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Document And Entity Information
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6 Months Ended |
|---|---|
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Jun. 30, 2014
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| Document and Entity Information | |
| Document Type | 6-K |
| Document Period End Date | Jun. 30, 2014 |
| 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 | 2014 |
| Document Fiscal Period Focus | Q2 |
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General Partner
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| Document and Entity Information | |
| Entity's units outstanding | 1,765,457 |
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Common Limited Partner
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| Document and Entity Information | |
| Entity's units outstanding | 88,790,710 |
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Preferred Limited Partner
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| Document and Entity Information | |
| Entity's units outstanding | 18,572,221 |
| X | ||||||||||
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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| X | ||||||||||
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Details
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| X | ||||||||||
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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| X | ||||||||||
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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| X | ||||||||||
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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| X | ||||||||||
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- Definition
The current portion 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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| X | ||||||||||
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- Definition
The non-current portion 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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| X | ||||||||||
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- Definition
This element represents vessels' book value, net of accumulated depreciation. No definition available.
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| X | ||||||||||
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- Definition
Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts of deferred costs that are expected to be recognized as a charge against earnings in periods after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of obligation due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Cash and equivalents whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Revenues arising from services provided to charterers according to the terms and conditions included in each time, voyage and bare boat charter agreement. No definition available.
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| X | ||||||||||
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- Definition
Revenues arising from services provided to related parties according to the terms and conditions included in each time, voyage and bare boat charter agreement. No definition available.
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| X | ||||||||||
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- Definition
Total revenues arising from services provided according to the terms and conditions included in each time, voyage and bare boat charter agreement. No definition available.
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| X | ||||||||||
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- Definition
The net result of the accumulated OCL amortization of interest rate swaps dedesignated from cash flow hedges and the change in their fair values. No definition available.
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| X | ||||||||||
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- Definition
Amount of gain / (loss) on sale of claim. No definition available.
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| X | ||||||||||
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- Definition
Amount of net Income or Loss for the period allocated to noncontrolling preferred unit holders in an entity included in the reporting entity's consolidated financial statements. No definition available.
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| X | ||||||||||
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- Definition
Aggregate amount of net income allocated to common unitholders. No definition available.
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| X | ||||||||||
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- Definition
Net income (loss) allocated to each outstanding common limited partnership unit basic. No definition available.
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| X | ||||||||||
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- Definition
Net income (loss) allocated to each outstanding common limited partnership unit diluted. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Vessel operating expenses consist of crewing, repairs and maintenance, insurance, stores, spares, lubricants, management fees and miscellaneous expenses. No definition available.
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| X | ||||||||||
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- Definition
Related party vessel operating expenses consist of crewing, repairs and maintenance, insurance, stores, spares, lubricants, management fees and miscellaneous expenses. No definition available.
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| X | ||||||||||
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- Definition
Vessel voyage expenses are direct expenses to charter revenues and consist of commissions, port expenses, canal dues bunkers and other. No definition available.
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| X | ||||||||||
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- Definition
Related party vessel voyage expenses are direct expenses to charter revenues. No definition available.
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| X | ||||||||||
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- 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 | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The weighted average number of common limited partnership units issued and outstanding that are used in calculating earnings per common limited partnership unit diluted. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The effective portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of interest income and other income recognized during the period. Included in this element is interest derived from investments in debt securities, cash and cash equivalents, and other investments which reflect the time value of money or transactions in which the payments are for the use or forbearance of money and other income from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business). No definition available.
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| X | ||||||||||
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate amount of net income allocated to general partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net amount of other income and expense amounts, the components of which are not separately disclosed on the income statement, resulting from ancillary business-related activities (that is, excluding major activities considered part of the normal operations of the business) also known as other nonoperating income (expense) recognized for the period. Such amounts may include: (a) dividends, (b) interest on securities, (c) net gains or losses on securities, (d) unusual costs, (e) gains or losses on foreign exchange transactions, and (f) miscellaneous other income and expense items. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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Unaudited Condensed Consolidated Statements of Changes in Partners' Capital (USD $)
In Thousands |
Total
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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, 2012 | $ 573,828 | $ 9,049 | $ 425,497 | $ 139,744 | $ 574,290 | $ (462) |
| Distributions declared and paid (distributions per common and preferred unit) (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 preferred units (Note 9) | 72,535 | 72,535 | 72,535 | |||
| Equity compensation expense | 2,739 | 2,739 | 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 |
| Balance at Dec. 31, 2013 | 781,426 | 9,250 | 559,155 | 213,021 | 781,426 | 0 |
| Distributions declared and paid (distributions per common and preferred unit) (Note 9) | (50,036) | (821) | (41,136) | (8,079) | (50,036) | |
| Partnership's net income | 19,058 | 216 | 10,838 | 8,004 | 19,058 | |
| Balance at Jun. 30, 2014 | $ 750,448 | $ 8,645 | $ 528,857 | $ 212,946 | $ 750,448 | $ 0 |
| X | ||||||||||
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. No definition available.
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| X | ||||||||||
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- Definition
Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total contributions made by each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total distributions to each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The 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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| X | ||||||||||
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- Definition
Capitalized expenditures included in liabilities. No definition available.
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| X | ||||||||||
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- Definition
The net result of the accumulated OCL amortization of interest rate swaps dedesignated from cash flow hedges and the change in their fair values. No definition available.
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| X | ||||||||||
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- Definition
This element represents the payments for vessel dry-docking expenses. No definition available.
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| X | ||||||||||
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- Definition
This element represents payments for acquisitions and capitalized improvements of vessels. No definition available.
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| X | ||||||||||
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- Definition
Private placement costs relating to the issuance of preferred units. No definition available.
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| X | ||||||||||
|
- Definition
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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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of cash distribution paid to unit-holder of limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The aggregate increase (decrease) during the reporting period in the amount due from the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The cash outflow for loan and debt issuance costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations. No definition available.
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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Basis Of Presentation And General Information
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Jun. 30, 2014
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| Basis Of Presentation and General Information (Abstract) | |
| Basis Of Presentation and General Information | 1. Basis of Presentation and General Information
Capital Product Partners L.P. (the “Partnership”) was formed on January 16, 2007, under the laws of the Marshall Islands. The Partnership is an international shipping company. Its fleet of thirty 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, seven 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, 2013, filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 18, 2014.
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, 2014 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2014.
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- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Significant Accounting Policies
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6 Months Ended |
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Jun. 30, 2014
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| Significant Accounting Policies (Abstract) | |
| Significant Accounting Policies | 2. 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, 2013 (the “Consolidated Financial Statements for the year ended December 31, 2013”). There have been no changes to these policies in the six month period ended June 30, 2014.
Recent accounting pronouncements: There are no recent accounting pronouncements the adoption of which would have a material effect on the Partnership's unaudited condensed consolidated financial statements in the current period.
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- Definition
The entire disclosure for all significant accounting policies of the reporting entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisitions
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Jun. 30, 2014
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| Business Acquisitions (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquistions | 3. Acquisitions
a. Hercules Container Carrier S.A. (M/V Hyundai Premium)
On March 20, 2013, the Partnership acquired the shares of Hercules Container Carrier S.A., the vessel owning company of the M/V Hyundai Premium (“Hercules”), a 2013 built 5,000 Twenty feet Equivalent Unit (“TEU”) from Capital Maritime & 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 (“HMM”). 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.
• Purchase Price
The total purchase consideration of $65,000 was funded using a portion of the $54,000 draw-down from the Partnership's $350,000 credit facility (Note 7), 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 part of the Partnership's available cash.
•Acquisition related costs
There were no costs incurred in relation to the acquisition of Hercules.
•Purchase price allocation
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.
• Identifiable intangible assets
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:
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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 Hyundai Premium since its acquisition by the Partnership were $2,583 and $1,305 respectively and were included in the Partnership's unaudited condensed consolidated statements of comprehensive income for the six month period ended June 30, 2013.
• Pro Forma Financial Information
The supplemental pro forma financial information was prepared using the acquisition method of accounting and is based on the following:
• The Partnership's actual results of operations for the six month period ended June 30, 2013
• Pro forma results of operations of Hercules for the period from its vessel's delivery from the shipyard on March 11, 2013 (vessel inception) to March 20, 2013 as if Hyundai Premium was operating under post acquisition revenue and cost structure.
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 Hyundai Premium occurred on March 11, 2013 (vessel inception):
.
b. Iason Container Carrier S.A. (M/V Hyundai Paramount)
On 27 March 2013, the M/V Hyundai Paramount, a 2013 built 5,000 TEU container vessel, was delivered to CMTC from a shipyard and on the same date the Partnership acquired the shares of Iason Container Carrier S.A (“Iason”), the vessel owning company of M/V Hyundai Paramount 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 HMM. 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.
