Investor Presentation March 2022 www.capitalpplp.com Investment Highlights 1 ▪ Diversified, modern fleet: 6 latest generation LNG carriers ('LNGC'), 14 container vessels and 1 dry bulk capesize vessel. ▪ Long charter duration: Vessels employed under period contracts with remaining charter duration of 4.9 years and $1.21 billion of contracted revenue. ▪ Common unit quarterly distribution guidance of $0.15. Implied 3.9% annual distribution yield*. ▪ Consistent distributions: Have paid non-stop distributions t ...

Capital Product Partners L.P. (NASDAQ:CPLP) Q4 2021 Earnings Conference Call February 2, 2022 9:00 AM ET Company Participants Gerasimos Kalogiratos - CEO Conference Call Participants Liam Burke - B. Riley Randall Giveans - Jefferies Operator Thank you for standing by and welcome to the Capital Product Partners' Fourth Quarter 2021 Financial Results Conference Call. We have with us Mr. Jerry Kalogiratos, Chief Executive Officer of the Company. [Operator Instructions] I must advise you this conference is bein ...

Capital Product Partners LP (NASDAQ:CPLP) Q3 2021 Earnings Conference Call November 5, 2021 9:00 AM ET Company Participants Gerasimos Kalogiratos - CEO Conference Call Participants Liam Burke - B. Riley Securities Randall Giveans - Jefferies J. Mintzmyer - Value Investor's Edge Benjamin Nolan - Stifel, Nicolaus & Company Operator Thank you for standing by and welcome to the Capital Product Partners' Third Quarter 2021 Financial Results Conference Call. We have with us Mr. Jerry Kalogiratos, Chief Executive ...

| --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------------------------------|-----------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Second Quarter 2021 | | | | | | | | Earnings Presentation | | | | | | | July 30, 2021 | | | | | | | | Capital Product Partners L.P. | | | | | | | | www.capitalpplp.com | | Important Notice O The statements in this presentation that are not historical facts, in ...

Capital Product Partners LP (NASDAQ:CPLP) Q2 2021 Earnings Conference Call July 30, 2021 9:00 AM ET Company Participants Gerasimos Kalogiratos - CEO Conference Call Participants Randy Giveans - Jefferies Ben Nolan - Stifel, Nicolaus & Company Operator Thank you for standing by, and welcome to the Capital Products Partners Second Quarter 2021 Financial Results Conference Call. We have with us Mr. Gerry Kalogiratos, Chief Executive Officer of the company. At this time, all participants are in a listen-only mo ...

Financial Performance & Distributions - Net income for the first quarter of 2021 was $109 million[6] - The partnership declared a common unit distribution of $010 for the quarter[6] - The partnership's operating surplus was $245 million, or $144 million after the quarterly allocation to the capital reserve[6] - Total assets increased to $869537 thousand as of March 31, 2021, compared to $822198 thousand as of December 31, 2020[22] Fleet & Charter Coverage - The company took delivery of three 5,100 TEU container vessels with long-term employment to Hapag Lloyd[6] - The company agreed to sell two 9,300 TEU containers for a total consideration of $1950 million[6] - Average remaining charter duration is 41 years, with 88% charter coverage for 2021 and 80% for 2022[7] Market Trends & Outlook - Container charter rates for a standard 8,500 TEU have increased from around $17,000 per day in 2Q2020 to over $40,000 for a 5-year period[28] - The SCFI Comprehensive Index on April 16th stood at 2,833, an increase of 242% year-over-year[28] - Overall demand growth is expected at 60% for 2021 and 38% for 2022[28] Strategic Initiatives - The company repurchased approximately 134,000 common units since the launch of the unit repurchase plan on February 19, 2021[7] - The company expects gross cash proceeds of approximately $976 million from the sale of two vessels after repaying outstanding debt[33] - The company has a substantial asset pipeline of approximately $17 billion with an estimated annual EBITDA generation of approximately $185 million[44]

