Financial Position - As of December 31, 2024, total cash and cash equivalents were $336.5 million, with restricted cash amounting to $22.5 million [463]. - Total shareholders' equity increased to $1,342.9 million as of December 31, 2024, reflecting a net income of $193.6 million for the year [470]. - Total borrowings as of December 31, 2024, were $2,598.3 million, up from $1,690.4 million in 2023 [491]. Cash Flow - Net cash provided by operating activities for the year ended December 31, 2024, was $194.5 million, an increase of $104.0 million compared to 2023 [481]. - Cash proceeds from financing activities for the year ended December 31, 2024, were $742.3 million, primarily from new financing arrangements [488]. Investment Activities - Net cash used in investing activities for the year ended December 31, 2024, amounted to $1,201.2 million, primarily for vessel acquisitions [484]. - Future minimum charter hire receipts for 2025 are projected at $400.9 million, contributing to a total of $2,248.7 million through 2029 [467]. - The company entered into an Umbrella Agreement for the acquisition of Newbuild LNG/C Vessels for a total price of $3,130.0 million [471]. - The company expects to pay an additional $582.3 million for the Remaining Vessels, with expected deliveries between Q3 2026 and Q1 2027 [473]. Financing Arrangements - The vessel-owning company entered into a new credit facility with BNP for up to $192.0 million to partially finance the construction of the LNG/C Apostolos, fully drawn in June 2024 [495]. - A sale and lease back agreement of up to $240.0 million was established for the full repayment of the 2024 – LNG/C Apostolos credit facility, with a duration of eight years [495]. - The LNG/C Aktoras credit facility was secured with Piraeus for up to $240.0 million, fully drawn in June 2024, with a duration of seven years [496]. - Amendments to sale and lease back agreements with Bocomm reduced interest and extended maturity by two years, involving initial indebtedness of $148.9 million and $155.4 million for LNG/C Aristos I and LNG/C Aristarchos respectively [497]. - A new sale and lease back agreement of up to $240.0 million was entered into for the acquisition of shares of the LNG/C Assos, fully drawn in May 2024 [498]. - A credit facility with ING for up to $190.0 million was established for the LNG/C Axios II, fully drawn on January 2, 2024, with a duration of seven years [499]. - The Seller's Credit with Capital Maritime amounted to $220.0 million, with $92.6 million utilized upon delivery of LNG/C Axios II, and remaining unutilized amount reduced to $42.2 million by June 2024 [500]. - The 2023 CMBFL - LNG/C AMI transaction involved a $196.3 million sale and leaseback agreement with a 10-year tenor [502]. - A new syndicated credit facility of up to $100.0 million was secured for the acquisition of M/V Buenaventura Express, fully drawn on June 15, 2023 [503]. - Financing arrangements require maintaining a minimum free consolidated liquidity of at least $0.5 million per collateralized vessel and a ratio of EBITDA to net interest expense of at least 2.00 to 1.00 [511]. Strategic Plans - The company plans to evaluate opportunities for vessel and business acquisitions, subject to financing availability [469].

Financial Performance - Net income for Q1 2024 was $33.9 million, up from $10.0 million in Q1 2023, with net income per common unit at $0.61 compared to $0.49 in Q1 2023[2] - Total revenue for Q1 2024 reached $104.5 million, a 29% increase from $81.0 million in Q1 2023, driven by newbuild vessels[12] - Operating income for the three-month period was $65.9 million, up from $35.9 million in the same period last year[1] - Revenues for the three-month period ended March 31, 2024, were $104.5 million, representing a 29% increase from $81.0 million in the same period of 2023[50] - Net income for the same period was $33.9 million, a significant increase of 239% compared to $10.0 million in the prior year[50] - Net cash provided by operating activities was $47.3 million, compared to $38.6 million in the previous year[38] Expenses and Liabilities - Total expenses for Q1 2024 were $54.9 million, up from $45.1 million in Q1 2023, with vessel operating expenses increasing to $22.7 million[3] - Total liabilities increased to $2,112.6 million as of March 31, 2024, from $1,965.4 million at the end of 2023[45] - Interest expense and finance costs rose to $34.0 million, a 43% increase from $23.7 million in the previous year[50] Assets and Capital - As of March 31, 2024, total partners' capital increased to $1,203.9 million, reflecting a $29.0 million rise from $1,174.9 million at the end of 2023[4] - Total assets as of March 31, 2024, amounted to $3,316.6 million, an increase from $3,140.3 million at the end of 2023[45] - The Partnership's total debt as of March 31, 2024, was $1,943.6 million, an increase of $155.8 million from $1,787.8 million at the end of 2023[14] Vessel Operations and Market Outlook - The Partnership announced the sale of five container vessels, expected to generate net proceeds of approximately $182.5 million[28] - The Partnership took delivery of the LNG/C Axios II on January 2, 2024, which commenced a one-year time charter followed by a seven-year bareboat charter[15] - Currently, 332 vessels are on order, with a 50.8% orderbook-to-fleet ratio, indicating strong demand for LNG carrier newbuilds[17] - The LNG shipping market is expected to tighten from 2026 as new LNG capacity comes online, with current charter rates normalizing towards pre-war levels[31][32] Operational Metrics - Operating surplus for Q1 2024 was $48.3 million, compared to $40.5 million in the previous quarter, with $9.6 million remaining after capital reserve allocation[6] - The average number of vessels increased to 23.3 in the first quarter of 2024, up from 21.4 in the same period of 2023, reflecting a 9% increase[50] - Cash and cash equivalents at the end of the period were $157.7 million, including $11.2 million in restricted cash[51] - The company expects proceeds from the sale of multiple vessels to be approximately $182.5 million after debt repayment[54]

