Capital Product Partners L.P. Announces Second Quarter 2024 Financial Results
Capital Product Partners L.P. (CPLP) announced its Q2 2024 financial results. The company reported a substantial increase in net income to $34.2 million, up 362% from $7.4 million in Q2 2023. Net income per common unit rose 72% to $0.62. Revenues increased by 10% to $97.7 million, while expenses decreased by 5% to $48.3 million.
CPLP declared a $0.15 distribution per common unit and announced a major $756 million investment in 10 gas carriers, to be delivered from Q1 2026 to Q3 2027. Additionally, CPLP took delivery of three LNG/C vessels, contributing to a fleet expansion.
The company reported a gain of $15.2 million from vessel sales. CPLP's total debt increased by $808.7 million to $2.596 billion, mainly due to financing new acquisitions. Total cash stood at $101.2 million with $1.23 billion in partners’ capital.
The company expects continued growth supported by a contract backlog exceeding $2.8 billion. CPLP also renamed itself to Capital Clean Energy Carriers Corp. and will focus more on energy-transition shipping solutions.
Capital Product Partners L.P. (CPLP) ha annunciato i risultati finanziari del secondo trimestre 2024. L'azienda ha riportato un notevole aumento dell'utile netto a 34,2 milioni di dollari, con un incremento del 362% rispetto ai 7,4 milioni di dollari del secondo trimestre 2023. L'utile netto per unità comune è aumentato del 72% a 0,62 dollari. Le entrate sono aumentate del 10% a 97,7 milioni di dollari, mentre le spese sono diminuite del 5% a 48,3 milioni di dollari.
CPLP ha dichiarato una distribuzione di 0,15 dollari per unità comune e ha annunciato un importante investimento di 756 milioni di dollari in 10 gas carrier, che saranno consegnati dal primo trimestre 2026 al terzo trimestre 2027. Inoltre, CPLP ha ricevuto tre navi LNG/C, contribuendo così all'espansione della flotta.
L'azienda ha registrato un guadagno di 15,2 milioni di dollari dalla vendita di navi. Il debito totale di CPLP è aumentato di 808,7 milioni di dollari, raggiungendo i 2,596 miliardi di dollari, principalmente a causa del finanziamento di nuove acquisizioni. La liquidità totale è stata di 101,2 milioni di dollari con 1,23 miliardi di dollari in capitale dei partner.
L'azienda prevede una continua crescita supportata da un portafoglio contrattuale superiore a 2,8 miliardi di dollari. Inoltre, CPLP ha cambiato nome in Capital Clean Energy Carriers Corp. e si concentrerà maggiormente sulle soluzioni di spedizione per la transizione energetica.
Capital Product Partners L.P. (CPLP) anunció sus resultados financieros del segundo trimestre de 2024. La empresa reportó un aumento significativo en el ingreso neto a 34,2 millones de dólares, un incremento del 362% desde los 7,4 millones de dólares del segundo trimestre de 2023. El ingreso neto por unidad común subió un 72% a 0,62 dólares. Los ingresos aumentaron en un 10% a 97,7 millones de dólares, mientras que los gastos disminuyeron un 5% a 48,3 millones de dólares.
CPLP declaró una distribución de 0,15 dólares por unidad común y anunció una importante inversión de 756 millones de dólares en 10 transportadores de gas, que se entregarán desde el primer trimestre de 2026 hasta el tercer trimestre de 2027. Además, CPLP recibió la entrega de tres buques LNG/C, contribuyendo así a la expansión de la flota.
La empresa reportó una ganancia de 15,2 millones de dólares por la venta de buques. La deuda total de CPLP aumentó en 808,7 millones de dólares, alcanzando los 2,596 mil millones de dólares, principalmente debido al financiamiento de nuevas adquisiciones. El efectivo total fue de 101,2 millones de dólares con 1,23 mil millones de dólares en capital de socios.
