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Document And Entity Information
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6 Months Ended |
|---|---|
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Jun. 30, 2012
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| Document and Entity Information | |
| Document Type | 6-K |
| Document Period End Date | Jun. 30, 2012 |
| Amendment Flag | false |
| Entity Registrant Name | Capital Product Partners L.P. |
| Entity Central Index Key | 0001392326 |
| Entity Current Reporting Status | Yes |
| Entity Voluntary Filers | No |
| Current Fiscal Year End Date | --12-31 |
| Entity Filer Category | Accelerated Filer |
| Entity Well Known Seasoned Issuer | No |
| Document Fiscal Year Focus | 2012 |
| Document Fiscal Period Focus | Q2 |
| Entity's units outstanding | 86,343,388 |
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General Partner
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| Document and Entity Information | |
| Entity's units outstanding | 1,415,757 |
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Limited Partner
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| Document and Entity Information | |
| Entity's units outstanding | 69,372,077 |
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Preferred Partner
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| Document and Entity Information | |
| Entity's units outstanding | 15,555,554 |
| X | ||||||||||
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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| X | ||||||||||
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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| X | ||||||||||
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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| X | ||||||||||
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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| X | ||||||||||
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- Definition
The asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time. No definition available.
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| X | ||||||||||
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- Definition
This element represents vessels' book value, net of accumulated depreciation. No definition available.
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| X | ||||||||||
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- Definition
Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets, excluding property, plant, and equipment and other property and investments, that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. Alternate captions include Total Deferred Charges and Other Assets. No definition available.
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts of deferred costs that are expected to be recognized as a charge against earnings in periods after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum as of the balance sheet date of the (a) fair values of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and (b) the carrying amounts of the liabilities arising from financial instruments or contracts used to mitigate a specified risk (hedge), and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of after one year or beyond the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Total obligations incurred as part of normal operations that is expected to be repaid beyond the following twelve months or one business cycle. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer, and the aggregate carrying amount of current assets, as of the balance sheet date, not separately presented elsewhere in the balance sheet. Current assets are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount, net of accumulated depreciation, depletion and amortization, of long-lived physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenues arising from services provided to charterers according to the terms and conditions included in each time, voyage and bare boat charter agreement. No definition available.
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| X | ||||||||||
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- Definition
Revenues arising from services provided to related parties according to the terms and conditions included in each time, voyage and bare boat charter agreement. No definition available.
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| X | ||||||||||
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- Definition
Total revenues arising from services provided according to the terms and conditions included in each time, voyage and bare boat charter agreement. No definition available.
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| X | ||||||||||
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- Definition
The net result of the accumulated OCL amortization of interest rate swaps dedesignated from cash flow hedges and the change in their fair values. No definition available.
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| X | ||||||||||
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- Definition
Aggregate amount of net income allocated to common unitholders. No definition available.
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| X | ||||||||||
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- Definition
Net income (loss) allocated to each outstanding common limited partnership unit basic and diluted. No definition available.
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| X | ||||||||||
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- Definition
Vessel operating expenses consist of crewing, repairs and maintenance, insurance, stores, spares, lubricants, management fees and miscellaneous expenses. No definition available.
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| X | ||||||||||
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- Definition
Related party vessel operating expenses consist of crewing, repairs and maintenance, insurance, stores, spares, lubricants, management fees and miscellaneous expenses. No definition available.
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| X | ||||||||||
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- Definition
Vessel voyage expenses are direct expenses to charter revenues and consist of commissions, port expenses, canal dues bunkers and other. No definition available.
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| X | ||||||||||
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- Definition
Related party vessel voyage expenses are direct expenses to charter revenues. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The weighted average number of common limited partnership units issued and outstanding that are used in calculating earnings per common limited partnership unit basic and diluted. No definition available.
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| X | ||||||||||
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- Definition
In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The effective portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of net Income or Loss for the period allocated to noncontrolling preferred unit holders in an entity included in the reporting entity's consolidated financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate amount of net income allocated to general partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Unaudited Condensed Consolidated Statements Of Changes In Partners' Capital (USD $)
In Thousands |
Total
|
General Partner
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Common Unitholders
|
Preferred Unitholders
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Total
|
Accumulated Other Comprehensive Loss
|
|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2010 | $ 239,760 | $ 5,584 | $ 262,918 | $ 268,502 | $ (28,742) | |
| Distributions declared (distributions per unit $0.465) (Note 9) | (18,005) | (360) | (17,645) | (18,005) | ||
| Partnership net income | 17,541 | 351 | 17,190 | 17,541 | ||
| Issuance of common units for vessel acquisition | 57,055 | 57,055 | 57,055 | |||
| Issuance of units | 1,470 | 1,470 | 1,470 | |||
| Equity compensation expense | 1,159 | 1,159 | 1,159 | |||
| Other comprehensive income (note 8) | 8,628 | 8,628 | ||||
| Balance at Jun. 30, 2011 | 307,608 | 7,045 | 320,677 | 327,722 | (20,114) | |
| Balance at Dec. 31, 2011 | 517,326 | 11,005 | 517,545 | 0 | 528,550 | (11,224) |
| Distributions declared (distributions per unit $0.465) (Note 9) | (32,916) | (658) | (32,258) | (32,916) | ||
| Partnership net income | 6,595 | 49 | 2,387 | 4,159 | 6,595 | |
| Issuance of units | 136,425 | 136,425 | 136,425 | |||
| Equity compensation expense | 1,991 | 1,991 | 1,991 | |||
| Other comprehensive income (note 8) | 9,840 | 9,840 | ||||
| Balance at Jun. 30, 2012 | $ 639,261 | $ 10,396 | $ 489,665 | $ 140,584 | $ 640,645 | $ (1,384) |
| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. No definition available.
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| X | ||||||||||
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- Definition
Issuance of common units for business acquisition. No definition available.
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| X | ||||||||||
|
- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Net of tax amount of other comprehensive income (loss) attributable to both parent entity and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Total contributions made by each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Total distributions to each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Unaudited Condensed Consolidated Statements Of Changes In Partners' Capital (Parentheticals) (USD $)
|
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Statement Of Stockholders Equity (Abstract) | ||
| Distributions per unit | $ 0.465 | $ 0.465 |
| X | ||||||||||
|
- Definition
Per-share or per-unit cash distributions declared to a common shareholder or unit-holder by an LLC or LP. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
The amortization of the asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time. No definition available.
|
| X | ||||||||||
|
- Definition
Unpaid capitalized vessel costs. No definition available.
|
| X | ||||||||||
|
- Definition
The net result of the accumulated OCL amortization of interest rate swaps dedesignated from cash flow hedges and the change in their fair values. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents payments for acquisitions and capitalized improvements of vessels. No definition available.
|
| X | ||||||||||
|
- Definition
The cash inflow from the issuance of partnership's, general partner, common and preferred units during the period. No definition available.
|
| X | ||||||||||
|
- Definition
The cash proceeds net of commissions and expenses from the sale of vessels. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance of units for business acquisition. No definition available.
|
| X | ||||||||||
|
- Definition
Unpaid loan issuance costs. No definition available.
|
| X | ||||||||||
|
- Definition
Unpaid private placement costs relating to the issuance of preferred units. No definition available.
|
| X | ||||||||||
|
- Details
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| X | ||||||||||
|
- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash distributions paid to a common shareholder or unit-holder by a LLC or LP. No definition available.
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| X | ||||||||||
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- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate increase (decrease) during the reporting period in the amount due from the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The amount of intangibles that an Entity acquires in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations. No definition available.
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| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Basis Of Presentation And General Information
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6 Months Ended |
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Jun. 30, 2012
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| Basis Of Presentation and General Information (Abstract) | |
| Basis Of Presentation and General Information | 1. Basis of Presentation and General Information
Capital Product Partners L.P. (the “Partnership” or “CPP”) was formed on January 16, 2007, under the laws of the Marshall Islands for the purpose of acquiring interests in eight wholly owned subsidiaries of Capital Maritime and Trading Corp. (“CMTC” or “sponsor”), each of which owned a double-hull medium-range product tanker (the “Initial Vessels”).
The Partnership is engaged in the seaborne transportation services of crude oil and refined petroleum products, edible oils and soft chemicals, by chartering its vessels under medium to long-term time and bareboat charters.
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These statements and the accompanying notes should be read in conjunction with the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2011, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 13, 2012.
These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Partnership's financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2012 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2012. |
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- Details
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- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Significant Accounting Policies
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6 Months Ended | ||
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Jun. 30, 2012
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| Significant Accounting Policies (Abstract) | |||
| Significant Accounting Policies |
A discussion of the Partnership's significant accounting policies can be found in the Partnership's Consolidated Financial Statements included in the Annual Report on Form 20-F for the year ended December 31, 2011 (the “Consolidated Financial Statements for the year ended December 31, 2011”). There have been no changes to these policies in the six-month period ended June 30, 2012. |
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- Details
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- Definition
The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisition of Patroklos (M/V Cape Agamemnon)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Acquisition of Patroklos (M/V Cape Agamemnon) (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisition of Patroklos (M/V Cape Agamemnon) |
On June 9, 2011, the Partnership acquired the shares of Patroklos Marine Corp., the vessel owning company of the M/V Cape Agamemnon (“Patroklos”), from CMTC as it was deemed accretive to the Partnership's distributions by the board of directors. The vessel at the time of her acquisition by the Partnership operated under a ten year time charter, with Cosco Bulk Carrier Co. Ltd. (“COSCO Bulk”), an affiliate of the COSCO Group. The time charter commenced in July 2010 and the earliest expiration date under the charter is in June 2020. The acquisition of Patroklos was unanimously approved by the Partnership's Board of Directors following the unanimous approval and recommendation of the Board's conflicts committee, which is comprised entirely of independent directors.
