Document And Entity Information
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6 Months Ended |
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Jun. 30, 2013
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Document and Entity Information | |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2013 |
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 | 2013 |
Document Fiscal Period Focus | Q2 |
General Partner
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Document and Entity Information | |
Entity's units outstanding | 1,415,757 |
Common Limited Partner
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Document and Entity Information | |
Entity's units outstanding | 69,372,077 |
Preferred Limited Partner
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Document and Entity Information | |
Entity's units outstanding | 24,655,554 |
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The current 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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The non-current assets 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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This element represents vessels' book value, net of accumulated depreciation. No definition available.
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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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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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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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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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Amount of gain / (loss) on sale of claim. No definition available.
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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. No definition available.
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Aggregate amount of net income allocated to common unitholders. No definition available.
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Net income (loss) allocated to each outstanding common limited partnership unit basic. No definition available.
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Net income (loss) allocated to each outstanding common limited partnership unit diluted. No definition available.
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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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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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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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Related party vessel voyage expenses are direct expenses to charter revenues. No definition available.
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The weighted average number of common limited partnership units issued and outstanding that are used in calculating earnings per common limited partnership unit basic. No definition available.
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The weighted average number of common limited partnership units issued and outstanding that are used in calculating earnings per common limited partnership unit diluted. No definition available.
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Unaudited Condensed Consolidated Statements of Changes in Partners' Capital (USD $)
In Thousands |
Total
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General Partner
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Common Unitholders
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Preferred Unitholders
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Total
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Accumulated Other Comprehensive Loss
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Balance at Dec. 31, 2011 | $ 517,326 | $ 11,005 | $ 517,545 | $ 0 | $ 528,550 | $ (11,224) |
Distributions declared (distributions per unit of $0.465 in 2012 and distributions per common unit of $0.465 and preferred unit of $0.4275 in 2013) (Note 9) | (32,916) | (658) | (32,258) | 0 | (32,916) | |
Partnership's net income | 6,595 | 49 | 2,387 | 4,159 | 6,595 | |
Issuance of units (Note 9) | 136,425 | 136,425 | 136,425 | |||
Equity compensation expense | 1,991 | 0 | 1,991 | 0 | 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) |
Balance at Dec. 31, 2012 | 573,828 | 9,049 | 425,497 | 139,744 | 574,290 | (462) |
Distributions declared (distributions per unit of $0.465 in 2012 and distributions per common unit of $0.465 and preferred unit of $0.4275 in 2013) (Note 9) | (41,511) | (658) | (32,258) | (8,595) | (41,511) | |
Partnership's net income | 64,332 | 1,076 | 52,716 | 10,540 | 64,332 | |
Issuance of units (Note 9) | 72,535 | 72,535 | 72,535 | |||
Equity compensation expense | 2,739 | 0 | 2,739 | 0 | 2,739 | |
Other comprehensive income (Note 8) | 462 | 462 | ||||
Balance at Jun. 30, 2013 | $ 672,385 | $ 9,467 | $ 448,694 | $ 214,224 | $ 672,385 | $ 0 |
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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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Aggregate amount of net income / (loss) allocated to general and limited partners. No definition available.
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Unaudited Condensed Consolidated Statements of Changes in Partners' Capital (Parentheticals) (USD $)
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1 Months Ended | 3 Months Ended | 6 Months Ended | |||
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Jan. 22, 2013
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Jan. 23, 2012
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Apr. 22, 2013
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Apr. 24, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Common units
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Distributions [Line Items] | ||||||
Dividends declared | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.465 | $ 0.465 |
Preferred units
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Distributions [Line Items] | ||||||
Dividends declared | $ 0.21375 | $ 0 | $ 0.21375 | $ 0 | $ 0.4275 |
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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.
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Capital expenditures included in liabilities. No definition available.
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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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This element represents the payments for vessel dry-docking expenses. No definition available.
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This element represents payments for acquisitions and capitalized improvements of vessels. No definition available.
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Private placement costs relating to the issuance of preferred units. No definition available.
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The cash inflow from the issuance of partnership's, general partner, common and preferred units during the period. No definition available.
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The cash proceeds net of commissions and expenses from the sale of vessels. No definition available.
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Basis Of Presentation And General Information
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6 Months Ended | ||
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Jun. 30, 2013
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Basis Of Presentation and General Information (Abstract) | |||
Basis Of Presentation and General Information |
Capital Product Partners L.P. (the Partnership) was formed on January 16, 2007, under the laws of the Marshall Islands. The Partnership is an international shipping company. Its fleet of twenty seven modern high specification vessels consists of four Suezmax crude oil tankers, eighteen modern medium range tankers all of which are classed as IMO II/III vessels, four post panamax container carrier vessels, and one capesize bulk carrier. Its vessels are capable of carrying a wide range of cargoes, including crude oil, refined oil products, such as gasoline, diesel, fuel oil and jet fuel, edible oils and certain chemicals such as ethanol as well as dry cargo and containerized goods under short-term voyage charters and 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, 2012, filed with the U.S. Securities and Exchange Commission (the SEC) on February 5, 2013.
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, 2013 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2013. |
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Significant Accounting Policies
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Jun. 30, 2013
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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, 2012 (the Consolidated Financial Statements for the year ended December 31, 2012). The Company amended its significant accounting policies in order to include a new policy for deferred dry docking costs.
Deferred dry docking costs: The Company's vessels are required to be dry docked every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are under operation. For the vessels that were operated under the floating fee management agreement and Crude's management agreement (Note 4) the Company has adopted the deferral method of accounting for dry-dock activities whereby costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. |
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Acquisitions
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Jun. 30, 2013
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Acquisitions (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions |
a. Hercules Container Carrier S.A. (M/V Aristotelis)
On March 20, 2013, the Partnership acquired the shares of Hercules Container Carrier S.A., the vessel owning company of the M/V Aristotelis (renamed Hyundai Premium) (Hercules) from Capital Maritime and Trading Corp. (CMTC) for a total consideration of $65,000 following the unanimous recommendation of the conflicts committee and the unanimous approval of the board of directors. The vessel at the time of her acquisition by the Partnership was fixed on a twelve year time charter, with Hyundai Merchant Marine Co Ltd (Hyundai). The time charter commenced in March 2013 and the earliest expiration date under the charter is in January 2025.
The Partnership accounted for the acquisition of Hercules as an acquisition of a business. All assets and liabilities of Hercules 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 $65,000 was funded by $27,000 through a draw-down from the Partnership's $350,000 credit facility (Note 7), by $36,268 representing part of the net proceeds from the issuance of 9,100,000 Partnership's Class B Convertible Preferred Units in March 2013 (Note 9) and by $1,732 from the Partnership's available cash.
There were no costs incurred in relation to the acquisition of Hercules.
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 Hercules 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, 2013 was calculated as follows:
.
After a subsequent review and reassessment of valuation methods and procedures of the $73,707 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 $8,707 in its unaudited condensed consolidated statements of comprehensive income, in accordance with Accounting Standard Codification (ASC) Subtopic 805-30 Business Combinations, Goodwill or Gain from Bargain Purchase, Including Consideration Transferred as of the Hercules acquisition date.
