Financial Performance - Total revenues for the three-month period ended March 31, 2022, amounted to $73.4 million, a 92.5% increase from $38.1 million in the same period of 2021[13] - Operating income for the three-month period ended March 31, 2022, was $33.2 million, compared to $14.0 million for the same period in 2021, reflecting a 137.5% increase[11] - Partnership's net income for the three-month period ended March 31, 2022, was $25.1 million, up from $10.9 million in the same period of 2021, representing a 130.5% increase[11] - Net income for the three-month period ended March 31, 2022, was $25,149,000, compared to $10,879,000 for the same period in 2021, indicating an increase of 131.5%[49] - The partnership's net income per common unit for the three-month period ended March 31, 2022, was $1.26, compared to $0.57 for the same period in 2021[49] Revenue Sources - Time charters contributed $69,087 thousand to revenues for the three-month period ended March 31, 2022, compared to $35,609 thousand for the same period in 2021, reflecting an increase of 94.0%[59] - Voyage charters generated $4,269 thousand in revenues for the three-month period ended March 31, 2022, up from $2,534 thousand in the same period of 2021, marking an increase of 68.4%[59] - Management fees under management agreements for the three-month period ended March 31, 2022, amounted to $2,259 thousand, compared to $1,282 thousand for the same period in 2021, an increase of 76.2%[64] Expenses and Liabilities - Total voyage expenses increased to $3.6 million for the three-month period ended March 31, 2022, from $2.2 million in the same period of 2021, marking a 63.6% increase[15] - Total vessel operating expenses amounted to $16.7 million for the three-month period ended March 31, 2022, compared to $9.2 million in the same period of 2021, reflecting an 81.5% increase[17] - Interest expense for the three-month periods ended March 31, 2022, and 2021 amounted to $9,733 and $2,931, respectively, indicating a significant increase of approximately 231%[76] - Total liabilities as of March 31, 2022, were $1,333,769,000, a decrease from $1,359,706,000 as of December 31, 2021[48] Cash Flow and Liquidity - Net cash provided by operating activities was $48.4 million for the three-month period ended March 31, 2022, compared to $25.2 million for the same period in 2021, reflecting an increase of $23.2 million[30] - Total cash and cash equivalents as of March 31, 2022, amounted to $49.6 million, including restricted cash of $10.6 million, which represents the minimum liquidity requirement under financing arrangements[23] - The Partnership believes that its working capital will be sufficient to meet existing liquidity needs for at least the next 12 months[28] Fleet and Asset Management - The average number of vessels in the fleet increased by 38% or 5.8 vessels, contributing significantly to revenue growth[12] - The partnership owned a fleet of 21 high specification vessels as of March 31, 2022, including 11 Neo-Panamax container carriers and six LNG carriers[55] - The net book value of vessels as of March 31, 2022, was $1,764,366 thousand, down from $1,781,858 thousand at the beginning of the year, reflecting a depreciation of $17,532 thousand during the period[65] Acquisitions and Future Plans - The company agreed to acquire one LNG/C vessel and three eco container vessels for a total consideration of $597.5 million, with deliveries scheduled between January and May 2023[5] - The Partnership expects to continue to evaluate opportunities to acquire vessels and businesses, subject to obtaining required financing and access to financial markets[26] Distributions and Capital - The company declared a cash distribution of $0.15 per common unit for the first quarter of 2022, paid on May 12, 2022[7] - The total partners' capital increased to $546.4 million as of March 31, 2022, up by $20.9 million from $525.5 million as of December 31, 2021, driven by net income and amortization associated with the equity incentive plan[27] - Distributions per common unit declared increased to $0.15 for the period ended January 24, 2022, compared to $0.10 for the period ended January 21, 2021, reflecting a 50% increase[92]
Capital Product Partners L.P.(CPLP) - 2022 Q2 - Quarterly Report