The Partnership accounted for the acquisition of Patroklos as an acquisition of a business. All assets and liabilities of Patroklos except the vessel, necessary permits and time charter agreement, were retained by CMTC. The purchase price of the acquisition has been allocated to the identifiable assets acquired, with the excess of the fair value of assets acquired over the purchase price recorded as a gain from bargain purchase.
The total purchase consideration of $83,525 was funded by $1,470 from available cash, $25,000 through a draw-down from the Partnership's credit facility with Credit Agricole Emporiki Bank (Note 7) and the remaining through the issuance of 6,958,000 Partnership's common units to CMTC at a price of $8.20 per unit as quoted on the Nasdaq Stock Exchange, the date of the acquisition of Patroklos by the Partnership. Furthermore upon the acquisition of Patroklos, the Partnership issued another 142,000 of Partnership's common units. These units were converted into 142,000 of general partner units by the Partnership and delivered to Capital General Partner (“CGP”) in order for it to maintain its 2% interest in the Partnership. The Partnership received the amount of $1,470 in exchange for these general partner units.
Acquisition-related costs of approximately $409 are included in general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income for the six month period ended June 30, 2011.
The allocation of the purchase price to acquired identifiable assets was based on their estimated fair values at the date of acquisition.
The fair value allocated to each class of identifiable assets of Patroklos and the gain from bargain purchase recorded as non operating income, net in the Partnership's unaudited condensed consolidated statements of comprehensive income for the six month period ended June 30, 2011 was calculated as follows:
The gain from bargain purchase of $16,526 has resulted from the decline of the Partnership's common unit price as the 6,958,000 common units which were issued to CMTC were valued at $8.20 per unit as quoted on the Nasdaq Stock Exchange on the day of the acquisition of Patroklos, as compared to the Partnership's common unit price of $10.35 representing a value of Partnership's common unit on the day CMTC and the Partnership agreed on the purchase consideration, including the issuance of these common units.
After a subsequent review and reassessment of valuation methods and procedures of the $100,051 fair value amount for identifiable assets acquired, the Partnership concluded that its measurements for the assets acquired appropriately reflect consideration of all available information that existed as of the acquisition date. Therefore, the Partnership recorded a gain from bargain purchase of $16,526 in accordance with ASC Subtopic 805-30 as of the Patroklos acquisition date.
The following table sets forth the component of the identifiable intangible asset acquired with the purchase of Patroklos which is being amortized over its duration on a straight-line basis as a reduction of revenue:
The fair value of the above market time charter acquired was determined as the difference between the time charter rate and market rate for comparable charter on the business combination date discounted at the WACC of approximately 11%.
The supplemental pro forma financial information was prepared using the acquisition method of accounting and is based on the following:
The following table summarizes total net revenues; net income and net income per common unit of the combined entity had the acquisitions of Patroklos occurred on January 1, 2011:
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- Details
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| X | ||||||||||
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- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Transactions With Related Parties
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Transactions with Related Parties (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transactions with Related Parties | 4. Transactions with Related Parties
The Partnership and its subsidiaries, have related-party transactions with the Manager, due to certain terms of the following three different types of management agreements.
1. Fixed fee management agreement: At the time of the completion of the IPO the Partnership entered into an agreement with its Manager , according to which the Manager provides the Partnership with certain commercial and technical management services for a fixed daily fee per managed vessel which covers the commercial and technical management services, the respective vessels' operating costs such as crewing, repairs and maintenance, insurance, stores, spares, and lubricants as well as the cost of the first special survey or next scheduled dry-docking, of each vessel. In addition to the fixed daily fees payable under the management agreement, the Manager is entitled to supplementary compensation for additional fees and costs (as defined in the agreement) of any direct and indirect additional expenses it reasonably incurs in providing these services, which may vary from time to time. The Partnership also pay a fixed daily fee per bareboat chartered vessel in its fleet, mainly to cover compliance and commercial costs, which include those costs incurred by the manager to remain in compliance with the oil majors' requirements, including vetting requirements;
2. Floating fee management agreement: On June 9, 2011, the Partnership entered into an agreement with its Manager based on actual expenses with an initial term of five years per managed vessel. Under the terms of this agreement the Partnership compensates its Manager for expenses and liabilities incurred on the Partnership's behalf while providing the agreed services, including, but not limited to, crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating costs. Costs and expenses associated with a managed vessel's next scheduled dry docking are borne by the Partnership and not by the Manager. The Partnership also pays its Manager a daily technical management fee per managed vessel that is revised annually based on the United States Consumer Price Index; and
3. Crude Carriers Corp. (“Crude”) management agreement: On September 30, 2011, the Partnership completed the acquisition of Crude. The five crude tanker vessels the Partnership acquired as part of the Crude's acquisition continue to be managed under a management agreement entered into in March 2010 with the Manager whose initial term expires on December 31, 2020. Under the terms of this agreement the Partnership compensates the Manager for all of its expenses and liabilities incurred on the Partnership's behalf while providing the agreed services, including, but not limited to, crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating and administrative costs. The Partnership also pays its Manager the following fees:
(a) a daily technical management fee per managed vessel that is revised annually based on the United States Consumer Price Index;
(b) a sale and purchase fee equal to 1% of the gross purchase or sale price upon the consummation of any purchase or sale of a vessel acquired by Crude ; and
(c) a commercial services fee equal to 1.25% of all gross charter revenues generated by each vessel for commercial services rendered.
All the above three agreements will constitute the “Management Agreements”.
Under the terms of the fixed fee management agreement, the Manager charged the Partnership for additional fees and costs, relating to insurances deductibles, vetting, and repairs and spares that related to unforeseen events. For the six months period ended June 30, 2012 and 2011 such fees amounted to $1,016 and $246 respectively. The 2011 charge includes a $710 adjustment in order to reflect the claim proceeds the Partnership received for one of its vessels the M/T Attikos.
On April 4, 2007, the Partnership entered into an administrative services agreement with the Manager, pursuant to which the Manager will provide certain administrative management services to the Partnership such as accounting, auditing, legal, insurance, IT, clerical, investor relations and other administrative services. Also the Partnership reimburses CGP for all expenses which are necessary or appropriate for the conduct of the Partnership's business. The Partnership reimburses the Manager and CGP for reasonable costs and expenses incurred in connection with the provision of these services after the Manager submits to the Partnership an invoice for such costs and expenses, together with any supporting detail that may be reasonably required. These expenses are included in general and administrative expenses in the unaudited condensed consolidated statements of comprehensive income.
Balances and transactions with related parties consisted of the following:
Statement of comprehensive income
(a) Manager - Payments on Behalf of Capital Product Partners L.P. : This line item includes the Manager payments it makes on behalf of the Partnership and its subsidiaries.
(b) Management fee payable to CSM: The amount outstanding as of June 30, 2012 and December 31, 2011 represents the management fee payable to CSM as a result of the Management Agreements the Partnership entered into with the Manager.
(c) Revenues: The following table includes information regarding the charter agreements that were in place between the Partnership and CMTC during the six months period ended June 30, 2012 and 2011:
(d) General and administrative expenses: This line item mainly includes internal audit, investor relations and consultancy fees.
(e) Deferred Revenue: As of June 30, 2012 and December 31, 2011 the Partnership received cash in advance for revenue earned in a subsequent period from CMTC. |
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Vessels
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Vessels (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vessels |
An analysis of vessels is as follows:
All of the Partnership's vessels as of June 30, 2012 have been provided as collateral to secure the Partnership's credit facilities.
On February 14, 2012, the Company sold the M/T Attikos, a 12,000 dwt chemical tanker built in 2005 for net proceeds of $9,819, to an unrelated third party. The Company realized a net gain on this sale of $943.
On April 4, 2012 the Company sold the M/T Aristofanis, a 12,000 dwt, chemical tanker built in 2005 for net proceeds of $9,882, to an unrelated third party. The Company realized a net gain on this sale of $353.
On June 10, 2011 the Company acquired the shares of Patroklos, the vessel owning company of the M/V Cape Agamemnon (Note 3). |
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- Details
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- Definition
The entire disclosure of vessels that are used in the normal conduct of business and not intended for resale. The disclosure may include, but not limited to, vessel additions, disposals, impairment and depreciation. No definition available.
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Above Market Acquired Charters
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Above Market Acquired Charters (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Above market acquired charters |
In June, 2011 the Partnership acquired the shares of Patroklos, the vessel-owing company of M/V Cape Agamemnon from CMTC with an outstanding time charter to COSCO Bulk terminating in June, 2020, which was above the market rates for equivalent bare-boat charters prevailing at the time of acquisition. The present value of the above market acquired time charter was estimated by the Partnership at $48,551, and recorded as an asset in the unaudited condensed consolidated balance sheets as of the acquisition date.
In August 16, 2010 the Partnership acquired the shares of the vessel-owing company of M/T Assos (renamed Insurgentes) with an outstanding bare-boat charter, which was above the market rates for equivalent bare-boat charters prevailing at the time of acquisition. The present value of the above the market acquired bare-boat charter was estimated by the Partnership at $9,000, and was recorded as an asset in the consolidated balance sheet as of the acquisition date.