• Purchase Price
The total purchase consideration of $65,000 was funded using a portion of the $54,000 draw-down from the Partnership's $350,000 credit facility (Note 7), 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 part of the Partnership's available cash.
• Acquisition related costs
There were no costs incurred in relation to the acquisition of Iason.
• Purchase price allocation
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.
• Identifiable intangible assets
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 loss of M/V Hyundai Paramount since its acquisition by the Partnership were $2,156 and $969 respectively and were included in the Partnership's unaudited condensed consolidated statements of comprehensive income for the six month period ended June 30, 2013.
• Pro Forma Financial Information
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 its acquisition by the Partnership.
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- Definition
The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Transactions With Related Parties
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| Transactions with Related Parties (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Transactions with Related Parties | 4. Transactions with Related Parties
The Partnership and its subsidiaries, have related-party transactions with the Capital Shipmanagement Corp. (the “Manager”), due to certain terms of the following three different types of management agreements.
1. Fixed fee management agreement: At the time of the completion of the IPO the Partnership entered into an agreement with its Manager , according to which the Manager provides the Partnership with certain commercial and technical management services for a fixed daily fee per managed vessel which covers the commercial and technical management services, the respective vessels' operating costs such as crewing, repairs and maintenance, insurance, stores, spares, and lubricants as well as the cost of the first special survey or next scheduled dry-docking, of each vessel. In addition to the fixed daily fees payable under the management agreement, the Manager is entitled to supplementary compensation for additional fees and costs (as defined in the agreement) of any direct and indirect additional expenses it reasonably incurs in providing these services, which may vary from time to time. The Partnership also pays a fixed daily fee per bareboat chartered vessel in its fleet, mainly to cover compliance and commercial costs, which include those costs incurred by the Manager to remain in compliance with the oil majors' requirements, including vetting requirements;
2. Floating fee management agreement: On June 9, 2011, the Partnership entered into an agreement with its Manager based on actual expenses with an initial term of five years per managed vessel. Under the terms of this agreement the Partnership compensates its Manager for expenses and liabilities incurred on the Partnership's behalf while providing the agreed services, including, but not limited to, crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating costs. Costs and expenses associated with a managed vessel's next scheduled dry docking are borne by the Partnership and not by the Manager. The Partnership also pays its Manager a daily technical management fee per managed vessel that is revised annually based on the United States Consumer Price Index; and
3. Crude Carriers Corp. (“Crude”) management agreement: On September 30, 2011, the Partnership completed the acquisition of Crude. The five crude tanker vessels the Partnership acquired as part of the Crude acquisition continue to be managed under a management agreement entered into in March 2010 with the Manager whose initial term expires on December 31, 2020. Under the terms of this agreement the Partnership compensates the Manager for all expenses and liabilities incurred on the Partnership's behalf while providing the agreed services, including, but not limited to, crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating and administrative costs. The Partnership also pays its Manager the following fees:
(a) a daily technical management fee per managed vessel that is revised annually based on the United States Consumer Price Index;
(b) a sale and purchase fee equal to 1% of the gross purchase or sale price upon the consummation of any purchase or sale of a vessel acquired by Crude ; and
(c) a commercial services fee equal to 1.25% of all gross charter revenues generated by each vessel for commercial services rendered.
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 2014 this termination fee was adjusted to $9,760.
All the above three agreements constitute the “Management Agreements”.
Under the terms of the fixed fee management agreement, the Manager charges the Partnership for additional fees and costs, relating to insurances deductibles, vetting, and repairs and spares that related to unforeseen events. For the six month periods ended June 30, 2014 and 2013 such fees amounted to $640 and $389 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 Capital General Partner (“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:
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(a) Manager - Payments on Behalf of Capital Product Partners L.P . : This line item includes the Manager payments it makes on behalf of the Partnership and its subsidiaries.
(b) Management fee payable to CSM : The amount outstanding as of June 30, 2014 and December 31, 2013 represents the management fee payable to CSM as a result of the Management Agreements the Partnership entered into with the Manager.
(c) Revenues: The following table includes information regarding the charter agreements that were in place between the Partnership and
CMTC during the six month periods ended June 30, 2014 and 2013:
.
(d) General and administrative expenses: This line item mainly includes internal audit, investor relations and consultancy fees.
(e) Deferred Revenue: As of June 30, 2014 and December 31, 2013 the Partnership received cash in advance for revenue earned in a subsequent period from CMTC.
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The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Vessels
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| Vessels (Abstract) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vessels | 5. Vessels
An analysis of vessels is as follows:
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All of the Partnership's vessels as of June 30, 2014 have been provided as collateral to secure the Partnership's credit facilities.
During the six month period ended June 30, 2014, M/T Ayrton II and M/T Amore Mio II underwent improvements during their scheduled special and intermediate survey, respectively. The costs of these improvements for both vessels amounted to $183 and were capitalized as part of the vessels' historic cost.
On November 28, 2013, the Company acquired the M/T Aristarchos (renamed M/T Aristotelis), a 51,604 dwt eco type medium range product tanker built in 2013, from an unrelated third party, for a total consideration of $38,141 including initial expenses of $111. The acquisition price was funded from the selling proceeds of the M/T Agamemnon II and from the Partnership's available cash.
On November 5, 2013, the Company disposed the M/T Agamemnon II a 51,238 dwt chemical tanker built in 2008 for net proceeds of $32,192 to an unrelated third party. The Partnership realized a net loss on this disposal of $7,073 as the carrying value of the vessel at the time of her disposal was $38,923.
On September 11, 2013, the Company acquired the shares of Anax Container Carrier S.A., the vessel owning company of the M/V Hyundai Prestige, Thiseas Container Carrier S.A., the vessel owning company of the M/V Hyundai Privilege and Cronus Container Carrier S.A., the vessel owning company of the M/V Hyundai Platinum.. All these three vessels were built in 2013 and are 5,000 TEU container vessels. 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 March 20 and March 27, 2013, the Company acquired the shares of Hercules Container Carrier S.A., the vessel owning company of M/V Hyundai Premium, and Iason Container Carrier S.A., the vessel owning company of the M/V 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
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- Definition
The entire disclosure of vessels that are used in the normal conduct of business and not intended for resale. The disclosure may include, but not limited to, vessel additions, disposals, impairment and depreciation. No definition available.
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Above Market Acquired Charters
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Jun. 30, 2014
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| Above Market Acquired Charters (Abstract) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Above market acquired charters | 6. Above market acquired charters
On September 11, 2013 the Partnership acquired the shares of Anax Container Carrier S.A., Thiseas Container Carrier S.A. and Cronus Container Carrier S.A., the vessel owning companies of the M/V Hyundai Prestige, M/V Hyundai Privilege, and M/V Hyundai Platinum, respectively, from CMTC with outstanding time charters to HMM 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 $19,094, $19,329 and $19,358, respectively, and recorded as an asset in the unaudited condensed consolidated balance sheet as of the acquisition date.
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 Hyundai Premium and M/V Hyundai Paramount, respectively, from CMTC with outstanding time charters to HMM 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).
For the six month periods ended June 30, 2014 and 2013, revenues included a reduction of $8,243 and $5,579 as amortization of the above market acquired charters, respectively.
An analysis of above market acquired charters is as follows:
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As of June 30, 2014 the remaining carrying amount of unamortized above market acquired time and bare-boat charters was $123,139 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 | 7. Long-Term Debt
Long-term debt consists of the following:
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As of June 30, 2014 the Partnership's loan amounts drawn under its credit facilities are as follows:
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In November, 2013 the Partnership amended its credit facility of $370,000 in order to replace the M/T Agamemnon II which was sold on November 5, 2013 (Note 5) with the M/T Aristotelis as a security
In September 2013 the Partnership entered into a new senior secured credit facility of up to $200,000, which was amended in December, 2013 to upsize it up to $225,000, led by ING Bank N.V. in order to partly finance the acquisition cost of certain vessels. The facility is divided in two tranches. Tranche A consisted of $75,000 which was drawn down on September 11, 2013, in order to part finance the acquisition cost of the shares of Anax Container Carrier S.A., Cronus Container Carrier S.A. and Thiseas Container Carrier S.A. that were the owning companies of the 2013-built 5,000 TEU container vessels “Hyundai Prestige”, “Hyundai Privilege” and “Hyundai Platinum” respectively (Note 5). Tranche B, consisted of $150,000, which will be available in multiple advances in order to finance up to 50% of the acquisition cost of certain additional ships or to finance the cost of acquiring the issued share capital of an additional vessel owning company. As of June 30, 2014 the Partnership had not drawn down any amount of Tranche B. The facility is repayable in twenty consecutive quarterly installments, beginning in March 2016, in the amount that provides for the overall thirteen and sixteen year repayment profiles on sub facilities A (Tranche A) and B (Tranche B) respectively, after adjustment for the security vessel age at acquisition date and availability period.
