Thank you, Operator. Good morning or afternoon to wherever you are, and thank you for listening to the Capital Clean Energy Carriers Q1 2026 earnings call.

As a reminder, we will be referring to the supporting slides available on our website as we go through today's presentation. Let's kick off with the highlights on slide 4.

Q1 showed further progress for the group across the board on three different fronts. Firstly, as we announced in our Q4 results in March, during the first quarter, we raised an additional €250 million in a Greek bond with a 3.75% coupon.

Secondly, and after the quarter-end, we announced an innovative transaction with the energy trading group BGN, including a 10-year time charter for one of our existing LNG carriers. This will boost further our LNG revenue backlog to over $2.9 billion, which we'll cover more in detail later on.

Thirdly, the business continued to deliver on all 14 of the vessels we had on the water during Q1, and this brought about a net income result of $18.3 million after off-hire periods and special survey costs incurred by two of our LNG carriers, and was reflected in a cash dividend to our shareholders of 15 cents per share. In the final bullet on this slide, we show that we've got board approval for a 20 million share buyback program over the next two years.

Clearly, the outlook for the company and the sector has been dominated by events in the Middle East since February 28th, and our Head of Commercial, Nikos Tripodakis, will explore more on these slides and his remarks later on. With that, I'll now hand over to Nikos Kalapotharakos.

Let me begin from the financial highlights for the period. Good morning or afternoon to everyone listening in today.

Moving to slide 6, Brian already touched upon the dividend payout, which remains an important and core component of the company's value proposition to shareholders. The 15 cents dividend we declared will be paid on May 20th to shareholders on record on May 11th.

Please note that this is the 76th consecutive quarter that the company has paid a cash dividend. Net income from continued operations was 18.3 million for the first quarter of 2026, compared to 32.7 million during the same period in the previous year.

Net income for the quarter was heavily impacted by the off-hire periods and

We have declared a dividend of 15 cents for the period, which will be paid on May 20th to shareholders on record on May 11th. Please note that this is the 76th consecutive quarter that the company has paid a cash dividend.

Our net income from continued operations was 18.3 million for the first quarter of 2026, compared to 32.7 million during the same period in the previous year. Our net income for the quarter was heavily impacted by the off-hire periods and additional voyage and operating costs incurred by certain of our vessels, which passed their 5-year special survey during the period.

Voyage expenses specifically during the first quarter of 2026 amounted to 6.2 million, compared to 1.1 million during the first quarter of 2025. The increase was mainly attributed to bunker expenses incurred by the LCO2 multigas carrier Active relating to the ballast leg from the shipyard into the delivery range under its charter, and the bunker expenses incurred by two of our vessels passing their 5-year special survey ballasting to their drydock.

In addition, voyage expenses this quarter also included war risk insurance premiums paid by certain of our vessels to the amount of 2.7 million due to the ongoing geopolitical tensions in the Middle East. Please note that these premiums were fully reimbursed by our charterers and are included in revenue.

Moving to the next slide, there are four LNG vessels reaching their fifth year of age during 2026, namely, Adamastos and Aristarchos, who concluded their drydock in March and April, respectively, and Asklipios and Attalos, which we expect to commence their drydock in the third quarter of this year. After that, none of our vessels is expected to pass a special survey until 2028.

In terms of total drydocking costs, the guidance remains the same, at $5 million per drydock and around 20 to 25 days of off-hire. The drydocks performed so far have been delivered ahead of budget and with fewer off-hire days.

Moving now on to slide 8, we concluded the quarter with a cash position of 546 million, up from 296 million in the previous quarter, and with a net leverage ratio of 45.6%. The financial position of the company was further improved by the issuance of the 250 million euro bond in February, evidencing our ability to tap into alternative sources of funding.

Moving now on slide 10, where we provide a summary of the expected newbuilding deliveries for the remainder of the year. The LCO2 multigas carrier Amadeus was delivered to us a few days ago and is expected to trade in the LPG and ammonia markets on short to medium-time charter business.