The following table sets forth the component of the identifiable intangible asset acquired with the purchase of Hercules 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 at which the vessel was fixed at and market rate for comparable charter as provided by independent third parties on the business combination date discounted at a WACC of approximately 11%.
Total revenues and net income of M/V Aristotelis since its acquisition by the Partnership were $2,583 and $1,305 respectively and are included in the Partnership's unaudited condensed consolidated statements of comprehensive income for the six months period ended June 30, 2013.
.The supplemental pro forma financial information was prepared using the acquisition method of accounting and is based on the following:
The combined results do not purport to be indicative of the results of the operations which would have resulted had the acquisition been effected at beginning of the applicable period noted above, or the future results of operations of the combined entity.
The following table summarizes total net revenues; net income and net income per common unit of the combined entity had the acquisition of Aristotelis occurred on March 11, 2013 (vessel inception):
b. Iason Container Carrier S.A. (M/V Attalos)
On 27 March 2013, the M/V Attalos (renamed Hyundai Paramount) (Iason) was delivered to CMTC from a shipyard and on the same date the Partnership acquired the shares of Iason Container Carrier S.A., the vessel owning company of Iason from CMTC for a total consideration of $65,000 following the unanimous recommendation of the conflicts committee and the unanimous approval of the board of directors. At the time of her acquisition by the Partnership the vessel was fixed on a twelve year time charter, with Hyundai Merchant Marine Co Ltd (Hyundai). The time charter commenced in April 2013 and the earliest expiration date under the charter is in February 2025.
The Partnership accounted for the acquisition of Iason as an acquisition of a business. All assets and liabilities of Iason 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 $65,000 was funded by $27,000 through a draw-down from the Partnership's $350,000 credit facility (Note 7), by $36,267 representing part of the net proceeds from the issuance of Partnership's Class B Convertible Preferred Units in March 2013 (Note 9) and by $1,733 from the Partnership's available cash.
There were no costs incurred in relation to the acquisition of Iason.
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 Iason 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, 2013 was calculated as follows:
.
After a subsequent review and reassessment of valuation methods and procedures of the $73,768 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 $8,768 in its unaudited condensed consolidated statements of comprehensive income, in accordance with ASC Subtopic 805-30 Business Combinations, Goodwill or Gain from Bargain Purchase, Including Consideration Transferred as of the Iason acquisition date.
The following table sets forth the component of the identifiable intangible asset acquired with the purchase of Iason 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 at which the vessel was fixed at and market rate for comparable charter as provided by independent third parties on the business combination date discounted at a WACC of approximately 11%.
Total revenues and net income of Atalos since its acquisition by the Partnership were $2,156 and $969 respectively and included in the Partnership's unaudited condensed consolidated statements of comprehensive income for the six month period ended June 30, 2013.
There is no pro forma financial information available in relation to the acquisition of Iason as its vessel was under construction up to the date of her acquisition by the Partnership. |
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Transactions With Related Parties
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Transactions with Related Parties (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transactions with Related Parties |
The Partnership and its subsidiaries, have related-party transactions with the Capital Shipmanagement Corp. (the Manager), due to certain terms of the following three different types of management agreements.
(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.
The Manager has the right to terminate the Crude management agreement and, under certain circumstances, could receive substantial sums in connection with such termination. As of March 2013 this termination fee had been adjusted from $9,000 to $9,654.
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, 2013 and 2012 such fees amounted to $389 and $1,016 respectively.
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:
(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, 2013 and 2012:
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Vessels
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Vessels (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vessels |
An analysis of vessels is as follows:
All of the Partnership's vessels as of June 30, 2013 have been provided as collateral to secure the Partnership's credit facilities.
On March 20 and March 27, 2013, the Company acquired the shares of Hercules Container Carrier S.A., the vessel owning company of M/V Aristotelis (renamed Hyundai Premium), and Iason Container Carrier S.A., the vessel owning company of the M/V Attalos (renamed Hyundai Paramount), respectively (Note 3). The vessels were recorded in the Partnership's financial statements at their respective fair values of $54,000 each as quoted by independent brokers at the time of their acquisition by the Partnership.
On December 22, 2012, the Partnership acquired the shares of the vessel owning companies of two post panamax container carrier vessels the M/V Agamemnon and the M/V Archimidis from CMTC in exchange of the shares of the vessel owning companies of two very large crude carrier vessels the M/T Achilleas and the M/T Alexander The Great respectively. The M/V Agamemnon and the M/V Archimidis have been recorded in the Partnership's financial statements at their fair value as quoted by independent brokers at the time of the acquisition of $68,000 and $65,000 respectively.
On April 4, 2012 the Company disposed the M/T Aristofanis, a 12,000 dwt, chemical tanker built in 2005 for net proceeds of $9,868, to an unrelated third party. The Partnership realized a net gain on this disposal of $353 as the carrying value of the vessel at the time of her disposal was $9,514.
On February 14, 2012 the Company disposed the M/T Attikos, a 12,000 dwt chemical tanker built in 2005 for net proceeds of $9,807, to an unrelated third party. The Partnership realized a net gain on this disposal of $943 as the carrying value of the vessel at the time of her disposal was $8,864. |
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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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Above Market Acquired Charters (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Above market acquired charters |
On March 20 and March 27, 2013 the Partnership acquired the shares of Hercules Container Carrier S.A. and Iason Container Carrier S.A., the vessel owning companies of M/V Aristotelis (renamed Hyundai Premium) and M/V Atalos (renamed Hyundai Paramount), respectively, from CMTC with outstanding time charters which were above the market rates for equivalent time charters prevailing at the time of acquisition. The present value of the above market acquired time charters were estimated by the Partnership at $19,707 and $19,768, respectively, and recorded as an asset in the unaudited condensed consolidated balance sheet as of the acquisition date (Note 3).
On December 22, 2012 the Partnership acquired the shares of Agamemnon Container Carrier Corp and Archimidis Container Carrier Corp., the vessel owning companies of M/V Agamemnon and M/V Archimidis, from CMTC with outstanding time charters which were above the market rates for equivalent time charters prevailing at the time of acquisition. The present value of the above market acquired time charters were estimated by the Partnership at $2,250 each, and recorded as an asset in the unaudited condensed consolidated balance sheet as of the acquisition date.
For the six months period ended June 30, 2013 and 2012, revenues included a reduction of $5,579 and $3,909 as amortization of the above market acquired charters, respectively.
An analysis of above market acquired charters is as follows:
As of June 30, 2013 the remaining carrying amount of unamortized above market acquired time and bare-boat charters was $81,616 and will be amortized in future years as follows:
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The entire disclosure for above market acquired charters. No definition available.
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Long-Term Debt
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Long-Term Debt (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt |
Long-term debt consists of the following:
As of June 30, 2013 the Partnership's loan amounts drawn under its credit facilities are as follows:
As of June 30, 2013 and December 31, 2012, the Partnership was in compliance with all financial debt covenants.