La empresa espera un crecimiento continuo respaldado por un backlog de contratos que supera los 2,8 mil millones de dólares. Además, CPLP cambió su nombre a Capital Clean Energy Carriers Corp. y se enfocará más en soluciones de transporte para la transición energética.
Capital Product Partners L.P. (CPLP)는 2024년 2분기 재무 결과를 발표했습니다. 회사는 순이익이 3,420만 달러로 2023년 2분기의 740만 달러에 비해 362% 증가했음을 보고했습니다. 일반 주식 당 순이익은 72% 증가하여 0.62달러에 달했습니다. 수익은 10% 증가하여 9,770만 달러에 이르렀고, 비용은 5% 감소하여 4,830만 달러로 나타났습니다.
CPLP는 일반 주식 당 0.15달러 배당금을 선언하고, 2026년 1분기부터 2027년 3분기까지 인도될 10대의 가스 운반선에 대한 7억5600만 달러의 주요 투자를 발표했습니다. 또한, CPLP는 3척의 LNG/C 선박을 인도받아 함대 확장에 기여했습니다.
회사는 선박 판매로 1,520만 달러의 이익을 기록했습니다. CPLP의 총 부채는 8억 870만 달러 증가하여 25억 9,600만 달러에 달했으며, 이는 주로 새로운 인수에 자금을 지원하기 위해서였습니다. 총 현금은 1억 120만 달러였고, 파트너 자본은 12억 3천만 달러였습니다.
회사는 28억 달러를 초과하는 계약 잔고에 의해 지원되는 지속적인 성장을 기대하고 있습니다. 또한, CPLP는 Capital Clean Energy Carriers Corp.로 이름을 변경하고 에너지 전환 운송 솔루션에 더 집중할 것이라고 발표했습니다.
Capital Product Partners L.P. (CPLP) a annoncé ses résultats financiers pour le deuxième trimestre 2024. La société a rapporté une augmentation substantielle de son revenu net, atteignant 34,2 millions de dollars, soit une hausse de 362 % par rapport à 7,4 millions de dollars au deuxième trimestre 2023. Le revenu net par unité ordinaire a augmenté de 72 % pour atteindre 0,62 dollar. Les revenus ont augmenté de 10 % pour s'établir à 97,7 millions de dollars, tandis que les dépenses ont diminué de 5 % pour atteindre 48,3 millions de dollars.
CPLP a déclaré un dividende de 0,15 dollar par unité ordinaire et a annoncé un investissement majeur de 756 millions de dollars dans 10 transporteurs de gaz, qui seront livrés entre le premier trimestre 2026 et le troisième trimestre 2027. De plus, CPLP a pris livraison de trois navires LNG/C, contribuant ainsi à l'expansion de sa flotte.
L'entreprise a enregistré un gain de 15,2 millions de dollars provenant de la vente de navires. La dette totale de CPLP a augmenté de 808,7 millions de dollars pour atteindre 2,596 milliards de dollars, principalement en raison du financement de nouvelles acquisitions. La liquidité totale s'élevait à 101,2 millions de dollars avec un capital partenaire de 1,23 milliard de dollars.
L'entreprise s'attend à une croissance continue, soutenue par un carnet de commandes dépassant les 2,8 milliards de dollars. CPLP a également changé de nom pour devenir Capital Clean Energy Carriers Corp. et se concentrera davantage sur les solutions de transport pour la transition énergétique.
Capital Product Partners L.P. (CPLP) hat die Finanzzahlen für das 2. Quartal 2024 veröffentlicht. Das Unternehmen berichtete von einem erheblichen Anstieg des Reingewinns auf 34,2 Millionen Dollar, was einem Anstieg von 362 % gegenüber 7,4 Millionen Dollar im 2. Quartal 2023 entspricht. Der Gewinn pro Stammaktie stieg um 72 % auf 0,62 Dollar. Der Umsatz erhöhte sich um 10 % auf 97,7 Millionen Dollar, während die Ausgaben um 5 % auf 48,3 Millionen Dollar zurückgingen.
