ATHENS, Greece, April 25, 2024 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (NASDAQ: CPLP) today announced that before the NASDAQ market opens on April 30, 2024, CPLP will release financial results for the first quarter ended March 31, 2024. On the same day, Tuesday, April 30, 2024, CPLP will host an interactive conference call at 9:00 a.m. Eastern Time to discuss the financial results. Conference Call Details:Participants should dial into the call 10 minutes before the scheduled time using the followi ...

ATHENS, Greece, April 25, 2024 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (NASDAQ:CPLP) today announced that before the NASDAQ market opens on April 30, 2024, CPLP will release financial results for the first quarter ended March 31, 2024. On the same day, Tuesday, April 30, 2024, CPLP will host an interactive conference call at 9:00 a.m. Eastern Time to discuss the financial results. Conference Call Details:Participants should dial into the call 10 minutes before the scheduled time using the followin ...

Financial Position - As of December 31, 2023, total cash and cash equivalents were $204.1 million, with restricted cash amounting to $11.7 million [416]. - Total partners' capital increased to $1,174.9 million, up $536.5 million from $638.4 million as of December 31, 2022, driven by net income of $47.2 million and proceeds from a Rights Offering of $498.7 million [423]. - Total borrowings increased to $1,787.8 million as of December 31, 2023, up from $1,299.2 million in 2022 [438]. - The Partnership issued €150.0 million of senior unsecured bonds with a 2.65% coupon, maturing in October 2026, and €100.0 million with a 4.40% coupon, maturing in July 2029 [456][457]. - The Partnership maintained compliance with all financial debt covenants as of December 31, 2023 [464]. - The Partnership's financing arrangements include customary ship finance covenants and require maintaining a minimum free consolidated liquidity of at least $0.5 million per collateralized vessel [467]. Cash Flow and Operating Activities - Net cash provided by operating activities rose to $189.4 million in 2023, compared to $172.6 million in 2022, reflecting an increase of $16.8 million [432]. - Net cash used in investing activities surged to $447.1 million in 2023, primarily due to vessel acquisitions, compared to $14.1 million in 2022 [434]. Vessel Acquisitions and Financing - The company entered into an Umbrella Agreement to acquire 11 newbuild LNG/C vessels for a total price of $3,130.0 million [425]. - A deposit of $174.4 million was paid for the initial vessels, with a remaining balance of $1,287.0 million due upon delivery [426]. - The company expects to pay an additional $808.8 million for remaining vessels, with expected delivery between Q3 2026 and Q1 2027 [427]. - The 2023 CMBFL - LNG/C AMI sale and leaseback transaction amounts to $196.3 million, aimed at financing the acquisition of shares in the LNG/C Amore Mio I [442]. - The Partnership entered into a sale and lease back agreement for up to $108.0 million to finance the acquisition of the M/V Itajai Express, with the full amount drawn on January 6, 2023, and a duration of eight years [446]. - The sale and lease back agreements for the vessels M/V Athos and M/V Aristomenis were valued at $38.5 million each, with a five-year lease duration and a purchase option at $22.5 million [447]. - A total of $155.4 million was drawn for the sale and lease back of three vessels with ICBCFL, with $96.2 million repaid upon the sale of two vessels and the remaining $38.3 million to be repaid in March 2024 [448]. - The 2021 CMBFL Panamax sale and lease back agreement involved three vessels at $10.0 million each, with a total repayment of $23.4 million completed in March 2023 [449]. - The 2021 BoComm Facility included assumed indebtedness of $148.9 million and $155.4 million for two LNG carriers, with a purchase obligation of $84.7 million at maturity [451]. - The 2021 CMBFL LNG/C sale and lease back involved debts of $146.3 million and $149.6 million, with purchase options at $90.7 million and $91.4 million respectively [452]. - As of December 31, 2023, the required annual payments for financing arrangements total $1,787.8 million, with significant payments due in 2028 and thereafter [458]. Vessel Valuation and Impairment Analysis - The total carrying value of vessels as of December 31, 2023, is $2,491.9 million, an increase from $1,757.9 million in 2022 [475]. - The company performed undiscounted cash flow tests for impairment analysis, indicating that projected net operating cash flows exceed carrying values significantly [476]. - The sensitivity analysis shows that LNG carriers would incur impairment with a 70.1% decline from historical averages, while Cape vessels would incur impairment with a 32.3% decline [478]. - The carrying values of certain vessels exceed their basic charter-free market value by $5.1 million and $5.6 million for 2023 and 2022, respectively [475]. - The company considers various factors for impairment analysis, including charter revenues, operating expenses, and dry-docking expenditures [476]. - The historical performance of the fleet is a key factor in determining assumptions for future cash flows [477]. - The company believes that the undiscounted cash flows support the vessels' carrying amounts as of December 31, 2023, and 2022 [478]. Future Projections - Future minimum charter hire receipts for 2024 are projected at $403.3 million, totaling $1,561.8 million through 2028 [419]. - The company anticipates that charter rates may remain depressed, potentially affecting revenue and profitability [476]. - The company estimates a utilization rate of 99.4% based on historical performance for its fleet [476].

