Capital Product Partners L.P. (the “Partnership”, “CPLP” or “we” /
“us”) (NASDAQ: CPLP), an international owner of ocean-going
vessels, today released its financial results for the fourth
quarter ended December 31, 2023.
Highlights
|
Three-month periods ended December 31, |
|
2023 |
2022 |
Increase / (Decrease) |
Revenues |
$95.5 million |
$79.9 million |
20% |
Expenses |
$55.1 million |
$42.1 million |
31% |
Interest expense and finance cost |
$27.9 million |
$18.4 million |
52% |
Net Income |
$12.7 million |
$21.1 million |
(40%) |
Net Income per common unit |
$0.48 |
$1.03 |
(53%) |
Adjusted Net Income (excluding impairment of vessels of $3.5
million)1 |
$16.3 million |
$21.1 million |
(23%) |
Adjusted Net Income per common unit (excluding impairment of
vessels)1 |
$0.61 |
$1.03 |
(41%) |
Average number of vessels2 |
22.5 |
19.9 |
13% |
-
Operating Surplus3 and Operating Surplus after the quarterly
allocation to the capital reserve for the fourth quarter of 2023
were $40.5 million and $1.5 million, respectively.
- Announced common
unit distribution of $0.15 for the fourth quarter of 2023.
- Concluded a $500.0
million rights offering (the “Rights Offering”) and successfully
closed a transaction to acquire 11 latest generation two-stroke
(MEGA) Liquefied Natural Gas Carriers (“LNG/C”) to be delivered
between the fourth quarter of 2023 and the first quarter of 2027
(the “LNG/C Transaction”).
- On December 21,
2023 and January 2, 2024, the Partnership took delivery of the
LNG/C Amore Mio I and the LNG/C Axios II, respectively, pursuant to
the LNG/C Transaction.
- Agreed to sell the
5,100 Twenty-foot Equivalent Unit (“TEU”) container vessel the M/V
Long Beach Express.
1 Adjusted Net Income (excluding impairment of
vessels) and Adjusted Net Income per common unit (excluding
impairment of vessels) are non-GAAP financial measures used to
measure the financial performance of the Partnership and we believe
these non-GAAP measures are useful to analysts and investors in
comparing the results of operations between periods. These non-GAAP
measures are not required by accounting principles generally
accepted in the United States (“GAAP”) and should not be considered
a substitute for Net income and Net Income per common unit prepared
in accordance with GAAP or as a measure of profitability.
2 Average number of vessels is measured by
aggregating the number of days each vessel was part of our fleet
during the period and dividing such aggregate number by the number
of calendar days in the period.
3 Operating surplus is a non-GAAP financial
measure used by certain investors to measure the financial
performance of the Partnership and other limited partnerships.
Please refer to Appendix A at the end of the press release for a
reconciliation of this non-GAAP measure with net income.
Overview of Fourth Quarter 2023
Results
Net income for the quarter ended December 31,
2023, was $12.7 million, compared with net income of $21.1 million
for the fourth quarter of 2022. Taking into account the interest
attributable to the general partner and the allocation of net
income to unvested units, net income per common unit for the
quarter ended December 31, 2023, was $0.48, or $0.61 per
common unit, if we exclude impairment of vessels in that quarter,
compared to net income per common unit of $1.03 for the fourth
quarter of 2022.
Total revenue for the quarter ended December 31,
2023, was $95.5 million, compared to $79.9 million during the
fourth quarter of 2022. The increase in revenue was primarily
attributable to the revenue contributed by the newbuilding vessels
acquired by the Partnership, namely the M/V Manzanillo Express
acquired on October 12, 2022, the M/V Itajai Express acquired on
January 10, 2023, the LNG/C Asterix I acquired on February 17,
2023, the M/V Buenaventura Express acquired on June 20, 2023 and
the LNG/C Amore Mio I acquired on December 21, 2023, partly offset
by the sale of the M/V Cape Agamemnon on November 7, 2023.
