Capital Product Partners L.P. Announces First Quarter Financial Results and New Charters
ATHENS, Greece, Apr 30, 2009 (GlobeNewswire via COMTEX News Network) -- Capital Product Partners L.P. (the "Partnership") (Nasdaq:CPLP), an international owner of modern double-hull tankers, today released its financial results for the first quarter ended March 31, 2009.
The Partnership's net income for the quarter ended March 31, 2009 was $8.8 million, or $0.35 per limited partnership unit, which is 19 cents less than the $0.54 per unit from the previous quarter ended December 31, 2008, primarily due to the lower profit sharing revenues for the quarter and is equal to the net income per unit of $0.35 for the first quarter of 2008.
Operating surplus for the quarter ended March 31, 2009 was $11.9 million, below the $17.4 million from the fourth quarter of 2008 and higher than the $10.2 million from the first quarter of 2008. Operating surplus is a non-GAAP financial measure used by certain investors to measure the financial performance of the Partnership and other master limited partnerships. (Please see Appendix A for a reconciliation of this non-GAAP financial measure to net income.)
Revenues for the first quarter of 2009 were $30.2 million, consisting of $29.5 million fixed revenue from time and bareboat charter agreements and $0.7 million in profit sharing revenues compared to $27.2 million of revenues in the first quarter of 2008. The first quarter 2009 profit share contribution is lower compared to the $6.1 million in profit sharing revenues for the previous quarter. This decrease is attributed to the deteriorating conditions prevailing in the product and crude tanker spot markets.
Total operating expenses for the first quarter of 2009 were $14.3 million, including $6.5 million in fees for the commercial and technical management of the fleet paid to a subsidiary of Capital Maritime & Trading Corp. (Capital Maritime), the Partnership's sponsor, $6.8 million in depreciation and $0.8 million in general and administrative expenses compared to $15.1 million for the first quarter of 2008. Interest expense and finance cost for the quarter totaled $7.6 million compared to $5.6 million for the first quarter of 2008. The increase in interest expense is due to the increased debt of the Partnership compared to a year ago. The first quarter of 2009 interest expense includes an additional cost of $0.6 million, which is due to the increased funding costs of the banks, incurred in accordance with the terms of our existing loan agreements.
The product tanker spot market deteriorated sharply towards the end of the first quarter of 2009 due to waning global oil product demand, increased supply of tonnage, higher than average oil product inventories and depressed refining crack spreads. The Suezmax market was also negatively affected by the implementation of OPEC production cuts and lower exports of Russian crude oil, which resulted in longer tonnage lists. The current lack of cargoes for product and crude tankers is likely to continue in the short-term, while medium to long term prospects are deteriorating. As a result, few period fixtures and asset sales are currently being concluded with the prevailing sentiment being that both period rates and asset prices are drifting lower.
Ioannis Lazaridis, Chief Executive Officer and Chief Financial Officer of Capital Product Partners' general partner, said, "Our first quarter results reflect the predictability of our base charter revenues even in adverse market conditions such as those currently prevailing in the tanker market. Given the current circumstances, we are pleased to have achieved $0.7 million in profit sharing revenues."
As of March 31, 2009, the Partnership's long-term debt remained unchanged compared to the fourth quarter of 2008 at $474.0 million and partners' equity declined to $141.1 million following the payment of the exceptional non-recurring distribution on February 13, 2009 (please refer to our press release of January 30, 2009 for further details regarding this distribution). The remaining undrawn amounts under the terms of our debt facilities currently stand at $246.0 million.
Mr. Lazaridis added: "We are pleased to announce today that we have extended the Partnership's charter coverage and renewed our fleet following two separate transactions with Capital Maritime, our sponsor. Specifically, we have swapped two of our MR product tankers with early charter expiries with two younger, high specification, sister chemical/product tankers both under a 3-year time charter to BP Shipping. As a result, our charter coverage for 2009 is now close to 100% and is approximately 67% for 2010, thus increasing our revenue predictability and strengthening our cash flows. It is also important to note that the base charter revenues of the new vessels are fixed at a higher rate than those that they replace and at rates considerably higher than the current market rate for similar periods and also include profit sharing agreements. Overall, and given the lack of potential accretive acquisitions, we believe that this transaction brings considerable value to the Partnership and demonstrates our sponsor's ability to conclude attractive repeat business with our charterers, as well as its long term commitment to the Partnership. The terms of the transactions were unanimously approved by Capital Product Partners' Board of Directors, following the recommendation and approval of the Conflicts Committee."