For the six months period ended June 30, 2012 and 2011, revenues included a reduction of $3,909 and $1,538 as amortization of the above market acquired charters, respectively.
An analysis of above market acquired charters is as follows:
As of June 30, 2012 the remaining carrying amount of unamortized above market acquired time and bare-boat charters was $47,215 and will be amortized in future years as follows:
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- Definition
The entire disclosure for above market acquired charters. No definition available.
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Long-Term Debt
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Jun. 30, 2012
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| Long-Term Debt (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt |
As of June 30, 2012 and December 31, 2011, the Partnership was in compliance with all financial debt covenants.
On February 15, 2012, an amount of $10,000 was repaid on the Partnership's revolving credit facility of $370,000, from the proceeds of the sale of its vessel M/T Attikos (Note 5).
On April 4, 2012, an amount of $10,500 was repaid on the Partnership's revolving credit facility of $370,000, from the proceeds of the sale of its vessel M/T Aristofanis (Note 5).
Following the issuance of Class B Convertible Preferred Units in May and June 2012 (Note 9), the Partnership repaid debt of $149,566 across its three credit facilities by using in full the net proceeds of the issuance of $136,425 and an amount of $13,141 from its available cash. Following the debt repayment of $149,566, on May 23, 2012 the Partnership's credit facilities were amended: a) The new amortization schedule will commence in March 2016 b) the margin of the credit facility of $370,000 and $350,000 has increased to 2% and 3% respectively and c) the Partnership's credit facility of $370,000 was converted into a term loan, and the undrawn tranche of $52,500 relating to the credit facility of $350,000 was cancelled.
The Partnership's loan of $370,000 will be repaid in 6 equal consecutive quarterly installments of $12,975 commencing in March, 2016 plus a balloon payment due in June, 2017. The Partnership's credit facilities of $350,000 and $25,000 will be repaid in 9 equal consecutive quarterly installments of $8,069 and $1,000 respectively commencing in March, 2016 plus a balloon payment for each facility due in March, 2018.
As of June 30, 2012 the Partnership's loan amounts drawn under its credit facilities are as follows:
For the six month period ended June 30, 2012 and 2011 interest expense amounted to $18,379 and $15,717 respectively. As of June 30, 2012 the weighted average interest rate of the Partnership's loan facilities was 3.14%. |
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- Definition
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Financial Instruments
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Jun. 30, 2012
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| Financial Instruments (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments |
The carrying value of trade receivables, accounts payable and current accrued liabilities approximates their fair value. The fair values of long-term variable rate bank loans approximate the recorded values, due to their variable interest and pricing. In addition the Partnership's lenders impose an additional cost if their borrowing rate exceeds effective interest rate (LIBOR) as stated in the Partnership's loan agreements. We believe the terms of our loans are similar to those that could be procured as of June 30, 2012. Interest rate swaps are recorded at fair value in the unaudited condensed consolidated balance sheets.
Derivative Instruments
The Partnership had entered into fourteen interest rate swap agreements in order to mitigate the exposure from interest rate fluctuations. Nine of the Partnership's interest rate swap agreements under its $370,000 credit facility expired as of June 29, 2012 and the tenth was closed out upon the sale of the M/T Attikos and M/T Aristofanis. During the six month period ended June 30, 2012, the Partnership closed out one interest rate swap agreements in full and one partially under its $350,000 credit facility. As of June 30, 2012, the Partnership has swapped the amount $59,084. All derivatives are carried at fair value on the unaudited condensed consolidated balance sheets at each period end. Balances as of June 30, 2012 and December 31, 2011 are as follows:
Tabular disclosure of financial instruments is as follows:
The table below shows the effective portion of the Partnership's derivatives recognized in Other Comprehensive Income (“OCI”), the realized losses from net interest rate settlements transferred from OCI into the unaudited condensed consolidated statements of comprehensive income and the amounts remaining in OCI for the six months period ended June 30, 2012 and 2011 respectively:
The Partnership follows the accounting guidance for derivative instruments which requires disclosure that establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosure about fair value measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:
Level 1: Quoted market prices in active markets for identical assets or liabilities;
Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;
Level 3: Unobservable inputs that are not corroborated by market data.
The Partnership's interest rate swap agreements, entered into pursuant to its loan agreements, are based on LIBOR swap rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items. The fair values of the interest rate swap determined through Level 2 of the fair value hierarchy are derived principally from or corroborated by observable market data. Inputs include quoted prices for similar assets, liabilities (risk adjusted) and market-corroborated inputs, such as market comparable, interest rates, yield curves and other items that allow value to be determined. Fair value of the interest rate swaps is determined using a discounted cash flow method based on market-base LIBOR swap yield curves. The fair value of the Partnership's interest rate swaps is the estimated value of the swap agreements at the reporting date, taking into account current interest rates and the forward yield curve and the creditworthiness of the Partnership and its counterparties.
Following the partial repayment of the Partnership's credit facilities in May 2012 (Note 7), the sale of the M/T Attikos and M/TAristofanis (Note 5) resulting the termination of the swap agreement equals to $20,500 and the termination of nine interest rate swap agreements in June 2012, the Partnership's interest rate swap agreements were reduced to three. As of June 30, 2012 the interest rate swap agreements as presented in the table below qualify as a cash flow hedge and the changes in their fair value are recognized in accumulated other comprehensive income/(loss).
Since, May 23, 2012 one interest rate swap of the Partnership does not qualify as cash flow hedge any longer and is presented to the table below. As a result the amount of $50, which was part of the Partnership's accumulated other comprehensive loss (“OCL”) as of May 23, 2011, is attributable to ineffective hedges and is being amortized over their respective remaining term up to its maturity date (March 28, 2013) and is being recognized in the Partnership's consolidated statements of comprehensive income by using the effective interest rate method.
For the six month period ended June 30, 2012 the Partnership recorded an expense of $13 from the above amortization.
For the six month period ended June 30, 2012, the Partnership recorded a gain of $8,075 as a result from the change in the fair value of derivatives that did not qualify for cash flow hedge accounting. The net result of the accumulated OCL amortization and the change of the fair value of the nine swap agreements of $1,447 is presented under other non operating income (expense) net as a “Gain on interest rate swap agreement” in the Partnership's unaudited condensed consolidated statements of comprehensive income for the six month period ended June 30, 2012. |
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The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Partners Capital
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Jun. 30, 2012
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| Partners' Capital (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partners' Capital |
As of June 30, 2012 and December 31, 2011 our partners' capital included the following units:
On May 23, and June 6, 2012 the Partnership entered into a Class B Convertible Preferred Unit Subscription Agreement (the “Agreement”) with various investors. According to this Agreement the Partnership issued 15,555,554 Class B Convertible Preferred Units to a group of investors including Kayne Anderson Capital Advisors L.P., Swank Capital LLC, Salient Partners, Spring Creek Capital LLC, Mason Street Advisors LLC and its sponsor Capital Maritime and Trading Corp. for net proceeds of $136,425.
The holders of the Class B Convertible Preferred Units have the right to convert all or a portion of such Class B Convertible Preferred Units at any time into Common Units at the conversion price of $9 per Class B Convertible Preferred Unit and a conversion rate of one Common Unit per one Class B Convertible Preferred Unit. The Conversion Ratio and the Conversion Price shall be adjusted upon the occurrence of certain events as described to the Agreement.
Commencing on May 23, 2015, in the event the 30-day volume-weighted average trading price (“VWAP”) and the daily VWAP of the Common Units on the National Securities Exchange on which the Common Units are listed or admitted to trading exceeds 130% of the then applicable Conversion Price for at least 20 Trading Days out of the 30 consecutive Trading Day period used to calculate the 30-day VWAP (the “Partnership Mandatory Conversion Event”) the Partnership (acting pursuant to direction and approval of the Conflicts Committee (following consultation with the full Board of Directors), shall have the right to convert the Class B Convertible Preferred Units then outstanding in whole or in part into Common Units at the then-applicable Conversion Ratio.
The holders of the outstanding Class B Convertible Preferred Units as of an applicable record date shall be entitled to receive, when, as and if authorized by the Partnership's board of directors or any duly authorized committee, out of legally available funds for such purpose, (a) first, the minimum quarterly Class B Convertible Preferred Unit Distribution Rate on each Class B Convertible Preferred Unit and (b) second, any cumulative Class B Convertible Preferred Unit Arrearage then outstanding, prior to any other distributions made in respect of any other Partnership Interests pursuant to this Agreement in cash. The minimum quarterly Class B Convertible Preferred Unit Distribution Rate shall be payable quarterly which is generally expected to be February 10, May 10, August 10 and November 10, or, if any such date is not a business day, the next succeeding business day.
Any distribution payable on the Class B Convertible Preferred Units for any partial quarter (other than the initial distribution payable on the Class B Convertible Preferred Units for the period from May 22, 2012 through June 30, 2012 that equals to $0.26736 for each Class B Convertible Preferred Unit ) shall equal the product of the minimum quarterly Class B Convertible Preferred Unit distribution rate of $0.21375 (equals to a 9.5% annual distribution rate, subject to adjustment in the cases where clause of change of control, and/or clause of cross default provisions of the “Agreement” applies).