Total expenses for the quarter ended December
31, 2023, were $55.1 million, compared to $42.1 million in the
fourth quarter of 2022. Total vessel operating expenses during the
fourth quarter of 2023 amounted to $20.6 million, compared to $17.3
million during the fourth quarter of 2022. The increase in vessel
operating expenses was mainly due to the net increase in the
average number of vessels in our fleet. Total expenses for the
fourth quarter of 2023 also include a non-cash impairment charge of
$3.5 million in total that we recognized in connection with the
sale of the M/V Cape Agamemnon and the M/V Long Beach Express, and
vessel depreciation and amortization of $22.2 million, compared to
$17.0 million in the fourth quarter of 2022. The increase in
depreciation and amortization during the fourth quarter of 2023 was
mainly attributable to the net increase in the average size of our
fleet. General and administrative expenses for the fourth quarter
of 2023 increased to $5.7 million, compared to $4.0 million in the
fourth quarter of 2022, mainly due to the costs incurred in
connection with the LNG/C Transaction.
Total other expense, net for the quarter ended
December 31, 2023, was $27.7 million compared to $16.6 million for
the fourth quarter of 2022. Total other expense, net includes
interest expense and finance cost of $27.9 million for the fourth
quarter of 2023, compared to $18.4 million for the fourth quarter
of 2022. The increase in interest expense and finance cost was
mainly attributable to the increase in the Partnership’s average
indebtedness and the increase in the weighted average interest rate
compared to the fourth quarter of 2022.
Capitalization of the
Partnership
As of December 31, 2023, total cash amounted to
$204.1 million. Total cash includes restricted cash of $11.7
million, which represents the minimum liquidity requirement under
our financing arrangements.
As of December 31, 2023, total partners’ capital
amounted to $1,174.9 million, an increase of $536.5 million
compared to $638.4 million as of December 31, 2022. The increase
reflects net income for the year ended December 31, 2023, other
comprehensive income of $3.2 million relating to the net effect of
the cross-currency swap agreement we designated as an accounting
hedge, the amortization associated with the equity incentive plan
of $3.8 million and the net result from the issuance of common
units in connection with the Rights Offering of $498.7 million,
partly offset by distributions declared and paid during the period
in a total amount of $12.2 million and the cost of repurchasing our
common units under our Unit Repurchase Program for an aggregate
amount of $4.1 million.
As of December 31, 2023, the Partnership’s total
debt was $1,787.8 million before financing fees, reflecting an
increase of $488.6 million compared to $1,299.2 million as of
December 31, 2022. The increase is attributable to the assumption
of $196.3 million of indebtedness in connection with the
acquisition of the LNG/C Amore Mio I in December 2023, the drawdown
of $392.0 million of new debt in relation to the acquisition of the
newbuilding vessels acquired by the Partnership during the first
half of 2023 and a $10.0 million increase in the U.S. Dollar
equivalent of the euro-denominated bonds issued by CPLP Shipping
Holdings Plc in July 2022 and October 2021 as of December 31,
2023, partly offset by the scheduled principal payments for the
period of $86.4 million and the early repayment in full of the
facility we entered into with CMB Financial Leasing Co., Ltd in
2021 to partly finance the acquisition of the three Panamax
container vessels the M/V Long Beach Express, the M/V Seattle
Express and the M/V Fos Express of a total amount of $23.4
million.
Operating Surplus
Operating surplus for the quarter ended December
31, 2023, amounted to $40.5 million, compared to $41.7 million for
the previous quarter ended September 30, 2023, and $37.3 million
for the quarter ended December 31, 2022. We allocated $39.0 million
to the capital reserve, an increase of $4.5 million compared to the
previous quarter due to the net increase in the rate of
amortization of our debt. Operating surplus for the quarter ended
December 31, 2023, after the quarterly allocation to the capital
reserve, was $1.5 million. Operating surplus is a non-GAAP
financial measure used by certain investors to measure the
financial performance of the Partnership and other limited
partnerships. Please refer to Appendix A at the end of the press
release for a reconciliation of this non-GAAP measure with net
income.