PART I This section provides an overview of the Partnership's business, operational risks, financial performance, governance, and market exposures [Item 3. Key Information](index=6&type=section&id=Item%203.%20Key%20Information) This section details the principal risks of investing in the Partnership, encompassing industry, operational, financial, regulatory, and tax-related challenges [Risk Factors](index=6&type=section&id=D.%20Risk%20Factors) The Partnership faces substantial risks from the cyclical shipping market, operational dependencies, significant debt, evolving regulations, and complex tax implications for unitholders - The ocean-going container and drybulk shipping industries are cyclical and volatile, with charter rates and profitability subject to fluctuations in supply and demand[31](index=31&type=chunk)[32](index=32&type=chunk) - The Partnership derives all its revenues from a limited number of charterers, with HMM, CMA CGM, and Hapag-Lloyd accounting for **37%, 22%, and 20% of total revenues** respectively in 2020[63](index=63&type=chunk) - The COVID-19 pandemic has negatively impacted operations through increased crewing costs, higher crew rotation expenses, and extended dry-docking durations[53](index=53&type=chunk)[54](index=54&type=chunk) - The Partnership's financing arrangements contain restrictive covenants, including minimum liquidity of **$500,000 per collateralized vessel** and a minimum EBITDA to net interest expense ratio of **2.00 to 1.00**[98](index=98&type=chunk)[99](index=99&type=chunk) - There is a risk that U.S. tax authorities could treat the Partnership as a Passive Foreign Investment Company (PFIC), resulting in adverse U.S. federal income tax consequences for unitholders[149](index=149&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk) [Item 4. Information on the Partnership](index=35&type=section&id=Item%204.%20Information%20on%20the%20Partnership) This section outlines the Partnership's history, strategic focus on container and drybulk vessels, fleet overview, and the extensive regulatory environment governing its operations [History and Development of the Partnership](index=35&type=section&id=A.%20History%20and%20Development%20of%20the%20Partnership) This section details the Partnership's strategic shift to container and drybulk shipping, recent fleet expansions, and significant financing and divestment activities - In March 2019, the Partnership completed the DSS Transaction, spinning off its **25-vessel crude and product tanker business** to focus on container and drybulk shipping[15](index=15&type=chunk)[164](index=164&type=chunk) - The Partnership expanded its fleet by acquiring three **10,000 TEU container vessels** in January 2020 for **$162.6 million** and three **5,100 TEU container vessels** in February 2021 for **$40.5 million**[157](index=157&type=chunk)[160](index=160&type=chunk) - On April 7, 2021, the Partnership agreed to sell the M/V CMA CGM Magdalena and the M/V Adonis for a total of **$195.0 million**[156](index=156&type=chunk) [Business Overview](index=37&type=section&id=B.%20Business%20Overview) This section describes the Partnership's fleet of 17 vessels, its strategy of securing long-term charters, and its operations within a highly competitive and regulated global shipping industry - As of March 31, 2021, the fleet consists of **16 container vessels** and **one Capesize bulk carrier**, with a revenue-weighted remaining charter duration of approximately **4.0 years**[170](index=170&type=chunk)[180](index=180&type=chunk) - Key business strategies include maintaining medium- to long-term fixed charters, expanding the fleet through accretive acquisitions, and adhering to rigorous safety and environmental standards[171](index=171&type=chunk) Fleet Summary as of March 31, 2021 | Vessel Type | Number of Vessels | Total DWT (million) | Total TEU Capacity | Average Age (years) | | :--- | :--- | :--- | :--- | :--- | | Container Carrier | 16 | 1.5 | 114,640 | 9.6 | | Capesize Bulk Carrier | 1 | 0.2 | N/A | 10.7 | | **Total Fleet** | **17** | **1.7** | **114,640** | **9.7** | - The business operates under extensive regulation from international, national, and local authorities, including IMO, USCG, and EPA rules covering pollution, safety, and ballast water management[195](index=195&type=chunk)[200](index=200&type=chunk) [Item 5. Operating and Financial Review and Prospects](index=49&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) This section analyzes the Partnership's financial performance, highlighting revenue growth, liquidity, debt levels, and critical accounting policies, particularly vessel impairment [Operating Results](index=49&type=section&id=A.%20Operating%20Results) This section details the Partnership's operating results for 2020, showing increased revenues and net income driven by fleet expansion and associated operational changes Financial Performance Summary (Continuing Operations) | Metric | 2020 | 2019 | | :--- | :--- | :--- | | Total Revenues | $140.9M | $108.4M | | Total Operating Expenses | $93.6M | $68.2M | | Operating Income | $47.2M | $40.1M | | Net Income from Continuing Operations | $30.4M | $24.4M | - The increase in revenue was primarily due to a **2.8 vessel increase** in the weighted average number of vessels in the fleet following the acquisition of three ships in January 2020[227](index=227&type=chunk)[228](index=228&type=chunk) - Total vessel operating expenses rose to **$38.7 million in 2020** from **$30.5 million in 2019**, reflecting the larger fleet size and costs associated with special surveys[231](index=231&type=chunk) [Liquidity and Capital Resources](index=53&type=section&id=B.