Q2'24 Earnings and Corporate Conversion Presentation August 2, 2024 capitalpplp.com Important Notice This presentation contains forward-looking statements (as such term is defined in Sec- tion 21E of the Securities Exchange Act of 1934, as amended). These statements can be identified by the fact that they do not relate only to historical or current facts. In partic- ular, forward-looking statements include all statements that express forecasts, expecta- tions, plans, outlook, objectives and projections with ...

Financial Data and Key Metrics Changes - Net income for Q2 2024 was $34.2 million, compared to $7.4 million in Q2 2023, with net income per common unit increasing to $0.62 from $0.36 [10][11] - Total revenue for Q2 2024 was $97.7 million, up from $88.5 million in Q2 2023, primarily due to revenue from newbuilding vessels [10][11] - Total expenses decreased to $48.3 million in Q2 2024 from $50.6 million in Q2 2023, with vessel operating expenses down to $20.2 million from $23.5 million [10][11] Business Line Data and Key Metrics Changes - The fleet consists of 20 vessels, including 12 LNG carriers and 8 legacy container vessels, with a revenue backlog of $2.4 billion from LNG carriers [7][8] - The company announced a strategic investment in 10 new gas carriers for $756 million, with expected deliveries between Q1 2026 and Q3 2027 [8][9] - The legacy container fleet has generated close to $180 million in net profits from sales in less than six months [7] Market Data and Key Metrics Changes - Global LNG imports remain robust, with China’s imports increasing by approximately 24% year-on-year [20] - Spot rates for LNG carriers reached $90,000 per day in early July, with term charter rates for one to three-year periods around $85,000 per day [19] - The LNG fleet expanded by 10 ships in Q2 2024, with newbuilding prices for LNG carriers steady at $260 million per vessel [22] Company Strategy and Development Direction - The company is transitioning to a corporation named Capital Clean Energy Carriers Corp., focusing on LNG and energy transition business [4][5] - The strategic pivot aims to create the largest U.S.-listed LNG and gas platform, enhancing investor appeal and liquidity [6][24] - The company plans to maintain a conservative dividend policy of $0.15 per unit while exploring a floating dividend policy tied to free cash flow or net income in the future [25][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the LNG market fundamentals and the potential for significant cash flow visibility and stability during the growth phase [8][10] - The company anticipates that LNG capacity additions will accelerate from 2025, with the U.S. and Qatar being primary drivers of this growth [21] - Management highlighted the importance of dual-fuel capabilities in their fleet, contributing to a reduced carbon footprint and aligning with energy transition goals [32][34] Other Important Information - The company refinanced the LNG carrier Aristidis I, releasing $54.8 million in additional liquidity [9][15] - The total debt increased to $2.6 billion, primarily due to the acquisition of new LNG carriers [13] - The company is actively engaging in discussions for long-term contracts for low carbon ammonia and liquid CO2 transportation [27][36] Q&A Session Summary Question: Will the company continue its current dividend policy after the corporate conversion? - The company intends to maintain the $0.15 per unit quarterly distribution while exploring ways to increase it before the new vessels deliver [25][30] Question: What is the potential earnings power of the new alternative fuel transport vessels? - There is ongoing interest in long-term contracts for low carbon ammonia, with inquiries expected to mature around 2027-2028 [26][27] Question: How does the company view the clean energy shipping market? - The company sees itself as a significant player in clean energy shipping, focusing on LNG, low carbon ammonia, and liquid CO2 transportation [31][34] Question: What is the inquiry landscape for LNG carriers? - The company is receiving a mix of inquiries for long-term charters from traditional LNG importers and energy companies, indicating a positive outlook [44][46] Question: How does the company plan to leverage its early mover advantage in the liquid CO2 market? - The company aims to engage with various stakeholders in the liquid CO2 supply chain, providing stable shipping solutions while also trading in traditional markets [48][50]