On March 20, and March 27, 2013, the Partnership had drawn in total the amount of $54,000 from the undrawn portion of its $350,000 credit facility in order to partly finance the acquisition of the vessel owning companies of the M/V Aristotelis and the M/V Attalos respectively (Note 3). The amount of $54,000 is payable in twenty equal consecutive quarterly installments of $1,350 commencing in June 2013 plus a balloon payment of $27,000 in March 2018.
On March 27, 2013 the Partnership's credit facility of $350,000 was converted into a term loan, and the undrawn amount of $1,420 was cancelled.
Following the exchange of the M/T Achilleas with the M/V Agamemnon and the M/T Alexander the Great with the M/V Archimidis in December 2012, the Partnership prepaid from its available cash the amount of $5,149 and the M/V Archimidis and the M/V Agamemnon replaced the M/T Alexander the Great and the M/T Achilleas as collateral under its credit facility of $350,000.
Following the issuance of Class B Convertible Preferred Units in May and June 2012 (Note 9), the Partnership prepaid 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 $7,855 and $1,000 respectively commencing in March, 2016 plus a balloon payment for each facility due in March, 2018.
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 disposal of its vessel M/T Aristofanis.
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 disposal of its vessel M/T Attikos.
For the six month period ended June 30, 2013 and 2012 interest expense amounted to $7,077 and $18,379 respectively. As of June 30, 2013 the weighted average interest rate of the Partnership's loan facilities was 2.71%. |
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Derivative Instruments
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Derivative Instruments (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 one was terminated upon the disposal of the M/T Attikos and the M/T Aristofanis. During the year ended December 31, 2012, the Partnership terminated one interest rate swap agreement in full and one partially under its $350,000 credit facility. During the six months period ended June 30, 2013, the Partnership's three remaining swaps amounting to $59,084 expired.
All derivatives carried at fair value on the consolidated balance sheet at each period end. Balances as of June 30, 2013 and December 31, 2012 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, 2013 and 2012 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: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;
Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly;
Level 3: Inputs are unobservable inputs for the asset or liability.
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.
Since March 31, 2012 and May 23, 2012 two out of three interest rate swaps did not qualify as cash flow hedges and the changes in their fair value was recognized in the unaudited condensed consolidated statements of comprehensive income whilst the third interest rate swap agreement qualified as a cash flow hedge and the changes in its fair value is recognized in accumulated other comprehensive loss. As a result the amount of $1,400 and $50, which was part of the Partnership's accumulated other comprehensive loss (OCL) as of March 31, 2012 and May 23, 2012 respectively, were attributable to the two ineffective hedges and were being amortized over their respective remaining term up to their maturity date March 27, 2013 and March 28, 2013, respectively in the Partnership's unaudited condensed consolidated statements of comprehensive income by using the effective interest rate method. For the six month period ended June 30, 2013 and 2012 the Partnership recorded an expense of $363 and $362 from the above amortization respectively.
The net result of the accumulated OCL amortization and the change of the fair value of certain interest rate swap agreements of $ 4 and $1,447 is presented under other non operating income (expense) net as a Gain on interest rate swap agreement in the Partnership's consolidated statements of comprehensive income for the six months period ended June 30, 2013 and June 30, 2012, respectively. |
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Partners Capital
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Jun. 30, 2013
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Partners' Capital (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital |
As of June 30, 2013 and December 31, 2012 our partners' capital included the following units:
On March 15, 2013 the Partnership entered into a Class B Convertible Preferred Unit Subscription Agreement (the Agreement) in order to issue 9,100,000 Class B Convertible Preferred Units at a price of $8.25 per Class B Convertible Preferred Unit to a group of investors comprising of Kayne Anderson, Oaktree and its sponsor Capital Maritime and Trading Corp. (CMTC). The Partnership used the net proceeds of $72,535 to partially fund the acquisition of the vessel owning companies of the M/V Aristotelis and the M/V Attalos from CMTC (Note 3).
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 at a price of $9.00 per Class B Convertible Preferred Unit 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 CMTC. The Partnership used the net proceeds of $136,425 to pre pay part of its debt (Note 7).
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.
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, 2013 and 2012, the Partnership declared and paid the following distributions to its common and preferred unit holders:
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Omnibus Incentive Compensation Plan
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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 (CGP), 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 399,400 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, 2013. 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, 2013, the unvested units accrued $ 2,253 of distributions.
For the six - month period ended June 30, 2013 the equity compensation expense that has been charged against income was $907 for the employee awards and $1,832 for the non-employee awards, this expense has been included in general and administrative expenses.
As of June 30, 2013, there was $309 of total unrecognized compensation cost related to unvested equity compensation arrangements granted to Employees under the Plan based on:
That cost is expected to be recognized over the remaining vesting period of 0.2 years.
As of June 30, 2013, there was $753 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 $9.28 on June 30, 2013. That cost is expected to be recognized over the remaining vesting period of 0.2 years.
The Partnership has used the straight-line method to recognize the cost of the awards. |
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Net Income Per Unit
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Net Income Per Unit |
The general partner's, common unit holders' and subordinated unitholders' interests in net income are calculated as if all net income for periods subsequent to April 4, 2007, 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. The Partnership follows the guidance relating to the Application of the Two-Class Method and its application to Master Limited Partnerships which considers whether the incentive distributions of a master limited partnership represent a participating security when considered in the calculation of earnings per unit under the Two-Class Method. This guidance also considers whether the partnership agreement contains any contractual limitations concerning distributions to the incentive distribution rights that would impact the amount of earnings to allocate to the incentive distribution rights for each reporting period.
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.
Excluding the non-cash gain from bargain purchase, as this was not distributed to the Partnership's unit holders for the six months period ended June 30, 2013 the Partnership's net income for the six months periods ended June 30, 2013 and 2012, 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 two class method was used to calculate EPU as follows:
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Gain on sale of claim
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Gain on sale of claim |
On November 14, 2012, Overseas Shipholding Group Inc. ("OSG") and certain of its subsidiaries made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). The Partnership had three IMO II/III Chemical/Product tankers (M/T Alexandros II, M/T Aristotelis II and M/T Aris II) or (the Vessels), all built in 2008 by STX Offshore and Shipbuilding Co. Ltd. with long term bareboat charters to subsidiaries of OSG (Original Charter Contracts or Rejected Charters).
After discussions with OSG, the Partnership agreed to enter into new charter contracts (New Charter Contracts) with OSG on substantially the same terms as the Original Charter Contracts, but at a bareboat rate of $6.3 per day per vessel instead of $13.0 per day per vessel as per the Original Charter Contracts. The new charters were approved by the Bankruptcy Court on March 21, 2013 and were effective as of March 1, 2013. On the same date, the Bankruptcy Court also rejected the Original Charter Contracts as of March 1, 2013. Rejection of each charter constitutes a material breach of such charter. On May 24, 2013, the Partnership filed claims (the "Claims") against each of the charterers and their respective guarantors for damages resulting from the rejection of each of the Original Charter Contracts, including, among other things, the difference between the reduced amount of the New Charter Contracts and the amount due under each of the Rejected Charters. The total claim amount of the three claims stands at $54,096 (Total Claim Amount).