Rights Offering and Standby Purchase
Agreement
The Rights Offering was launched on November 27,
2023, in order to finance a portion of the purchase price under the
LNG/C Transaction. As previously announced, the Rights Offering
resulted in subscriptions for 445,988 common units. These common
units were issued to participating unitholders on December 21,
2023.
In connection with the Rights Offering, the
Partnership entered into a Standby Purchase Agreement (the “Standby
Purchase Agreement”) with Capital Maritime & Trading Corp.
(“Capital Maritime” or “CMTC”), pursuant to which Capital Maritime
agreed to purchase from CPLP at $14.25 per Common Unit
(the subscription price in the Rights Offering), the number of
common units offered that were not issued pursuant to the Rights
Offering. Because the Rights Offering was not fully subscribed, on
December 21, 2023, Capital Maritime purchased 34,641,731 Common
Units pursuant to the Standby Purchase Agreement, as set forth in
the following table:
Description |
Common Units |
Subscription Price per Common Unit |
Value in US$ millions |
Common Units subscribed for in the Rights Offering |
445,988 |
$14.25 |
$6.4 |
Units issued to CMTC pursuant to the Standby Purchase
Agreement |
34,641,731 |
$14.25 |
$493.6 |
Total Units Issued |
35,087,719 |
$14.25 |
$500.0 |
LNG/C Transaction
On December 21, 2023, the Partnership announced
the closing of the umbrella agreement in respect of the LNG/C
Transaction (the “Umbrella Agreement”), entered into on November
13, 2023, with Capital Maritime and Capital GP L.L.C. (the “General
Partner”), providing for the acquisition of 11 latest generation
two-stroke (MEGA) LNG/Cs (the “Vessels”) for a total acquisition
price of $3,130.0 million. Upon the closing of the Umbrella
Agreement, the Partnership entered into 11 share purchase
agreements to acquire 100% of the equity interests in each
vessel-owning company of the Vessels (the “Vessel SPAs”).
Each Vessel will have a capacity of 174,000
Cubic Meters and was built or is under construction at Hyundai
Heavy Industries Co., LTD and Hyundai Samho Heavy Industries Co.
Ltd., South Korea (collectively, “Hyundai”).
On December 21, 2023, and upon entry into the
Vessel SPAs for LNG/Cs Axios II, Assos, Apostolos, Aktoras,
Archimidis and Agamemnon (the “Initial Vessels”), we paid to
Capital Maritime a deposit of $174.4 million, or 10% of the
aggregate acquisition price of the Initial Vessels. We closed the
Vessel SPA for the LNG/C Axios II upon delivery of the Vessel on
January 2, 2024 and we expect to close the remaining acquisitions
of each of the vessel-owning companies of the Initial Vessels upon
each Vessel’s delivery from Hyundai. The remaining purchase price
with respect to each Initial Vessel will be paid upon delivery of
such vessel and closing of the applicable Vessel SPA, with a total
of $1,287.0 million remaining due for the Initial Vessels.
On December 21, 2023, and upon entry into the
Vessel SPAs for LNG/Cs Alcaios I, Antaios I, Athlos and Archon (the
“Remaining Vessels”), the Partnership paid Capital Maritime $138.1
million to acquire 100% of the equity interests in each of the
vessel-owning companies of the Remaining Vessels, which are
expected to be delivered to the Partnership between the third
quarter of 2026 and the first quarter of 2027. We expect to pay an
additional amount of $909.9 million to Hyundai in pre-delivery and
delivery installments for the Remaining Vessels.