No distribution on the Class B Convertible Preferred Units shall be authorized by the board of directors or declared or paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its indebtedness, prohibits such authorization, declaration, payment or setting apart for payment or provides that such authorization, declaration, payment or setting apart for payment would constitute a breach thereof, or a default thereunder, or if such authorization, declaration, payment or setting apart for payment shall be restricted or prohibited by law. The foregoing, distributions with respect to the Class B Convertible Preferred Units shall accumulate as of the Class B Convertible Preferred Unit distribution payment date on which they first become payable whether or not any of the foregoing restrictions in above exist, whether or not there is sufficient Available Cash for the payment thereof and whether or not such distributions are authorized. A cumulative Class B Convertible Preferred Unit arrearage shall not bear interest and holders of the Class B Convertible Preferred Units shall not be entitled to any distributions, whether payable in cash, property or Partnership Interests, in excess of the then cumulative Class B Convertible Preferred Unit arrearage plus the minimum quarterly Class B Convertible Preferred Unit distribution rate for such quarter.
With respect to Class B Convertible Preferred Units that are converted into Common Units, the holder thereof shall not be entitled to a Class B Convertible Preferred Unit distribution and a Common Unit distribution with respect to the same period, but shall be entitled only to the distribution to be paid based upon the class of Units held as of the close of business on the record date for the distribution in respect of such period; provided , however , that the holder of a converted Class B Convertible Preferred Unit shall remain entitled to receive any accrued but unpaid distributions due with respect to such Unit on or as of the prior Class B Convertible Preferred Unit distribution payment date; and provided, further , that if the Partnership exercises the Partnership Mandatory Conversion Right to convert the Class B Convertible Preferred Units pursuant to this Agreement then the holders' rights with respect to the distribution for the Quarter in which the Partnership Mandatory Conversion Notice is received is as set forth in this Agreement.
During the six-month periods ended June 30, 2012 and 2011, the Partnership declared and paid the following distributions to its common unitholders:
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- Definition
The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Omnibus Incentive Compensation Plan
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Jun. 30, 2012
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| Omnibus Incentive Compensation Plan (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Omnibus Incentive Compensation Plan |
On April 29, 2008, the Board of Directors approved the Partnership's Omnibus Incentive Compensation Plan (the “Plan”) according to which the Partnership may issue a limited number of awards, not to exceed 500,000 units. The Plan was amended on July 22, 2010 increasing the aggregate number of restricted units issuable under the Plan to 800,000. The Plan is administered by the General Partner as authorized by the Board of Directors. The persons eligible to receive awards under the Plan are officers, directors, and executive, managerial, administrative and professional employees of the Manager, or CMTC, or other eligible persons (collectively, “key persons”) as the General Partner, in its sole discretion, shall select based upon such factors as it deems relevant. Members of the Board of Directors are considered to be employees of the Partnership (“Employees”) for the purposes of recognition of equity compensation expense, while employees of the Manager, CMTC and other eligible persons under the plan are not considered to be employees of the Partnership (“Non-Employees”). Awards may be made under the Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares.
On August 25 and 31, 2010 CGP awarded 448,000 and 347,200 unvested units to Employees and Non-Employees, respectively. Awards granted to certain Employees vest in three equal annual installments. The remaining awards will vest on August 31, 2013.
All unvested units are conditional upon the grantee's continued service as Employee and/or Non-Employee until the applicable vesting date. The unvested units will accrue distributions as declared and paid which will be retained by the custodian of the Plan until the units vest at which time they are payable to the grantee. As unvested unit grantees accrue distributions on awards that are expected to vest, such distributions are charged to Partner's capital.
On March 1, 2010 Crude adopted an equity incentive plan according to which Crude issued 399,500 shares out of 400,000 restricted shares that were authorized. Members of the Board of Directors were considered to be employees of Crude (“Employees”), while employees of Crude's affiliates and other eligible persons under this plan were not considered to be employees of Crude (“Non-Employees”). Awards granted to certain Employees vest in three equal annual installments. The remaining awards will vest on August 31, 2013.
All unvested shares are conditional upon the grantee's continued service as Employee and/or Non-Employee until the applicable vesting date. The unvested shares will accrue dividends as declared and paid, which will be retained by the custodian of Crude's equity incentive plan until the shares vest, at which time they are payable to the grantee. As unvested shares grantees accrue dividends on awards that are expected to vest, such dividends were charged to Stockholders' equity prior to Crude's acquisition and are charged to the Partner's capital subsequently to the acquisition.
Upon the completion of the acquisition of Crude by the Partnership on September 30, 2011, the Crude's Equity Incentive Plan existing that date was incorporated into the Partnership's Plan at a ratio of 1.56 common Partnership's unit for each Crude share. The 205,000 unvested shares of Crude's Employee award converted to 319,800 Partnership's unvested units and the 194,400 unvested shares of Crude's Non-Employee award converted to 303,264 Partnership's unvested units. The terms and conditions of both plans are significantly the same and remained unchanged after the acquisition, with the exception of 20,000 Crude shares, which were converted to 31,200 Partnership's units upon the completion of the acquisition. These Crude shares were held by those members of the Crude's Independent Committee who were not designated by Crude to serve as a member of the Partnership board of directors and were vested in full immediately upon the consummation of the acquisition on September 30, 2011.
There were no forfeitures of awards during the period ended June 30, 2012. The Partnership estimates the forfeitures of unvested units to be immaterial. The Partnership will, however, re-evaluate the reasonableness of its assumption at each reporting period. As of June 30, 2012, the unvested units accrued $1,698 of distributions.
For the six - month period ended June 30, 2012 the equity compensation expense that has been charged against income was $912 for the employee awards and $1,079 for the non-employee awards, this expense has been included in general and administrative expenses.
As of June 30, 2012, there was $2,138 of total unrecognized compensation cost related to unvested equity compensation arrangements granted under the Plan based on:
That cost is expected to be recognized over the remaining vesting period of 1.2 years.
As of June 30, 2012, there was $2,380 of total unrecognized compensation cost related to unvested equity compensation arrangements granted to Non-Employees under the Plan, valued based on the closing unit price of $7.56 on June 30, 2012. That cost is expected to be recognized over the remaining vesting period of 1.2 years.
The Partnership has used the straight-line method to recognize the cost of the awards. |
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- Details
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- Definition
The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net Income Per Unit
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Jun. 30, 2012
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| Net Income Per Unit (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income Per Unit |
The general partner's, common unit holders' and subordinated unit holders' interests in net income are calculated as if all net income for the periods presented were distributed according to the terms of the Partnership's Agreement, regardless of whether those earnings would or could be distributed. The Partnership Agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash, which is a contractually-defined term that generally means all cash on hand at the end of each quarter after establishment of cash reserves established by the Partnership's board of directors to provide for the proper resources for the Partnership's business. Unlike available cash, net income is affected by non-cash items.
Under the Partnership Agreement, the holder of the incentive distribution rights in the Partnership, which is currently the CGP, assuming that there are no cumulative arrearages on common unit distributions, has the right to receive an increasing percentage of cash distributions after the minimum quarterly distribution.
During the six-month periods ended June 30, 2012 and 2011, the Partnership's net income did not exceed the First Target Distribution Level, and as a result, the assumed distribution of net income did not result in the use of increasing percentages to calculate CGP' s interest in net income.
The Partnership excluded the dilutive effect of 1,185,601 and 795,200 non-vested unit awards in calculating EPU for its common unit holders as of June 30, 2012 and June 30, 2011, respectively, as they were anti-dilutive. The non-vested units are participating securities because they receive distributions from the Partnership and these distributions do not have to be returned to the Partnership if the non-vested units are forfeited by the grantee.
The Partnership, also, excluded the dilutive effect of the $4,159 dividends attributable to preferred unit holders in calculating EPU for its common unit holders as of June 30, 2012 as they were anti-dilutive.
The two class method was used to calculate EPU as follows:
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- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Commitments And Contingencies
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Jun. 30, 2012
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| Commitments and Contingencies (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies |
Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Partnership's vessels. The Partnership is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited condensed consolidated financial statements.
The Partnership accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, the Partnership is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited condensed consolidated financial statements.
Future minimum rental receipts, excluding any profit share revenue that may arise, based on non-cancelable long-term time and bareboat charter contracts, as of June 30, 2012 are:
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- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Subsequent Events
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Jun. 30, 2012
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| Subsequent Events (Abstract) | |||||
| Subsequent Events |
In addition, on July 23, 2012, the Board of Directors of the Partnership declared a cash distribution of $0.26736 per Class B unit for the period from May 22, 2012 through June 30, 2012. The cash distribution was paid on August 10, 2012, to Class B unit holders of record on August 3, 2012. |
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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Acquisition of Patroklos (M/V Cape Agamemnon) (Tables)
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Jun. 30, 2012
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| Acquisition of Patroklos (M/V Cape Agamemnon) (Abstract) | ||||||||||||||||||||||||||||||||||||
| Purchase price allocation (Table Text Block) |
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| Identifiable intangible assets (Table Text Block) |
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| Pro Forma Financial Information (Table Text Block) |
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- Definition
Tabular disclosure of above market acquired time charter. No definition available.
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- Definition
Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Transactions with Related Parties (Tables)
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Jun. 30, 2012
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| Transactions with Related Parties (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balances and Transactions with Related Parties (Table Text Block) |
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| Related Party Transactions Disclosure (Table Text Block) |
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| Charter Agreements (Table Text Block) |
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- Definition
Tabular disclosure of time charter agreements in effect. No definition available.
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- Definition
Tabular disclosure of related party transactions, as these have been reported in the income statement. No definition available.
