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Capital Product Partners L.P. Announces Fourth Quarter 2019 Financial Results and Increased Quarterly Distribution Guidance
ATHENS, Greece, Feb. 05, 2020 (GLOBE NEWSWIRE) -- Capital Product Partners L.P. (the “Partnership,” “CPLP” or “we” / “us”) (NASDAQ: CPLP), an international
About this update from Capital Clean Energy Carriers Corp.
[{"type":"text","content":"ATHENS, Greece, Feb. 05, 2020 (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 fourth quarter ended December 31, 2019.\n Highlights Quarterly Revenues, Expenses and Net Income from continuing operations of $27.7 million, $18.2 million and $5.8 million respectively for the fourth quarter of 2019.Operating Surplus1 from continuing operations and Operating Surplus after the quarterly allocation to the capital reserve of $15.0 million and $7.3 million respectively.Completed in January 2020 the acquisition of three 10,000 TEU containers with long term charters to Hapag-Lloyd.Completed during the fourth quarter of 2019 exhaust gas cleaning systems (“scrubber”) installation on three additional 5,000 TEU container vessels.Entered into a term sheet to partially refinance our 2017 credit facility expected to generate approximately $35.4 million of additional liquidity and decrease annual debt amortization.Increased common unit distribution to $0.35 per quarter. 1 Operating surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of the Partnership and other master 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: “The fourth quarter of 2019 has been a pivotal quarter for the Partnership. We have announced and now completed an important acquisition of three 10,000 TEU container vessels, which is expected to substantially increase our distributable cash flow per unit, while maintaining cash flow visibility as the vessels’ charters run into 2024. At the same time, through this acquisition, we increased the size of our fleet by approximately 30%, further expanding into the attractive Neo-Panamax container segment and diversifying our customer base with the addition of Hapag-Lloyd. Moreover, we are in the process of completing an important refinancing of three of our vessels, which is expected to lower the debt amortization schedule and the weighted average interest margin we currently have under our 2017 credit facility, while also generating additional ...