The Partnership unconditionally and irrevocably sold, transferred and assigned to Deutsche Bank 100% of its right, title, interest, claims and causes of action in and to arising in connection with all three of the claims that the vessel-owning subsidiaries have against OSG, via Assignment Agreements signed on June 25, 2013, thus releasing the Partnership of any payments or distributions of money or property in respect of the claim to be delivered or made to Deutsche Bank. In connection with the Assignment Agreements, on July 2, 2013, Deutsche Bank filed with the Bankruptcy Court six separate Evidences of Transfer of Claim, each pertaining to the Partnership's vessel-owning subsidiaries' claims against each charterer party to the original three charter agreements and each respective guarantor thereof.
The total amount to be received by Deutsche Bank, the largest part of which has been already paid, is dependent on the actual claim amount allowed by the Bankruptcy Court. The Partnership may be required to refund a portion of the purchase price or may receive an additional payment from Deutsche Bank. Pursuant to the Assignment Agreements, the Partnership received on June 26, 2013 from Deutsche Bank an amount of $32,000 as part payment for the assignment of the three claims (compared to $39,219 that would be the amount paid to the Partnership based on the purchase price should the full claim amount of $54,096 be allowed by the Bankruptcy Court). In addition, and pursuant to the Assignment Agreements, the Partnership in no event shall be required to refund more than $9,000 to Deutsche Bank except in the case of breach by the Partnership of its representations, warranties, covenants, agreements or indemnities set forth in the Assignment Agreements.
The Partnership has determined that it is not probable that the amount up to $9,000 will need to be paid back to Deutsche Bank and further believes that such amount cannot be reasonably estimated at this time. Accordingly, the Partnership has determined that the amount of $9,000 shall not be accrued by a charge to the unaudited condensed consolidated statements of comprehensive income for the six month period ended June 30, 2013. Additionally, the Partnership believes that it is not appropriate at this time to recognize an amount up to $7,219 that could potentially be paid to the Partnership by Deutsche Bank should the Bankruptcy Court allow the claim for more than an aggregate amount of $44,138, as this amount is deemed to be a gain contingency and would only be recognized once the contingency is resolved. Consequently, the Partnership has recorded the amount of $32,000 in its unaudited condensed consolidated statement of comprehensive income as Gain on sale of claim. |
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Tabular disclosure of gain on sale of claim. No definition available.
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Commitments And Contingencies
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Commitments and Contingencies | 13. 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, 2013 are:
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Subsequent Events
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In addition, on July 23, 2013, the Board of Directors of the Partnership declared a cash distribution of $0.21375 per Class B unit for the second quarter of 2013. The cash distribution will be paid on August 9, 2013, to Class B unit holders of record August 1, 2013. |
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Significant Accounting Policies (Policy)
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Deferred Dry Docking Costs | Deferred dry docking costs: The Company's vessels are required to be dry docked every 30 to 60 months for major repairs and maintenance that cannot be performed while the vessels are under operation. For the vessels that were operated under the floating fee management agreement and Crude's management agreement (Note 4) the Company has adopted the deferral method of accounting for dry-dock activities whereby costs incurred are deferred and amortized on a straight-line basis over the period until the next scheduled dry-dock activity. |
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Disclosure of accounting policy for deferred dry-docking costs. No definition available.
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Acquisitions (Tables)
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Hercules Container Carrier S.A. (M/V Aristotelis)
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Iason Container Carrier S.A. (M/V Attalos)
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Transactions with Related Parties (Tables)
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Vessels (Tables)
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Above market acquired charters (Tables)
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Above Market Acquired Charter Future Amortization Expense (Table Text Block) |
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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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Tabular disclosure of above market acquired charters. No definition available.
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Long-Term Debt (Tables)
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Long-Term Debt (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank Loans (Table Text Block) |
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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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- Details
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- Definition
No authoritative reference available. No definition available.
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Derivative Instruments (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Derivative Instruments (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities - Fair value (Table Text Block) |
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Derivative 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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- Definition
No authoritative reference available. No definition available.
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- Definition
No authoritative reference available. No definition available.
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Partners' Capital (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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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 outstanding units for each class of partnership interest. No definition available.
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- Definition
No authoritative reference available. No definition available.
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- Details
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Omnibus Incentive Compensation Plan (Tables)
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Omnibus Incentive Compensation Plan (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Omnibus Incentive Compensation Plan (Table Text Block) |
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- Definition
No authoritative reference available. No definition available.
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Net Income Per Unit (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Net Income Per Unit (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Unit Basic (Table Text Block) |
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Net Income Per Unit Diluted (Table Text Block) |
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- Definition
Tabular disclosure of an entity's basic income per unit calculations. No definition available.
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- Definition
Tabular disclosure of an entity's diluted income per unit calculations. No definition available.
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- Details
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Commitments and Contingencies (Tables)
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Jun. 30, 2013
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Commitments and Contingencies (Abstract) | |||||||||||||||||||||||||||||||||||||||||
Future minimum rental receipts (Table Text Block) |
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- Details
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- Definition
No authoritative reference available. No definition available.
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Basis of Presentation General Information Supplementary (Tables) (Details) (Capital Product Partners L.P.)
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
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Capital Product Partners L.P.
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Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items] | |
Date of Incorporation | Jan. 16, 2007 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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Acquisition of Hercules Container Carrier SA (M/V Aristotelis) - Purchase Price Allocation (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 22, 2012
Archimidis [Member]
|
Dec. 22, 2012
Agamemnon [Member]
|
Mar. 20, 2013
Hercules Container Carrier S.A. (M/V Aristotelis)
|
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Business Acquisition [Line Items] | |||||
Vessel | $ 65,000 | $ 68,000 | $ 54,000 | ||
Above market acquired time charter | 19,707 | ||||
Identifiable assets | 73,707 | ||||
Purchase price | (65,000) | ||||
Gain from bargain purchase | $ 17,475 | $ 0 | $ 8,707 |
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 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. No definition available.
|
X | ||||||||||
- Definition
The fair value of the identifiable net assets acquired. No definition available.
|
X | ||||||||||
- Definition
The fair value of the vessel at the time of the acquisition. No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Acquisition of Hercules Container Carrier S.A. (M/V Aristotelis) - Pro Forma Financial Information (Table) (Details) (Hercules Container Carrier S.A. (M/V Aristotelis), USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2013
|
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Hercules Container Carrier S.A. (M/V Aristotelis)
|
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Business Acquisition [Line Items] | |
Total revenues | $ 81,957 |
Partnership's net income | 64,424 |
Partnership's net income available to preferred unit holders | 10,540 |
General Partner's interest in Partnership's net income | 1,078 |
Common unit holders interest in Partnership's net income | $ 52,806 |
Pro-forma weighted average of Partnership's common units outstanding - basic | 68,385,001 |
Net income per common unit basic | $ 0.76 |
Pro-forma weighted average of Partnership's common units outstanding - diluted | 89,980,394 |
Net income per common unit diluted | $ 0.71 |
X | ||||||||||
- Definition
The pro forma net income/ (loss) to each outstanding basic common limited partnership unit if the business combinations had been completed at the beginning of a period. No definition available.