The Umbrella Agreement and the Standby Purchase
Agreement permit the Partnership and Capital Maritime to net
payments due to each other under the transactions contemplated by
the Umbrella Agreement, including the Vessel SPAs and the Standby
Purchase Agreement. The following table describes the amounts that
paid or deemed paid by each of the Partnership and Capital Maritime
on December 21, 2023:
Description |
Method of Settlement |
Value in US$ millions |
From the Partnership to Capital Maritime |
10% deposit on the Initial Vessels |
Netted against the amount due from CMTC pursuant to the Standby
Purchase Agreement |
$174.4 |
Payment for the Remaining Vessels |
$138.1 |
Purchase price of LNG/C Amore Mio I |
$141.7 |
Total |
$454.2 |
From Capital Maritime to the Partnership |
Total amount due pursuant to the Standby Purchase
Agreement |
Netted against the total amount due from the Partnership |
$454.2 |
In Cash |
$39.5 |
Total |
$493.7 |
Τhe balance of the consideration for the
acquisitions of the five Initial Vessels and the four Remaining
Vessels under the Umbrella Agreement will be funded by a
combination of commercial debt, an unsecured seller’s credit of up
to $220.0 million extended by Capital Maritime and maturing on June
30, 2027 (the “Seller’s Credit”), and cash on hand. On January 2,
2024, we deferred $92.6 million of the purchase price for the LNG/C
Axios II pursuant to a drawdown under the Seller’s Credit.
Delivery of the LNG/C Amore Mio I and
the LNG/C Axios II
On December 21, 2023, the Partnership took
delivery of the LNG/C Amore Mio I. The vessel has commenced its
three-year employment with Qatar Energy Trading LLC. Upon
acquisition, we assumed indebtedness of $196.3 million in the form
of a sale and leaseback transaction. The LNG/C Amore Mio I lease
has a tenor of 10 years, is repayable in 12 quarterly installments
of $5.5 million and 28 subsequent installments of $1.1 million and
offers the option to repurchase the vessel at a predetermined price
after the first anniversary of the arrangement, together with a
purchase obligation of $98.2 million at the expiration of the lease
in October 2033.
On January 2, 2024, the Partnership took
delivery of the LNG/C Axios II. The vessel commenced an
index-linked, one-year time charter, which will be followed by a
seven-year bareboat charter with Bonny Gas Transport Limited
(“BGT”). BGT maintains an option to extend the charter by an
additional three years. The vessel acquisition was financed through
netting 10% of the acquisition price against the amount due from
CMTC pursuant to the Standby Purchase Agreement, a new senior
secured loan facility for an amount of $190.0 million, repayable in
28 equal quarterly installments of $2.5 million and a balloon
payment of $120.0 million together with the final quarterly
installment in December 2030, and a drawdown of $92.6 million under
the Seller’s Credit.
Sale of M/V Long Beach
Express
On December 15, 2023, the Partnership agreed to
sell the M/V Long Beach Express container vessel (68,618 dwt /
5,100 TEU, container vessel, built 2008, Hanjin Heavy Industries
& Construction Co., Ltd., South Korea) to an unaffiliated
party. Delivery of the M/V Long Beach Express to the buyer is
expected within the first quarter of 2024.
Corporate Conversion
Pursuant to the Umbrella Agreement, CPLP,
Capital Maritime and the General Partner have agreed to, in good
faith, negotiate and jointly work with tax and other advisors to
agree terms for the conversion of the Partnership from a Marshall
Islands limited partnership to a corporation with customary
corporate governance provisions by June 21, 2024.
Rights of First Refusal
Pursuant to the Umbrella Agreement, Capital
Maritime granted the Partnership, beginning on December 21, 2023,
rights of first refusal over (i) transfers of LNG/C vessels owned
by Capital Maritime to third parties, opportunities to order
newbuild LNG/C vessels of which Capital Maritime becomes aware, and
employment opportunities for LNG/C vessels of which Capital
Maritime becomes aware, in each case, for a period ending on
December 21, 2033, (ii) transfers to third parties of two certain
liquid CO2 carriers and two certain ammonia carriers recently
ordered by Capital Maritime (the “Energy Transition Vessels”) for a
period ending when Capital Maritime and its affiliates no longer
beneficially own at least 25% of the issued and outstanding common
units and (iii) if we acquire an Energy Transition Vessel from
Capital Maritime, employment opportunities for such Energy
Transition Vessel of which Capital Maritime becomes aware, for a
period ending when Capital Maritime and its affiliates no longer
beneficially own at least 25% of the issued and outstanding common
units.