All amounts outstanding, including the balloon payment, will become due and payable in December 2020. The facility bears interest at LIBOR plus a margin of 3.50% and commitment fees of 1.0%.
In March, 2013, the Partnership's credit facility of $350,000 was converted into a term loan, and the undrawn amount of $1,420 was cancelled.
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 Hyundai Premium and the M/V Hyundai Paramount respectively (Note 3). The amount of $54,000 is payable in twenty equal consecutive quarterly installments of $1,350 each commencing in June 2013 plus a balloon payment of $27,000 in March 2018.
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.
Details of the Partnership's credit facilities are discussed in note 7 of the Partnership's Consolidated Financial Statements for the year ended December 31, 2013 included in the Partnership's Annual Report on Form 20-F. As of June 30, 2014 and December 31, 2013 the Partnership was in compliance with all financial debt covenants.
For the six month periods ended June 30, 2014 and 2013 interest expense amounted to $8,196 and $7.077, respectively. As of June 30, 2014 the weighted average interest rate of the Partnership's loan facilities was 2.79%.
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Derivative Instruments
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| Derivative Instruments | 8. 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 month period ended June 30, 2013, the Partnership's three remaining swaps amounting to $59,084 expired.
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 month periods ended June 30, 2014 and 2013 respectively:
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The Partnership follows the accounting guidance for derivative instruments 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.
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 the Partnership recorded an expense of $363 from the above amortization.
The net result of the accumulated OCL amortization and the change of the fair value of certain interest rate swap agreements of $4 is presented under other income / (expense), net as a “Gain on interest rate swap agreement” in the Partnership's unaudited condensed consolidated statements of comprehensive income for the six month period ended June 30, 2013.
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The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Partners' Capital
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| Partners' Capital | 9. Partners' Capital
As of June 30, 2014 and December 31, 2013 our partners' capital included the following units:
For the six month period ended June 30, 2014 and for the year ended December 31, 2013 various investors, holders of Class B Convertible Preferred Units, converted 350,000 and 5,733,333 Class B Convertible Preferred Units into common units, respectively.
In August 2013, the Partnership completed successfully an equity offering of 13,685,000 common units, including 1,785,000 common units representing the overallotment option which was fully exercised, at a net price of $9.25 per common unit, receiving proceeds of $120,696 after the deduction of the underwriters' commissions. After the deduction of expenses relating to this equity offering the net proceeds of this offering amounted to $119,811. The net proceeds were used to partially fund the acquisition cost of the vessel owning companies of the M/V Hyundai Prestige, the M/V Hyundai Privilege and the M/V Hyundai Platinum from CMTC (Note 5). CMTC participated in both the offering and the exercise of the over-allotment option and purchased 279,286 units at the public offering price, subsequently, in August 2013, converting 349,700 common units into general partner units in order for CGP to maintain its 2% interest in the Partnership.
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 CMTC. The Partnership used the net proceeds of $72,535 to partially fund the acquisition of the vessel owning companies of the M/V Hyundai Premium and the M/V Hyundai Paramount from CMTC (Note 3).
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 in the Agreement.
Commencing on May 23, 2015, in the event the 30-day volume-weighted average trading price (“VWAP”) and the daily VWAP of the Common Units on the National Securities Exchange on which the Common Units are listed or admitted to trading exceeds 130% of the then applicable Conversion Price for at least 20 Trading Days out of the 30 consecutive Trading Day period used to calculate the 30-day VWAP (the “Partnership Mandatory Conversion Event”) the Partnership acting pursuant to direction and approval of the Conflicts Committee (following consultation with the full board of directors), shall have the right to convert the Class B Convertible Preferred Units then outstanding in whole or in part into Common Units at the then-applicable Conversion Ratio.
The holders of the outstanding Class B Convertible Preferred Units as of an applicable record date shall be entitled to receive, when, as and if authorized by the Partnership's board of directors or any duly authorized committee, out of legally available funds for such purpose, (a) first, the minimum quarterly Class B Convertible Preferred Unit Distribution Rate on each Class B Convertible Preferred Unit and (b) second, any cumulative Class B Convertible Preferred Unit Arrearage then outstanding, prior to any other distributions made in respect of any other Partnership Interests pursuant to this Agreement in cash. The minimum quarterly Class B Convertible Preferred Unit Distribution Rate shall be payable quarterly which is generally expected to be February 10, May 10, August 10 and November 10, or, if any such date is not a business day, the next succeeding business day.
Any distribution payable on the Class B Convertible Preferred Units for any partial quarter (other than the initial distribution payable on the Class B Convertible Preferred Units for the period from May 22, 2012 through June 30, 2012 that equals to $0.26736 for each Class B Convertible Preferred Unit ) shall equal the product of the minimum quarterly Class B Convertible Preferred Unit distribution rate of $0.21375 (equals to a 9.5% annual distribution rate, subject to adjustment in the cases where clause of change of control, and/or clause of cross default provisions of the Agreement applies).
Details of the Partnership's Partner's Capital are discussed in note 13 of the Partnership's Consolidated Financial Statements for the year ended December 31, 2013 included in the Partnership's Annual Report on Form 20-F.
During the six- month periods ended June 30, 2014 and 2013, the Partnership declared and paid the following distributions to its common and preferred unit holders:
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The entire disclosure for the formation, structure, control and ownership of the partnership. Disclosures related to accounts comprising partners' capital. Includes balances of general partners' capital account, limited partners' capital account, preferred partners' capital account and total partners' capital account and units outstanding; accumulated other comprehensive income; amount and nature of changes to amount of partner's capital and units outstanding by class, rights and privileges for each class of units; distribution policies and distributions paid by unit class; impact of and correction of an error in previously issued financial statements; limitations of partners' liability; redemption, conversion and distribution policies; and deferred compensation related to the issuance of units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Omnibus Incentive Compensation Plan
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| Omnibus Incentive Compensation Plan | 10. Omnibus Incentive Compensation Plan
a. Partnership's Omnibus Incentive Compensation Plan
On April 29, 2008, the board of directors approved the Partnership's Omnibus Incentive Compensation Plan (the “Plan”) according to which the Partnership may issue a limited number of awards, not to exceed 500,000 units. The Plan was amended on July 22, 2010 increasing the aggregate number of restricted units issuable under the Plan to 800,000. The Plan is administered by the General Partner as authorized by the board of directors. The persons eligible to receive awards under the Plan are officers, directors, and executive, managerial, administrative and professional employees of the Manager, or CMTC, or other eligible persons (collectively, “key persons”) as the General Partner, in its sole discretion, shall select based upon such factors as it deems relevant. Members of the board of directors are considered to be employees of the Partnership (“Employees”) for the purposes of recognition of equity compensation expense, while employees of the Manager, CMTC and other eligible persons under the plan are not considered to be employees of the Partnership (“Non-Employees”). Awards may be made under the Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares.
On August 25 and 31, 2010 CGP awarded 448,000 and 347,200 unvested units to Employees and Non-Employees, respectively. Awards granted to certain Employees vest in three equal annual installments. The remaining awards vested on August 31, 2013.
All unvested units were conditional upon the grantee's continued service as Employee and/or Non-Employee until the applicable vesting date.
The unvested units accrued distributions as declared and paid which were retained by the custodian of the Plan until the vesting date at which were payable to the grantee. As unvested unit grantees accrued distributions on awards that were expected to vest, such distributions were charged to Partner's capital.
b. Crude's Equity Incentive Plan
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 vested on August 31, 2013.
All unvested units were conditional upon the grantee's continued service as Employee and/or Non-Employee until the applicable vesting date.
The unvested units accrued distributions as declared and paid which were retained by the custodian of the Plan until the vesting date at which were payable to the grantee. As unvested shares grantees accrued dividends on awards that were expected to vest, such dividends were charged to Stockholders' equity prior to Crude's acquisition and were charged to the Partner's capital subsequently to the acquisition.
c. Acquisition of Crude by the Partnership
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.
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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 in Partnership's unaudited condensed consolidated statement of comprehensive income.
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:
• the grant date unit price of $8.08 on August 25, 2010 for the Employees awards that existed before the acquisition of Crude; and
• the amortization of the fair value of equity compensation expense for Crude's Employees awards attributable to post-combination services determined upon the completion of the acquisition of Crude.