CPLP erklärte eine Ausschüttung von 0,15 Dollar pro Stammaktie und kündigte eine große Investition von 756 Millionen Dollar in 10 Gastransporter an, die von Q1 2026 bis Q3 2027 geliefert werden sollen. Darüber hinaus nahm CPLP drei LNG/C-Schiffe in Empfang, was zur Flotteerweiterung beitrug.
Das Unternehmen meldete einen Gewinn von 15,2 Millionen Dollar aus dem Verkauf von Schiffen. Der Gesamtschuldenstand von CPLP stieg um 808,7 Millionen Dollar auf 2,596 Milliarden Dollar, hauptsächlich aufgrund der Finanzierung neuer Akquisitionen. Der Gesamtkapitalbetrag betrug 101,2 Millionen Dollar und das Partnerschaftskapital belief sich auf 1,23 Milliarden Dollar.
Das Unternehmen erwartet ein fortgesetztes Wachstum, unterstützt durch einen Auftragsbestand von über 2,8 Milliarden Dollar. Außerdem hat CPLP seinen Namen in Capital Clean Energy Carriers Corp. geändert und wird sich stärker auf Lösungen für den Energiesektor konzentrieren.
- Net income increased by 362% to $34.2 million.
- Revenues grew by 10% to $97.7 million.
- Expenses decreased by 5% to $48.3 million.
- Declared $0.15 per common unit distribution.
- Announced $756 million investment in 10 gas carriers.
- Reported $15.2 million gain on vessel sales.
- Total cash amounted to $101.2 million.
- Partners' capital increased to $1.23 billion.
- Contract backlog of more than $2.8 billion.
- Interest expense and finance cost rose by 23% to $31.4 million.
- Total debt increased by $808.7 million to $2.596 billion.
- General and administrative expenses increased by 43% to $3.3 million.
Insights
Capital Product Partners L.P. (CPLP) has reported a strong second quarter for 2024, with significant improvements in key financial metrics. Net income surged by 362% to
The company's strategic shift towards LNG and gas carriers is evident in its recent acquisitions and orders. CPLP has taken delivery of three LNG carriers during the quarter and announced a
The company's financial position remains solid, with total cash of
CPLP's pivot towards LNG and specialized gas carriers, backed by long-term charters, provides a stable revenue stream and positions the company well for future growth in the evolving energy market. However, investors should monitor the increased debt levels and ensure that the company maintains a healthy balance sheet as it expands its fleet.
The LNG market is showing signs of strength, with spot rates for two-stroke vessels reaching
Looking ahead, LNG capacity additions are expected to accelerate significantly from 2025 onwards. The average annual capacity addition is projected to jump from 13 million tonnes per annum (mtpa) during 2020-2024 to 48 mtpa during 2025-2028, peaking at 70 mtpa in 2026. This growth trajectory bodes well for LNG carrier demand, potentially supporting strong charter rates in the medium term.
In the container market, freight rates have surged to their highest levels since the COVID period, driven by ongoing disruptions in the Red Sea and record demand for containerized cargo. The Clarkson's containership charter rate index has increased by
CPLP's strategic shift towards LNG and specialized gas carriers aligns well with these market trends. The company's orderbook, including LNG carriers and specialized gas vessels, positions it to capitalize on the expected growth in LNG trade and the increasing focus on energy transition. However, the company should remain vigilant about potential market volatility and geopolitical risks that could impact shipping routes and demand.
ATHENS, Greece, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (the “Partnership”, “CPLP” or “we” / “us”) (NASDAQ: CPLP), an international owner of ocean-going vessels, today released its financial results for the second quarter ended June 30, 2024.
