Business
Capital Product Partners L.P. Announces Fourth Quarter 2021 Financial Results
ATHENS, Greece, Feb. 02, 2022 (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. 02, 2022 (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, 2021. Highlights Three-month periods ended December 31, 2021 2020IncreaseRevenues$63.6 million$35.1 million81%Expenses$35.7 million$24.6 million45%Net Income$40.0 million$7.3 million448%Net Income per common unit$2.03$0.38434%Average number of vessels1 19.3 14.038% Announced common unit distribution of $0.15 for the fourth quarter of 2021, which represents an increase of 50% compared to the common unit distribution paid in the third quarter of 2021.Operating Surplus2 and Operating Surplus after the quarterly allocation to the capital reserve for the fourth quarter of 2021 were $37.9 million and $6.9 million, respectively.Took delivery of four LNG carriers (“LNGC”), successfully completing the six 174,000 Cubic Meter (“CBM”) latest generation X-DF LNGC acquisition program.Successfully concluded a €150.0 million Senior Unsecured Bond (the “Bond”) issue on the Athens Exchange.Delivered the M/V ‘Adonis’ to its new owners on December 13, 2021. Overview of Fourth Quarter 2021 Results Net income for the quarter ended December 31, 2021 was $40.0 million, compared with net income of $7.3 million for the fourth quarter of 2020. Net income for the fourth quarter of 2021 includes a gain from the sale of M/V ‘Adonis’ of $21.4 million. After taking into account the interest attributable to the general partner, net income per common unit for the quarter ended December 31, 2021, was $2.03 (or $0.94 if the gain from the sale of M/V ‘Adonis’ is excluded), compared to net income per common unit of $0.38 for the fourth quarter of 2020. Total revenue was $63.6 million for the quarter ended December 31, 2021, compared to $35.1 million during the fourth quarter of 2020. The increase in revenue was primarily attributable to the net increase in the average number of vessels in our fleet by 38%, following the acquisition of three 5,100 Twenty-foot Equivalent Unit (“TEU”) containers in February 2021, which generated $4.1 million of total revenue during the fourth quarter of 2021 and the acquisition of six LNGCs during the second half of 2021 contributing $22.1 million of total revenue in the fou...