Business
Capital Product Partners L.P. Announces Fourth Quarter 2023 Financial Results
ATHENS, Greece, Feb. 02, 2024 (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, 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 fourth quarter ended December 31, 2023. Highlights Three-month periods ended December 31, 20232022Increase / (Decrease)Revenues$95.5 million$79.9 million20%Expenses$55.1 million$42.1 million31%Interest expense and finance cost$27.9 million$18.4 million52%Net Income$12.7 million$21.1 million(40%)Net Income per common unit$0.48$1.03(53%)Adjusted Net Income (excluding impairment of vessels of $3.5 million)1$16.3 million$21.1 million(23%)Adjusted Net Income per common unit (excluding impairment of vessels)1$0.61$1.03(41%)Average number of vessels222.519.913% Operating Surplus3 and Operating Surplus after the quarterly allocation to the capital reserve for the fourth quarter of 2023 were $40.5 million and $1.5 million, respectively.Announced common unit distribution of $0.15 for the fourth quarter of 2023.Concluded a $500.0 million rights offering (the “Rights Offering”) and successfully closed a transaction to acquire 11 latest generation two-stroke (MEGA) Liquefied Natural Gas Carriers (“LNG/C”) to be delivered between the fourth quarter of 2023 and the first quarter of 2027 (the “LNG/C Transaction”).On December 21, 2023 and January 2, 2024, the Partnership took delivery of the LNG/C Amore Mio I and the LNG/C Axios II, respectively, pursuant to the LNG/C Transaction.Agreed to sell the 5,100 Twenty-foot Equivalent Unit (“TEU”) container vessel the M/V Long Beach Express. 1 Adjusted Net Income (excluding impairment of vessels) and Adjusted Net Income per common unit (excluding impairment of vessels) are non-GAAP financial measures used to measure the financial performance of the Partnership and we believe these non-GAAP measures are useful to analysts and investors in comparing the results of operations between periods. These non-GAAP measures are not required by accounting principles generally accepted in the United States (“GAAP”) and should not be considered a substitute for Net income and Net Income per common unit prepared in accordance with GAAP or as a measure of profitability. 2 Average number of vessels is measured by aggregating the number of days each vessel was part of our fleet during the perio...