%20Liquidity%20and%20Capital%20Resources) This section reviews the Partnership's liquidity, capital resources, and financing activities, including cash flow, debt levels, and sufficiency of working capital Cash Flow Summary | Cash Flow Activity | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $80.7M | $45.3M | | Net Cash Used in Investing Activities | ($185.3M) | ($6.5M) | | Net Cash from/(Used in) Financing Activities | $95.4M | ($179.1M) | - Total debt stood at **$379.7 million** as of December 31, 2020, an increase from **$262.4 million** at the end of 2019, primarily due to financing for vessel acquisitions[242](index=242&type=chunk) - In 2020, the Partnership entered into new financing arrangements, including a **$38.5 million term loan** with HCOB and sale-leaseback transactions totaling **$232.4 million** with CMBFL and ICBCFL[241](index=241&type=chunk)[246](index=246&type=chunk)[247](index=247&type=chunk)[248](index=248&type=chunk) [Critical Accounting Policies](index=57&type=section&id=G.%20Critical%20Accounting%20Policies) This section focuses on the critical accounting policy for vessel impairment, detailing the assessment process and the significant assumptions involved in determining asset recoverability - The carrying value of vessels is a critical accounting estimate, with the aggregate carrying value of certain vessels exceeding their aggregate charter-free market value by approximately **$57.0 million** as of December 31, 2020[259](index=259&type=chunk) - Despite the difference between carrying value and market value for some vessels, the Partnership concluded that the carrying amounts were recoverable based on undiscounted projected net operating cash flows[260](index=260&type=chunk)[267](index=267&type=chunk) - The impairment test is highly sensitive to future time charter rate assumptions, with a **19.6% decline** from the ten-year historical average rate required to trigger an impairment on the Cape vessel as of year-end 2020[262](index=262&type=chunk)[264](index=264&type=chunk) [Item 6. Directors, Senior Management and Employees](index=60&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) This section outlines the Partnership's governance structure, key management personnel, reliance on the General Partner for operations, and board committee composition - The Partnership is managed by its General Partner, Capital GP L.L.C., with oversight from a seven-member Board of Directors, and the General Partner is owned by Mr. Miltiadis E. Marinakis[271](index=271&type=chunk) - The Partnership has no employees and relies on the officers of its General Partner and the employees of its Manager to conduct its operations[295](index=295&type=chunk) - For the year ended December 31, 2020, directors received aggregate cash compensation of **$0.5 million**, and the General Partner is paid **$1.88 million per year** for executive officer services[287](index=287&type=chunk)[288](index=288&type=chunk) - The Board of Directors has established an Audit Committee, a Conflicts Committee, and a Compensation Committee, all comprised solely of independent directors[290](index=290&type=chunk) [Item 7. Major Unitholders and Related-Party Transactions](index=65&type=section&id=Item%207.%20Major%20Unitholders%20and%20Related-Party%20Transactions) This section details the Partnership's ownership structure, significant related-party transactions, and potential conflicts of interest arising from its relationships with the General Partner and Capital Maritime - As of April 20, 2021, the Marinakis family beneficially owned a **19.8% interest** in the Partnership through Capital Maritime (**17.9%**) and the General Partner (**1.9%**)[299](index=299&type=chunk) - The Partnership engages in significant related-party transactions, including vessel acquisitions from its sponsor, Capital Maritime, and management and administrative services from Capital-Executive and the General Partner[302](index=302&type=chunk)[303](index=303&type=chunk)[307](index=307&type=chunk) - Potential conflicts of interest exist due to the relationships between the Partnership, its General Partner, and Capital Maritime, with the partnership agreement modifying fiduciary duties[312](index=312&type=chunk)[314](index=314&type=chunk) [Item 8. Financial Information](index=73&type=section&id=Item%208.