As of September 30, 2023, total partners capital amounted to $664.5 million, an increase of
$26.1 million compared to $638.4 million as of December 31, 2022. The increase reflects net income for the nine months ended September 30, 2023, other comprehensive income of $2.1 million relating to the net effect of the
cross-currency swap agreement we designated as an accounting hedge and the amortization associated with the equity incentive plan of $2.8 million, partly offset by distributions declared and paid during the period in a total amount of
$9.2 million and the cost of repurchasing our common units under our Unit Repurchase Program for an aggregate amount of $4.1 million.
As of
September 30, 2023, the Partnerships total debt was $1,602.4 million before financing fees, reflecting an increase of $303.1 million compared to $1,299.2 million as of December 31, 2022. The increase is attributable to
the drawdowns of: a) $100.0 million under a new credit facility to partly finance the acquisition of the M/V Buenaventura Express in June 2023, b) $184.0 million under a sale and leaseback transaction to partly finance the acquisition of
the LNG/C Asterix I in February 2023 and c) $108.0 million under a new financing arrangement to partly finance the acquisition of the M/V Itajai Express in January 2023, partly offset by the scheduled principal payments for the
period of $64.0 million, the early repayment in full of the facility we entered into with CMB Financial Leasing Co., Ltd to partly finance the acquisition of the M/V Seattle Express, the M/V Long Beach Express and the M/V Fos Express, in
February 2021, in a total amount of $23.4 million, and a $1.5 million decrease in the U.S. Dollar equivalent of the euro-denominated bonds issued by CPLP Shipping Holdings in July 2022 and October 2021 (the Bonds) as
of September 30, 2023.
Operating Surplus
Operating surplus for the quarter ended September 30, 2023, amounted to $41.7 million, compared to $38.2 million for the previous quarter ended
June 30, 2023, and $37.6 million for the quarter ended September 30, 2022. We allocated $34.4 million to the capital reserve, a decrease of $0.6 million compared to the previous quarter due to the net decrease in the rate of
amortization of our debt. Operating surplus for the quarter ended September 30, 2023, after the quarterly allocation to the capital reserve, was $7.2 million.
Unit Repurchase Program
On January 25, 2021,
the Board of Directors of the Partnership (the Board) approved a unit repurchase program, providing the Partnership with authorization to repurchase up to $30.0 million of the Partnerships common units, which was effective for
a period of two years through January 2023.
On January 26, 2023, the Board approved a new unit repurchase program, providing the Partnership with
authorization to repurchase up to $30.0 million of the Partnerships common units, effective for a period of two years through January 2025. During the quarter ended September 30, 2023, the Partnership repurchased 16,963 common units
at an average cost of $14.36 per unit.
The Partnership has repurchased a total of 1,074,993 common units since the launching of the first unit repurchase
plan on February 19, 2021, at an average cost of $13.46 per unit.
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