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X | ||||||||||
- Definition
The pro forma net income/ (loss) to each outstanding diluted common limited partnership unit if the business combinations had been completed at the beginning of a period. No definition available.
|
X | ||||||||||
- Definition
The pro forma weighted average common units issued and outstanding that are used in calculating basic earnings per common limited partnership unit, if the business combination had been completed at the beginning of the period. No definition available.
|
X | ||||||||||
- Definition
The pro forma weighted average common units issued and outstanding that are used in calculating diluted earnings per common limited partnership unit, if the business combination had been completed at the beginning of the period. No definition available.
|
X | ||||||||||
- Definition
Aggregate amount of pro forma net Income or loss for the period allocated to common unit holders, as if the business combination or combinations had been completed at the beginning of a period. No definition available.
|
X | ||||||||||
- Definition
Aggregate amount of pro forma net Income or loss for the period allocated to general partners, as if the business combination or combinations had been completed at the beginning of a period. No definition available.
|
X | ||||||||||
- Definition
Aggregate amount of pro forma net income or loss for the period allocated to noncontrolling preferred unit holders, as if the business combination or combinations had been completed at the beginning of a period. No definition available.
|
X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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Acquisition of Hercules Container Carrier Corp (M/V Aristotelis) - Additional Information (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Mar. 26, 2013
|
Jun. 06, 2012
|
Mar. 20, 2013
Hercules Container Carrier S.A. (M/V Aristotelis)
|
Jun. 30, 2013
Hercules Container Carrier S.A. (M/V Aristotelis)
|
Jun. 30, 2013
Hercules Container Carrier S.A. (M/V Aristotelis)
|
Mar. 20, 2013
Hercules Container Carriers Sa (M/V Aristotelis) - $350,000 Credit Facility Utilized
|
Mar. 20, 2013
Hercules Container Carriers Sa (M/V Aristotelis) - Issuance Of Class B Convertible Preferred Units
|
Mar. 20, 2013
Hercules Container Carriers Sa (M/V Aristotelis) - Cash
|
|
Business Acquisition [Line Items] | ||||||||||
Business acquisition financing | $ 130,000 | $ 185 | $ 27,000 | $ 36,268 | ||||||
Class B convertible preferred unit issued | 9,100,000 | 15,555,554 | ||||||||
Cash consideration for acquisition of vessel | 1,732 | |||||||||
Duration of above market acquired time charter | 11 years 9 months 11 days | |||||||||
WACC used for calculation of above market acquired time charter | 11.00% | |||||||||
Charter Revenues | 53,726 | 43,783 | 2,583 | |||||||
Net income / (loss) | $ 1,305 |
X | ||||||||||
- Definition
Amount of available cash paid to acquire the entity. No definition available.
|
X | ||||||||||
- 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.
|
X | ||||||||||
- Definition
The number of convertible Class B preferred shares that have been issued during the period. No definition available.
|
X | ||||||||||
- Definition
This element represents payments for acquisitions and capitalized improvements of vessels. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Acquisition of Iason Container Carrier SA (M/V Attalos) - Purchase Price Allocation (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 22, 2012
Archimidis [Member]
|
Dec. 22, 2012
Agamemnon [Member]
|
Mar. 27, 2013
Iason Container Carrier S.A. (M/V Attalos)
|
|
Business Acquisition [Line Items] | |||||
Vessel | $ 65,000 | $ 68,000 | $ 54,000 | ||
Above market acquired time charter | 19,768 | ||||
Identifiable assets | 73,768 | ||||
Purchase price | (65,000) | ||||
Gain from bargain purchase | $ 17,475 | $ 0 | $ 8,768 |
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 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. No definition available.
|
X | ||||||||||
- Definition
The fair value of the identifiable net assets acquired. No definition available.
|
X | ||||||||||
- Definition
The fair value of the vessel at the time of the acquisition. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Acquisition of Iason Container Carrier S.A. (M/V Attalos) - Additional Information (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
Iason Container Carrier S.A. (M/V Attalos)
|
Mar. 27, 2013
Iason Container Carrier S.A. (M/V Attalos)
|
Jun. 30, 2013
Iason Container Carrier S.A. (M/V Attalos)
|
Mar. 27, 2013
Iason Container Carrier Sa (M/V Attalos) - $350,000 Credit Facility Utilized
|
Mar. 27, 2013
Iason Container Carrier Sa (M/V Attalos) - Issuance Of Class B Convertible Preferred Units
|
Mar. 20, 2013
Iason Container Carrier Sa (M/V Attalos) - Cash
|
|
Business Acquisition [Line Items] | ||||||||
Business acquisition financing | $ 130,000 | $ 185 | $ 27,000 | $ 36,267 | ||||
Cash consideration for acquisition of vessel | 1,733 | |||||||
Duration of above market acquired time charter | 11 years 9 months 4 days | |||||||
WACC used for calculation of above market acquired time charter | 11.00% | |||||||
Charter Revenues | 53,726 | 43,783 | 2,156 | |||||
Net income / (loss) | $ 969 |
X | ||||||||||
- Definition
Amount of available cash paid to acquire the entity. No definition available.
|
X | ||||||||||
- 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.
|
X | ||||||||||
- Definition
This element represents payments for acquisitions and capitalized improvements of vessels. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Transactions with Related Parties - Consolidated Balance Sheets (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Liabilities: | ||
Due to related parties | $ 21,062 | $ 17,447 |
Deferred revenue - current (e) | 7,396 | 10,302 |
Manager - payments on behalf of the Partnership (a)
|
||
Liabilities: | ||
Due to related parties | 19,665 | 15,957 |
Management fee payable to CSM (b)
|
||
Liabilities: | ||
Due to related parties | 1,397 | 1,490 |
Capital Maritime And Trading Corp
|
||
Liabilities: | ||
Deferred revenue - current (e) | 4,961 | 4,637 |
Total liabilities | $ 26,023 | $ 22,084 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
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Transactions with Related Parties - Consolidated Statements of Comprehensive Income (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Related Party Transaction [Line Items] | ||
Revenues (c) | $ 28,008 | $ 33,904 |
Vessel operating expenses | 8,496 | 13,422 |
Voyage expenses | 160 | 284 |
General and administrative expenses (d) | 5,984 | 4,547 |
Capital Ship Management Corp
|
||
Related Party Transaction [Line Items] | ||
Revenues (c) | 28,008 | 33,904 |
Vessel operating expenses | 8,496 | 13,422 |
Voyage expenses | 160 | 284 |
General and administrative expenses (d) | $ 1,521 | $ 1,539 |
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
No authoritative reference available. No definition available.