ATHENS, Greece, March 20, 2024 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (NASDAQ:CPLP), an international owner of ocean-going vessels, today announced that the Partnership entered into a memorandum of agreement for the sale of three 10,000 TEU container vessels, built in 2011 at Samsung Heavy Industries, S. Korea: the M/V Athos, the M/V Aristomenis and the M/V Athenian. Delivery of the vessels to the buyer is expected in April 2024. On November 13, 2023, as part of the transformative acquisition of ...

ATHENS, Greece, March 04, 2024 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (NASDAQ:CPLP), an international owner of ocean-going vessels, today announced that it has entered into a memorandum of agreement for the sale of M/V Akadimos (115,534 DWT / 9,300 TEU, Eco-Flex, Wide Beam container vessel, built 2015, Daewoo-Mangalia Heavy Industries S.Α., Romania). Delivery to the buyer is expected within March 2024. The Partnership has also entered into a memorandum of agreement for the en bloc sale of sister ...

MediaProduction/iStock via Getty ImagesInvestment Rundown The past few months have been quite the rollercoaster for Capital Product Partners L.P. (NASDAQ:CPLP) as the stock price went from under $14 in late December to now nearly $18 in stock price. The reason seems to have come from increased hostilities in the Red Sea region which CPLP operates in along with rapidly rising shipping spot prices. But perhaps above all has been the closing of an agreement to acquire vessels totaling around $3.1 billion w ...

Financial Performance - Total revenues for Q4 2023 were $95.5 million, representing a 20% increase from $79.9 million in Q4 2022[27]. - Total revenues for the year 2023 were $360.6 million, compared to $299.1 million in 2022, marking a 20.5% growth[67]. - Operating income for Q4 2023 was $40.5 million, an increase from $37.8 million in Q4 2022, reflecting a 4.5% rise[67]. - Net income for Q4 2023 was $12.7 million, a decrease of 40% compared to $21.1 million in Q4 2022[27]. - Partnership's net income for Q4 2023 was $12.7 million, down from $21.1 million in Q4 2022, a decrease of 40.5%[67]. - Net income per common unit for Q4 2023 was $0.48, compared to $1.03 in Q4 2022, a decline of 53.4%[67]. - Operating surplus for Q4 2023 was $40.5 million, slightly down from $41.7 million in Q3 2023, with a capital reserve allocation of $39.0 million[39]. - Interest expense and finance costs for the year totaled $104.9 million, compared to $55.4 million in 2022, a significant increase of 89.5%[67]. Expenses - Total expenses for Q4 2023 were $55.1 million, up 31% from $42.1 million in Q4 2022, primarily due to increased vessel operating expenses and a non-cash impairment charge of $3.5 million[2][29]. - General and administrative expenses for Q4 2023 rose to $5.7 million, compared to $4.0 million in Q4 2022, mainly due to costs related to the LNG/C Transaction[2]. - Vessel operating expenses increased to $17.7 million in Q4 2023 from $15.0 million in Q4 2022, a rise of 11.5%[67]. Fleet and Operations - The average number of vessels in the fleet increased by 13% to 22.5 vessels in Q4 2023[21]. - The LNG fleet capacity is projected to grow by 10.5%, outpacing LNG tonne-mile trade growth of 5.6% in 2024[46]. - The Partnership expects to deliver four Remaining Vessels between Q3 2026 and Q1 2027, with an additional payment of $909.9 million due for these vessels[59]. Financing and Capital - The company concluded a $500.0 million rights offering and successfully acquired 11 latest generation two-stroke (MEGA) Liquefied Natural Gas Carriers (LNG/C) for a total acquisition price of $3,130.0 million[1][22]. - Total debt as of December 31, 2023, was $1,787.8 million, reflecting an increase of $488.6 million from $1,299.2 million a year prior[30]. - The Partnership paid a deposit of $174.4 million for the Initial Vessels, representing 10% of the total acquisition price of $1,287.0 million[41]. - The acquisition of LNG/C Axios II was financed through a $190.0 million senior secured loan and a $92.6 million drawdown under Seller's Credit[34]. - Cash at the end of 2023 was $204.1 million, including $11.7 million in restricted cash[56]. Market Outlook - The company anticipates increasing shipping demand for LNG/Cs, with newbuild orders expected to surpass current yard capacity by the end of the decade[10]. - LNG spot rates for a 2-stroke vessel averaged $171,250 in Q4 2023, while the 1-year time charter rate was around $70,000/day as of January 2024[63]. Distribution - The company declared a cash distribution of $0.15 per common unit for Q4 2023, payable on February 13, 2024[9]. Shareholder Metrics - The weighted-average units outstanding for Q4 2023 were 25,941,874, compared to 19,505,152 in Q4 2022, an increase of 32.9%[67]. - The Partnership completed a $500.0 million Rights Offering, issuing 35,087,719 common units at a price of $14.25 each[40].