Core Viewpoint - Capital Product Partners L.P. is transitioning to a corporation named "Capital Clean Energy Carriers Corp." (CCEC) to enhance corporate governance and focus on LNG and energy transition business [1][2][6] Company Transition - The conversion from a limited partnership to a corporation is expected to be completed by August 26, 2024, with shares trading under the new name and ticker symbol "CCEC" on Nasdaq [4] - Each common unit of CPLP will convert into one common share of CCEC, with the General Partner Units converting into 3,500,000 common shares [4][5] Strategic Pivot - The company is pivoting towards the transportation of natural gas, including LNG, and has entered into an Umbrella Agreement to acquire 11 newbuild LNG/C vessels, with five already operational and six expected to be delivered between Q1 2026 and Q1 2027 [2][3] - A total investment of $3.9 billion is planned for new vessels, including 10 high-specification gas carriers, to position the company as a leader in clean fuel transportation [2][3] Corporate Governance Changes - Following the conversion, the Board will consist of eight directors, with a majority being independent as per Nasdaq rules [4][5] - Capital Maritime and its affiliates will hold approximately 59.0% of the outstanding common shares and will have the right to nominate directors based on their ownership percentage [4][5] Current Fleet and Future Plans - The company currently operates 20 high-specification vessels, including 12 latest generation LNG carriers, and plans to acquire additional vessels to enhance its fleet [8] - Upon completion of the new vessel deliveries, the company expects to become the largest U.S.-listed LNG shipping company [3]

Company Overview - Capital Product Partners L.P. (NASDAQ:CPLP) is an international owner of ocean-going vessels, currently owning 20 high specification vessels, including 12 latest generation LNG carriers and eight Neo-Panamax container vessels [6] - The company has agreed to acquire six latest generation LNG carriers to be delivered between Q1 2026 and Q1 2027, as well as 10 gas carriers to be delivered between Q1 2026 and Q3 2027 [6] Upcoming Financial Results - CPLP will release its financial results for the second quarter ended June 30, 2024, before the NASDAQ market opens on August 2, 2024 [3] - An interactive conference call will be hosted on the same day at 9:00 a.m. Eastern Time to discuss the financial results [3] Conference Call Details - Participants are encouraged to dial into the call 10 minutes before the scheduled time using the provided toll-free and international dial-in numbers [4] - A live and archived webcast of the conference call will be available on the company's website, along with accompanying slides [5]

Core Viewpoint - Capital Product Partners L.P. is making a strategic investment in 10 advanced technology gas carriers, aiming to diversify its gas transportation capabilities and align with energy transition trends [1][3][4]. Transaction Highlights - The acquisition includes six Dual Fuel Medium Gas Carriers (MGCs) and four Liquid CO2 Handy Multi Gas Carriers (LCO2s), with a total investment of USD 756 million and expected deliveries between Q1 2026 and Q3 2027 [6][4]. - The investment is expected to be funded through cash from the sale of container vessels and debt financing [6][10]. Vessel Specifications - The MGCs will have a capacity of 45,000 cbm and a contract price of USD 78.1 million each, while the LCO2s will have a capacity of 22,000 cbm at a price of USD 78.2 million each [5][6]. - The MGCs are designed to offer reduced unit freight costs, featuring dual fuel capabilities and energy-saving technologies, with a capacity increase of 15%-30% compared to older models [8][9]. Strategic Importance - This acquisition positions Capital Product Partners at the forefront of energy transition shipping, enhancing its ability to transport Liquefied Petroleum Gas (LPG), ammonia, and liquid CO2, which are expected to see strong demand [3][9][7]. - The company aims to maintain its core focus on LNG while expanding into conventional gas and energy transition sectors [4][6]. Market Context - The shipbuilding market is currently tight, making the secured early slots at reputable shipyards a significant advantage for the company [4][7]. - The LCO2 vessels are expected to play a crucial role in the carbon capture, utilization, and storage (CCUS) business, with the capability to transport over 1 million tonnes of liquid CO2 annually [9][6].

