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]
Capital Product Partners L.P.(CPLP) - 2024 Q2 - Quarterly Report