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Capital Product Partners L.P. Announces Third Quarter 2021 Financial Results
ATHENS, Greece, Nov. 04, 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, Nov. 04, 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 third quarter ended September 30, 2021. Highlights Three-month periods ended September 30, 20212020IncreaseRevenues$43.1 million$35.5 million21%Expenses$27.8 million$23.8 million17%Net Income$11.9 million$7.8 million53%Net Income per common unit$0.62$0.4151%Average number of vessels116.614.019% Operating Surplus2 and Operating Surplus after the quarterly allocation to the capital reserve for the third quarter of 2021 were $25.8 million and $11.3 million, respectively.Announced common unit distribution of $0.10 for the third quarter of 2021.Took delivery of two LNG carriers (“LNGC”) on September 3, 2021 pursuant to the agreement announced on August 31, 2021 for the acquisition of three LNGCs.Successfully concluded a €150.0 million Senior Unsecured Bonds (the “Bonds”) issue on the Athens Exchange.Exercised the option to acquire three additional LNGCs with long-term charters attached. The acquisition is expected to be financed with the proceeds from the Bonds, sale and lease back financing and cash at hand.Repurchased 379,660 of the Partnership’s common units during the nine months ended September 30, 2021, at an average cost of $11.73 per unit. __________1 Average number of vessels is measured by aggregating the number of days each vessel was part of our fleet during the period and dividing such aggregate number by the number of calendar days in the period. 2 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 Third Quarter 2021 Results Net income for the quarter ended September 30, 2021 was $11.9 million, compared with net income of $7.8 million for the third quarter of 2020. After taking into account the interest attributable to the general partner, net income per common unit for the quarter ended September 30, 2021 was $0.62, compared to net income per common unit of $0.41 for the third quarter of 2020. Total revenue was $43.1 million for the quarter en...