That cost was recognized until August 2013.
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 was until August 2013.
The Partnership had used the straight-line method to recognize the cost of the awards.
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The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net Income Per Unit
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| Net Income Per Unit | 11. 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.
The Partnership's net income for the six month periods ended June 30, 2014 and 2013, excluding the non-cash gain from bargain purchase, as this was not distributed to the Partnership's unit holders for the six month period ended June 30, 2013, 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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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Gain on sale of claim
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| Gain on sale of claim (Abstract) | |
| Gain on sale of claim | 12. 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 & 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 stood 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.
On June 26, 2013 pursuant to the Assignment Agreements, the Partnership received from Deutsche Bank an amount of $32,000 as part payment for the assignment of the three claims. On December 18, 2013 the Partnership and Deutsche Bank entered into a Settlement Notice and Refund Modification Agreement according to which the maximum amount to be refunded to Deutsche Bank will be $644 which is presented under “Accrued liabilities” in the Partnership's unaudited condensed consolidated Balance Sheets as of December 31, 2013. On February 19, 2014 the Partnership paid this amount to Deutsche Bank.
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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.
.(a) Lease Commitments
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, 2014 are:
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Subsequent Events
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Jun. 30, 2014
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| Subsequent Events (Abstract) | |
| Subsequent Events | 14. Subsequent events
a) Dividends: On July 22, 2014, the Board of Directors of the Partnership declared a cash distribution of $0.2325 per common unit for the second quarter of 2014, which will be paid on August 15, 2014, to unit holders of record on August 7, 2014.
In addition, on July 22, 2014, the Board of Directors of the Partnership declared a cash distribution of $0.21375 per Class B unit for the second quarter of 2014. The cash distribution will be paid on August 8, 2014, to Class B unit holders of record on August 1, 2014.
b) Drop Down Transaction: CMTC has proposed that it would agree to drop down three 9,000 TEU containerships and two medium range product tankers at attractive prices, as well provide the Partnership with a right of first refusal over six additional medium range product tankers, in exchange for amending the target distributions to holders of Incentive Distribution Rights (“Drop Down Transaction”). This proposal is subject to unitholders approval at the Annual General Meeting of the Partnership, scheduled for August 21, 2014.
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Significant Accounting Policies (Policy)
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Jun. 30, 2014
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| Recent Accounting Pronouncements | Recent accounting pronouncements: There are no recent accounting pronouncements the adoption of which would have a material effect on the Partnership's unaudited condensed consolidated financial statements in the current period.
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Acquisitions (Tables)
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Hercules Container Carrier S.A.
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Iason Container Carrier S.A.
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Transactions with Related Parties (Tables)
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Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. No definition available.
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Vessels (Tables)
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Above market acquired charters (Tables)
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Jun. 30, 2014
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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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Jun. 30, 2014
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| Bank Loans (Table Text Block) |
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Tabular disclosure of the drawn down amounts of credit facilities. No definition available.
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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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Derivative Instruments (Tables)
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Jun. 30, 2014
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Partners' Capital (Tables)
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Jun. 30, 2014
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Tabular disclosure of outstanding units for each class of partnership interest. No definition available.
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Tabular disclosure of payment of cash or stock made to limited partner of limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Omnibus Incentive Compensation Plan (Tables)
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Jun. 30, 2014
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Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Net Income Per Unit (Tables)
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Commitments and Contingencies (Tables)
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Tabular disclosure of all the company's vessels under time and bareboat charter contracts. No definition available.
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Basis of Presentation and General Information - Supplementary (Details) (Capital Product Operating GP LLC)
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6 Months Ended |
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Jun. 30, 2014
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Capital Product Operating GP LLC
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| Subsidiary Of Limited Liability Company Or Limited Partnership | |
| Date of Incorporation | Jan. 16, 2007 |
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Basis of Presentation and General Information - Additional Information (Details)
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Jun. 30, 2014
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| Property Plant And Equipment | |
| Number of vessels | 30 |
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Suezmax Crude Oil Tankers
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| Property Plant And Equipment | |
| Number of vessels | 4 |
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Medium Range Tankers
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| Property Plant And Equipment | |
| Number of vessels | 18 |
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Post Panamax Container Carrier Vessels
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| Property Plant And Equipment | |
| Number of vessels | 7 |
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Capesize Bulk Carrier
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| Property Plant And Equipment | |
| Number of vessels | 1 |
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Acquisition of Hercules Container Carrier S.A. (M/V Hyundai Premium) - Purchase Price Allocation (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 0 Months Ended | |
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Jun. 30, 2014
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Jun. 30, 2013
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Mar. 20, 2013
Hercules Container Carrier S.A.
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| Business Acquisition | |||
| Vessel | $ 54,000 | ||
| Above market acquired time charter | 19,707 | ||
| Identifiable assets | 73,707 | ||
| Purchase price | (65,000) | ||
| Gain from bargain purchase | $ 0 | $ 17,475 | $ 8,707 |
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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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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.
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The fair value of the identifiable net assets acquired. No definition available.
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The fair value of the vessel at the time of the acquisition. No definition available.
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In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Acquisition of Hercules Container Carrier S.A. (M/V Hyundai Premium) - Pro Forma Financial Information (Table) (Details) (Hercules Container Carrier S.A., USD $)
In Thousands, except Per Share data, unless otherwise specified |
6 Months Ended |
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Jun. 30, 2013
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Hercules Container Carrier S.A.
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| Business Acquisition | |
| 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 |
| Net income per common unit basic | $ 0.76 |
| Net income per common unit diluted | $ 0.71 |
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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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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.
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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.
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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.
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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.
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|
- Definition
The pro forma net Income or Loss for the period as if the business combination or combinations had been completed at the beginning of a period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The pro forma revenue for a period as if the business combination or combinations had been completed at the beginning of the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisition of Hercules Container Carrier S.A. (M/V Hyundai Premium) - Additional Information (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||
|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Mar. 26, 2013
|
Mar. 20, 2013
Hercules Container Carrier S.A.
|
Jun. 30, 2014
Hercules Container Carrier S.A.
|
Jun. 30, 2013
Hercules Container Carrier S.A.
|
Mar. 20, 2013
Hercules Container Carrier S.A. - $350,000 Credit Facility Utilized
|
|
| Business Acquisition | |||||||
| Line of credit facility amount drawn down | $ 54,000 | ||||||
| Business acquisition financing | 112 | 130,000 | |||||
| Class B convertible preferred unit issued | 9,100,000 | ||||||
| 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 | 61,259 | 53,726 | 2,583 | ||||
| Net income | $ 1,305 | ||||||
| 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
Line of credit facility amount drawn down. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents payments for acquisitions and capitalized improvements of vessels. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Interest rate used to find the present value of an amount to be paid or received in the future as an input to measure fair value. For example, but not limited to, weighted average cost of capital (WACC), cost of capital, cost of equity and cost of debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
|
- Definition
Amount after tax of income (loss) of subsidiary attributable to the parent entity. No definition available.
|
|
Acquisition of Iason Container Carrier S.A. (M/V Hyundai Paramount) - Purchase Price Allocation (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 0 Months Ended | |
|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Mar. 27, 2013
Iason Container Carrier S.A.
|
|
| Business Acquisition | |||
| Vessel | $ 54,000 | ||
| Above market acquired time charter | 19,768 | ||
| Identifiable assets | 73,768 | ||
| Purchase price | (65,000) | ||
| Gain from bargain purchase | $ 0 | $ 17,475 | $ 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
In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Acquisition of Iason Container Carrier S.A. (M/V Hyundai Paramount) - Additional Information (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||
|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Mar. 26, 2013
|
Mar. 27, 2013
Iason Container Carrier S.A.
|
Jun. 30, 2014
Iason Container Carrier S.A.
|
Jun. 30, 2013
Iason Container Carrier S.A.
|
Mar. 27, 2013
Iason Container Carrier S.A. - $350,000 Credit Facility Utilized
|
|
| Business Acquisition | |||||||
| Line Of Credit Facility Amount Drawn Down | $ 54,000 | ||||||
| Business acquisition financing | 112 | 130,000 | |||||
| Class B convertible preferred unit issued | 9,100,000 | ||||||
| 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 | 61,259 | 53,726 | 2,156 | ||||
| Net income / (loss) | $ (969) | ||||||
| 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
Line of credit facility amount drawn down. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents payments for acquisitions and capitalized improvements of vessels. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Interest rate used to find the present value of an amount to be paid or received in the future as an input to measure fair value. For example, but not limited to, weighted average cost of capital (WACC), cost of capital, cost of equity and cost of debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
| X | ||||||||||
|
- Definition
Amount after tax of income (loss) of subsidiary attributable to the parent entity. No definition available.