%20Financial%20Information) This section covers legal proceedings and details the Partnership's quarterly cash distribution policy, including definitions of available cash and incentive distribution rights - The Partnership's policy is to distribute all of its 'available cash' quarterly, after establishing reserves for business conduct, capital expenditures, and debt compliance[337](index=337&type=chunk)[338](index=338&type=chunk) - Distributions are characterized as from 'operating surplus' first, and the General Partner holds Incentive Distribution Rights (IDRs) entitling it to an increasing percentage of distributions after certain targets are met[343](index=343&type=chunk)[352](index=352&type=chunk) - In September 2019, a subsidiary settled with the U.S. Department of Justice for oil record book violations on the M/V CMA CGM Amazon, paying a **$500,000 fine** and being placed on 30-month probation[336](index=336&type=chunk) - Following the DSS Transaction, the Partnership adopted a new annual common unit quarterly distribution guidance of **$0.315 per common unit**[341](index=341&type=chunk) [Item 10. Additional Information](index=80&type=section&id=Item%2010.%20Additional%20Information) This section provides supplementary information on material contracts, exchange controls, and a detailed analysis of tax considerations, including U.S. federal income tax implications - The Partnership is a Marshall Islands limited partnership and states that non-resident unitholders are not subject to Marshall Islands taxation on distributions or capital gains[372](index=372&type=chunk) - For U.S. federal tax purposes, the Partnership has elected to be taxed as a corporation and believes it qualifies for the Section 883 exemption, exempting its U.S. source international shipping income from federal income tax[376](index=376&type=chunk)[378](index=378&type=chunk) - The Partnership believes it is not a Passive Foreign Investment Company (PFIC), but notes a risk that the IRS could determine otherwise, leading to adverse tax consequences for U.S. Holders[387](index=387&type=chunk) [Item 11. Quantitative and Qualitative Disclosures about Market Risk](index=88&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section details the Partnership's exposure to market risks, primarily interest rate fluctuations, and also addresses foreign exchange, credit, and inflation risks - The Partnership is exposed to interest rate risk as its financing arrangements have floating rates based on LIBOR, where a **100 basis point increase** would have increased 2020 interest expense by approximately **$3.7 million**[406](index=406&type=chunk) - Foreign exchange risk is not material, as revenues are generated in U.S. Dollars and less than **20% of expenses** are in other currencies[405](index=405&type=chunk) - Credit risk is concentrated in cash deposits with financial institutions and accounts receivable from a small number of charterers[407](index=407&type=chunk) PART II This section details the Partnership's internal controls, governance practices, and other compliance-related disclosures [Item 15. Controls and Procedures](index=90&type=section&id=Item%2015.%20Controls%20and%20Procedures) This section confirms the effectiveness of the Partnership's disclosure controls and internal control over financial reporting as of December 31, 2020, supported by management's assessment and an unqualified auditor's report - Management concluded that the Partnership's disclosure controls and procedures were effective as of December 31, 2020[411](index=411&type=chunk) - Management assessed the internal control over financial reporting, based on the COSO framework, and concluded it was effective as of December 31, 2020[412](index=412&type=chunk) - The independent registered public accounting firm, Deloitte, issued an unqualified opinion, stating that the Partnership maintained effective internal control over financial reporting as of December 31, 2020[415](index=415&type=chunk) [Item 16. Other Information](index=92&type=section&id=Item%2016.%20Other%20Information) This section covers governance details, including the audit committee financial expert, code of conduct, principal accountant fees, and the common unit repurchase program - The Board of Directors has determined that director Abel Rasterhoff qualifies as an audit committee financial expert[420](index=420&type=chunk) Principal Accountant Fees (Deloitte) | Fees | 2020 | 2019 | | :--- | :--- | :--- | | Audit Fees | $267,600 | $529,700 | | Tax Fees | $10,800 | $10,800 | | **Total** | **$278,400** | **$540,500** | - On January 25, 2021, the Board approved a two-year, **$30.0 million common unit repurchase program**, with **164,038 units** repurchased for **$1.7 million** as of April 20, 2021[427](index=427&type=chunk) PART III This section presents the audited consolidated financial statements and