Highlights
| Three-month periods ended June 30, | |||
| 2024 | 2023 | Increase / (decrease) | |
| Revenues | |||
| Expenses | ( | ||
| Interest expense and finance cost | |||
| Gain on sale of vessel/(Impairment of vessel) | ( | ||
| Net Income | |||
| Net Income per common unit | |||
| Average number of vessels1 | 19.1 | 22.1 | ( |
- Operating Surplus2 and Operating Surplus after the quarterly allocation to the capital reserve for the second quarter of 2024 were
$49.3 million and$5.6 million , respectively. - Announced common unit distribution of
$0.15 for the second quarter of 2024. - Announced a
$756.0 million investment in 10 gas carriers ("Gas Fleet"), to be delivered between the first quarter of 2026 and the third quarter of 2027. Six vessels are Dual Fuel Medium Gas Carriers ("MGCs") and four are Liquid CO2 Handy Multi Gas Carriers ("LCO2s"). The transaction is expected to be funded with cash at hand, obtained primarily from container vessel sales and debt financing. - Took delivery of the Liquified Natural Gas Carriers (“LNG/C”) Assos, the LNG/C Apostolos and the LNG/C Aktoras, under the Partnership’s agreement to acquire 11 latest generation two-stroke (MEGA) LNG/C (the “LNG/C Transaction”), which closed on December 21, 2023.
- Refinanced the LNG/C Aristidis I releasing
$54.8 million of additional liquidity, net of financing charges, and amended the financing terms of the sale and leaseback for LNG/C Aristos I and LNG/C Aristarchos. - Concluded the sale of five container vessels, namely the M/V Athos, the M/V Athenian, the M/V Seattle Express, the M/V Fos Express and the M/V Aristomenis, recognizing a gain of
$15.2 million . - Announced the appointment of Brian Gallagher as Executive Vice President for Investor Relations.
________________________
1 Average number of vessels is measured by aggregating the number of days each vessel was part of our fleet during the period and dividing such aggregate number by the number of calendar days in the period.
2 Operating surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of the Partnership and other limited partnerships. Please refer to Appendix A at the end of the press release for a reconciliation of this non-GAAP measure with net income.
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer of our General Partner, commented:
“This has been another quarter of key milestones for the Partnership. First and foremost, the renaming of the Partnership as “Capital Clean Energy Carriers Corp.” (Ticker Nasdaq: CCEC)” and its conversion into a Marshall Islands corporation with high standards corporate governance, is an important step in our strategic evolution, which we announced in November 2023.
In addition, the delivery during the quarter of three latest generation LNG carriers takes our LNG fleet to 12 such vessels, with another six to come in 2026-2027. The acquisition of ten specialist gas carriers in June further cements our pivot toward one of the world’s leading platforms of gas carriage solutions with a focus on energy transition, while we continue to evaluate our divestment plans for our legacy container vessels. The current platform is well placed to grow over the next 30 months with the addition of 16 new vessels supported by a current contract backlog of more than USD 2.8 billion. The board and management look forward to building the platform further and opening the company to a broader investor base.”
Overview of Second Quarter 2024 Results
Net income for the quarter ended June 30, 2024, was
Total revenue for the quarter ended June 30, 2024, was
Total expenses for the quarter ended June 30, 2024, were
Total other expense, net for the quarter ended June 30, 2024, was
Capitalization of the Partnership
As of June 30, 2024, total cash amounted to
As of June 30, 2024, total partners’ capital amounted to
As of June 30, 2024, the Partnership’s total debt was
Operating Surplus
Operating surplus for the quarter ended June 30, 2024, amounted to
LNG/Cs Deliveries & LNG/C Transaction Update
On May 31, 2024, the Partnership took delivery of the LNG/C Assos. The vessel commenced a ten-year time charter with Tokyo LNG Tanker Co. Ltd. (“Tokyo Gas”). The vessel acquisition was financed with