|
|
Transactions with Related Parties - Consolidated Balance Sheets (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2014
|
Dec. 31, 2013
|
|---|---|---|
| Assets: | ||
| Due from related parties | $ 3 | $ 667 |
| Total assets | 3 | 667 |
| Liabilities: | ||
| Due to related parties | 7,319 | 13,686 |
| Deferred revenue - current (e) | 9,500 | 6,936 |
|
Hire receivable (c)
|
||
| Assets: | ||
| Due from related parties | 3 | 667 |
|
Manager - payments on behalf of the Partnership (a)
|
||
| Liabilities: | ||
| Due to related parties | 7,319 | 12,333 |
|
Management fee payable to CSM (b)
|
||
| Liabilities: | ||
| Due to related parties | 0 | 1,353 |
|
Capital Maritime And Trading Corp
|
||
| Liabilities: | ||
| Deferred revenue - current (e) | 6,634 | 5,198 |
| Total liabilities | $ 13,953 | $ 18,884 |
| X | ||||||||||
|
- Definition
Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of receivables arising from transactions with related parties due within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Transactions with Related Parties - Consolidated Statement of Comprehensive Income (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
|
| Related Party Transaction | ||
| Revenues (c) | $ 33,632 | $ 28,008 |
| Voyage expenses | 161 | 160 |
| Vessel operating expenses | 7,532 | 8,496 |
| General and administrative expenses (d) | 2,890 | 5,984 |
|
Capital Ship Management Corp
|
||
| Related Party Transaction | ||
| Revenues (c) | 33,632 | 28,008 |
| Voyage expenses | 161 | 160 |
| Vessel operating expenses | 7,532 | 8,496 |
| General and administrative expenses (d) | $ 1,495 | $ 1,521 |
| X | ||||||||||
|
- Definition
Revenues arising from services provided to related parties according to the terms and conditions included in each time, voyage and bare boat charter agreement. No definition available.
|
| X | ||||||||||
|
- Definition
Related party vessel operating expenses consist of crewing, repairs and maintenance, insurance, stores, spares, lubricants, management fees and miscellaneous expenses. No definition available.
|
| X | ||||||||||
|
- Definition
Related party vessel voyage expenses are direct expenses to charter revenues. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| 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, 2014
Capital Ship Management Corp
|
Jun. 30, 2013
Capital Ship Management Corp
|
Mar. 31, 2014
Capital Product Partners LP Adjusted Fee Payable
|
|
| Related Party Transaction | |||
| Sales and purchase fee | 1.00% | ||
| Commercial service fee | 1.25% | ||
| Management agreement termination fees | $ 9,760 | ||
| Additional fees related to unforeseen events | $ 640 | $ 389 | |
| 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, 2014
|
Dec. 31, 2013
|
|
| Property Plant And Equipment [Line Items] | ||
| Balance end of period | $ 1,148,531 | $ 1,176,819 |
|
Vessels, cost
|
||
| Property Plant And Equipment [Line Items] | ||
| Balance beginning of period | 1,396,552 | 1,136,444 |
| Acquisition and improvements | 183 | 308,141 |
| Disposals | (48,033) | |
| Balance end of period | 1,396,735 | 1,396,552 |
|
Vessels, accumulated depreciation
|
||
| Property Plant And Equipment [Line Items] | ||
| Balance beginning of period | (219,733) | (176,894) |
| Depreciation for the period | (28,471) | (42,839) |
| Balance end of period | (248,204) | (219,733) |
|
Vessels, net
|
||
| Property Plant And Equipment [Line Items] | ||
| Balance beginning of period | 1,176,819 | 959,550 |
| Acquisition and improvements | 183 | 308,141 |
| Disposals | (48,033) | |
| Depreciation for the period | (28,471) | (42,839) |
| Balance end of period | $ 1,148,531 | $ 1,176,819 |
| X | ||||||||||
|
- Definition
The gross amount of vessel cost which consists of the contract price and any expenses incurred that were capitalized. No definition available.
|
| 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
Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of divestiture of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Vessels (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Dec. 31, 2013
|
Dec. 31, 2013
M/T Aristarchos (renamed M/T Aristotelis)
|
Dec. 31, 2013
M/T Agamemnon II
|
Sep. 11, 2013
Anax Container Carrier S.A.
|
Sep. 11, 2013
Thiseas Container Carrier S.A.
|
Sep. 11, 2013
Cronus Container Carrier S.A.
|
Mar. 20, 2013
Hercules Container Carrier S.A.
|
Mar. 27, 2013
Iason Container Carrier S.A.
|
Jun. 30, 2014
Ayrton II and Amore Mio II
|
|
| Property Plant And Equipment | ||||||||||
| Fair value of vessels acquired | $ 54,000 | $ 54,000 | $ 54,000 | $ 54,000 | $ 54,000 | |||||
| Date of vessel acquisition / sale | Nov. 28, 2013 | Nov. 05, 2013 | Sep. 11, 2013 | Sep. 11, 2013 | Sep. 11, 2013 | Mar. 20, 2013 | Mar. 27, 2013 | |||
| DWT | 51,604 | 51,238 | ||||||||
| TEU | 5,000 | 5,000 | 5,000 | 5,000 | ||||||
| Year built | 2013 | 2008 | 2013 | 2013 | 2013 | |||||
| Initial acquisition expenses | 111 | |||||||||
| Vessel improvement costs capitalized | 183 | |||||||||
| Net proceeds from sale of vessel | 32,192 | |||||||||
| Gain / (loss) on sale of vessel | (7,073) | |||||||||
| Vessel carrying value | 1,148,531 | 1,176,819 | 38,923 | |||||||
| Purchase price | $ 38,141 | |||||||||
| 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
Initial expenses capitalized for vessels' acquisitions. No definition available.
|
| X | ||||||||||
|
- Definition
The fair value of the vessel at the time of the acquisition. No definition available.
|
| X | ||||||||||
|
- Definition
The vessels' capacity in twenty-foot equivalent unit (TEU). 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 deadweight tonnage (DWT). No definition available.
|
| X | ||||||||||
|
- Definition
Vessel improvement expenses that were capitalized in the period. 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
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Date of acquisition or disposal, in CCYY-MM-DD format. No definition available.