On April 7, 2009, the 2007 built M/T Assos was substituted with the M/T Agamemnon II, a 51,238 dwt chemical/product tanker, built in 2008 at STX Shipbuilding Co. Ltd, South Korea. The M/T Agamemnon II has been chartered to BP Shipping Limited under a time charter expected to expire in December 2011, at the earliest, at a base gross rate of $22,275 per day (net rate $22,000) plus a 50/50 profit share for breaching IWL (Institute Warranty Limits -- applies to voyages to certain ports at certain periods of the year). In addition, on April 13, 2009, the 2007 built M/T Atrotos, was substituted with the M/T Ayrton II, a 51,260 dwt chemical/product tanker, built April 2009 at STX Shipbuilding Co. Ltd, South Korea. The M/T Ayrton II has also been chartered to BP Shipping Limited under a time charter with expected expiration in March 2012 (third year subject to charterer's option), at a base gross rate of $22,275 per day (net rate $22,000) plus a 50/50 profit share for breaching IWL. Both vessels' operating expenses are fixed at a daily rate of $6,500 per day for approximately the next five years. The Partnership exchanged these vessels with Capital Maritime and paid an additional consideration of $4.0 million for each vessel to Capital Maritime, to reflect the value and longer duration of the charters attached to each vessel, as well as the younger age of the vessels. The Partnership is also responsible for any costs associated with the delivery of the vessels to Capital Maritime. Lastly, Morgan Stanley Capital Group Inc., the charterer of the M/T Assos and the M/T Atrotos agreed to pay compensation to the Partnership for the earlier termination of the previous charters. (Please see Appendix B for revised fleet and charter details for the Partnership.)
On April 24, 2009, the Board of Directors of the Partnership declared a cash distribution for the first quarter of 2009 of $0.41 per unit reverting to the same distribution as in the third quarter of 2008 prior to the exceptional non-recurring distribution of $1.05 per unit declared for the fourth quarter of 2008. The Partnership has previously stated its intention to revert to unit distribution levels more consistent with prior periods after paying the exceptional non-recurring cash distribution for the previous quarter. The first quarter cash distribution will be paid on May 15, 2009 to unit holders on record on May 7, 2009.
Mr. Lazaridis concluded: "The global economic and credit environment has seen little change over the last quarter and there are no visible prospects for a recovery. We continue to face a severe deterioration in the banking and credit world as well as a major global economic slowdown, whose duration is very difficult to forecast. The recent deterioration in the spot tanker market, the potential vessel deliveries for 2009 and the severe weakness in other segments of the shipping market are all likely to have an adverse effect on tanker vessel prices and period rates in the short- to medium-term. However, we believe that our solid first quarter results, the recently extended charter coverage, our zero capital commitments to purchase or build vessels and our non-amortizing credit facilities until the earliest June 2012 position us to weather these conditions."
Capital Product Partners will host a conference call to discuss its results today at 10:00 a.m. Eastern Time. The public is invited to listen to the conference call by dialing +1 888 935 4575 (U.S. and Canada, toll free), or +1 718 354 1385 (international); reference number 4122880#. Participants should dial in 10 minutes prior to the start of the call. The slide presentation accompanying the conference call will be available on the Partnership's website at www.capitalpplp.com. An audio webcast of the conference call will also be accessible through the website. The relevant links will be found in the Investor Relations section of the website.
About Capital Product Partners L.P.
Capital Product Partners L.P. (Nasdaq:CPLP), a Marshall Islands master limited partnership, is an international owner of modern double-hull tankers. Capital Product Partners L.P. owns 18 modern vessels, including 15 MR tankers, two small product tankers and one Suezmax crude oil tanker. All 18 vessels are under medium- to long-term charters to BP Shipping Limited, Morgan Stanley Capital Group Inc., Overseas Shipholding Group, Shell International Trading & Shipping Company Ltd., and Trafigura Beheer B.V.
For more information about the Partnership, please visit our website: www.capitalpplp.com
Forward-Looking Statements:
The statements in this press release that are not historical facts, including expected duration and expiration dates of our charters, expected charter rates, expected future distribution levels, ability to react to market conditions, earliest non-amortizing dates of our credit facilities and expected charter coverage rates for 2009 and 2010, may be forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. Unless required by law, we expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, to conform them to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward-looking statements. We make no prediction or statement about the performance of our common units.