supporting exhibits for the Partnership [Item 18. Financial Statements](index=94&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited consolidated financial statements for the period ended December 31, 2020, including the auditor's report and notes, highlighting vessel impairment as a Critical Audit Matter - This section includes the complete audited consolidated financial statements and related notes for the three years in the period ended December 31, 2020[433](index=433&type=chunk) - The independent auditor's report from Deloitte provides an unqualified opinion on the financial statements and the effectiveness of internal control over financial reporting[440](index=440&type=chunk) - The auditor identified 'Vessel Impairment – Future Charter Rates' as a Critical Audit Matter, highlighting the challenging and subjective judgments management must make in estimating future charter rates for impairment testing[442](index=442&type=chunk)[443](index=443&type=chunk) Consolidated Balance Sheet Highlights (As of Dec 31) | Metric | 2020 | 2019 | | :--- | :--- | :--- | | Total Assets | $822.2M | $703.5M | | Vessels, net | $712.2M | $576.9M | | Total Liabilities | $400.1M | $296.7M | | Total Long-term debt, net | $338.5M | $232.0M | | Total Partners' Capital | $422.1M | $406.7M | [Item 19. Exhibits](index=94&type=section&id=Item%2019.%20Exhibits) This section lists all exhibits filed with the annual report, including corporate governance documents, material contracts, and required certifications - Lists key corporate documents, including the Certificate of Limited Partnership and the Second Amended and Restated Agreement of Limited Partnership[434](index=434&type=chunk) - Includes material contracts such as the 2017 Loan Agreement, the Amended and Restated Omnibus Agreement, and various management and services agreements[434](index=434&type=chunk)

Financial Performance - Net income for 4Q2020 was $73 million[7] - The partnership declared a common unit distribution of $010 for the quarter[7] - The partnership's operating surplus was $207 million, or $114 million after the quarterly allocation to the capital reserve[7] Fleet Expansion - The company agreed to acquire three 5,100 TEU sister container vessels from Capital Maritime for a total consideration of $405 million[7] - The transaction is expected to generate approximately $320 million in EBITDA over 5 years[44] - The transaction is expected to increase the Partnership's fleet size by 21%[45] - Year-over-year fleet size increased by 54% in terms of the number of vessels and 65% in terms of TEU capacity[45] Charter Coverage - The average remaining charter duration is 42 years, with 90% charter coverage for 2021 and 81% for 2022[8] Unit Repurchase Program - The company announced a common unit repurchase program of up to $300 million commencing in February 2021[7]

Financial Data and Key Metrics Changes - The Partnership's net income for Q4 2020 was $7.3 million, an increase from $5.8 million in Q4 2019 [6] - Revenues for the quarter were $31.5 million, up from $27.7 million in Q4 2019, primarily due to fleet size increase [7] - Total expenses for Q4 2020 were $24.6 million, compared to $18.2 million in Q4 2019 [8] - Operating surplus for Q4 was $20.7 million, translating to a common unit coverage of 6x [6][9] - Total debt increased to $379.7 million from $262.4 million at the end of 2019 [10] Business Line Data and Key Metrics Changes - The increase in revenue was partly offset by a decrease in average daily charter rates and off-hire periods due to maintenance and COVID-19 incidents [7] - Total vessel operating expenses rose to $10.3 million from $7.7 million in Q4 2019, attributed to fleet size increase [8] Market Data and Key Metrics Changes - The container market saw a strong rebound in charter rates during Q4 2020, with Neo-Panamax rates more than doubling compared to early Q3 2020 [17] - The base case forecast for container trade in 2021 is projected at 5.7%, with supply growth estimated at 3.8% [18][19] Company Strategy and Development Direction - The company plans to grow and diversify its asset base, with the acquisition of three 5,100 TEU sister container vessels for $40.5 million [11][15] - The charter coverage for 2021 and 2022 stands at 90% and 81%, respectively, with a remaining charter duration of 4.2 years [16] - The company aims to balance growth with returning capital to unitholders through distributions and a unit buyback program [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the market prospects and rechartering risks compared to previous quarters, citing a tight container market [36][37] - The company is optimistic about the returns from the recent vessel acquisition, estimating an