|
|
Above market acquired charters - Carrying Value (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Dec. 31, 2013
|
Jun. 30, 2014
M/V Cape Agamemnon
|
Dec. 31, 2013
M/V Cape Agamemnon
|
Jun. 30, 2014
M/T Assos
|
Dec. 31, 2013
M/T Assos
|
Jun. 30, 2014
M/V Agamemnon
|
Dec. 31, 2013
M/V Agamemnon
|
Jun. 30, 2014
M/V Archimidis
|
Dec. 31, 2013
M/V Archimidis
|
Jun. 30, 2014
M/V Hyundai Premium
|
Dec. 31, 2013
M/V Hyundai Premium
|
Mar. 20, 2013
M/V Hyundai Premium
|
Jun. 30, 2014
M/V Hyundai Paramount
|
Dec. 31, 2013
M/V Hyundai Paramount
|
Mar. 27, 2013
M/V Hyundai Paramount
|
Jun. 30, 2014
M/V Hyundai Prestige
|
Dec. 31, 2013
M/V Hyundai Prestige
|
Sep. 11, 2013
M/V Hyundai Prestige
|
Jun. 30, 2014
M/V Hyundai Privilege
|
Dec. 31, 2013
M/V Hyundai Privilege
|
Sep. 11, 2013
M/V Hyundai Privilege
|
Jun. 30, 2014
M/V Hyundai Platinum
|
Dec. 31, 2013
M/V Hyundai Platinum
|
Sep. 11, 2013
M/V Hyundai Platinum
|
|
| Acquired Finite Lived Intangible Assets | ||||||||||||||||||||||||||
| Carrying amount, beginning of period | $ 131,382 | $ 47,720 | $ 47,720 | $ 34,814 | $ 40,171 | $ 612 | $ 3,093 | $ 1,363 | $ 2,227 | $ 1,432 | $ 2,229 | $ 18,396 | $ 0 | $ 19,707 | $ 18,528 | $ 0 | $ 19,768 | $ 18,575 | $ 0 | $ 19,094 | $ 18,816 | $ 0 | $ 19,329 | $ 18,846 | $ 0 | $ 19,358 |
| Acquisitions | 0 | 97,256 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19,707 | 0 | 19,768 | 0 | 19,094 | 0 | 19,329 | 0 | 19,358 | ||||||
| Amortization | (8,243) | (5,579) | (13,594) | (2,657) | (5,357) | (612) | (2,481) | (428) | (864) | (395) | (797) | (827) | (1,311) | (828) | (1,240) | (839) | (519) | (829) | (513) | (828) | (512) | |||||
| Carrying amount, end of period | $ 123,139 | $ 131,382 | $ 32,157 | $ 34,814 | $ 0 | $ 612 | $ 935 | $ 1,363 | $ 1,037 | $ 1,432 | $ 17,569 | $ 18,396 | $ 19,707 | $ 17,700 | $ 18,528 | $ 19,768 | $ 17,736 | $ 18,575 | $ 19,094 | $ 17,987 | $ 18,816 | $ 19,329 | $ 18,018 | $ 18,846 | $ 19,358 | |
| 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, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Jun. 30, 2014
M/V Cape Agamemnon
|
Dec. 31, 2013
M/V Cape Agamemnon
|
Dec. 31, 2012
M/V Cape Agamemnon
|
Jun. 30, 2014
M/V Agamemnon
|
Dec. 31, 2013
M/V Agamemnon
|
Dec. 31, 2012
M/V Agamemnon
|
Jun. 30, 2014
M/V Archimidis
|
Dec. 31, 2013
M/V Archimidis
|
Dec. 31, 2012
M/V Archimidis
|
Jun. 30, 2014
M/V Hyundai Premium
|
Dec. 31, 2013
M/V Hyundai Premium
|
Mar. 20, 2013
M/V Hyundai Premium
|
Dec. 31, 2012
M/V Hyundai Premium
|
Jun. 30, 2014
M/V Hyundai Paramount
|
Dec. 31, 2013
M/V Hyundai Paramount
|
Mar. 27, 2013
M/V Hyundai Paramount
|
Dec. 31, 2012
M/V Hyundai Paramount
|
Jun. 30, 2014
M/V Hyundai Prestige
|
Dec. 31, 2013
M/V Hyundai Prestige
|
Sep. 11, 2013
M/V Hyundai Prestige
|
Dec. 31, 2012
M/V Hyundai Prestige
|
Jun. 30, 2014
M/V Hyundai Privilege
|
Dec. 31, 2013
M/V Hyundai Privilege
|
Sep. 11, 2013
M/V Hyundai Privilege
|
Dec. 31, 2012
M/V Hyundai Privilege
|
Jun. 30, 2014
M/V Hyundai Platinum
|
Dec. 31, 2013
M/V Hyundai Platinum
|
Sep. 11, 2013
M/V Hyundai Platinum
|
Dec. 31, 2012
M/V Hyundai Platinum
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| For the twelve months period ended December 31, | ||||||||||||||||||||||||||||||||
| 2015 | $ 15,388 | $ 5,357 | $ 863 | $ 796 | $ 1,668 | $ 1,670 | $ 1,693 | $ 1,672 | $ 1,669 | |||||||||||||||||||||||
| 2016 | 14,070 | 5,372 | 72 | 241 | 1,668 | 1,670 | 1,697 | 1,676 | 1,674 | |||||||||||||||||||||||
| 2017 | 13,729 | 5,357 | 0 | 0 | 1,668 | 1,670 | 1,693 | 1,672 | 1,669 | |||||||||||||||||||||||
| 2018 | 13,729 | 5,357 | 0 | 0 | 1,668 | 1,670 | 1,693 | 1,672 | 1,669 | |||||||||||||||||||||||
| 2019 | 13,729 | 5,357 | 0 | 0 | 1,668 | 1,670 | 1,693 | 1,672 | 1,669 | |||||||||||||||||||||||
| Thereafter | 52,494 | 5,357 | 0 | 0 | 9,229 | 9,350 | 9,267 | 9,623 | 9,668 | |||||||||||||||||||||||
| Total | $ 123,139 | $ 131,382 | $ 47,720 | $ 32,157 | $ 34,814 | $ 40,171 | $ 935 | $ 1,363 | $ 2,227 | $ 1,037 | $ 1,432 | $ 2,229 | $ 17,569 | $ 18,396 | $ 19,707 | $ 0 | $ 17,700 | $ 18,528 | $ 19,768 | $ 0 | $ 17,736 | $ 18,575 | $ 19,094 | $ 0 | $ 17,987 | $ 18,816 | $ 19,329 | $ 0 | $ 18,018 | $ 18,846 | $ 19,358 | $ 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, 2014
|
Dec. 31, 2013
|
|
| Debt Instrument | ||
| Total debt | $ 580,615 | $ 583,315 |
| Less: Current portion | 5,400 | 5,400 |
| Long-term portion | 575,215 | 577,915 |
|
(i) Issued In April, 2007 maturing In June, 2017 Capital Product Partners L.P. Bank Loan
|
||
| Debt Instrument | ||
| Total debt | 250,850 | 250,850 |
| Margin | 2.00% | |
|
(ii) Issued In March, 2008 maturing In March 2018 Capital Product Partners L.P. Bank Loan
|
||
| Debt Instrument | ||
| Total debt | 235,765 | 238,465 |
| Margin | 3.00% | |
|
(iii) Issued In June 2011 maturing In March 2018 Capital Product Partners L.P. Bank Loan
|
||
| Debt Instrument | ||
| Total debt | 19,000 | 19,000 |
| Margin | 3.25% | |
|
(iv) Issued in September 2013 maturing in December 2020 Capital Product Partners L.P. Bank Loan
|
||
| Debt Instrument | ||
| Total debt | $ 75,000 | $ 75,000 |
| Margin | 3.50% |
| X | ||||||||||
|
- Definition
The credit facility margin. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt, after unamortized discount or premium, scheduled to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, excluding amounts to be repaid within one year or the normal operating cycle, if longer (current maturities). Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Long-Term Debt - Credit Facilities (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
|---|---|
|
Jun. 30, 2014
|
|
|
M/T Akeraios - $370,000 Credit Facility (i)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | $ 46,850 |
| Amount drawn down date | Jul. 13, 2007 |
|
M/T Apostolos - $370,000 Credit Facility (i)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 56,000 |
| Amount drawn down date | Sep. 20, 2007 |
|
M/T Anemos I - $370,000 Credit Facility (i)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 56,000 |
| Amount drawn down date | Sep. 28, 2007 |
|
M/T Alexandros II - $370,000 Credit Facility (i)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 48,000 |
| Amount drawn down date | Jan. 29, 2008 |
|
M/T Amore Mio II - $350,000 Credit Facility (ii)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 46,000 |
| Amount drawn down date | Mar. 27, 2008 |
|
M/T Aristofanis - $350,000 Credit Facility (ii)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 11,500 |
| Amount drawn down date | Apr. 30, 2008 |
|
M/T Aristotelis II - $370,000 Credit Facility (i)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 20,000 |
| Amount drawn down date | Jun. 17, 2008 |
|
M/T Aris II - $370,000 Credit Facility (i)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 24,000 |
| Amount drawn down date | Aug. 20, 2008 |
|
M/T Aris II - $350,000 Credit Facility (ii)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 1,584 |
| Amount drawn down date | Aug. 20, 2008 |
|
M/V Cape Agamemnon - $25,000 Credit Facility (iii)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 19,000 |
| Amount drawn down date | Jun. 09, 2011 |
|
M/V Hyundai Premium - $350,000 Credit Facility (ii)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 23,625 |
| Amount drawn down date | Mar. 20, 2013 |
|
M/V Hyundai Paramount - $350,000 Credit Facility (ii)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 23,625 |
| Amount drawn down date | Mar. 27, 2013 |
|
M/V Hyundai Prestige, M/V Hyundai Privilege, M/V Hyundai Platinum - $225,000 Senior Secured Credit Facility (iv)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 75,000 |
| Amount drawn down date | Sep. 11, 2013 |
|
Crude Carriers Corp. and its subsidiaries - $350,000 Credit Facility (ii)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 129,431 |
| Amount drawn down date | Sep. 30, 2011 |
|
$370,000 Credit Facility (i)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 250,850 |
|
$350,000 Credit Facility (ii)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 235,765 |
|
$25,000 Credit Facility (iii)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | 19,000 |
|
$225,000 Senior Secured Credit Facility (iv)
|
|
| Debt Instrument | |
| Line Of Credit Facility Amount Outstanding | $ 75,000 |
| X | ||||||||||
|
- Definition
The date the credit facility amount was drawn down. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Long-Term Debt - Additional Information (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 16 Months Ended | 6 Months Ended | 15 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Dec. 31, 2013
$225,000 Senior Secured Credit Facility (iv)
|
Sep. 30, 2013
$225,000 Senior Secured Credit Facility (iv)
|
Mar. 27, 2013
$350,000 Credit Facility (ii)
|
May 23, 2012
$350,000 Credit Facility (ii)
|
Mar. 31, 2013
$350,000 Credit Facility (ii)
|
May 23, 2012
$25,000 Credit Facility (iii)
|
May 23, 2012
$370,000 Term Loan
|
Jun. 30, 2014
$350,000 Term Loan
|
Jun. 30, 2014
Long-Term Debt
|
Jun. 30, 2013
Long-Term Debt
|
Sep. 30, 2013
$225,000 Senior Secured Credit Facility original borrowing capacity
|
Jun. 30, 2014
$350,000 Credit Facility (ii) $54,000 Drawn Down Portion
|
Mar. 27, 2013
$350,000 Credit Facility (ii) $54,000 Drawn Down Portion
|
|
| Debt Instrument | |||||||||||||||
| Line of credit facility, maximum borrowing capacity | $ 225,000 | $ 350,000 | $ 200,000 | ||||||||||||
| Debt variable rate basis | LIBOR | ||||||||||||||
| Commitment fees | 1.00% | ||||||||||||||
| Balloon payment due in March 2018 | 27,000 | ||||||||||||||
| $225,000 Senior Secured Credit Facility Tranche A | 75,000 | 54,000 | |||||||||||||
| Cancellation of undrawn tranche | 1,420 | ||||||||||||||
| Number of installments | 20 | 9 | 9 | 6 | 20 | ||||||||||
| Quarterly periodic repayments | 7,855 | 1,000 | 12,975 | 1,350 | |||||||||||
| Weighted average interest rate | 2.79% | ||||||||||||||
| Interest expense on long term debt | 9,457 | 7,357 | 8,196 | 7,077 | |||||||||||
| $225,000 Senior Secured Credit Facility Tranche B | 150,000 | ||||||||||||||
| Hyundai Prestige, Hyundai Privilege and Hyundai Platinum containership capacity | 5,000 | ||||||||||||||
| Credit Facility converted to Term Loan | $ 350,000 | ||||||||||||||
| X | ||||||||||
|
- Definition
Cancellation of undrawn tranche under the credit facility. No definition available.