CPLP-F
Capital Product Partners L.P.
Unaudited Condensed Consolidated and Combined Statements of Income
(Notes 1-4)
(In thousands of United States dollars, except number of
units and earnings per unit)
For the three month period
ended March 31,
2009 2008
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Revenues 30,204 27,220
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Expenses:
Voyage expenses 221 289
Vessel operating expenses - related party 6,503 5,331
Vessel operating expenses -- 2,993
General and administrative expenses 789 680
Depreciation 6,819 5,762
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Operating income 15,872 12,165
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Other income (expense), net:
Interest expense and finance cost (7,602) (5,581)
Interest income 526 263
Foreign currency (loss), net 4 (59)
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Total other (expense), net (7,072) (5,377)
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Net income 8,800 6,788
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Less:
Net (loss) attributable to CMTC operations -- (1,184)
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Partnership's net income 8,800 7,972
====================================================================
General Partner's interest in
Partnership's net income $ 176 $ 159
Limited Partners' interest in
Partnership's net income 8,624 7,813
Net income per:
* Common units (basic and diluted) 0.38 0.38
* Subordinated units (basic and diluted) 0.22 0.30
* Total units (basic and diluted) 0.35 0.35
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Weighted-average units outstanding:
* Common units (basic and diluted) 20,512,229 13,624,622
* Subordinated units (basic and diluted) 4,304,922 8,805,522
* Total units (basic and diluted) 24,817,151 22,430,144
Capital Product Partners L.P.
Unaudited Condensed Consolidated and Combined Balance Sheets
(Notes 1-4)
(In thousands of United States dollars, except number of shares)
March 31, December 31,
2009 2008
--------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 13,771 $ 43,149
Short term investment 17,945 1,080
Trade accounts receivable 1,663 6,420
Prepayments and other assets 788 571
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Total current assets 34,167 51,220
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Fixed assets
Vessels, net 634,788 641,607
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Total fixed assets 634,788 641,607
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Other non-current assets
Deferred charges, net 2,759 2,827
Restricted cash 4,500 4,500
--------------------------------------------------------------------
Total non-current assets 642,047 648,934
--------------------------------------------------------------------
Total assets $676,214 $700,154
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Liabilities and Partners' Equity
Current liabilities
Current portion of long-term debt $ -- $ --
Trade accounts payable 465 143
Due to related parties 384 584
Accrued liabilities 897 785
Deferred revenue 385 3,485
Distributions payable 9,352 --
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Total current liabilities 11,483 4,997
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Long-term liabilities
Long-term debt 474,000 474,000
Deferred revenue 1,656 1,568
Derivative instruments 47,990 47,414
--------------------------------------------------------------------
Total long-term liabilities 523,646 522,982
--------------------------------------------------------------------
Total liabilities 535,129 527,979
--------------------------------------------------------------------
Commitments and contingencies -- --
--------------------------------------------------------------------
Partners' Equity 141,085 172,175
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Total liabilities and partners' equity $676,214 $700,154
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Capital Product Partners L.P.