On June 5, 2024, the Partnership took delivery of the LNG/C Aktoras. The vessel commenced a seven-year bareboat charter with Bonny Gas Transport Limited (“BGT”), who maintain an option to extend by an additional three years. The vessel acquisition was financed with a drawdown of
On June 28, 2024, the Partnership took delivery of the LNG/C Apostolos. The vessel commenced a charter for ten and half years with LNG Marine Transport Limited (“JERA”), who maintain an option to extend by an additional three years. The vessel acquisition was financed with
Our 12 LNG/C fleet in the water has a remaining revenue weighted charter duration of 7.2 years and
The remaining capital expenditure commitment relating to the LNG/C Transaction as of June 30, 2024, is
LNG/C Transaction, Deliveries as of June 30, 2024:
| Vessel | Shipyard | Size (cbm) | Delivery Date | Charter Type | Charterer |
| Amore Mio I | Hyundai Heavy Industries Co. Ltd. (“HHI”) | 174,000 | December 21, 2023 | Time Charter (“TC”) | Qatar Energy Trading LLC |
| Axios II | HHI | 174,000 | January 2, 2024 | Bareboat Charter (“BBC”) | BGT3 |
| Assos | HHI | 174,000 | May 31, 2024 | TC | Tokyo Gas |
| Aktoras | Hyundai Samho Heavy Industries Co. Ltd. | 174,000 | June 5, 2024 | BBC | BGT |
| Apostolos | HHI | 174,000 | June 28, 2024 | TC | JERA |
________________________
3 The BBC with BGT is expected to commence in 1Q 2025, after a 1-year, index-linked TC currently in progress.
LNG/Cs Financing Updates
On May 14, 2024, the Partnership agreed an amendment to certain terms of the sale and leaseback facility for LNG/C Aristos I and the LNG/C Aristarchos that we assumed in 2021. For the LNG/C Aristos I, the outstanding amount is repayable in 66 monthly instalments of
On June 25, 2024, the Partnership agreed to refinance the facility of the LNG/C Aristidis I, by fully repaying outstanding debt of
The Seller’s Credit has been fully utilized and following the latest repayment of
Following the above financings, as of June 30, 2024, the weighted average margin was
Liquid CO2 and LPG-Ammonia Carriers Acquisition
On June 3, 2024, the Partnership announced an investment in the Gas Fleet for
Gas Fleet Summary
| Vessel Type | Shipyard | Size (cbm) | Acquisition/ Contract Price (in US$ millions)4 | Expected Delivery |
| Dual Fuel LPG MGC | Hyundai Mipo Dockyard Co. Ltd, South Korea (“Hyundai Mipo”) | 45,000 | 78.1 | Jun-26 |
| Dual Fuel LPG MGC | Hyundai Mipo | 45,000 | 78.1 | Sep-26 |
| Dual Fuel LPG MGC | Hyundai Mipo | 45,000 | 78.1 | Feb-27 |
| Dual Fuel LPG MGC | Hyundai Mipo | 45,000 | 78.1 | May-27 |
| Dual Fuel LPG MGC | Nantong CIMC Sinopacific Offshore & Engineering Co. Ltd, China (“CIMC SOE”) | 40,000 | 65.3 | Mar-27 |
| Dual Fuel LPG MGC | CIMC SOE | 40,000 | 65.3 | Jul-27 |
| LCO2/Multi Gas Carrιer | Hyundai Mipo | 22,000 | 78.2 | Jan-26 |
| LCO2/Multi Gas Carrιer | Hyundai Mipo | 22,000 | 78.2 | Apr-26 |
| LCO2/Multi Gas Carrιer | Hyundai Mipo | 22,000 | 78.2 | Sep-26 |
| LCO2/Multi Gas Carrιer | Hyundai Mipo | 22,000 | 78.2 | Nov-26 |
| TOTAL | 756.0 |
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4 The ship building contracts were initially entered into by Capital Maritime & Trading Corp. The acquisition/contract prices paid by CPLP correspond to the actual ship building cost for all vessels except for the ones with Expected Delivery in January 2026 and April 2026, which were acquired pursuant to the rights of first refusal agreed under the Umbrella Agreement dated November 13, 2024. These vessels were ordered in July 2023 and were acquired by CPLP at the same cost that the last two LCO2 / Multi Gas Carriers which were contracted in January 2024. CPLP reimbursed CMTC for a total amount of
As of June 30th, 2024 the remaining estimated capital expenditure with regards to the Gas Fleet is
Preliminary Capex Schedule in USD million, as of June 30, 2024:
| In $US millions | 2024 | 2025 | 2026 | 2027 | TOTAL | |||||||||
| Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | ||
| LNG/Cs5 | - | - | - | 49.9 | 25.6 | 50.6 | 511.0 | 51.2 | 149.7 | 149.7 | 307.2 | - | - | 1,294.9 |
| Gas Fleet | 53.6 | 38.3 | 7.1 | 22.5 | 15.5 | 22.0 | 74.0 | 105.4 | 123.2 | 47.7 | 89.3 | 46.9 | 35.9 | 681.4 |