|
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, 2013
Capital Ship Management Corp
|
Jun. 30, 2012
Capital Ship Management Corp
|
Mar. 31, 2013
Capital Product Partners LP Initial Fee Payable March 2010
|
Jun. 30, 2013
Capital Product Partners LP Adjusted Fee Payable
|
|
Related Party Transaction [Line Items] | ||||
Sales and purchase fee | 1.00% | |||
Commercial service fee | 1.25% | |||
Management agreement termination fees | $ 9,000 | $ 9,654 | ||
Additional fees related to unforeseen events | $ 389 | $ 1,016 |
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
Fees related to the termination of the Crude management agreement. 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 |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Vessels (Abstract) | ||
Vessels carrying amount as at beginning of period | $ 959,550 | $ 1,073,986 |
Acquisitions and improvements | 108,000 | 133,105 |
Disposals | (156,128) | |
Impairment of vessels | (43,178) | |
Depreciation | (24,650) | (48,235) |
Vessels carrying amount as at end of period | $ 1,042,900 | $ 959,550 |
X | ||||||||||
- Definition
The charge against earnings resulting from the aggregate write down of the relative vessels from their carrying value to their fair value. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
This element represents costs for acquisitions and capitalized improvements of vessels. No definition available.
|
X | ||||||||||
- Definition
This element represents vessels' book value, net of accumulated depreciation. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Vessels (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Mar. 20, 2013
Hercules Container Carrier Sa
|
Mar. 27, 2013
Iason Container Carrier Sa
|
Jun. 30, 2012
M/T Attikos
|
Jun. 30, 2012
M/T Aristofanis
|
Dec. 22, 2012
M/V Agamemnon
|
Dec. 22, 2012
M/V Archimidis
|
|
Property Plant And Equipment [Line Items] | ||||||||||
Fair value of vessels acquired | $ 54,000 | $ 54,000 | $ 68,000 | $ 65,000 | ||||||
Date of vessel sale | Feb. 14, 2012 | Apr. 04, 2012 | ||||||||
DWT | 12,000 | 12,000 | ||||||||
Year built | 2005 | 2005 | ||||||||
Net proceeds from sale of vessel | 0 | 19,675 | 9,807 | 9,868 | ||||||
Gain on vessel disposal | 0 | 1,296 | 943 | 353 | ||||||
Vessel carrying value | $ 1,042,900 | $ 959,550 | $ 1,073,986 | $ 8,864 | $ 9,514 |
X | ||||||||||
- Definition
The fair value of the vessel at the time of the acquisition. No definition available.
|
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
This element represents vessels' book value, net of accumulated depreciation. No definition available.
|
X | ||||||||||
- Definition
The year that the vessel was built. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
The current and non-current assets 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, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
---|---|---|---|
For the twelve months period ended June 30, | |||
2014 | $ 12,217 | ||
2015 | 10,354 | ||
2016 | 9,023 | ||
2017 | 8,695 | ||
2018 | 8,695 | ||
Thereafter | 32,632 | ||
Total | 81,616 | 47,720 | 51,124 |
M/V Cape Agamemnon
|
|||
For the twelve months period ended June 30, | |||
2014 | 5,357 | ||
2015 | 5,357 | ||
2016 | 5,372 | ||
2017 | 5,357 | ||
2018 | 5,357 | ||
Thereafter | 10,715 | ||
Total | 37,515 | 40,171 | 45,543 |
M/T Assos
|
|||
For the twelve months period ended June 30, | |||
2014 | 1,863 | ||
2015 | 0 | ||
2016 | 0 | ||
2017 | 0 | ||
2018 | 0 | ||
Thereafter | 0 | ||
Total | 1,863 | 3,093 | 5,581 |
M/V Agamemnon
|
|||
For the twelve months period ended June 30, | |||
2014 | 863 | ||
2015 | 863 | ||
2016 | 72 | ||
2017 | 0 | ||
2018 | 0 | ||
Thereafter | 0 | ||
Total | 1,798 | 2,227 | 0 |
M/V Archimidis
|
|||
For the twelve months period ended June 30, | |||
2014 | 796 | ||
2015 | 796 | ||
2016 | 241 | ||
2017 | 0 | ||
2018 | 0 | ||
Thereafter | 0 | ||
Total | 1,833 | 2,229 | 0 |
M/V Aristotelis
|
|||
For the twelve months period ended June 30, | |||
2014 | 1,668 | ||
2015 | 1,668 | ||
2016 | 1,668 | ||
2017 | 1,668 | ||
2018 | 1,668 | ||
Thereafter | 10,896 | ||
Total | 19,236 | 0 | 0 |
M/V Attalos
|
|||
For the twelve months period ended June 30, | |||
2014 | 1,670 | ||
2015 | 1,670 | ||
2016 | 1,670 | ||
2017 | 1,670 | ||
2018 | 1,670 | ||
Thereafter | 11,021 | ||
Total | $ 19,371 | $ 0 | $ 0 |
X | ||||||||||
- Definition
The current and non-current assets 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
|
Long Term Debt - Total Debt (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
|
Debt Instrument [Line Items] | ||
Total debt | $ 511,015 | $ 458,365 |
Less: Current portion | 5,400 | 0 |
Long-term portion | 505,615 | 458,365 |
Issued In April,2007 maturing In June,2017 Capital Product Partners L.P. Bank Loan
|
||
Debt Instrument [Line Items] | ||
Total debt | 250,850 | 250,850 |
Margin | 2.00% | |
Issued In March,2008 maturing In March,2018 Capital Product Partners L.P. Bank Loan
|
||
Debt Instrument [Line Items] | ||
Total debt | 241,165 | 188,515 |
Margin | 3.00% | |
Issued In June,2011 maturing In March,2018 Capital Product Partners L.P. Bank Loan
|
||
Debt Instrument [Line Items] | ||
Total debt | $ 19,000 | $ 19,000 |
Margin | 3.25% |
X | ||||||||||
- Definition
The credit facility margin. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
The date the credit facility amount was drawn down. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Long-Term Debt - Additional Information (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 2 Months Ended | 1 Months Ended | 6 Months Ended | 5 Months Ended | 6 Months Ended | 5 Months Ended | 5 Months Ended | 0 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Apr. 04, 2012
$370,000 Credit Facility (i)
|
Feb. 15, 2012
$370,000 Credit Facility (i)
|
Jun. 30, 2013
$370,000 Credit Facility (i)
|
May 23, 2012
$350,000 Credit Facility (ii)
|
Jun. 30, 2013
$350,000 Credit Facility (ii)
|
May 23, 2012
$25,000 Credit Facility (iii)
|
Jun. 30, 2013
$25,000 Credit Facility (iii)
|
May 23, 2012
All three Credit Facilities
|
May 23, 2012
$370,000 Term Loan
|
Jun. 06, 2012
Repayment Of Debt
|
Jun. 30, 2013
Long-Term Debt
|
Jun. 30, 2012
Long-Term Debt
|
|
Debt Instrument [Line Items] | ||||||||||||||
Repayment of credit facility | $ 1,350 | $ 170,066 | $ 10,500 | $ 10,000 | $ 5,149 | $ 149,566 | $ 13,141 | |||||||
Balloon payment due in March 2018 | 27,000 | |||||||||||||
Line of credit facility, maximum borrowing capacity | 370,000 | 350,000 | 25,000 | |||||||||||
Line of credit facility amount drawn down | 54,000 | |||||||||||||
Repayment of debt - Net proceeds from issuance of preferred units | 72,535 | 136,425 | 136,425 | |||||||||||
Debt's original amount | 370,000 | |||||||||||||
Cancellation of undrawn tranche | 52,500 | 1,420 | ||||||||||||
Number of installments | 9 | 20 | 9 | 6 | ||||||||||
Quarterly periodic repayments | 7,855 | 1,350 | 1,000 | 12,975 | ||||||||||
Weighted average interest rate | 2.71% | |||||||||||||
Interest expense on long term debt | $ 7,357 | $ 18,929 | $ 7,077 | $ 18,379 |
X | ||||||||||
- Definition
Cancellation of undrawn tranche under the credit facility. No definition available.