EBITDA of about $32 million over the next five years [15] Other Important Information - The company has authorized a common unit repurchase program of up to $30 million, expected to commence in February 2021 [6] - The acquisition of the three vessels will be partly funded through a sale and leaseback transaction, minimizing cash outlay [13][14] Q&A Session Summary Question: What happened to the CMA CGM Magdalena's charter duration? - Management clarified that the charter period remained unchanged, but market conditions led to a longer expected duration for redelivery [24][25] Question: Why did the company acquire vessels at a higher price shortly after they were purchased by Capital Maritime? - Management explained that the vessels were acquired with cash flow visibility and included significant upgrades, making the transaction favorable despite the higher price [32][34] Question: How does the unit repurchase program align with distributions? - Management stated that the priority is to grow the fleet while returning capital to unitholders, and the buyback program is seen as a strategic move to enhance value [35][37] Question: What is the company's NAV estimate? - Management indicated that NAV estimates are nearly double the current unit prices, highlighting a significant discount [48]

Financial Data and Key Metrics Changes - The partnership's net income for Q3 2020 was $7.8 million, compared to $3.4 million in Q3 2019, reflecting a significant increase [5][10] - Revenues for the quarter were $35.5 million, up from $26.4 million in Q3 2019, primarily due to fleet expansion [7] - Total expenses increased to $23.8 million from $19.3 million in Q3 2019, with voyage expenses rising significantly [9][10] - Total debt increased to $389 million from $162.4 million at the end of 2019, attributed to new loans and leaseback transactions [13] Business Line Data and Key Metrics Changes - The partnership secured employment for the container vessel Adonis with Zim for 12 to 14 months, contributing to a charter coverage of 91% for the remainder of 2020 and 86% for 2021 [5][16] - The sole dry bulk vessel, Cape Agamemnon, completed its 10-year charter and is now trading in the spot market [7][16] Market Data and Key Metrics Changes - The container charter market rebounded significantly in Q3 2020, with rates for 12-month charters for standard 8,500 TEU containers increasing from around $7,000 per day to over $30,000 per day [18][19] - The idle fleet decreased from approximately 11% in May to less than 4% by the end of Q3 2020, indicating improved market conditions [19] - The container order book is at historical lows, with only 303 units representing 8% of the total worldwide container fleet [20] Company Strategy and Development Direction - The company aims to balance capital allocation between fleet replenishment and returning capital to unitholders, considering the current market conditions [25][34] - The strategy includes securing longer-term charters as market conditions improve, with a focus on maintaining flexibility in operations [28][39] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the recovery of the global economy and containerized freight, while acknowledging uncertainties due to the pandemic [21][22] - The company is well-positioned to handle increased volatility and potentially acquire distressed assets if necessary [21][22] Other Important Information - The partnership's operating surplus for Q3 was $21 million, with $11.7 million available after capital reserve allocations [11] - The company has demonstrated commitment from its sponsor, who purchased approximately 234,000 common units in the open market [6] Q&A Session Summary Question: Capital allocation perspective and cash usage - Management indicated that liquidity is being retained for flexibility amid COVID-19 uncertainties, with potential for increased distributions or unit buybacks depending on equity valuation [24][25] Question: Re-contracting and charter duration - Management noted that while shorter tenures were common, there is now a willingness to consider longer charters due to improved market conditions [26][28] Question: New vessel orders and acquisitions - Management stated that while there is more flexibility now, the focus remains on second-hand ships rather than new builds, given the current market dynamics [30][32] Question: Charter renewal for Magdalena - Management expects to lock in terms for the new charter before year-end, given the current strength of the market [37][38] Question: Future of Cape Agamemnon post-dry docking - Management plans to remain opportunistic regarding the Cape Agamemnon, deciding between time charter or potential sale based on market conditions [39]