ATHENS, Greece, May 09, 2024 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (the "Partnership", "CPLP" or "we" / "us") (NASDAQ:CPLP), an international owner of ocean-going vessels, is pleased to announce the appointment of Brian Gallagher as Executive Vice President for Investor Relations. Brian previously held the position of Head of Investor Relations at Euronav NV from 2014 until the end of 2023 and served on the executive management board from 2016 onwards. CEO Jerry Kalogiratos said: "We are very pl ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2024 was $104.5 million, an increase from $81 million in Q1 2023, primarily due to revenue from new vessels acquired [39] - Net income for Q1 2024 was $33.9 million, or $17.5 million excluding vessel sale gains, compared to $10 million in the same quarter last year [15][13] - Total expenses for Q1 2024 were $54.9 million, up from $45.1 million in Q1 2023, with vessel operating expenses increasing to $22.7 million from $19.3 million [14] - Average interest expense increased to $34 million in Q1 2024 from $23.7 million in Q1 2023, attributed to higher average indebtedness and interest rates [40] - Total debt rose by $156 million to $1.944 billion compared to the end of 2023, due to new bank debt and seller's credit related to vessel acquisitions [41] Business Line Data and Key Metrics Changes - The LNG fleet has a contracted backlog of 76 years at an average daily rate of $88,500, which could extend to 111 years if all options are exercised [7] - The container fleet's contracted backlog spans 32 years at a weighted average daily rate of $38,200, potentially increasing to 51 years with exercised options [8] - The partnership's current fleet charter coverage for 2024 and 2025 stands at 100% and 82% respectively, with a revenue backlog of $2.8 billion [3][17] Market Data and Key Metrics Changes - The LNG market is normalizing after high rates due to decreased demand, with spot rates weakening due to high gas storage levels in Europe and Asia [9] - Charter markets for two-stroke vessels are expected to remain healthy in 2024 and 2025, driven by attractive freight costs and environmental regulations [10] - Global LNG imports remain strong, particularly from China, with overall tonne-miles higher in Q1 2024 compared to last year [20] Company Strategy and Development Direction - The company is focused on LNG and energy transition gases, including ammonia and liquid CO2, and plans to divest from container vessels if reasonable prices are offered [58] - The company aims to complete the conversion from a master limited partnership to a corporate structure, with expectations to announce plans in June [25] - The strategy includes taking delivery of three LNG carriers by mid-2024 and continuing progress on the conversion to a corporate structure [23] Management's Comments on Operating Environment and Future Outlook - Management noted that geopolitical disruptions are key for the LNG carrier sector, with expectations of high volatility in rates later in the year [19] - The company anticipates a tightening market from 2026 onwards, with significant demand for new projects and replacement of older vessels [78] - Management expressed confidence in the ability to navigate the transition to a corporate structure without issues from lenders [72] Other Important Information - The partnership declared a cash distribution of $0.15 per common unit for Q1 2024, payable on May 14 [3] - The company recognized a gain of $16.4 million from the sale of two container vessels [13] - The LNG fleet order book currently stands at approximately 50% of the total fleet, indicating strong demand for new builds [47] Q&A Session Summary Question: Update on corporate conversion timing - Management expects to communicate the outline of the new corporate governance and conversion by June, with a likely need for a unit holder vote [25] Question: Current charter rates and market conditions - Charter rates for the second, third, and fourth quarters are projected to be around $55,000, $78,000, and $140,000 per day respectively, indicating a seasonal low but expected recovery [27] Question: Liquidity in the container ship market - The container market is tight, with increasing charter rates and asset values, and the company is patient in seeking reasonable bids for remaining vessels [30][31] Question: Future dividend and capital allocation policy - Management indicated a potential shift to a more flexible payout structure post-conversion, but specific details will be determined by the board [33] Question: Appetite for long-term contracts on new builds - There is an expectation of significant demand for replacing older vessels with newer fleets, particularly as environmental regulations take effect [73]

This presentation contains forward-looking statements (as such term is defined in Sec- tion 21E of the Securities Exchange Act of 1934, as amended). These statements can be identified by the fact that they do not relate only to historical or current facts. In partic- ular, forward-looking statements include all statements that express forecasts, expecta- tions, plans, outlook, objectives and projections with respect to future matters, including, among other things, the expected financial performance of CPLP ...