CCEC sells LNG carrier stake, seals 10-year charter deal

The Evangelos Marinakis-backed, US-listed shipping firm said on Wednesday that the JV will be effected through BM Capital HoldCo LLC, a newly formed Marshall Islands limited liability company, in which CCEC holds a 51 percent interest and BMarine Shipping Investment FZCO holds the remaining 49 percent.

BM Capital, a wholly owned subsidiary of BM Capital HoldCo, will acquire the vessel for $230 million.

CCEC said the existing financing on the vessel is expected to be refinanced upon acquisition of the vessel in the first quarter of 2027.

Moreover, the JV 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.

This charter is 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, according to CCEC.

As a result of this transaction, as at the end of March 2026, CCEC will have average remaining firm charter duration for its LNG carriers of 6.9 years and $2.9 billion in contracted revenues.

In addition, if all extension options are exercised by the charterers, this would increase to average duration of 9.9 years and total contracted revenues of $4.3 billion, CCEC said.

In December 2025, CCEC ordered three LNG carriers from South Korea’s HD Hyundai Samho.

One vessel is scheduled for delivery in the third quarter of 2028 and two further deliveries are scheduled in the first quarter of 2029.

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.

First LNG carrrier for BGN

Jerry Kalogiratos, CEO of CCEC, said 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,” he said.

Ozan Turgut, BGN Shipping director, said 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,” Turgut said.

“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,” he said.

Last year, BGN completed its first LNG delivery to Germany, while simultaneously securing a deal to supply Egypt with LNG.