February 2, 2024 Non-GAAP Measures Q4'23 Earnings Presentation capitalpplp.com Important Notice This presentation contains non-GAAP measures, including Operating Surplus. Operating Surplus represents net income adjusted for depreciation and amortization expense, exchange differences on Bonds and cash and cash equivalents, change in fair value of derivatives, impairment, amortization/ accretion of above/ below market acquired charters and straight-line revenue adjustments. Operating Surplus isa quantitative ...

Financial Data and Key Metrics Changes - Net income for Q4 2023 was $12.7 million, or $16.3 million excluding a $3.5 million impairment related to vessel sales [5] - Total revenue for Q4 2023 increased to $95.5 million from $79.9 million in Q4 2022, primarily due to new vessel acquisitions [6] - General and administrative expenses rose to $5.7 million from $4 million, mainly due to costs associated with the LNG transaction [7] - Interest expense increased to $27.9 million in Q4 2023 from $18.4 million in Q4 2022, driven by higher average indebtedness and interest rates [8] - Total expenses for Q4 2023 were $55.1 million compared to $42.1 million in Q4 2022 [20] - Total debt increased by $488.6 million to $1.8 billion compared to $1.3 billion at year-end 2022 [23] Business Line Data and Key Metrics Changes - The partnership's capital amounted to $1.175 billion at the end of Q4 2023, up from $638.4 million at the end of 2022 [9] - The partnership's contracted revenue backlog now stands at $3.1 billion, with over 80% coming from LNG assets [28] - The charter coverage for 2024 and 2025 is 100% and 82% respectively, with a remaining charter duration of 7.2 years [19] Market Data and Key Metrics Changes - Spot rates for a two-stroke vessel averaged $171,250 per day in Q4 2023, while the one-year time charter rate was $75,000 per day at the end of January 2024 [31] - The U.S. became the world's largest LNG exporter in 2023, with gas storage levels in Europe reaching historic highs [32] Company Strategy and Development Direction - The company aims to transform into a leading LNG and energy transition-focused shipping corporation, with plans to convert from a limited partnership to a corporation by June 2024 [18] - The company is focusing on opportunistic divestments of container vessels while executing its business plan for LNG carrier deliveries [58] Management's Comments on Operating Environment and Future Outlook - Management noted that reduced focus on energy security and warm weather led to lower gas prices in 2023, impacting charter rates [31] - The company expects to incur approximately $720 million of additional debt in 2024 for the delivery of remaining LNG carriers [15] Other Important Information - The board declared a cash distribution of $0.15 per common unit for Q4 2023, payable on February 13, 2024 [19] - The company has secured rights of first refusal on two large ammonia carriers and two liquid CO2 carriers currently on order [18] Q&A Session Summary Question: What is the status of the corporate conversion from a partnership to a corporation? - Management is optimistic about completing the conversion by the target date, with both parties motivated to finalize the process [60] Question: How will the corporate conversion affect management operations or strategy? - The conversion is expected to allow for a more flexible capital allocation policy, moving away from the rigid MLP model [52] Question: What is the appetite for charters in the current market? - There is strong interest from charters for both fleet replacement and new projects, despite current market conditions [67]

ATHENS, Greece, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (NASDAQ: CPLP) today announced that before the NASDAQ market opens on February 2, 2024, CPLP will release financial results for the fourth quarter ended December 31, 2023. On the same day, Friday, February 2, 2024, CPLP will host an interactive conference call at 10:00 am Eastern Time to discuss the financial results. Conference Call Details: Participants should dial into the call 10 minutes before the scheduled time using the f ...