In addition, we have brought forward the delivery dates of three LNG carriers, the Achilleas, the Agamemnon, and the Alkaios I, into what we expect to be a stronger charter market. We expect to report more on the employment of the Amadeus and the LNG carriers in the coming weeks.

Moving on to slide 11, our LNG fleet continues to provide long-term cash flow visibility to our investors. Following the BGN transaction, we now have 97 years of contracted backlog at an average TC rate of approximately 86,500 U.S.

dollars per day, representing a 2.9 billion of contracted revenue. If all options are exercised by our charterers, the contracted backlog increases to 1 to 136 years or to 4.3 billion in contracted revenue, respectively.

Turning now to slide 12 and the BGN transaction we announced in April. As announced, we have agreed to sell a 49% interest in the Amore Mio I, a 2023-built LNG carrier, to a global energy trader at a contract price of 230 million.

The transaction is expected to be consummated in the first quarter of 2027 and will enable the company to retain a 51% stake and management oversight, while at the same time securing a 10-year time charter for the vessel with options to extend for up to six additional years. The charter arrangement, if all options are exercised, is expected to generate up to 485.6 million in revenues through 2043, further enhancing the visibility of the company's long-term cash flows.

Moving now to our capex program on slide 13, you can see the funding of our newbuilding program is well supported. We have already paid a significant portion of the required capex, mainly supported by internally generated cash flows, asset monetization, and attractive debt financing, including the recent bond issuance.

Part of the proceeds of the newly issued bond were used to repay the bond issued in 2021. We plan to use the remainder to support the financing of our capex and for other general corporate purposes.

As we progress through 2026 and 2027, we expect capex to be mostly weighted towards the LNG carriers. As you can see, assuming 70% debt financing for the vessels that have not yet debt arrangements in place, and without taking internally generated cash flows into account, we expect the company to be fully funded for the remaining capex and expect a significant amount of cash to be released back to the company.

I would like now to turn to slide 15 and our Chief Commercial Officer, Nikos Tripodakis, who will run through our LNG market slides. I will then be available to answer your questions at the end of the call.

Nikos, over to you.

Thank you, Nikos, and good morning or afternoon to everyone. The first quarter in LNG shipping was shaped by the conflict in the Middle East, with a substantial part of global LNG volumes stranded in the Arabian Gulf, eclipsing any seasonal post-winter softening in charter rates.

The attack on Qatar's Ras Laffan facility on the 18th of March marked a pivotal moment for the LNG and LNG shipping markets, directly affecting global LNG supply dynamics. Qatar's role in the LNG industry is indispensable, producing approximately 20% of the world's output annually, with nearly 80% destined for Asia, as illustrated by the chart on slide 15.

This event represents a profound structural shift in our market, one that has fundamentally reshaped the landscape. As the chart indicates, the duration of Qatar's production outage is still unclear, but what is clear is that this outage will continue to add upwards pressure on prices and highlight the need for security and diversification of supply, mainly for Asian buyers, as we can see now in slide 16.

The reduction in available LNG is not merely a passing concern. It has already begun to reshape global LNG market dynamics.

We're witnessing a direct, fierce competition between Asia and Europe for what has become a much scarcer supply of commodity. European buyers must now act decisively to fill reserves ahead of winter, while gas storage in Europe remain approximately 20% lower than the 5-year average.

Meanwhile, Asian purchasing is also expected to be strong, albeit more price sensitive. Looking ahead, energy security and security of supply will be critical.

This is a theme that we will revisit throughout this discussion. When it comes to the effect of the Qatari outage for LNG shipping, flexible LNG from the U.S.

will inevitably travel structurally longer routes, resulting in extended ton-miles and increased demand for modern tonnage. Moving over to slide 17, we will now take a look into the role of the U.S.

as a source of reliable and flexible supply in the future. The United States are now positioned at the heart of global LNG market developments, taking on a central and indispensable role in shaping future supply and demand dynamics.