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- Definition
Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. No definition available.
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Vessels (Tables)
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Jun. 30, 2012
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| Vessels (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vessels (Table Text Block) |
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- Details
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- Definition
Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Above market acquired charters (Tables)
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Jun. 30, 2012
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| Above Market Acquired Charters (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Above Market Acquired Charters (Table Text Block) |
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| Above Market Acquired Charter Future Amortization Expense (Table Text Block) |
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- Definition
Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for above market acquired charter. No definition available.
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- Details
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- Definition
Tabular disclosure of above market acquired charters. No definition available.
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Long-Term Debt (Tables)
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Jun. 30, 2012
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| Long-Term Debt (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Credit Facilities Amounts Drawn Down (Table Text Block) |
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- Definition
Tabular disclosure of the drawn down amounts of credit facilities. No definition available.
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Financial Instruments (Tables)
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Jun. 30, 2012
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| Financial Instruments (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative liabilities - Fair value (Table Text Block) |
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| Financial instruments - Balance Sheet (Table Text Block) |
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| Schedule Of Derivative Instruments Gain (Loss) In Statement Of Financial Performance (Table Text Block) |
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| Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis (Table Text Block) |
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| Schedule Of Cash Flow Hedging Instruments (Table Text Block) |
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| Schedule Of Derivatives Not Designated As Cash Flow Hedging Instruments (Table Text Block) |
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- Definition
Tabular disclosure of derivatives designated as hedging instruments. The disclosure may include , but not limited to, the fair value, the maturity date and the notional amount. No definition available.
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- Definition
Tabular disclosure of derivatives not designated as hedging instruments. The disclosure may include, but not limited to, the fair value, the maturity date and the notional amount. No definition available.
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- Definition
Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of derivative liabilities at fair value. No definition available.
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- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Partners' Capital (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Partners' Capital (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partnership Units (Table Text Block) |
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| Distribution to unitholders (Table Text Block) |
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- Definition
Tabular disclosure of the varying rights, preferences and privileges of each class of partnership interest. No definition available.
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of payments of cash or stock or units made to members or limited partners of the LLC or LP during an accounting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Omnibus Incentive Compensation Plan (Tables)
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Jun. 30, 2012
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| Omnibus Incentive Compensation Plan (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Omnibus Incentive Compensation Plan (Table Text Block) |
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net Income Per Unit (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Net Income Per Unit (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule Of Income Per Unit Basic And Diluted (Table Text Block) |
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| X | ||||||||||
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- Definition
Tabular disclosure of an entity's basic and diluted income per unit calculations. No definition available.
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| X | ||||||||||
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- Details
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Commitments and Contingencies (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Commitments and Contingencies (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Future minimum rental receipts (Table Text Block) |
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisition of Patroklos (M/V Cape Agamemnon) - Purchase Price Allocation (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 5 Months Ended | |
|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 09, 2011
Patroklos Marine Corporation [Member]
|
|
| Business Acquisition [Line Items] | |||
| Vessel | $ 51,500 | ||
| Above market acquired time charter | 48,551 | ||
| Identifiable assets | 100,051 | ||
| Purchase price | (83,525) | ||
| Gain from bargain purchase | $ 0 | $ 16,526 | $ 16,526 |
| X | ||||||||||
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- Definition
The fair value of the above market acquired time charter. No definition available.
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| X | ||||||||||
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- Definition
The fair value of the identifiable assets acquired. No definition available.
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| X | ||||||||||
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- Definition
The fair value of the vessel at the time of the acquisition. No definition available.
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| X | ||||||||||
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- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisition of Patroklos (M/V Cape Agamemnon) - Pro Forma Financial Information (Table) (Details) (Patroklos Marine Corporation [Member], USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended |
|---|---|
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Jun. 30, 2011
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|
|
Patroklos Marine Corporation [Member]
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|
| Business Acquisition [Line Items] | |
| Total net revenues | $ 59,663 |
| Net income | $ 19,345 |
| Pro-forma weighted average of Partnership's common units outstanding | 44,108,983 |
| Net income per common unit (basic and diluted) | $ 0.42 |
| X | ||||||||||
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- Definition
The pro forma net income to each outstanding common limited partnership unit (basic and diluted) if the business combinations had been completed at the beginning of a period. No definition available.
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| X | ||||||||||
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- Definition
The pro forma weighted average common units issued and outstanding that are used in calculating earnings per common limited partnership unit, if the business combination had been completed at the beginning of the period. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The pro forma net Income or Loss for the period as if the business combination or combinations had been completed at the beginning of a period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The pro forma revenue for a period as if the business combination or combinations had been completed at the beginning of the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisition of Patroklos (M/V Cape Agamemnon) - Additional Information (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | 1 Months Ended | 6 Months Ended | 5 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 09, 2011
|
Jun. 30, 2011
Patroklos Marine Corporation [Member]
|
Jun. 30, 2011
Patroklos Marine Corporation [Member]
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Jun. 30, 2011
Patroklos Marine Corporation - Cash [Member]
|
Jun. 30, 2011
Patroklos Marine Corporation - Credit Facility Utilized [Member]
|
Jun. 09, 2011
Capital Maritime And Trading Corp [Member]
|
Jun. 09, 2011
Capital General Partners [Member]
|
Jun. 30, 2011
Partnership Units [Member]
|
Jun. 09, 2011
Partnership General Partner [Member]
|
Jun. 09, 2011
Capital Product Partners LP [Member]
|
|
| Business Acquisition [Line Items] | ||||||||||||
| Duration of above market acquired time charter | 9 years 0 months 22 days | |||||||||||
| WACC used for calculation of above market acquired time charter | 11.00% | |||||||||||
| Business acquisition financing | $ 185 | $ 26,634 | $ 1,470 | $ 25,000 | ||||||||
| Acquisition related costs | 409 | 409 | ||||||||||
| Common unit price | $ 8.2 | |||||||||||
| Common unit price | $ 10.35 | |||||||||||
| Number of common units issued | 6,958,000 | |||||||||||
| Number of common units issued | 142,000 | |||||||||||
| Conversion of common units to general partner units | 142,000 | |||||||||||
| Proceeds from conversion to general partner units | $ 1,470 | |||||||||||
| Interest of CGP in the partnership | 2.00% | |||||||||||
| X | ||||||||||
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- Definition
The number of common units issued as part of the consideration for the acquisition of a business. No definition available.
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| X | ||||||||||
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- Definition
The price of a common unit as quoted on the stock market. No definition available.
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| X | ||||||||||
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- Definition
The price of a common unit. No definition available.
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| X | ||||||||||
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- Definition
The equity interest of the general partner in the consolidated entity. No definition available.
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| X | ||||||||||
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- Definition
Number of limited partner units converted into general partner units. No definition available.
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| X | ||||||||||
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- Definition
This element represents payments for acquisitions and capitalized improvements of vessels. No definition available.
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| X | ||||||||||
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- Definition
The proceeds received from the conversion of common units to general partners units. No definition available.
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| X | ||||||||||
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- Definition
Amount of direct costs of the business combination including legal, accounting, and other costs incurred to consummate the business acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Interest rate used to find the present value of an amount to be paid or received in the future as an input to measure fair value. For example, but not limited to, weighted average cost of capital (WACC), cost of capital, cost of equity and cost of debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
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- Definition
The number of limited partner units issued. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Transactions with Related Parties - Consolidated Balance Sheets (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Assets: | ||
| Hire receivable (c) | $ 33 | $ 0 |
| Total assets | 33 | 0 |
| Liabilities: | ||
| Due to related parties | 9,023 | 10,572 |
| Deferred revenue - current (e) | 8,419 | 7,739 |
|
Manager - payments on behalf of the Partnership (a)
|
||
| Liabilities: | ||
| Due to related parties | 7,185 | 8,138 |
|
Management fee payable to CSM (b)
|
||
| Liabilities: | ||
| Due to related parties | 1,838 | 2,434 |
|
Capital Maritime And Trading Corp
|
||
| Liabilities: | ||
| Deferred revenue - current (e) | 6,292 | 4,225 |
| Total liabilities | $ 15,315 | $ 14,797 |
| X | ||||||||||
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- Definition
Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of receivables arising from transactions with related parties due within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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|
Transactions with Related Parties - Statement of Comprehensive Income (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Related Party Transaction [Line Items] | ||
| Revenues (c) | $ 33,904 | $ 11,597 |
| Vessel operating expenses | 13,422 | 14,903 |
| Voyage expenses | 284 | 0 |
| General and administrative expenses (d) | 4,547 | 5,195 |
|
Capital Ship Management Corp [Member]
|
||
| Related Party Transaction [Line Items] | ||
| General and administrative expenses (d) | $ 1,539 | $ 540 |
| X | ||||||||||
|
- Definition
Revenues arising from services provided to related parties according to the terms and conditions included in each time, voyage and bare boat charter agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Related party vessel operating expenses consist of crewing, repairs and maintenance, insurance, stores, spares, lubricants, management fees and miscellaneous expenses. No definition available.
|
| X | ||||||||||
|
- Definition
Related party vessel voyage expenses are direct expenses to charter revenues. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The date of commencement of charter. No definition available.
|
| X | ||||||||||
|
- Definition
The gross daily charter hire rate. No definition available.
|
| X | ||||||||||
|
- Definition
The daily charter hire rate, net of commissions. No definition available.
|
| X | ||||||||||
|
- Definition
The expected termination or earliest redelivery date of charter. No definition available.