Unaudited Condensed Consolidated and Combined
Statements of Cash Flows
(Notes 1-4)
(In thousands of United States dollars)
For the three month
period ended
March 31,
2009 2008
--------------------------------------------------------------------
Cash flows from operating activities:
Net income $ 8,800 $6,788
Adjustments to reconcile net income to net cash
provided by operating activities:
Vessel depreciation and amortization 6,819 5,762
Amortization of deferred charges 81 142
Changes in operating assets and liabilities:
Trade accounts receivable 4,757 343
Due from related parties -- (315)
Prepayments and other assets (217) 129
Inventories -- (29)
Trade accounts payable 309 898
Due to related parties (200) 10
Accrued liabilities 112 1,208
Deferred revenue (3,012) (3,155)
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Net cash provided by operating activities 17,449 11,781
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Cash flows from investing activities:
Vessel acquisitions -- (95,365)
Increase of restricted cash -- (500)
Purchase of short term investment (16,865) --
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Net cash (used in) investing activities (16,865) (95,865)
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Cash flows from financing activities:
Proceeds from issuance of long-term debt -- 94,000
Proceeds from related party debt/financing -- 52,463
Payments of related party debt/financing -- (52,463)
Loan issuance costs -- (2,107)
Excess of purchase price over book value of
vessels acquired from entity under common control -- (1,639)
Dividends paid (29,962) (8,996)
Cash balance that was distributed to the
previous owner -- (2)
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Net cash provided by financing activities (29,962) 81,256
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Net (decrease) in cash and cash equivalents (29,378) (2,828)
Cash and cash equivalents at beginning of period 43,149 19,919
--------------------------------------------------------------------
Cash and cash equivalents at end of period 13,771 $17,091
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Supplemental Cash Flow information
Cash paid for interest $ 7,322 $ 5,409
Non-cash Activities
Net liabilities assumed by CMTC upon vessel
contribution to the Partnership -- 64,410
Units issued to acquire vessel owning company
of M/T Amore Mio II. -- $37,739
Change in payable offering expenses $ 13 --
Notes
(1) The unaudited condensed consolidated and combined statements of
income and cash flows for the three month period ended March 31,
2008 include the results of operations of M/T Amore Mio II and
M/T Aristofanis which were acquired from an entity under common
control on March 27, 2008, and April 30, 2008, respectively, as
though the transfers had occurred at the beginning of the
earliest period presented.
(2) On January 29, 2008, June 17, 2008 and August 20, 2008 the
Partnership acquired from Capital Maritime the shares of the
vessel owning company of M/T Alexandros II, M/T Aristotelis II,
and M/T Aris II for a total purchase price of $48,000 each. The
vessels have been recorded in the Partnership's financial
statements at the amount of $46,954, $46,706 and $46,585,
respectively, which were reflected in Capital Maritime's
consolidated financial statements, which differ from the
acquisition price by $1,046, $1,294 and $1,415, respectively. The
amount of the purchase price in excess of Capital Maritime's
basis of the assets amounted to $3,755 was recognized as a
reduction of partners' equity. M/T Alexandros II, M/T Aristotelis
II, and M/T Aris II were delivered to Capital Maritime from the
shipyard on January 29, 2008, June 17, 2008, and August 20, 2008
respectively and on the same date the Partnership acquired the
shares of the respective vessel owning companies. These vessel
owning companies did not have an operating history, as such,
there is no information to retroactively adjust that should be
considered. As required by the provision of Statement of
Financial Accounting Standards No. 141, "Business Combinations"
("SFAS No. 141"), the Partnership accounted for the acquisition
of the vessel owning companies of the M/T Alexandros II, the M/T
Aristotelis II and the M/T Aris II as a transfer of net assets
between entities under common control at Capital Maritime's
carrying amounts (historical cost) of the net assets contributed.
All assets, liabilities and equity other than the relevant
vessels, related charter agreements and related permits, which
the vessel owning companies of the M/T Alexandros II, the M/T
Aristotelis and the M/T Aris II had at the time of the transfer,
were retained by Capital Maritime.
(3) On March 27, 2008 and April 30, 2008 the Partnership acquired
from Capital Maritime the shares of the vessel owning companies
of M/T Amore Mio II and M/T Aristofanis for a total consideration
of $85,739 and $21,566 respectively. The acquisition of the
shares of the vessel owning company of M/T Amore Mio II was
funded by $2,000 from available cash, $46,000 through a drawn
down from the new credit facility of $350,000, and the remaining
amount through the issuance of 2,048,823 common units to Capital
Maritime at a price of $18,42 per unit which represents the
closing price of the Partnership's units on March 26, 2008 as
quoted on Nasdaq Stock Exchange. The acquisition of the shares of
the vessel owning company of M/T Aristofanis was funded by
$11,500 through a drawn down from the new credit facility of
$350,000, and the remaining amount through the issuance of
501,308 common units to Capital Maritime at a price of $20.08 per
unit which represents the closing price of the Partnership's
units on April 29, 2008 as quoted on Nasdaq Stock Exchange. M/T
Amore Mio II and M/T Aristofanis have been recorded in the
Partnership's financial statements at the amount of $85,146 and
$10,831 respectively, reflecting their historical cost in Capital
Maritime's consolidated financial statements, and differ from the
acquisition price by $593 and $10,735 respectively. The amounts
of the purchase price in excess of Capital Maritime's basis of
the M/T Amore Mio II and M/T Aristofanis of $593 and $10,735
respectively were recognized as a reduction of partners' equity.