| TOTAL | 53.6 | 38.3 | 7.1 | 72.4 | 41.1 | 72.6 | 585.0 | 156.6 | 272.9 | 197.4 | 396.5 | 46.9 | 35.9 | 1,976.3 |
________________________
5 LNG/Cs acquisitions under the LNG/C Transaction.
Quarterly Common Unit Cash Distribution
On July 24, 2024, the Board of Directors of the Partnership declared a cash distribution of
LNG Market Update
LNG spot rates remained relatively steady from mid-January to the end of May 2024. Since then, there has been a continued improvement, as shipping availability for loadings out of the US Gulf in July dwindled, leading to an increase in spot rates. In the first week of July, spot rates for two-stroke vessels reached
The LNG fleet has expanded by 10 ships in the second quarter of 2024, with a total of 20 vessels delivered so far this year. Newbuilding prices for LNG carriers remain steady, currently at
Starting in 2025, LNG capacity additions are expected to accelerate. From an average of 13 million tonnes per annum (“mtpa”) during 2020-2024, the capacity additions are projected to average 48 mtpa yearly during 2025-2028, reaching a peak of 70 mtpa in 2026. This accelerated growth underscores the strong demand and strategic importance of LNG. The United States and Qatar are set to be the primary drivers of this capacity expansion. Together, they will account for approximately
Container Market Update
The second quarter of the year saw remarkable gains, with container freight reaching the highest levels since the COVID period. The market appears driven by ongoing disruptions in the Red Sea, which has created various bottleneck effects around the world – both in ports and inland. In addition to this, there is record demand for containerized cargo, possibly fueled by shipper’s fear of even more extended disruptions and delays.
Since the beginning of the year, the Clarkson’s containership charter rate index increased by
The strong container markets provide CPLP with optionality regarding future divestment plans given its five 5,000 TEU vessels on contract into 2025 and three 13,000 TEU units on duration well into 2030. Management will continue to evaluate closely trends and developments in this market, in order to maximize returns.
Conference Call and Webcast
Today, August 2, 2024, the Partnership will host an interactive conference call at 09:00 am Eastern Time to discuss the financial results.
Conference Call Details
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: +1 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Capital Product Partners” to the operator and/or conference ID 13748234. Click here for additional participant International Toll-Free access numbers.
Alternatively, participants can register for the call using the “call me” option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the “call me” option.
Slides and Audio Webcast
There will also be a live, and then archived, webcast of the conference call and accompanying slides, available through the Partnership’s website. To listen to the archived audio file, visit our website http://ir.capitalpplp.com/ and click on Webcasts & Presentations under our Investor Relations page. Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
About Capital Product Partners L.P.
Capital Product Partners L.P. (NASDAQ: CPLP), a Marshall Islands limited partnership, is one of the world’s leading platforms of gas carriage solutions with a focus on energy transition. CPLP currently owns 20 high specification vessels, including 12 latest generation LNG carriers (LNG/Cs) and eight legacy Neo-Panamax container vessels. In addition, CPLP has agreed to acquire six additional latest generation LNG/Cs, six dual fuel medium gas carriers and four handy liquid CO2/multi gas carriers, to be delivered between the first quarter of 2026 and the third quarter of 2027.