|
| X | ||||||||||
|
- Definition
The vessels' capacity in twenty-foot equivalent unit (TEU). No definition available.
|
| X | ||||||||||
|
- Definition
Line of credit facility amount drawn down. No definition available.
|
| X | ||||||||||
|
- Definition
The fee, expressed as a percentage of the line of credit facility, for the line of credit facility. No definition available.
|
| X | ||||||||||
|
- Definition
The number of quarterly installments. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt. No definition available.
|
| X | ||||||||||
|
- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the required periodic payment applied to principal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Weighted average interest rate of long-term debt outstanding. No definition available.
|
|
Derivative Instruments - Effective Portion (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
|
| Amount of Gain Recorded in OCI (Effective Portion) | $ 0 | $ 462 |
| Amount of Gain/ (Loss) recognized in the consolidated statements of comprehensive income | 0 | 4 |
|
Interest rate swaps
|
||
| Amount of Gain Recorded in OCI (Effective Portion) | 0 | (4) |
|
Interest expense and finance cost
|
||
| Amount of Gain Recorded in OCI (Effective Portion) | 0 | 462 |
| Amount of Loss Reclassified from OCI into consolidated statements of comprehensive income (Effective Portion) | 0 | (466) |
|
Gain on interest rate swap agreement
|
||
| Amount of Gain/ (Loss) recognized in the consolidated statements of comprehensive income | $ 0 | $ 4 |
| X | ||||||||||
|
- Definition
The net result of the accumulated OCL amortization of interest rate swaps dedesignated from cash flow hedges and the change in their fair values. No definition available.
|
| X | ||||||||||
|
- Definition
The effective portion of gains and losses (net) on derivative instruments designated and qualifying as hedging instruments that was recognized in other comprehensive income during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective portion of loss reclassified from accumulated other comprehensive income into income on derivative instruments designated and qualifying as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount represents the amortization of an ineffective cashflow derivative against the consolidated statements of comprehensive (loss) / income from accumulated other comprehensive loss. 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
The reference rate for the variable rate of the interest rate derivative, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Definition
The estimated value of gains (losses), net anticipated to be transferred in the future from accumulated other comprehensive income into earnings. No definition available.
|
|
Partners' Capital - Partnership Units (Table) (Details)
|
Jun. 30, 2014
|
Dec. 31, 2013
|
|---|---|---|
| Partners' Capital (Abstract) | ||
| Limited partner units | 88,790,710 | 88,440,710 |
| General partner units | 1,765,457 | 1,765,457 |
| Preferred units | 18,572,221 | 18,922,221 |
| Total partnership units | 109,128,388 | 109,128,388 |
| X | ||||||||||
|
- Definition
The number of common partnership units outstanding. No definition available.
|
| X | ||||||||||
|
- Definition
The number of general partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of each class of partnership units outstanding at the balance sheet date. Units represent shares of ownership of the general, limited, and preferred partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of preferred units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Partners' Capital - Distributions to Unitholders (Table) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Dec. 31, 2013
|
Jul. 22, 2014
Common Unitholders
|
Jan. 22, 2014
Common Unitholders
|
Jan. 22, 2013
Common Unitholders
|
Apr. 22, 2014
Common Unitholders
|
Apr. 22, 2013
Common Unitholders
|
Jul. 22, 2014
Preferred Unitholders
|
Jan. 22, 2014
Preferred Unitholders
|
Jan. 22, 2013
Preferred Unitholders
|
Apr. 22, 2014
Preferred Unitholders
|
Apr. 22, 2013
Preferred Unitholders
|
|
| Distributions per unit declared | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.21375 | $ 0.21375 | $ 0.21375 | $ 0.21375 | $ 0.21375 | ||
| Common units entitled to distribution | 88,790,710 | 88,440,710 | 88,440,710 | 69,372,077 | 88,490,710 | 69,372,077 | 18,922,211 | 15,555,554 | 18,872,221 | 24,655,554 | ||
| Preferred units entitled to distribution | 18,572,221 | 18,922,221 | ||||||||||
| General partner and IDR distributions | $ 410 | $ 329 | $ 411 | $ 329 | ||||||||
| X | ||||||||||
|
- Definition
The number of common partnership units outstanding. No definition available.
|
| X | ||||||||||
|
- Definition
Per unit of ownership amount of cash distributions declared to unit-holder of a limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of distributions to the general partner during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of preferred units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Partners' Capital - Additional Information (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
0 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|---|---|
|
Mar. 26, 2013
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Aug. 31, 2013
|
Dec. 31, 2013
|
Jun. 06, 2012
|
|
| Business Acquisition | ||||||
| Equity offering | 13,685,000 | |||||
| Net price per common unit | $ 9.25 | |||||
| Net proceeds from equity offering | $ 120,696 | |||||
| Interest of CGP in the partnership | 2.00% | |||||
| Number of Class B convertible preferred units converted to common units | 350,000 | 5,733,333 | ||||
| Class B convertible preferred unit issued | 9,100,000 | |||||
| Class B convertible preferred unit price | $ 8.25 | |||||
| Issuance of partnership units | $ 72,535 | $ 72,535 | $ 119,811 | |||
| Conversion price of the Preferred units | $ 9 | |||||
| Preferred Units Conversion Rate | 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. Any distribution payable on the Class B Convertible Preferred Units for any partial quarter (other than the initial distribution payable on the Class B Convertible Preferred Units for the period from May 22, 2012 through June 30, 2012 that equals to $0.26736 for each Class B Convertible Preferred Unit ) shall equal the product of the minimum quarterly Class B Convertible Preferred Unit distribution rate of $0.21375 (equals to a 9.5% annual distribution rate, subject to adjustment in the cases where clause of change of control, and/or clause of cross default provisions of the 'Agreement' applies). | |||||
|
Underwriters Exercise of Overallotment Options
|
||||||
| Business Acquisition | ||||||
| Equity offering | 1,785,000 | |||||
|
CMTC
|
||||||
| Business Acquisition | ||||||
| Units purchased | 279,286 | |||||
| Common Units converted to General Partner Units | 349,700 | |||||
| X | ||||||||||
|
- Definition
The net price per common unit. No definition available.
|
| 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
The equity interest of the general partner in the consolidated entity. No definition available.
|
| X | ||||||||||
|
- Definition
The number of limited partner units purchased. No definition available.
|
| X | ||||||||||
|
- Definition
Conversion terms for May 23 and June 6, 2012 Preferred units agreement. No definition available.
