Business
Capital Product Partners L.P. Announces Second Quarter 2021 Financial Results
ATHENS, Greece, July 30, 2021 (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, July 30, 2021 (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, 2021. Highlights Three-month periods ended June 30, 20212020IncreaseRevenues$39.8 million$36.6 million9%Expenses$25.6 million$22.7 million13%Net Income$35.4 million$8.7 million307%Net Income per common unit$1.89$0.46311% Operating Surplus1 and Operating Surplus after the quarterly allocation to the capital reserve for the second quarter of 2021 were $23.5 million and $15.2 million, respectively.Announced common unit distribution of $0.10 for the second quarter of 2021.Repurchased 331,214 of the Partnership’s common units during the six months ended June 30, 2021, at an average cost of $11.65 per unit.Delivered the M/V 'CMA CGM Magdalena' to its new owners on May 17, 2021. ________________________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. Overview of Second Quarter 2021 Results Net income for the quarter ended June 30, 2021 was $35.4 million, compared with net income of $8.7 million for the second quarter of 2020. Net income for the second quarter of 2021 includes a gain on sale of $25.4 million from the sale of the M/V 'CMA CGM Magdalena' in May 2021. After taking into account the interest attributable to the general partner, net income per common unit for the quarter ended June 30, 2021 was $1.89 (or $0.53, if the gain from the sale of M/V 'CMA CGM Magdalena' is excluded), compared to net income per common unit of $0.46 for the second quarter of 2020. Total revenue was $39.8 million for the quarter ended June 30, 2021, compared to $36.6 million during the second quarter of 2020. The increase in revenue was primarily attributable to the increase in the size of our fleet following the acquisition of three 5,100 TEU containers in February 2021 and the decrease in the net amortization of time charters acquired together with certain of our vessels. The increase was partly set off by the decrease in the average daily charter rate ...