For more information about the Partnership, please visit: www.capitalpplp.com.
Forward-Looking Statements
The statements in this press release that are not historical facts, including, among other things, the expected financial performance of CPLP’s business, [the name change and Conversion], CPLP’s ability to pursue growth opportunities, CPLP’s expectations or objectives regarding future distributions, unit repurchases, market, vessel deliveries and charter rate expectations, and, in particular, the expected effects of recent LNGC and Gas Fleet vessel acquisitions on the financial condition and operations of CPLP and the LNG and container industries in general, are forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. For a discussion of factors that could materially affect the outcome of forward-looking statements and other risks and uncertainties, see “Risk Factors” in CPLP’s annual report filed with the SEC on Form 20-F for the year ended December 31, 2023, filed on April 23, 2024. Unless required by law, CPLP expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, to conform them to actual results or otherwise. CPLP does not assume any responsibility for the accuracy and completeness of the forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements.
CPLP-F
Contact Details:
Capital GP L.L.C
Brian Gallagher
EVP Investor Relations
Tel. +44-(770) 368 4996
E-mail: b.gallagher@capitalmaritime.com
Investor Relations / Media
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. +1-212-661-7566
E-mail: cplp@capitallink.com
Source: Capital Product Partners L.P.
| Capital Product Partners L.P. Unaudited Condensed Consolidated Statements of Comprehensive Income (In thousands of United States Dollars, except for number of units and earnings per unit) | ||||
| For the three-month | For the six-month | |||
| periods ended June 30, | periods ended June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | 97,671 | 88,535 | 202,165 | 169,551 |
| Expenses / (income), net: | ||||
| Voyage expenses | 2,161 | 3,940 | 6,018 | 7,782 |
| Vessel operating expenses | 17,390 | 20,774 | 36,945 | 37,594 |
| Vessel operating expenses - related parties | 2,836 | 2,690 | 5,959 | 5,212 |
| General and administrative expenses | 3,302 | 2,332 | 7,723 | 5,115 |
| Vessel depreciation and amortization | 22,576 | 20,875 | 46,538 | 40,053 |
| Impairment of vessel | - | 7,956 | - | 7,956 |
| Gain on sale of vessel | (15,191) | - | (31,602) | - |
| Operating income, net | 64,597 | 29,968 | 130,584 | 65,839 |
| Other income / (expense), net: | ||||
| Interest expense and finance cost | (31,422) | (25,508) | (65,465) | (49,190) |
| Other income, net | 1,009 | 2,952 | 2,961 | 791 |
| Total other expense, net | (30,413) | (22,556) | (62,504) | (48,399) |
| Partnership’s net income | 34,184 | 7,412 | 68,080 | 17,440 |
| General Partner’s interest in Partnership’s net income | 215 | 127 | 428 | 297 |
| Partnership’s net income allocable to unvested units | 153 | 181 | 305 | 423 |
| Common unit holders’ interest in Partnership’s net income | 33,816 | 7,104 | 67,347 | 16,720 |
| Net income per: | ||||
| Common units, basic and diluted | 0.62 | 0.36 | 1.23 | 0.85 |
| Weighted-average units outstanding: | ||||
| Common units, basic and diluted | 54,887,313 | 19,550,988 | 54,851,934 | 19,639,212 |
| Capital Product Partners L.P. Unaudited Condensed Consolidated Balance Sheets (In thousands of United States Dollars) | ||||
| As of June 30, 2024 | As of December 31, 2023 | |||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | $ | 88,303 | $ | 192,422 |
| Other current assets | 21,674 | 33,082 | ||
| Total current assets | 109,977 | 225,504 | ||
| Fixed assets | ||||
| Advances for vessels under construction – related party | 54,000 | 174,400 | ||
| Vessels, net and vessels under construction | 3,684,549 | 2,632,285 | ||
| Total fixed assets | 3,738,549 | 2,806,685 | ||
| Other non-current assets | ||||
| Restricted cash | 12,921 | 11,721 | ||