Analysis produced prior to recent geopolitical shifts already highlighted the surge in U.S. LNG volumes, with Asia set to capture a growing share.

Looking ahead, the scale of and the demand for this expansion is staggering. Between now and 2035, an estimated 220 to 300 new LNG vessels will be required to facilitate this expansion, followed by a replacement cycle demanding an additional 250 to 300 LNG carriers beyond 2035.

Turning now to slide 18. The recent geopolitical events of Q1, however, have not affected all LNG carriers in the same way.

Once again, large, modern, and efficient vessels like the ones CCEC controls reap the lion's share of the benefits, while older and smaller tonnage is finding it increasingly more challenging to secure employment once a long-term charter expires and they have to compete against modern vessels. As such, the impact is visible, with scrapping rates for older tonnage climbing sharply.

2025 set a new benchmark for LNG carrier scrapping, as illustrated by the chart on the left. Not only did we witness a record number of vessels sent to the breakers yards, but the pace has accelerated even further in 2026, with five LNG carriers already scrapped in Q1 alone, while several others have been laid up.

This run rate is unprecedented for this time of the year, underscoring the challenges that older vessels face, and we only expect the trend to continue, with approximately 80 to a 100 steamships removed in the next 3 to 5 years. Combining now what we have discussed so far, let's have a look at CCEC's positioning in this market.

Turning to slide 19, CCEC is uniquely positioned to excel in this environment of higher energy prices, longer ton-miles, and need for fleet replacement. We control a lion's share of modern tonnage, more than 15% of all available newbuilding vessels, and we provide unique flexibility compared to any other operator when it comes to both newbuilding availability and diversification of delivery periods.

On top of our six open newbuildings, we're also set to benefit from vessels redelivering to us from existing time charters towards the end of the decade, creating a staggered and a diversified redelivery profile that allows us to capitalize on any commercial opportunity that arises in what is a very strong part of the forward time charter curve, as it is shown in our supply and demand summary on slide 20. Under our S&D model, the main assumption change is that the Qatari capacity reduction, for which we assume 3 years.

We assume no change to the delivery schedule of newbuildings and any other liquefaction projects. This pushes the inflection point slightly into 2028 from our previous estimate of the end of '27, exemplified by a net 231 LNG carriers being delivered into a market requiring between 224 and 277, depending on FID status.

Clearly, there is a number of important and scalable moving parts within these assumptions. However, the dynamics highlighted in earlier slides provide us with confidence that there is ample demand for LNG shipping, which allows CCEC to benefit from this current dynamic geopolitical situation and generate positive returns for our shareholders.

This concludes our presentation for today, and I'm happy to pass it back to the operator and open the floor to any questions. Thank you very much.

Good afternoon, guys. How are you doing?

Hi, Alex. How are you?

Doing great, thanks. Wanted to circle back on the topic of LNG buyers and diversification.

How have you seen this impact charterers' sentiment around longer-term ton-mile demand? Are charterers expecting diversification to stretch ton-miles into the back half of the decade?

It's a very good question and one that is very tricky to answer accurately. What we're seeing now is something that has never happened in the LNG market and LNG shipping market before.

That is a sense of uncertainty regarding the Qatari supplies for Asian buyers. Something that was a constant in the LNG commodity market was that Qatari supply is constant and Asian buyers rely on it.

This war has shaken that consensus, and I believe more and more Asian buyers will go to the U.S. for their volumes.

This structurally and inevitably increases ton-miles. Now the extent of this is hard to gauge, but we do believe that this whole war will be very beneficial for U.S.

volumes in the future, and as such, inevitably, longer ton-miles as well.

Thank you. Appreciate the color.

Just switching gears, appreciate the rundown on the Amore Mio I sale in the JV structure. Looking ahead, are you considering similar opportunistic deals to fix your open newbuilds, and is there any preference versus standard long-term charters?

Look,

I would say that this was rather opportunistic, as you said. It was a very good way of partly monetizing one of our older vessels in the fleet, of course, quite young overall, since it will be 4 years old when the transaction consummates.

