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]
Capital Product Partners L.P.(CPLP) - 2021 Q1 - Earnings Call Presentation