|
| X | ||||||||||
|
- Definition
The cash inflow from the issuance of common limited partners units during the period, net of the underwriters commissions. 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
The number of Class B convertible preferred units converted to common units. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of limited partner units issued. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total contributions made by each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of units converted into shares of each class of partners' capital account. Units represent shares of ownership of the general, limited, and preferred partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Omnibus Incentive Compensation Plan (Table) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended |
|---|---|
|
Dec. 31, 2013
|
|
|
Employee equity compensation
|
|
| Units | |
| Unvested, beginning of period | 338,135 |
| Vested | 338,135 |
| Unvested, end of period | 0 |
| Grant-date fair value | |
| Unvested, beginning of period | $ 2,521 |
| Vested | 2,521 |
| Unvested, end of period | 0 |
|
Non-Employee equity compensation
|
|
| Units | |
| Unvested, beginning of period | 650,464 |
| Vested | 650,464 |
| Unvested, end of period | 0 |
| Grant-date fair value | |
| Unvested, beginning of period | 4,736 |
| Vested | 4,736 |
| Unvested, end of period | $ 0 |
| 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
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Omnibus Incentive Compensation Plan - Additional Information (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | 6 Months Ended | 8 Months Ended | 6 Months Ended | 8 Months Ended | 2 Months Ended | 6 Months Ended | 9 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
Jul. 22, 2010
Partnerships Omnibus Incentive Compensation Plan
|
Apr. 29, 2008
Partnerships Omnibus Incentive Compensation Plan
|
Jun. 30, 2014
Partnerships Omnibus Incentive Compensation Plan Employees
|
Aug. 25, 2010
Partnerships Omnibus Incentive Compensation Plan Employees
|
Jun. 30, 2014
Partnerships Omnibus Incentive Compensation Plan Non Employees
|
Aug. 31, 2010
Partnerships Omnibus Incentive Compensation Plan Non Employees
|
Mar. 01, 2010
Crude Carriers Corp. Equity Incentive Plan
|
Jun. 30, 2014
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, 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, 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 | 0 | 338,135 | 0 | 650,464 | |||||||||||||||
| Number of units converted | 319,800 | 303,264 | |||||||||||||||||||
| Vested shares | 20,000 | 338,135 | 650,464 | ||||||||||||||||||
| Number of units vested and converted | 31,200 | ||||||||||||||||||||
| Share based compensation | $ 0 | $ 2,739 | $ 907 | $ 1,832 | |||||||||||||||||
| Total unrecognized compensation cost | 309 | ||||||||||||||||||||
| Grant date unit price | $ 8.08 | ||||||||||||||||||||
| Total unrecognized compensation cost | $ 753 | ||||||||||||||||||||
| Reporting date unit price | $ 9.28 | ||||||||||||||||||||
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to non employees under equity-based compensation awards that have yet to vest. No definition available.
|
| X | ||||||||||
|
- Definition
The number of units converted according to the unit per shares transaction of 1.56 common partrnership's units for each Crude Carrier's Corp. share. No definition available.
|
| X | ||||||||||
|
- Definition
Number of equal annual installments for awards vested. No definition available.
|
| X | ||||||||||
|
- Definition
The number of units which were vested and converted. No definition available.
|
| X | ||||||||||
|
- Definition
The unit price at grant date. No definition available.
|
| X | ||||||||||
|
- Definition
The unit price at the reporting date. No definition available.
|
| X | ||||||||||
|
- Definition
The unit per share transaction at a ratio of 1.56 common partnership's units for each Crude Carrier's Corp share. No definition available.
|
| X | ||||||||||
|
- Definition
The date when the remaining awards vested. No definition available.
|
| X | ||||||||||
|
- Definition
Unrecognized cost of unvested share-based compensation awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Net Income Per Unit Basic (Table) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2014
|
Jun. 30, 2013
|
|
| Numerators | ||
| Partnership's net income | $ 19,058 | $ 64,332 |
| Less: | ||
| Partnership's net income available to preferred unit holders | 8,004 | 10,540 |
| General Partner's interest in Partnership's net income | 216 | 1,076 |
| Denominators | ||
| Weighted average number of common units outstanding, basic | 88,494,025 | 68,385,001 |
| Net income per common unit: | ||
| Basic | $ 0.12 | $ 0.76 |
|
Basic
|
||
| Numerators | ||
| Partnership's net income | 19,058 | 64,332 |
| Less: | ||
| Partnership's net income available to preferred unit holders | 8,004 | 10,540 |
| General Partner's interest in Partnership's net income | 216 | 1,076 |
| Partnership's net income allocable to unvested units | 0 | 750 |
| Partnership's net income available to common unit holders | $ 10,838 | $ 51,966 |
| Denominators | ||
| Weighted average number of common units outstanding, basic | 88,494,025 | 68,385,001 |
| Net income per common unit: | ||
| Basic | $ 0.12 | $ 0.76 |
| 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.
|
| X | ||||||||||
|
- Definition
Aggregate amount of net income/loss allocated to outstanding common units. No definition available.
|
| X | ||||||||||
|
- Definition
Net income (loss) allocated to each outstanding common limited partnership unit basic. 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.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Aggregate amount of net income allocated to general partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The dilutive effect of preferred units. No definition available.
|
| 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
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.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Aggregate amount of net income allocated to general partners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
Gain on sale of claim (Additional Information) (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | 10 Months Ended | 16 Months Ended | 2 Months Ended | 0 Months Ended | |||
|---|---|---|---|---|---|---|---|---|
|
Jun. 26, 2013
|
Nov. 14, 2012
|
May 24, 2013
|
Jun. 30, 2014
New charter contracts
|
Feb. 28, 2013
Original charter contracts
|
Feb. 19, 2014
Deutsche Bank
|
Dec. 31, 2013
Deutsche Bank
|
Jun. 25, 2013
Deutsche Bank
|
|
| Gain on sale of claim | ||||||||
| 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% | |||||||
| Proceeds received on transfer of claim to third party | 32,000 | |||||||
| Maximum amount paid to a third party | 644 | |||||||
| Maximum amount to be paid to a third party | $ 644 |
| 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
Maximum amount paid to the third party. 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
Proceeds received on transfer of claim. No definition available.
|
| X | ||||||||||
|
- Details
|
|
Commitments and Contingencies - Future Minimum Charter Hire Receipts (Table) (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2014
|
|---|---|
| For the years ended June 30, | |
| 2015 | $ 154,987 |
| 2016 | 88,089 |
| 2017 | 77,532 |
| 2018 | 73,954 |
| 2019 | 68,967 |
| Thereafter | 317,280 |
| Total | $ 780,809 |
| X | ||||||||||
|
- Definition
Future minimum rental payments in aggregate as of the balance sheet date under operating leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within one year of the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the fifth year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the fourth year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the third year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the second year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future minimum lease payments receivable under operating leases for periods greater than five years following the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
Subsequent Events (Details) (USD $)
|
6 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2014
|
Aug. 15, 2014
Common Unitholders
|
Jul. 22, 2014
Common Unitholders
|
Jan. 22, 2014
Common Unitholders
|
Jan. 22, 2013
Common Unitholders
|
Apr. 22, 2014
Common Unitholders
|
Apr. 22, 2013
Common Unitholders
|
Aug. 08, 2014
Class B Unitholders
|
Jul. 22, 2014
Class B Unitholders
|
Jan. 22, 2014
Class B Unitholders
|
Jan. 22, 2013
Class B Unitholders
|
Apr. 22, 2014
Class B Unitholders
|
Apr. 22, 2013
Class B Unitholders
|
|
| Dividend declared | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.2325 | $ 0.21375 | $ 0.21375 | $ 0.21375 | $ 0.21375 | $ 0.21375 | |||
| Dividend to be paid | $ 0.2325 | $ 0.21375 | |||||||||||
| Drop Down Transaction | Drop Down Transaction: CMTC has proposed that it would agree to drop down three 9,000 TEU containerships and two medium range product tankers at attractive prices, as well provide the Partnership with a right of first refusal over six additional medium range product tankers, in exchange for amending the target distributions to holders of Incentive Distribution Rights ('Drop Down Transaction'). This proposal is subject to unitholders approval at the Annual General Meeting of the Partnership, scheduled for August 21, 2014. | ||||||||||||
| X | ||||||||||
|
- Definition
Per-share or per-unit cash distributions to be paid to a general or limited unit-holder by an LP. No definition available.
|
| X | ||||||||||
|
- Definition
Drop down transaction event disclosure. No definition available.
|
| X | ||||||||||
|
- Definition
Per unit of ownership amount of cash distributions declared to unit-holder of a limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|