|
| X | ||||||||||
|
- Definition
The duration of time charter agreement. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Transactions with Related Parties - Additional Information (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
|
Capital Ship Management Corp [Member]
|
||
| Related Party Transaction [Line Items] | ||
| Sales and purchase fee | 1.00% | |
| Commercial service fee | 1.25% | |
| Additional fees related to unforeseen events | $ 1,016 | $ 246 |
|
M/T Attikos - Claim Proceeds [Member]
|
||
| Related Party Transaction [Line Items] | ||
| Additional fees related to unforeseen events | $ 710 | |
| X | ||||||||||
|
- Definition
This item represents the commercial services fee in all gross charter revenues generated by vessels of Crude Carriers Corp (a subsidiary of Capital Product Partners LP) for commercial services rendered. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents a sale and purchase fee as a percentage of the gross purchase or sale price upon the consummation of any purchase or sale of a vessel acquired by Crude Carriers, a subsidiary of Capital Product Partners LP. No definition available.
|
| X | ||||||||||
|
- Definition
Related party vessel operating expenses unforeseen events. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Vessels (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Vessels (Abstract) | ||
| Vessels | $ 1,193,397 | $ 1,217,606 |
| Less: Accumulated depreciation | (161,952) | (143,620) |
| Vessels, net | $ 1,031,445 | $ 1,073,986 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents vessels' book value, net of accumulated depreciation. No definition available.
|
| X | ||||||||||
|
- Definition
Acquisition and improvements' capitalized costs of vessels. No definition available.
|
| X | ||||||||||
|
- Definition
The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Vessels (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Property Plant And Equipment [Line Items] | ||
| Net proceeds from sale of vessel | $ 19,675 | $ 0 |
| Gain on sale of vessel | 1,296 | 0 |
|
M/T Attikos
|
||
| Property Plant And Equipment [Line Items] | ||
| Date of vessel sale | Feb. 14, 2012 | |
| DWT | 12,000 | |
| Year built | 2005 | |
| Net proceeds from sale of vessel | 9,819 | |
| Gain on sale of vessel | 943 | |
|
M/T Aristofanis
|
||
| Property Plant And Equipment [Line Items] | ||
| Date of vessel sale | Apr. 04, 2012 | |
| DWT | 12,000 | |
| Year built | 2005 | |
| Net proceeds from sale of vessel | 9,882 | |
| Gain on sale of vessel | $ 353 | |
| X | ||||||||||
|
- Definition
The cash proceeds net of commissions and expenses from the sale of vessels. No definition available.
|
| X | ||||||||||
|
- Definition
The vessel's size in DWT. No definition available.
|
| X | ||||||||||
|
- Definition
The year that the vessel was built. No definition available.
|
| X | ||||||||||
|
- Definition
The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date of acquisition or disposal, in CCYY-MM-DD format. No definition available.
|
|
Above market acquired charters - Carrying Value (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Dec. 31, 2011
|
Jun. 30, 2012
M/V Cape Agamemnon
|
Dec. 31, 2011
M/V Cape Agamemnon
|
Jun. 30, 2012
M/T Assos
|
Dec. 31, 2011
M/T Assos
|
Aug. 16, 2010
M/T Assos
|
|
| Acquired Finite Lived Intangible Assets [Line Items] | ||||||||
| Carrying amount, beginning of period | $ 51,124 | $ 8,062 | $ 8,062 | $ 45,543 | $ 0 | $ 5,581 | $ 8,062 | $ 9,000 |
| Acquisition | 48,551 | 48,551 | ||||||
| Amortization | (3,909) | (1,538) | (5,489) | (2,672) | (3,008) | (1,237) | (2,481) | |
| Carrying amount, end of period | $ 47,215 | $ 51,124 | $ 42,871 | $ 45,543 | $ 4,344 | $ 5,581 | $ 9,000 | |
| X | ||||||||||
|
- Definition
The asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time. No definition available.
|
| X | ||||||||||
|
- Definition
The asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time, for vessels acquired during the period. No definition available.
|
| X | ||||||||||
|
- Definition
The amortization of the asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Above market acquired charters - Amortization Schedule (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Aug. 16, 2010
|
|---|---|---|---|---|
| For the twelve months period ended June 30, | ||||
| 2013 | $ 7,838 | |||
| 2014 | 7,220 | |||
| 2015 | 5,357 | |||
| 2016 | 5,371 | |||
| 2017 | 5,357 | |||
| Thereafter | 16,072 | |||
| Total | 47,215 | 51,124 | 8,062 | |
|
M/V Cape Agamemnon
|
||||
| For the twelve months period ended June 30, | ||||
| 2013 | 5,357 | |||
| 2014 | 5,357 | |||
| 2015 | 5,357 | |||
| 2016 | 5,371 | |||
| 2017 | 5,357 | |||
| Thereafter | 16,072 | |||
| Total | 42,871 | 45,543 | 0 | |
|
M/T Assos
|
||||
| For the twelve months period ended June 30, | ||||
| 2013 | 2,481 | |||
| 2014 | 1,863 | |||
| Total | $ 4,344 | $ 5,581 | $ 8,062 | $ 9,000 |
| X | ||||||||||
|
- Definition
The asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time. No definition available.
|
| X | ||||||||||
|
- Definition
The amortization of the asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time, after year five following the latest balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The amortization of the asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time, in the next rolling twelve months. No definition available.
|
| X | ||||||||||
|
- Definition
The amortization of the asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time, in the fifth rolling twelve months following the latest balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The amortization of the asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time, in the fourth rolling twelve months following the latest balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The amortization of the asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time, in the third rolling twelve months following the latest balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The amortization of the asset arising from the difference between the existing value of the charter assumed at the time of a vessel acquisition and the value of the charter prevailing in the market at this time, in the second rolling twelve months following the latest balance sheet date. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The date the credit facility amount was drawn down. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Long-Term Debt (Details) (USD $)
In Thousands, unless otherwise specified |
0 Months Ended | 6 Months Ended | 2 Months Ended | 1 Months Ended | 6 Months Ended | 5 Months Ended | 6 Months Ended | 5 Months Ended | 5 Months Ended | 6 Months Ended | 0 Months Ended | 5 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 06, 2012
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Apr. 04, 2012
$370,000 Credit Facility (i)
|
Feb. 15, 2012
$370,000 Credit Facility (i)
|
Jun. 30, 2012
$370,000 Credit Facility (i)
|
May 23, 2012
$350,000 Credit Facility (ii)
|
Jun. 30, 2012
$350,000 Credit Facility (ii)
|
May 23, 2012
$25,000 Credit Facility (iii)
|
Jun. 30, 2012
$25,000 Credit Facility (iii)
|
May 23, 2012
All three Credit Facilities
|
May 23, 2012
$370,000 Term Loan
|
Jun. 30, 2012
$370,000 Term Loan
|
Jun. 06, 2012
Repayment of Debt
|
May 23, 2012
Repayment of Debt - Cash used from Cash and Cash Equivalents
|
Jun. 30, 2012
Long-Term Debt
|
Jun. 30, 2011
Long-Term Debt
|
|
| Debt Instrument [Line Items] | |||||||||||||||||
| Repayment of credit facility | $ 170,066 | $ 0 | $ 10,500 | $ 10,000 | $ 149,566 | $ 13,141 | |||||||||||
| Line of credit facility, maximum borrowing capacity | 370,000 | 350,000 | 25,000 | ||||||||||||||
| Repayment of debt - Net proceeds from issuance of preferred units | 136,425 | 136,425 | 1,470 | 136,425 | |||||||||||||
| Margin of the credit facility | 2.00% | 3.00% | |||||||||||||||
| Debt's original amount | 370,000 | ||||||||||||||||
| Cancellation of undrawn tranche | 52,500 | ||||||||||||||||
| Number of installments | 9 | 9 | 6 | ||||||||||||||
| Quarterly periodic repayments | 8,069 | 1,000 | 12,975 | ||||||||||||||
| Weighted average interest rate | 3.14% | ||||||||||||||||
| Interest expense on long term debt | $ 18,929 | $ 16,469 | $ 18,379 | $ 15,717 | |||||||||||||
| X | ||||||||||
|
- Definition
Cancellation of undrawn tranche under the credit facility. No definition available.
|
| X | ||||||||||
|
- Definition
The credit facility margin. No definition available.
|
| X | ||||||||||
|
- Definition
The number of quarterly installments. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the required periodic payment applied to principal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Reflects the calculation as of the balance sheet date of the average interest rate weighted by the amount of long-term debt outstanding by type or by instrument at that time. No definition available.
|
| X | ||||||||||
|
- Definition
Total contributions made by each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations. No definition available.
