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Capital Product Partners L.P. Announces Third Quarter 2022 Financial Results
ATHENS, Greece, Nov. 09, 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, Nov. 09, 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 third quarter ended September 30, 2022. Highlights Three-month periods ended September 30, 2022 2021IncreaseRevenues$71.9 million$43.1 million67%Expenses$40.4 million$27.8 million45%Net Income$58.7 million$11.9 million393%Net Income per common unit$2.90$0.62368%Average number of vessels1 19.4 16.617% Operating Surplus2 and Operating Surplus after the quarterly allocation to the capital reserve for the third quarter of 2022 were $37.6 million and $7.8 million, respectively.Announced common unit distribution of $0.15 for the third quarter of 2022.Successfully concluded a €100.0 million Senior Unsecured Bonds issuance (together with the €150.0 million Senior Unsecured euro-denominated bonds issued in October 2021, the “Bonds”) on the Athens Exchange.Delivered the M/V Archimidis and the M/V Agamemnon to their new owners in July 2022.Repurchased 287,124 of the Partnership’s common units during the nine months ended September 30, 2022, at an average cost of $15.41 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. In October 2022, the Partnership took delivery of the M/V Manzanillo Express, the first of three 13,312 twenty-foot equivalent (“TEU”) container vessels we have agreed to acquire together with one LNG carrier (“LNG/C”). Upon its delivery to CPLP, the M/V Manzanillo Express commenced its ten-year charter with Hapag-Lloyd. Overview of Third Quarter 2022 Results Net income for the quarter ended September 30, 2022, was $58.7 million, compared with net income of $11.9 million for the third quarter of 2021. Net income for the third quarter of 2022 includes a gain of $47.3 million from the sale of the M/V Archimidis and the M/V Agamemnon. After taking i...