Capital Clean Energy Carriers Corp. · NASDAQ:CCEC
Capital Clean Energy Carriers — Capital Product Partners — Investor Presentation (March 2017)
20 slides from Capital Clean Energy Carriers's investor presentation, March 2017
Slide 1: Investor Presentation
Investor Presentation March 2017 www.capitalpplp.com
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect CPLP management’s current assumptions and expectations with respect to expected future events and performance. The statements
Slide 3: Investment Highlights
Investment Highlights Diversified Maritime MLP with high specification, modern fleet of 36 vessels including 21 product tankers, 4 suezmax tankers, 10 containers and 1 capesize dry bulk vessel, with all of our vessels fixed under period contracts. Increased quarterly common unit distribution by 7%
Slide 4: Modern High-Specification Fleet
Modern High-Specification Fleet Fleet Profile Fleet Age 10.6 Years1 4 10 Suezmax Tankers 7.5 Years MR Tankers 1 Bulkers Containers 21 CPLP Industry Diversified Customer Base 36 Vessels - 2.6mm DWT (~70k TEUs) 7.5 Years Weighted Average Fleet Age 3 1 Industry average age data from Clarksons as of Mar
Slide 5: Strong Charter Coverage At Attractive Rates
Strong Charter Coverage At Attractive Rates Charter Profile Expiry Of Current Charters Rates Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Vessel Type Gross Rate Product tanker Aktoras $7,2501 Product tanker Aiolos $7,0001 Crude tanker Amoureux $29,000 Containership Archimidis $8,950 Containership Agamemnon $8
Slide 6: Product Tanker Charter Market
Product Tanker Charter Market Spot Market driven lower by softer $/Day 1 & 3 Year MR2 Time Charter Rates vs. CPLP MR2 demand and increased vessel supply: Average TCE Rate $21,000 1 Yr T/C MR2 Rate High product inventories limiting $20,000 imports. 3 Yr T/C MR2 Rate $19,000 CPLP MR2 Average TCE R
Slide 7: Positive Long Term Product Tanker Fundamentals
Positive Long Term Product Tanker Fundamentals Favorable structural changes in the Refinery Capacity Growth refinery market: 2.3 mb/d refinery capacity removals in OECD countries in 2012-2016. 3.4 mb/d refinery capacity expansion East of Suez in 2017- 2019. 2017 refinery capacity additions:
Slide 8: Suezmax Charter Market
Suezmax Charter Market Softer spot Suezmax market in 2016, $/Day 1 & 3 Year Suezmax T/C Rates vs. CPLP Suezmax Average due to weaker supply and demand T/C Rate $44,000 1 Year Suezmax T/C Rate fundamentals: 3 Year Suezmax T/C Rate $39,000 Increased fleet growth: 27 CPLP Average Suezmax T/C Rate S
Slide 9: Container Charter Market
Container Charter Market $000/day Containership Charter Rates Reduced supply growth compared 60 to market expectations and new 1700 teu grd 6-12 Mths TC 4400 teu gls 6-12 Mths TC 6800 teu Intermediate 3-Yr TC 9000 teu Neo-Panamax 3-Yr TC alliances services alignment 50 driving charter market upwar
Slide 10: Capital Reserve Providing For Debt Repayments Until 2018
Capital Reserve Providing For Debt Repayments Until 2018 The Partnership established a quarterly capital reserve of $14.6 million in Revised Distribution Guidance 1Q2016 to provide for debt repayments between 2016-2018 equal to $177.4 million: Outstanding Debt Debt amortization (in $millions)1 Cre
Slide 11: Common Unit Distribution Outlook
Common Unit Distribution Outlook Common Unit Distribution level well underpinned by: Revised Distribution Guidance – Strong balance sheet with capital reserve in place for debt amortization payments until end of 2018. – Solid Common Unit Coverage after the capital reserve and Class B distributions
Slide 12: Additional Dropdown Opportunities
Additional Dropdown Opportunities OPTIONAL VESSELS (CPLP HOLDS RIGHT OF FIRST REFUSAL) VESSEL NAME TYPE CAPACITY BUILT YARD NOTE ATHLOS 50,000 DWT JAN-2016 SAMSUNG FACILITY WITH DROPDOWN ALKAIOS 50,000 DWT MAR-2016 SAMSUNG OPTION INTO CPLP AT 50% LTV ECO IMO II/III AND 2 YEARS NON AMORTIZING CHEMICA
Slide 13: Appendix
PRODUCT PARTNERS L.P. APPENDIX
Slide 14: Fourth Quarter 2016 Highlights
Fourth Quarter 2016 Highlights Cash distribution for 4Q2016 of $0.08 per common unit, representing an increase of 0.5 cents compared to the previous quarter. Net income for 4Q2016: $13.7 million. 1.7x common unit distribution coverage after the capital reserve and the Class B distribution. C
Slide 15: Statements Of Comprehensive Income
Statements Of Comprehensive Income ($ In Thousands) For the Three-Month Period For the Three-Month Period Ended Ended December 31, 2016 December 31, 2015 Revenues $52,456 $44,816 Revenues – related party 9,945 14,541 Total Revenues 62,401 59,357 Expenses: Voyage expenses 2,582 2,246 Voyage expenses
Slide 16: Operating Surplus For Calculation Of Unit Distribution
Operating Surplus For Calculation Of Unit Distribution ($ In Thousands) For the Three-Month For the Three-Month Period Ended Period Ended December 31, 2016 September 30, 2016 Net income $13,744 $11,770 Adjustments to net income Depreciation and amortization 18,928 18,604 Deferred revenue 1,355 1,332
Slide 17: Strong Balance Sheet
Strong Balance Sheet ($ In Thousands) As Of As Of December 31, 2016 December 31, 2015 Assets Total Current Assets 117,879 99,824 Total Fixed Assets 1,367,731 1,333,657 Other Non-Current Assets 112,995 122,394 Total Assets $1,598,605 $1,555,875 Liabilities and Partners’ Capital Total Current Liabilit
Slide 18: Fleet Developments Update
Fleet Developments Update Name DWT Built Gross Rate (Per Day) Charterer Charter Expiry M/T Aristotelis II 51,226 2008 $6,600* July 2018 M/T Alexandros II 51,258 2008 $6,600* July 2018 M/T Aris II 51,218 2008 $6,600* July 2018 M/T Aristotelis 51,604 2013 $13,750 January 2018 M/T Arionas 36,725 2006 $
Slide 19: Solid Historical Operating Performance
Solid Historical Operating Performance Net revenue1 EBITDA and margin (%) (US$ millions) (US$ millions) $280 $200 80% $231 72% 68% 73% $240 $214 71% 71% $154 $157 $160 68% $200 $187 $137 70% $165 $118 $160 $148 $120 $105 $119 $80 60% $120 $80 $80 50% $40 $40 $0 $0 40% 2011 2012 2013 2014 2015 2016 2
Slide 20: Capital Product Partners L.P.
Capital Product Partners L.P.
Capital Product Partners — Investor Presentation (March 2017) on 6ix