At the same time, secure a 10-year charter for a position that, especially before the war, was a more difficult position given market conditions. I would say it was opportunistic, but, of course, if the valuation is right and the employment is right, we would look at it again.

All right. That makes sense.

Thank you very much. I'll turn it back over.

Thank you.

Thank you. Hi, Gerry.

Just a couple questions from me, maybe just one, specifically to Capital. Apologies if you already answered this in your presentation, but just in terms of the early delivery of the newbuildings by a few months' time, just want to get a sense of what's behind that, what drove you to get those earlier, especially since I think two of them remain open for contract.

Is there any kind of price concession you got from the yard for that, or are there charter opportunities maybe that are driving you to want to take delivery of them sooner?

I'll answer the first part of the question in regard to how we got to the early deliveries, and maybe Nikos, you can take a bit on the market color as to what we see for these vessels. The reason that we brought these deliveries forward is because we thought that given the Middle East disruption, that there is a potential for to capture some of improved market conditions.

Really to put it into context how this came about, we have previously disclosed the redelivery of two We chose to delay two of our LNG carriers from their original agreed schedule. Actually, one was delayed by a few months, and that was the Agamemnon, and now the Agamemnon really goes back to her original 2026 delivery, while the Achilleas and the Alkaios, they were brought forward only slightly forward in Q3 '26.

Effectively, we worked again with the shipyard to align the construction progress with what we now see as a strengthening market. With regard to what we see, I think, Nikos, you're the best person to talk to that.

Yeah. The rationale behind advancing the deliveries of those two—well, three ships, one is just by 1 month—is the fact that we wanted to capitalize on the strengthening of the front part of the curve.

To put things into perspective, the spot market was trading at 25,000, let's say, at the end of January, right, for modern two-stroke vessels in the Atlantic. Once the war broke out, that increased to or spiked to 300,000.

Now it has normalized to around $100,000 per day. This effect and the high gas prices have also affected the multi-month and 1-year time charter rates.

Effectively, from our side, it was a quick commercial move to capitalize on what we believe would be a persisting slow market, and what we can say now is that 3 months into the conflict, we are already in a position to reap the benefit of that move, and we continue to see a very strong market for 1-year and winter charters.

Okay. That's very helpful.

Interesting dynamic there. Then perhaps then just as a follow-up, and as you mentioned, spot rates were kind of loitering at the bottom before the crisis, then shot up to 300, now we're at a 100 and kind of seemingly steady there.

Just maybe on that, are you surprised that rates have been able to hold up at these levels, just given how much of that Qatari capacity is offline? What do you think is actually keeping rates elevated given that the lack of cargoes, at least out of the Middle East?

It's a very good question. I think the main driver behind the increase in charter rates is the increase in the flat price of the commodity.

Effectively, what matters a lot in LNG shipping is not just ton-miles and availability of ships, it's also the underlying margin that any trader or charterer can actually make on the cargo. When you have the commodity pricing doubling from $10, $11 per MMBtu to 25 at the peak and now back down to 17, let's say, the margin is still healthy to support higher charter rates.

If anything, the percentage increase on charter rates is smaller than the percentage margin that traders make on the commodity. Yes, the arb is open and the open arb supports charter rates even more, but the most important thing is the flat price increase on the gas prices globally, and the fact that there is a lot of risk premium priced in for multi-month and 1-year durations.

That removes also re-let length from the market, fewer vessels available.

Okay. That very interesting.

Makes sense. Again, thank you, Nikos and Gerry.

I'll pass it back.

Thank you.

Thank you. Hi, Gerry.

How are you today?

Hi, Liam. Doing well.

How are you?

Good, thank you. Gerry, it's been a lot going on to say the least in the LNG market.

Post-conflict, we have no idea how it shakes out, but has it changed your view of the non-LNG or LPG market, or non-LNG gas transport market?