|
|
Financial Instruments - Fair Value (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Derivative [Line Items] | ||
| Short-term liabilities | $ (1,389) | $ (8,255) |
| Long-term liabilities | 0 | (4,422) |
| Total | (1,389) | (12,677) |
|
Interest Rate Swaps
|
||
| Derivative [Line Items] | ||
| Short-term liabilities | (1,389) | (8,255) |
| Long-term liabilities | 0 | (4,422) |
| Total | $ (1,389) | $ (12,677) |
| X | ||||||||||
|
- Definition
Sum as of the balance sheet date of the (a) fair values of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and (b) the carrying amounts of the liabilities arising from financial instruments or contracts used to mitigate a specified risk (hedge), and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of after one year or beyond the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Financial Instruments - Balance Sheet Location (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Derivatives Fair Value [Line Items] | ||
| Financial instruments long-term liabilities. | $ 0 | $ 4,422 |
| Financial instruments short-term liabilities | 1,389 | 8,255 |
| Total Derivatives | 1,389 | 12,677 |
|
Derivatives designated as hedging instruments - effective hedges
|
||
| Derivatives Fair Value [Line Items] | ||
| Financial instruments long-term liabilities. | 0 | 4,422 |
| Financial instruments short-term liabilities | 296 | 839 |
|
Total derivatives not designated as hedging instruments - ineffective hedges
|
||
| Derivatives Fair Value [Line Items] | ||
| Financial instruments short-term liabilities | $ 1,093 | $ 7,416 |
| X | ||||||||||
|
- Definition
Sum as of the balance sheet date of the (a) fair values of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and (b) the carrying amounts of the liabilities arising from financial instruments or contracts used to mitigate a specified risk (hedge), and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of after one year or beyond the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Financial Instruments - Effective Portion (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 9,840 | $ 8,628 |
| Amount of Gain/(Loss) recognized in income | 1,447 | 0 |
|
Interest rate swaps
|
||
| Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (1,857) | (2,163) |
|
Interest expense and finance cost
|
||
| Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | 9,840 | 8,628 |
| Amount of Loss Reclassified from OCI into Income (Effective Portion) | (11,697) | (10,791) |
|
Gain on interest rate swap agreement
|
||
| Amount of Gain/(Loss) recognized in income | $ 1,447 | $ 0 |
| X | ||||||||||
|
- Definition
The net result of the accumulated OCL amortization of interest rate swaps dedesignated from cash flow hedges and the change in their fair values. No definition available.
|
| X | ||||||||||
|
- Definition
The effective portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective portion of loss reclassified from accumulated other comprehensive income into income on derivative instruments designated and qualifying as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Financial Instruments - Fair Value Measured on Recurring Basis (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
Dec. 31, 2011
|
|---|---|---|
| Derivatives Fair Value [Line Items] | ||
| Derivatives | $ (1,389) | $ (12,677) |
|
Quoted Prices in Active Markets for Identical Assets (Level 1)
|
||
| Derivatives Fair Value [Line Items] | ||
| Derivatives | 0 | 0 |
|
Significant Other Observable Inputs (Level 2)
|
||
| Derivatives Fair Value [Line Items] | ||
| Derivatives | (1,389) | (12,677) |
|
Significant Unobservable Inputs (Level 3)
|
||
| Derivatives Fair Value [Line Items] | ||
| Derivatives | $ 0 | $ 0 |
| X | ||||||||||
|
- Definition
Fair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Financial Instruments - Fair Market Value of Hedging / Non hedging Derivatives (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Jun. 30, 2012
Derivative 1 [Member]
|
Jun. 30, 2012
Derivative 2 [Member]
|
Jun. 30, 2012
Derivative 3 [Member]
|
Jun. 30, 2012
Total derivative instruments fair value
|
|
| Bank | HSH Nordbank | HSH Nordbank | HSH Nordbank | |||
| Currency | USD | USD | USD | |||
| Notional amount | $ 11,500 | $ 1,584 | $ 46,000 | |||
| Fixed rate | 3.895% | 4.099% | 3.525% | |||
| Trade date | Apr. 24, 2008 | Aug. 14, 2008 | Mar. 25, 2008 | |||
| Value date | Apr. 30, 2008 | Aug. 20, 2008 | Mar. 27, 2008 | |||
| Maturity date | Mar. 28, 2013 | Mar. 28, 2013 | Mar. 27, 2013 | |||
| Fair market value | $ 1,389 | $ 8,255 | $ 296 | $ 43 | $ 1,050 | $ 1,093 |
| X | ||||||||||
|
- Definition
Identification of the name or type of counterparty to the derivative instrument. No definition available.
|
| X | ||||||||||
|
- Definition
Date the derivative contract is valued. No definition available.
|
| X | ||||||||||
|
- Definition
The ISO 3-letter code for the currency in which a contract to buy or sell is denominated. No definition available.
|
| X | ||||||||||
|
- Definition
Fixed interest rate related to the interest rate derivative. No definition available.
|
| X | ||||||||||
|
- Definition
Date the entity entered into the derivative contract, in CCYY-MM-DD format. No definition available.
|
| X | ||||||||||
|
- Definition
Sum as of the balance sheet date of the (a) fair values of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and (b) the carrying amounts of the liabilities arising from financial instruments or contracts used to mitigate a specified risk (hedge), and which are expected to be extinguished or otherwise disposed of within a year or the normal operating cycle, if longer, net of the effects of master netting arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date the derivative contract matures, in CCYY-MM-DD format. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate notional amount of interest rate derivatives, which relates to the currency amount specified in the interest rate derivative instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount represents the amortization of an ineffective cashflow derivative against the statement of comprehensive income from accumulated other comprehensive loss. No definition available.
|
| X | ||||||||||
|
- Definition
The net result of the accumulated OCL amortization of interest rate swaps dedesignated from cash flow hedges and the change in their fair values. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate notional amount of interest rate derivatives that were closed out. No definition available.
|
| X | ||||||||||
|
- Definition
Number of interest rate derivative instruments held by the entity previously. No definition available.
|
| X | ||||||||||
|
- Definition
Number of interest rate swaps that closed out in full under the credit facility. No definition available.
|
| X | ||||||||||
|
- Definition
Number of interest rate swaps that partially closed out under the credit facility. No definition available.
|
| X | ||||||||||
|
- Definition
Number of interest swaps expired, under the credit facility. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The estimated value of gains (losses), net anticipated to be transferred in the future from accumulated other comprehensive income into earnings. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of gain (loss) included in earnings for the period from the increase (decrease) in fair value of interest rate derivatives not designated as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate notional amount of interest rate derivatives, which relates to the currency amount specified in the interest rate derivative instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of interest rate derivative instruments held by the entity at the reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Partners' Capital - Partnership Units (Table) (Details)
|
Jun. 30, 2012
|
Apr. 24, 2012
|
Jan. 23, 2012
|
Dec. 31, 2011
|
Apr. 21, 2011
|
Jan. 21, 2011
|
|---|---|---|---|---|---|---|
| Partners' Capital (Abstract) | ||||||
| Limited partner units | 69,372,077 | 69,372,077 | 69,372,077 | 69,372,077 | 37,946,183 | 37,946,183 |
| General partner units | 1,415,757 | 1,415,757 | ||||
| Preferred partner units | 15,555,554 | 0 | ||||
| Total partnership units | 86,343,388 | 70,787,834 |
| X | ||||||||||
|
- Definition
The number of general partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of each class of partnership units outstanding at the balance sheet date. Units represent shares of ownership of the general, limited, and preferred partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of preferred units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Partners' Capital - Distribution to Unitholders (Table) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
1 Months Ended | 3 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Jan. 23, 2012
|
Jan. 21, 2011
|
Apr. 24, 2012
|
Apr. 21, 2011
|
Jun. 30, 2012
|
Dec. 31, 2011
|
|
| Partners' Capital (Abstract) | ||||||
| Distributions per unit declared | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.2325 | ||
| Common units entitled to distribution | 69,372,077 | 37,946,183 | 69,372,077 | 37,946,183 | 69,372,077 | 69,372,077 |
| General partner and IDR distributions | $ 329 | $ 180 | $ 329 | $ 180 | ||
| X | ||||||||||
|
- Definition
Per-share or per-unit cash distributions paid to a common shareholder or unit-holder by an LLC or LP. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of distributions to the general partner during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Partners' Capital - Additional Information (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
0 Months Ended | 6 Months Ended | |
|---|---|---|---|
|
Jun. 06, 2012
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Partners' Capital (Abstract) | |||
| May 23 And June 6 2012 Preferred Units Agreement Conversion Terms | Commencing on May 23, 2015, in the event the 30-day volume-weighted average trading price (“VWAP”) and the daily VWAP of the Common Units on the National Securities Exchange on which the Common Units are listed or admitted to trading exceeds 130% of the then applicable Conversion Price for at least 20 Trading Days out of the 30 consecutive Trading Day period used to calculate the 30-day VWAP (the “Partnership Mandatory Conversion Event”) the Partnership (acting pursuant to direction and approval of the Conflicts Committee (following consultation with the full Board of Directors), shall have the right to convert the Class B Convertible Preferred Units then outstanding in whole or in part into Common Units at the then-applicable Conversion Ratio.