As required by the provision of Statement of Financial Accounting
Standards No. 141, "Business Combinations" ("SFAS No. 141"), the
Partnership accounted for the acquisition of the vessel owning
companies of M/T Amore Mio II and M/T Aristofanis as a transfer
of net assets between entities under common control at Capital
Maritime's carrying amounts (historical cost) of the net assets
contributed. In addition, transfers of net assets between
entities under common control are accounted for as if the
transfer occurred at the beginning of the earliest period
presented, and prior years financial statements are retroactively
adjusted to furnish comparative information similar to the
pooling-of-interest method of accounting.
(4) Short term investment consists of cash time deposit with original
maturity of six months.
Capital Product Partners L.P.
Appendix A - Reconciliation of Non-GAAP Financial Measure
(In thousands of U.S. dollars)
Description of Non-GAAP Financial Measure - Operating Surplus
Operating Surplus represents net income adjusted for non cash
items such as depreciation and amortization expense, unearned
revenue and unrealized gain and losses. Replacement capital
expenditures represent those capital expenditures required to
maintain over the long term the operating capacity of, or the
revenue generated by, the Partnership's capital assets. Operating
Surplus is a quantitative standard used in the publicly-traded
partnership investment community to assist in evaluating a
partnership's ability to make quarterly cash distributions.
Operating Surplus is not required by accounting principles
generally accepted in the United States and should not be
considered as an alternative to net income or any other indicator
of the Partnership's performance required by accounting
principles generally accepted in the United States. The tables
below reconcile Operating Surplus to net income for the three
month period ended March 31, 2009.
Reconciliation of
Non-GAAP Financial Measure - For the three month period
Operating Surplus ended March 31, 2009
Net income $ 8,800
Adjustments to reconcile net income to
net cash provided by operating activities
Depreciation and amortization 6,901
Deferred revenue 37 6,938
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NET CASH PROVIDED BY OPERATING ACTIVITIES 15,738
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Replacement Capital Expenditures (3,814)
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OPERATING SURPLUS 11,924
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Recommended reserves (1,541)
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AVAILABLE CASH 10,383
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Appendix B
Year
Sister Built/ Duration/
Vessels Delivery Charter Charterer
Vessel Name (1) Date DWT Type (2) (5)
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Atlantas (6) A 2006 36,760 8-year BC BP
Aktoras (6) A 2006 36,759 8-year BC BP
Aiolos (6) A 2007 36,725 8-year BC BP
Agisilaos A 2006 36,760 3.6-year TC BP
Arionas A 2006 36,725 3.6-year TC BP
Axios B 2007 47,872 3-year TC BP
Avax B 2007 47,834 3-year TC BP
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Akeraios B 2007 47,781 3-year TC MS
Anemos I B 2007 47,782 3-year TC MS
Apostolos B 2007 47,782 3-year TC MS
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Attikos (11) C 2005 12,000 2.2-2.3-yr TC Trafigura
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Alexandros
II (12)(13) D 2008 51,258 10-year BC OSG
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Amore Mio
II (14) -- 2001 159,982 3-year TC BP
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Aristofanis (15) C 2005 12,000 2-year TC Shell
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Aristotelis
II (12)(13) D 2008 51,226 10-year BC OSG
Aris II
(12)(13) D 2008 51,218 10-year BC OSG
Agamemnon
II (16) D 2008 51,238 3-year TC BP
Ayrton II
(16)(17) D 2009 51,260 3-year TC BP
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Expiry Daily
of Charter
OPEX Charter Rate Profit
Vessel Name (per day) (3) (Net) (4) Sharing Description
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Atlantas (6) $250 Mar-14 $15,000(7)
Aktoras (6) $250 Jun-14 $15,000(7) Ice Class
Aiolos (6) $250 Feb-15 $15,000(7) 1A IMO
Agisilaos $5,500 Mar-10 $19,750(8)(9) yes II/III
Arionas $5,500 Jun-10 $19,750(8)(10) yes Chemical/
Axios $5,500 Jan-10 $20,500(8) yes Product
Avax $5,500 May-10 $20,500 yes
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Akeraios $5,500 Jun-10 $20,000 yes Ice Class
1A IMO
Anemos I $5,500 Aug-10 $20,000 yes II/III
Chemical/
Apostolos $5,500 Aug-10 $20,000 yes Product
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Attikos (11) $5,500 Sep-09 $13,503 Product
---------------------------------------------------------------------
Alexandros II IMO II/III
(12)(13) $250 Dec-17 $13,000 Chem./Prod.