|
X | ||||||||||
- Definition
Line of credit facility amount drawn down. No definition available.
|
X | ||||||||||
- Definition
The number of quarterly installments. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments - Fair Value (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Derivative [Line Items] | ||
Short-term liabilities | $ 0 | $ 467 |
Total | 0 | 467 |
Interest Rate Swaps
|
||
Derivative [Line Items] | ||
Short-term liabilities | 0 | 467 |
Long-term liabilities | 0 | 0 |
Total | $ 0 | $ 467 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Derivative Instruments - Balance Sheet Location (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Derivatives Fair Value [Line Items] | ||
Derivative instruments short-term liabilities | $ 0 | $ 467 |
Total Derivative Liabilities | 0 | 467 |
Derivatives designated as hedging instruments - effective hedges
|
||
Derivatives Fair Value [Line Items] | ||
Derivative instruments long-term liabilities. | 0 | 0 |
Derivative instruments short-term liabilities | 0 | 100 |
Total derivatives not designated as hedging instruments - ineffective hedges
|
||
Derivatives Fair Value [Line Items] | ||
Derivative instruments short-term liabilities | $ 0 | $ 367 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Derivative Instruments - Effective Portion (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | $ 462 | $ 9,840 |
Amount of Gain/ (Loss) recognized in the consolidated statements of comprehensive income | 4 | 1,447 |
Interest rate swaps
|
||
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) | (5) | (1,857) |
Interest expense and finance cost
|
||
Amount of Loss Reclassified from OCI into consolidated statements of comprehensive income (Effective Portion) | (467) | (11,697) |
Gain on interest rate swap agreement
|
||
Amount of Gain/ (Loss) recognized in the consolidated statements of comprehensive income | $ 4 | $ 1,447 |
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
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Derivative Instruments - Fair Value Measured on Recurring Basis (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Derivatives Fair Value [Line Items] | ||
Derivatives | $ 0 | $ 467 |
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 | 0 | 467 |
Significant Unobservable Inputs (Level 3)
|
||
Derivatives Fair Value [Line Items] | ||
Derivatives | $ 0 | $ 0 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The amount represents the amortization of an ineffective cashflow derivative against the consolidated statements of comprehensive (loss) / income from 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 have expired. No definition available.
|
X | ||||||||||
- Definition
Number of interest rate derivative instruments held by the entity previously. No definition available.
|
X | ||||||||||
- Definition
Number of interest swaps expired, under the credit facility. No definition available.
|
X | ||||||||||
- Definition
Number of interest rate swaps not qualifying as cash flow hedges. No definition available.
|
X | ||||||||||
- Definition
Number of interest rate swaps that were partially terminated under the credit facility. No definition available.
|
X | ||||||||||
- Definition
Number of interest rate swaps that were terminated under the credit facility. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Partners' Capital - Partnership Units (Table) (Details)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
---|---|---|
Partners' Capital (Abstract) | ||
Limited partner units | 69,372,077 | 69,372,077 |
General partner units | 1,415,757 | 1,415,757 |
Preferred partner units | 24,655,554 | 15,555,554 |
Total partnership units | 95,443,388 | 86,343,388 |
X | ||||||||||
- Definition
The number of common partnership units outstanding. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Partners' Capital - Distribution to Unitholders (Table) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jan. 22, 2013
Common units
|
Jan. 23, 2012
Common units
|
Apr. 22, 2013
Common units
|
Apr. 24, 2012
Common units
|
Jun. 30, 2013
Common units
|
Jun. 30, 2012
Common units
|
Jan. 22, 2013
Preferred units
|
Jan. 23, 2012
Preferred units
|
Apr. 22, 2013
Preferred units
|
Apr. 24, 2012
Preferred units
|
Jun. 30, 2013
Preferred units
|
|
Distributions [Line Items] | |||||||||||||
Dividends declared | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.465 | $ 0.465 | $ 0.21375 | $ 0 | $ 0.21375 | $ 0 | $ 0.4275 | ||
Common units entitled to distribution | 69,372,077 | 69,372,077 | 69,372,077 | 69,372,077 | 69,372,077 | 69,372,077 | |||||||
Preferred units entitled to distribution | 24,655,554 | 15,555,554 | 15,555,554 | 0 | 24,655,554 | 0 | |||||||
General partner and IDR distributions | $ 329 | $ 329 | $ 329 | $ 329 |
X | ||||||||||
- Definition
The number of common partnership units outstanding. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Partners' Capital - Additional Information (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Mar. 26, 2013
|
Jun. 06, 2012
|
|
Partners' Capital (Abstract) | ||||
Class B convertible preferred unit issued | 9,100,000 | 15,555,554 | ||
Net proceeds from insuance of Class B Convertible Preferred Units | $ 72,535 | $ 136,425 | ||
Class B convertible preferred unit price | $ 8.25 | $ 9 | ||
Conversion price of the Preferred units | $ 9 | |||
Conversion rate of the Preferred units | 1 | |||
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. |
X | ||||||||||
- Definition
The price per unit of the convertible Class B preferred shares. No definition available.