The holders of the outstanding Class B Convertible Preferred Units as of an applicable record date shall be entitled to receive, when, as and if authorized by the Partnership's board of directors or any duly authorized committee, out of legally available funds for such purpose, (a) first, the minimum quarterly Class B Convertible Preferred Unit Distribution Rate on each Class B Convertible Preferred Unit and (b) second, any cumulative Class B Convertible Preferred Unit Arrearage then outstanding, prior to any other distributions made in respect of any other Partnership Interests pursuant to this Agreement in cash. The minimum quarterly Class B Convertible Preferred Unit Distribution Rate shall be payable quarterly which is generally expected to be February 10, May 10, August 10 and November 10, or, if any such date is not a business day, the next succeeding business day. |
||
| Net proceeds from insuance of preferred stocks | $ 136,425 | $ 136,425 | $ 1,470 |
| Conversion price of the Preferred units | $ 9 | ||
| Conversion rate of the Preferred units | 1 | ||
| Distribution to preferred unit holders | $ 0.26736 | ||
| Minimum distribution to preferred unit holders | $ 0.21375 | ||
| Annual distribution rate for preferred unit holders | 9.50% | ||
| X | ||||||||||
|
- Definition
Annual dustribution rate for preferred unit-holders. No definition available.
|
| X | ||||||||||
|
- Definition
Per unit distribution declared to preferred unit-holders. No definition available.
|
| X | ||||||||||
|
- Definition
The minimum per unit amount to be declared to preferred unit-holders. No definition available.
|
| X | ||||||||||
|
- Definition
Conversion terms for May 23 and June 6, 2012 Preferred units agreement. No definition available.
|
| X | ||||||||||
|
- Definition
The price of conversion of convertible preferred units into common units. No definition available.
|
| X | ||||||||||
|
- Definition
The rate of conversion of convertible preferred units into common units. No definition available.
|
| X | ||||||||||
|
- Definition
Total contributions made by each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Omnibus Incentive Compensation Plan (Table) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended |
|---|---|
|
Jun. 30, 2012
|
|
|
Employee equity compensation
|
|
| Units | |
| Unvested, beginning of period | 536,666 |
| Granted | 0 |
| Vested | 2,600 |
| Forfeited | 0 |
| Unvested, end of period | 534,066 |
| Grant-date fair value | |
| Unvested, beginning of period | $ 3,985 |
| Granted | 0 |
| Vested | 17 |
| Forfeited | 0 |
| Unvested, end of period | 3,968 |
|
Non-Employee equity compensation
|
|
| Units | |
| Unvested, beginning of period | 650,464 |
| Granted | 0 |
| Vested | 0 |
| Forfeited | 0 |
| Unvested, end of period | 650,464 |
| Grant-date fair value | |
| Unvested, beginning of period | 4,736 |
| Granted | 0 |
| Vested | 0 |
| Forfeited | 0 |
| Unvested, end of period | $ 4,736 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The fair value of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
The fair value of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). No definition available.
|
| X | ||||||||||
|
- Definition
The fair value of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The fair value of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. No definition available.
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Omnibus Incentive Compensation Plan (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | 6 Months Ended | 8 Months Ended | 2 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jun. 30, 2012
Partnerships Omnibus Incentive Compensation Plan [Member]
|
Jul. 22, 2010
Partnerships Omnibus Incentive Compensation Plan [Member]
|
Apr. 29, 2008
Partnerships Omnibus Incentive Compensation Plan [Member]
|
Jun. 30, 2012
Partnerships Omnibus Incentive Compensation Plan Employees [Member]
|
Aug. 25, 2010
Partnerships Omnibus Incentive Compensation Plan Employees [Member]
|
Aug. 31, 2010
Partnerships Omnibus Incentive Compensation Plan Non Employees [Member]
|
Jun. 30, 2012
Partnerships Omnibus Incentive Compensation Plan Non Employees [Member]
|
Mar. 01, 2010
Crude Carriers Corp. Equity Incentive Plan [Member]
|
Jun. 30, 2012
Crude Carriers Corp. Equity Incentive Plan [Member]
|
Sep. 30, 2011
Acquisition of Crude Carriers Corp. by the Partnership - Crude Equity Incentive Plan [Member]
|
Sep. 30, 2011
Acquisition of Crude Carriers Corp. by the Partnership - Crude Employee Equity Incentive Plan [Member]
|
Sep. 30, 2011
Acquisition of Crude Carriers Corp. by the Partnership - Crude Non Employee Equity Incentive Plan [Member]
|
Sep. 30, 2011
Acquisition of Crude Carriers Corp. by the Partnership - Crude Independent Committee [Member]
|
Jun. 30, 2012
Employee Equity Compensation [Member]
|
Dec. 31, 2011
Employee Equity Compensation [Member]
|
Aug. 25, 2010
Employee Equity Compensation [Member]
|
Jun. 30, 2012
Non Employee Equity Compensation [Member]
|
Dec. 31, 2011
Non Employee Equity Compensation [Member]
|
|
| Units / Shares authorized | 800,000 | 500,000 | 400,000 | |||||||||||||||||
| Units granted | 448,000 | 347,200 | 399,500 | 0 | 0 | |||||||||||||||
| Number of annual installments | 3 | 3 | ||||||||||||||||||
| Vesting date of remaining awards | 2013-08-31 | 2013-08-31 | ||||||||||||||||||
| Shares exchange ratio | 1.56 | |||||||||||||||||||
| Unvested shares | 205,000 | 194,400 | 534,066 | 536,666 | 650,464 | 650,464 | ||||||||||||||
| Number of units converted | 319,800 | 303,264 | ||||||||||||||||||
| Vested shares | 20,000 | 2,600 | 0 | |||||||||||||||||
| Number of units vested and converted | 31,200 | |||||||||||||||||||
| Value of unvested units accrued distribution | $ 1,698 | |||||||||||||||||||
| Share based compensation | 1,991 | 1,159 | 912 | 1,079 | ||||||||||||||||
| Total unrecognized compensation cost | 2,138 | |||||||||||||||||||
| Grant date unit price | $ 8.08 | |||||||||||||||||||
| Expected period of recognition for unrecognized compensation cost | 1 year 1 month 25 days | |||||||||||||||||||
| Total unrecognized compensation cost | $ 2,380 | |||||||||||||||||||
| Grant date unit price | $ 7.56 | |||||||||||||||||||
| Expected period of recognition for unrecognized compensation cost | 1 year 2 months 0 days | |||||||||||||||||||
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to non employees under equity-based compensation awards that have yet to vest. No definition available.
|
| X | ||||||||||
|
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
|
- Definition
The number of units converted according to the unit per shares transaction of 1.56 common partrnership's units for each Crude Carrier's Corp. share. No definition available.
|
| X | ||||||||||
|
- Definition
Number of equal annual installments for awards vested. No definition available.
|
| X | ||||||||||
|
- Definition
The number of units which were vested and converted. No definition available.
|
| X | ||||||||||
|
- Definition
The unit price at grant date. No definition available.
|
| X | ||||||||||
|
- Definition
The unit price at the reporting date. No definition available.
|
| X | ||||||||||
|
- Definition
The unit per share transaction at a ratio of 1.56 common partnership's units for each Crude Carrier's Corp share. No definition available.
|
| X | ||||||||||
|
- Definition
The accrued amount of distribution, related to unvested units. No definition available.
|
| X | ||||||||||
|
- Definition
The date when the remaining awards will be vested. No definition available.
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Net Income Per Unit (Table) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Net Income Per Unit (Abstract) | ||
| Partnership's net income | $ 6,595 | $ 17,541 |
| Less: | ||
| Partnership's net income available to preferred unit holders | 4,159 | 0 |
| General Partner's interest in Partnership's net income | 49 | 351 |
| Partnership's net income allocable to unvested units | 41 | 353 |
| Partnership's net income available to common unit holders | $ 2,346 | $ 16,837 |
| Denominators | ||
| Weighted average number of common units outstanding, basic and diluted | 68,186,476 | 37,958,265 |
| Net income per common unit: | ||
| Basic and diluted | $ 0.03 | $ 0.44 |
| X | ||||||||||
|
- Definition
Aggregate amount of net income allocated to unvested common units. No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate amount of net income/loss allocated to outstanding common units. No definition available.
|
| X | ||||||||||
|
- Definition
Net income (loss) allocated to each outstanding common limited partnership unit basic and diluted. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The weighted average number of common limited partnership units issued and outstanding that are used in calculating earnings per common limited partnership unit basic and diluted. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of net Income or Loss for the period allocated to noncontrolling preferred unit holders in an entity included in the reporting entity's consolidated financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate amount of net income allocated to general partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Net Income Per Unit (Details)
|
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2012
|
Jun. 30, 2011
|
|
| Net Income Per Unit (Abstract) | ||
| Antidilutive non vested units | 1,185,601 | 795,200 |
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Commitments and Contingencies (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2012
|
|---|---|
| For the years ended June 30, | |
| 2013 | $ 66,016 |
| 2014 | 56,783 |
| 2015 | 32,823 |
| 2016 | 26,729 |
| 2017 | 15,663 |
| Thereafter | 46,210 |
| Total | $ 244,224 |
| X | ||||||||||
|
- Definition
Future minimum rental payments in aggregate as of the balance sheet date under operating leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within one year of the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the fifth year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the fourth year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the third year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the second year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future minimum lease payments receivable under operating leases for periods greater than five years following the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Subsequent events (Details) (USD $)
|
1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 2 Months Ended | 1 Months Ended | ||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Jan. 23, 2012
|
Jan. 21, 2011
|
Apr. 24, 2012
|
Apr. 21, 2011
|
Jun. 30, 2012
|
Jun. 30, 2011
|
Jul. 23, 2012
Common Unitholders
|
Aug. 15, 2012
Common Unitholders
|
Jul. 23, 2012
Class B Unitholders
|
Aug. 10, 2012
Class B Unitholders
|
|
| Dividend declared | $ 0.465 | $ 0.465 | $ 0.2325 | $ 0.26736 | ||||||
| Dividend paid | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.26736 | ||||
| X | ||||||||||
|
- Definition
Per-share or per-unit cash distributions declared to a common shareholder or unit-holder by an LLC or LP. No definition available.
|
| X | ||||||||||
|
- Definition
Per-share or per-unit cash distributions paid to a common shareholder or unit-holder by an LLC or LP. No definition available.
|