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Amore Mio II
(14) $8,500 Jan-11 $36,000(8) yes Crude Oil
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Aristofanis
(15) $5,500 Mar-10 $12,952 Product
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Aristotelis
II (12)(13) $250 May-18 $13,000
Aris II
(12)(13) $250 Jul-18 $13,000 IMO II/III
Agamemnon Chemical/
II (16) $6,500 Dec-11 $22,000 yes Product
Ayrton II
(16)(17) $6,500 Mar-12 $22,000 yes
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Total Fleet DWT: 862,962
(1) Sister vessels, vessels of similar specifications and size
typically built at the same shipyard, are denoted in the tables
by the same letter as follows: (A), (B): these vessels were built
by Hyundai MIPO Dockyard Co., Ltd., South Korea, (C): these
vessels were built by Baima Shipyard, China, (D): these vessels
were built by STX Shipbuilding Co., Ltd., South Korea.
(2) TC: Time Charter, BC: Bareboat Charter.
(3) Earliest possible redelivery date. The charters for the M/T
Attikos and the M/T Aristofanis, expire on the date of
expiration. The redelivery period for the M/T Agisilaos is
between March 1 and 29, 2010 and for the M/T Arionas is between
June 3 and30, 2010. For all other charters, the redelivery date
is +/-30 days at the charterer's option.
(4) All rates quoted above are the net rates after we or our
charterers have paid any relevant commissions on the base rate.
The BP time and bareboat charters are subject to 1.25%
commissions. The Trafigura time charter is subject to 2.5%
commissions. The Shell time charter is subject to 2.25%
commissions. We do not pay any commissions in connection with the
MS time charters.
(5) BP: BP Shipping Limited. MS: Morgan Stanley Capital Group Inc.
OSG: certain subsidiaries of Overseas Shipholding Group Inc.
Trafigura: Trafigura Beheer B.V. Shell: Shell International
Trading & Shipping Company Ltd.
(6) For the duration of the BC these vessels have been renamed: M/T
Atlantas to British Ensign, M/T Aktoras to British Envoy and M/T
Aiolos to British Emissary.
(7) The last three years of the BC will be at a daily charter rate of
$13,433 (net).
(8) In addition to the commission on the gross charter rate,
shipbrokers are entitled to an additional 1.25% commission on the
amount of profit share.
(9) In August 2008 the TC was extended by 13 months to March 2010.
The net daily charter rate prior to this extension was $17,500
and was subject to the same 50/50 profit sharing arrangement.
(10) Effective as of April 4, 2009. In August 2008 the TC was extended
by 13 months to June 2010. The net daily charter rate prior to
the extension was $21,000 until November 2008 and $19,000 for the
period from November 4, 2008 to April 4, 2009 and was subject to
the same 50/50 profit sharing arrangement.
(11) The M/T Attikos was acquired by us in September 2007.
(12) For the duration of their charter they have been renamed: M/T
Alexandros II to Overseas Serifos, M/T Aristotelis II to Overseas
Sifnos and M/T Aris II to Overseas Kimolos
(13) OSG has an option to purchase each of these vessels at the end of
the eighth, ninth or tenth year of the applicable charter, for
$38.0 million, $35.5 million and $33.0 million, respectively,
which option is exercisable six months before the date of
completion of the eighth, ninth or tenth year of the charter. The
expiration date above may therefore change depending on whether
the charterer exercises its purchase option.
(14) This vessel was built by Daewoo Shipbuilding and Marine
Engineering Co., Ltd., South Korea and was
acquired by us in March 2008.
(15) The M/T Aristofanis was acquired by us in April 2008.
(16) Profit share element for these vessels applies only to voyages
outside the Institute Warranty Limits (IWL).
(17) Third year of charter subject to charterer's option.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Capital Product Partners L.P.
Capital GP L.L.C.
Ioannis Lazaridis, CEO and CFO
+30 (210) 4584 950
i.lazaridis@capitalpplp.com
Capital Maritime & Trading Corp.
Jerry Kalogiratos
+30 (210) 4584 950
j.kalogiratos@capitalpplp.com
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