|
X | ||||||||||
- Definition
The number of convertible Class B preferred shares that have been issued during the period. 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
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Omnibus Incentive Compensation Plan (Table) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Employee equity compensation
|
|
Units | |
Unvested, beginning of period | 338,135 |
Vested | 2,600 |
Unvested, end of period | 335,535 |
Grant-date fair value | |
Unvested, beginning of period | $ 2,521 |
Vested | 17 |
Unvested, end of period | 2,504 |
Non-Employee equity compensation
|
|
Units | |
Unvested, beginning of period | 650,464 |
Vested | 0 |
Unvested, end of period | 650,464 |
Grant-date fair value | |
Unvested, beginning of period | 4,736 |
Vested | 0 |
Unvested, end of period | $ 4,736 |
X | ||||||||||
- Details
|
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
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Omnibus Incentive Compensation Plan - Additional Information (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | 6 Months Ended | 8 Months Ended | 2 Months Ended | 9 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
Partnerships Omnibus Incentive Compensation Plan
|
Jul. 22, 2010
Partnerships Omnibus Incentive Compensation Plan
|
Apr. 29, 2008
Partnerships Omnibus Incentive Compensation Plan
|
Jun. 30, 2013
Partnerships Omnibus Incentive Compensation Plan Employees
|
Aug. 25, 2010
Partnerships Omnibus Incentive Compensation Plan Employees
|
Aug. 31, 2010
Partnerships Omnibus Incentive Compensation Plan Non Employees
|
Jun. 30, 2013
Partnerships Omnibus Incentive Compensation Plan Non Employees
|
Mar. 01, 2010
Crude Carriers Corp. Equity Incentive Plan
|
Jun. 30, 2013
Crude Carriers Corp. Equity Incentive Plan
|
Sep. 30, 2011
Acquisition of Crude Carriers Corp. by the Partnership - Crude Equity Incentive Plan
|
Sep. 30, 2011
Acquisition of Crude Carriers Corp. by the Partnership - Crude Employee Equity Incentive Plan
|
Sep. 30, 2011
Acquisition of Crude Carriers Corp. by the Partnership - Crude Non Employee Equity Incentive Plan
|
Sep. 30, 2011
Acquisition of Crude Carriers Corp. by the Partnership - Crude Independent Committee
|
Jun. 30, 2013
Employee equity compensation
|
Dec. 31, 2012
Employee equity compensation
|
Aug. 25, 2010
Employee equity compensation
|
Jun. 30, 2013
Non-Employee equity compensation
|
Dec. 31, 2012
Non-Employee equity compensation
|
|
Units / Shares authorized | 800,000 | 500,000 | 400,000 | |||||||||||||||||
Units granted | 448,000 | 347,200 | 399,400 | |||||||||||||||||
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 | 335,535 | 338,135 | 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 | $ 2,253 | |||||||||||||||||||
Share based compensation | 2,739 | 1,991 | 907 | 1,832 | ||||||||||||||||
Total unrecognized compensation cost | 309 | |||||||||||||||||||
Grant date unit price | $ 8.08 | |||||||||||||||||||
Expected period of recognition for unrecognized compensation cost | 0 years 1 month 25 days | |||||||||||||||||||
Total unrecognized compensation cost | $ 753 | |||||||||||||||||||
Grant date unit price | $ 9.28 | |||||||||||||||||||
Expected period of recognition for unrecognized compensation cost | 0 years 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.
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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.
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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.
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X | ||||||||||
- Definition
Number of equal annual installments for awards vested. No definition available.
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X | ||||||||||
- Definition
The number of units which were vested and converted. No definition available.
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X | ||||||||||
- Definition
The unit price at grant date. No definition available.
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X | ||||||||||
- Definition
The unit price at the reporting date. No definition available.
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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.
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X | ||||||||||
- Definition
The accrued amount of distribution, related to unvested units. No definition available.
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X | ||||||||||
- Definition
The date when the remaining awards will be vested. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
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. No definition available.
|
X | ||||||||||
- Definition
Aggregate amount of net income allocated to unvested common units. No definition available.
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X | ||||||||||
- Definition
Aggregate amount of net income/loss allocated to outstanding common units. No definition available.
|
X | ||||||||||
- Definition
Aggregate amount of net income / (loss) allocated to general and limited partners. No definition available.
|
X | ||||||||||
- Definition
Net income (loss) allocated to each outstanding common limited partnership unit basic. No definition available.
|
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. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
No authoritative reference available. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The dilutive effect of preferred units. No definition available.
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X | ||||||||||
- Definition
The dilutive effect of unvested shares. No definition available.
|
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. No definition available.
|
X | ||||||||||
- Definition
Amount of net Income or Loss for the period allocated to noncontrolling preferred unit holders for the computation of diluted earnings. No definition available.
|
X | ||||||||||
- Definition
Aggregate amount of net income allocated to unvested common units. No definition available.
|
X | ||||||||||
- Definition
Aggregate amount of net income allocated to unvested common units, for the computation of diluted earnings. No definition available.
|
X | ||||||||||
- Definition
Aggregate amount of net income / (loss) allocated to limited partners. No definition available.
|
X | ||||||||||
- Definition
Aggregate amount of net income / (loss) allocated to general and limited partners. No definition available.
|
X | ||||||||||
- Definition
Net income (loss) allocated to each outstanding common limited partnership unit 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. No definition available.
|
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 diluted. No definition available.
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X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Gain on sale of claim (Additional Information) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 10 Months Ended | 4 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|---|
Jun. 26, 2013
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Nov. 14, 2012
|
Jun. 25, 2013
|
May 24, 2013
|
Jun. 30, 2013
New Charter Contracts
|
Jun. 30, 2013
Original Charter Contracts
|
|
Gain on sale of claim [Line Items] | ||||||||
Net daily hire rate per vessel | 6.3 | 13 | ||||||
Number of claims | 3 | |||||||
Total claim amount | $ 54,096 | |||||||
Percentage of right, title, interest, claims and causes of action transferred | 100.00% | |||||||
Gain on sale of claim to third party | 32,000 | 32,000 | 0 | |||||
Proceeds if total claim amount is allowed | 39,219 | |||||||
Maximum amount to be paid to a third party | 9,000 | |||||||
Contigent gain disclosed | $ 7,219 | |||||||
Claim to be allowed by the Court for the gain on sale of claim to third party to remain unchanged | $44,138 |
X | ||||||||||
- Definition
The claim to be allowed by the Court for the gain on sale of claim to third party to remain unchanged. No definition available.
|
X | ||||||||||
- Definition
The total claim amount. No definition available.
|
X | ||||||||||
- Definition
The percentage of right, title, interest, claims and causes of action transferred. No definition available.
|
X | ||||||||||
- Definition
The contigent gain that is disclosed as a result of a claim transaction, based on total claim amount. No definition available.
|
X | ||||||||||
- Definition
Amount of gain / (loss) on sale of claim. No definition available.
|
X | ||||||||||
- Definition
Maximum amount to be paid to the third party. No definition available.
|
X | ||||||||||
- Definition
The daily charter hire rate, net of commissions. No definition available.
|
X | ||||||||||
- Definition
The number of claims. No definition available.
|
X | ||||||||||
- Definition
The proceeds to be received if total claim amount is allowed. No definition available.
|
X | ||||||||||
- Details
|
Commitments and Contingencies - Future Minimum Charter Hire Receipts (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
---|---|
For the years ended June 30, | |
2014 | $ 129,235 |
2015 | 73,449 |
2016 | 48,484 |
2017 | 43,672 |
2018 | 41,797 |
Thereafter | 171,598 |
Total | $ 508,235 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Subsequent events (Details) (USD $)
|
1 Months Ended |
---|---|
Jul. 23, 2013
|
|
Common Unitholders
|
|
Dividends declared | $ 0.2325 |
Class B Unitholders
|
|
Dividends declared | $ 0.21375 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|