| Other non-current assets | 127,079 | 96,389 | ||
| Total non-current assets | 3,878,549 | 2,914,795 | ||
| Total assets | $ | 3,988,526 | $ | 3,140,299 |
| Liabilities and Partners’ Capital | ||||
| Current liabilities | ||||
| Current portion of long-term debt, net | $ | 126,169 | $ | 103,116 |
| Other current liabilities | 82,541 | 80,814 | ||
| Total current liabilities | 208,710 | 183,930 | ||
| Long-term liabilities | ||||
| Long-term debt, net | 2,452,250 | 1,672,179 | ||
| Other non-current liabilities | 97,604 | 109,257 | ||
| Total long-term liabilities | 2,549,854 | 1,781,436 | ||
| Total liabilities | 2,758,564 | 1,965,366 | ||
| Total partners’ capital | 1,229,962 | 1,174,933 | ||
| Total liabilities and partners’ capital | $ | 3,988,526 | $ | 3,140,299 |
| Capital Product Partners L.P. Unaudited Condensed Consolidated Statements of Cash Flows (In thousands of United States Dollars) | ||||
| For the six-month periods ended June 30, | ||||
| 2024 | 2023 | |||
| Net cash provided by operating activities | 103,352 | 91,524 | ||
| Net cash used in investing activities | (863,748) | (455,791) | ||
| Net cash provided by financing activities | 657,477 | 314,072 | ||
| Net decrease in cash, cash equivalents and restricted cash | (102,919) | (50,195) | ||
| Cash, cash equivalents and restricted cash at beginning of period | 204,143 | 154,848 | ||
| Cash, cash equivalents and restricted cash at end of period | $ | 101,224 | $ | 104,653 |
Appendix A – Reconciliation of Non-GAAP Financial Measure
(In thousands of U.S. Dollars)
Description of Non-GAAP Financial Measure – Operating Surplus
Operating Surplus represents net income adjusted for depreciation and amortization expense, exchange differences on Bonds, change in fair value of derivatives, gain on sale of vessels, impairment of vessel, amortization / accretion of above / below market acquired charters and straight-line revenue adjustments. Operating Surplus is a quantitative measure used in the publicly traded partnership investment community to assist in evaluating a partnership’s financial performance and ability to make quarterly cash distributions. Operating Surplus is not required by accounting principles generally accepted in the United States (“GAAP”) and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with GAAP or as a measure of profitability or liquidity. Our calculation of Operating Surplus may not be comparable to that reported by other companies. The table below reconciles Operating Surplus to net income for the following periods:
| Reconciliation of Non-GAAP Financial Measure – Operating Surplus | For the three-month period ended June 30, 2024 | For the three-month period ended March 31, 2024 | For the three-month period ended June 30, 2023 |
| Partnership’s net income | 34,184 | 33,896 | 7,412 |
| Adjustments to reconcile net income to operating surplus prior to Capital | |||
| Depreciation, amortization, unrealized Bonds exchange differences and change in fair value of derivatives1 | 24,521 | 27,022 | 19,783 |
| Impairment of vessel | - | - | 7,956 |
| Gain on sale of vessels | (15,191) | (16,411) | |
| Amortization / accretion of above / below market acquired charters and straight-line revenue adjustments | 5,757 | 3,798 | 3,043 |
| Operating Surplus prior to capital reserve | 49,271 | 48,305 | 38,194 |
| Capital reserve | (43,634) | (38,693) | (34,960) |
| Operating Surplus after capital reserve | 5,637 | 9,612 | 3,234 |
| Decrease / (increase) in recommended reserves | 2,648 | (1,327) | (186) |
| Available Cash | 8,285 | 8,285 | 3,048 |
1 Depreciation, amortization, unrealized Bonds exchange differences and change in fair value of derivatives line item includes the following components:
- Vessel depreciation and amortization;
- Deferred financing costs and equity compensation plan amortization;
- Unrealized Bonds exchange differences; and
- Change in fair value of derivatives.
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