Business
Capital Product Partners L.P. Announces Third Quarter 2020 Financial Results and Fleet Employment Update
ATHENS, Greece, Nov. 02, 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, Nov. 02, 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 third quarter ended September 30, 2020.\n Highlights Three-month periods ended September 30, 2020 2020 2019IncreaseRevenue$35.5 million$26.4 million34%Expenses $23.8 million$19.3 million23%Net Income$7.8 million$3.4 million131%Net Income per common unit$0.41$0.18128% Operating Surplus1 and Operating Surplus after the quarterly allocation to the capital reserve for the third quarter of 2020 was $21.0 million and $11.7 million respectively.Announced common unit distribution of $0.10 for the third quarter of 2020. 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. COVID-19 We continue to monitor the impact of COVID-19 on the Partnership’s financial condition and operations and on the container industry in general (see also Market Commentary below). The actual impact of the COVID-19 pandemic in the longer run, as well as the efficacy of any measures we take in response to the challenges presented, as described in our previous releases, will depend on how the pandemic will continue to develop, the duration and extent of the restrictive measures that are associated with the pandemic and their further impact on global economy and trade. Management Commentary Mr. Jerry Kalogiratos, Chief Executive Officer of our General Partner, commented: “As aforementioned in our previous earnings releases, the COVID-19 pandemic and its adverse impact on human life, economic activity and logistical chains is a unique and unprecedented event with continuously and rapidly changing effects across a number of fronts. In this environment, we continue to prioritize the health and safety of our crews, as well as our onshore employees by designing and implementing together with our managers comprehensive measures and policies.” “In view of this environment, we are pleased to have delivered on a strong quarterly performance compared to the same period of last year and to see charter rates for n...