltd for the construction of the vessels in Shanghai, China.They are expected to be delivered in the second quarter of 2022.
“These identical vessels will be dedicated to serving Petronas’ long-term LNG delivery commitment to Shanghai under the new LNG supply agreement with Shenergy Group Co Ltd (Shenergy).
“The vessels, known as Wuhaogou-Max (W-Max), are specifically built to fully optimise the delivery of LNG cargoes to Shenergy’s Wuhaogou LNG terminal in Shanghai.
“The vessels are capable of delivering fully laden cargoes within the channel’s permissible limits without exceeding the port’s draught limitation,” Petronas said.
Petronas executive vice president and chief executive officer of gas and new energy Adnan Zainal Abidin commended the pace of the procurement and chartering of these vessels which were concluded within four months, thus setting a new standard in the industry.
The signing of the respective agreements between Petronas LNG and K Line for the TCP, together with the shipbuilding contracts involving K Line, Hudong-Zhonghua Shipbuilding and China Shipbuilding Trading Co Ltd were witnessed by Petronas president and group chief executive officer Tan Sri Wan Zulkiflee Wan Ariffin.
Diana Shipping Inc. Announces Time Charter Contract for m/v Astarte with Aquavita
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Aquavita International S.A., for one of its Kamsarmax dry bulk vessels, the m/v Astarte. The gross charter rate is US$11,750 per day, minus a 5% commission paid to third parties, for a period of minimum fourteen (14) months to about sixteen (16) months. The charter is expected to commence on January 18, 2020.
The “Astarte” is a 81,513 dwt Kamsarmax dry bulk vessel built in 2013.
This employment is anticipated to generate approximately US$4.94 million of gross revenue for the minimum scheduled period of the time charter.
Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Calipso, Diana Shipping Inc.’s fleet will consist of 41 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 13 Panamax). As of today, the combined carrying capacity of the Company’s fleet is approximately 5.2 million dwt with a weighted average age of 9.58 years.
Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Medusa with Cargill
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa. The gross charter rate is US$11,000 per day, minus a 4.75% commission paid to third parties, for a period of about eleven (11) months to maximum thirteen (13) months. The new charter period is expected to commence on November 15, 2019.
The “Medusa” is a 82,194 dwt Kamsarmax dry bulk vessel built in 2010.
This employment is anticipated to generate approximately US$3.47 million of gross revenue for the minimum scheduled period of the time charter.
Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Clio, Diana Shipping Inc.’s fleet will consist of 42 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 14 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Clio, is approximately 5.3 million dwt with a weighted average age of 9.48 years.
TOP Ships Inc. Announces New Time Charter With Oil Major
TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels currently focusing on the transportation of petroleum products, announced today that it has entered into a time charter agreement with Shell Tankers Singapore Private Limited for its 50,000 dwt product/chemical tanker M/T Eco Palm Desert until September 2020. The time charter with Shell consists of a fixed amount per day plus a 50% profit share for earned rates over the fixed amount and replaces a pre-existing charter.
Evangelos Pistiolis, President and CEO of the Company, stated: “As of today, we have two vessels that offer exposure in the spot market during a period when the prevailing sentiment is bullish. If the positive market expectations materialize, our results will benefit as a result of this profit sharing arrangement.”