No, no, not really. If anything, again here the war in Iran and the blockade of the Hormuz Straits has had beneficial impact on charter rates across certain segments of the LPG ammonia market.

The VLGC market is on fire as we speak, and MGC market is mostly sold out. I think the LCO2 is in a very good position to capture the upside.

We have seen short-term fixtures, multi-month fixtures close to $60,000 per day. Market has moved upwards.

A 1-year market for an MGC is probably at rates of north of $40,000 per day, potentially more for that. The same with the handy LPG markets, the similar as our LCO2 carrier.

Again there, we have seen an improvement in numbers compared to what you would be expecting earlier in the first quarter. We expect also to be able to give a lot more color both on the LNG side as well as what we are fixing on the LCO2 side over the coming weeks.

There's quite a few things that we are working on that we cannot still disclose, but overall, I think what we see is an improved market conditions. In addition to that, I should also add that we have seen as a consequence, but also because of the wider newbuilding market, values rising.

This has been also quite beneficial for our intrinsic value, for our NAV. Overall, I think we have tailwinds across all markets.

The only caveat is, of course, that there is huge volatility as well as circumstances that are quite unique. We still need to see what happens if it will be prolonged.

Great. Thank you, Gerry.

The sale of the Amore Mio was to a global energy trading firm. Is this a precursor to doing more business with global trading firms?

Look, when you put together a joint venture like that, there is always a potential for more business. BGN is also one of the largest, if not the largest, LPG trader out there, especially out of the U.S., and they have been expanding their presence now into LNG.

There are potentially two contact points there, both on the LNG and the LPG, where we can do more business. It could be more likely than not straightforward time charters or other form of employment.

As I said earlier on, when you have the template, it could be easy to look into similar ownership structures. I hope that answers your question, but I think it's always good to be able to come together with companies that have this type of footprint.

No, you've answered my question. Thank you, Gerry.

Thank you.

Hi. Good afternoon.

Thanks for taking my questions. First, you talked about near-term strength in the curve.

At the same time, Asia's been burning more coal, is that something that you see as a structural headwind over the near term before more LNG supply comes on in the U.S., for example?

As we mentioned in the presentation, the Asian market is more price sensitive, hence, the more replacement by coal, and that has always been the case. I think all of these dynamics are incorporated in the forward curve.

If you look at the forward curve for the commodity, the balance of 2026 remains very strong. If anything, what has happened so far has been priced in, the replacement of coal is priced in in the curve, and the margins remain very healthy.

Now structurally, longer term, we don't expect this replacement to continue, as there is a shift towards cleaner fuels and cleaner energy globally and in Asia. We only think it's a solution when prices reach a certain level, which is hard to gauge, but in these markets, it is happening on replacement.

Still, the spot prices are high enough to support the margin that allows freight rates to be very healthy.

Got it. Then shifting to LPG, what does the charter market look like for your LCO2 carriers?

This is a bit more of a niche market I'm less familiar with, it'd be helpful to get any sort of color around what sort of routes they trade or what are the long-term time charter opportunities there?

Jerry, I think you should be thinking of our 22,000-cubic liquid CO2 carriers as sophisticated semi-pressurized multigas carriers. As we have discussed in previous calls, the LCO2 business has a longer timeline, we see a number of projects pushing to the 2029-2030 type of dates.

Until these emerge, and we continue to work there with a number of charterers, we will simply trade the vessel as a semi-ref LPG carrier. There you have multiple trades.

You have LPG, you have petrochemical cargoes, you have ammonia. The expectation is that this vessel will trade at least initially into the LPG business, and current market rates, I would say, are probably 1-year TC close to the safety low-40s for 1 year, higher if you're trading in the spot market.

It's a very versatile ship. She can trade into very different trades.

As I said earlier on, right now, the LPG market is quite strong, we hope to be able to take advantage of that.

Very helpful. Okay.

Thank you so much.

Thank you.

Thank you all, and apologies for the technical difficulties in the call. We are looking forward to connecting again for the next quarter results.

Thank you.