Capital Product Partners L.P.(CPLP) - 2024 Q4 - Annual Report

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].