Management Commentary
Mr. Jerry Kalogiratos, Chief Executive Officer
of our General Partner, commented:
“I am very pleased to see that the Partnership
has made significant progress on all fronts, as we continue to
successfully execute against the business plan we set out in
November 2023. Importantly, we have concluded the $500.0 million
Rights Offering and with that we closed the agreement to acquire
the 11 two stroke, latest generation LNG/Cs, with two LNG/Cs
already having joined our fleet in December 2023 and January 2024,
respectively. Moreover, we agreed to sell one of our container
vessels in line with the announced intention to gradually divest
from our container vessels. Over the next few months, we expect to
focus on the conversion of the Partnership into a corporation,
which should help facilitate the transition of CPLP to an LNG and
energy transition focused company with the ambition of being a
bellwether of the industry.”
Quarterly Common Unit Cash
Distribution
On January 25, 2024, the Board of Directors of
the Partnership declared a cash distribution of $0.15 per common
unit for the fourth quarter of 2023 payable on February 13, 2024,
to common unit holders of record on February 6, 2024.
LNG Market Update
The reduced focus on energy security, along with
warm weather and increased gas inventories, resulted in a decline
in gas prices in 2023. This, combined with prolonged availability
of vessels throughout the year, has kept charter rates lower
compared to previous years. As a result, LNG spot rates for a
2-stroke vessel averaged $171,250 for the fourth quarter 2023,
while the 1-year time charter rate as of the end of January 2024
stood at around $70,000/day.
The United States have now become the world's
largest exporter of LNG and China has reclaimed its status as the
largest importer. Gas storage levels in Europe are at historical
highs, with several importers in Asia reaching tank tops. With a
steady flow of newbuild deliveries and limited new liquefaction
capacity, 2024 is expected to be softer in terms of spot and
short-term time charter rates. LNG fleet capacity growth of 10.5%
is projected to outpace LNG tonne-mile trade growth of 5.6%.
However, charter markets for 2-stroke vessels, which benefit
significantly from higher carrying capacity and lower boil-off, are
expected to remain generally healthy, as preference for these
vessels is increasing even at lower gas prices.
Looking ahead, it is anticipated that the
increasing shipping demand from new projects, both in terms of
volume and longer distances, will induce further demand for LNG/Cs
including newbuild orders with 2027-2028 delivery. Assuming that
projects adhere to their timelines, and proposed projects reach
Final Investment Decision (FID), demand for newbuild LNG/Cs is
likely to surpass current yard capacity by the end of the
decade.
Conference Call and Webcast
Today, February 2, 2024, the Partnership will
host an interactive conference call at 10:00 am Eastern Time to
discuss the financial results.
Conference Call Details
Participants should dial into the call 10
minutes before the scheduled time using the following numbers: +1
877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and
Standard International Dial In). Please quote “Capital Product
Partners” to the operator and/or conference ID 13744269. Click
here for additional participant International Toll-Free access
numbers.
Alternatively, participants can register for the
call using the “call me” option for a faster connection to join the
conference call. You can enter your phone number and let the system
call you right away. Click here for the “call me” option.
Slides and Audio Webcast
There will also be a live, and then archived,
webcast of the conference call and accompanying slides, available
through the Partnership’s website. To listen to the archived audio
file, visit our website http://ir.capitalpplp.com/ and click on
Webcasts & Presentations under our Investor Relations page.
Participants in the live webcast should register on the website
approximately 10 minutes prior to the start of the webcast.
About Capital Product Partners
L.P.
Capital Product Partners L.P. (NASDAQ: CPLP), a
Marshall Islands limited partnership, is an international owner of
ocean-going vessels. CPLP currently owns 24 high specification
vessels, including nine latest generation LNG/Cs, 12 Neo-Panamax
container vessels and three Panamax container vessels. CPLP has
agreed to sell one Panamax container vessel within the first
quarter of 2024. In addition, CPLP has agreed to acquire nine
additional latest generation LNG/Cs to be delivered between the
second quarter of 2024 and the first quarter of 2027.
For more information about the Partnership,
please visit: www.capitalpplp.com.
Forward-Looking Statements
The statements in this press release that are
not historical facts, including, among other things, the expected
financial performance of CPLP’s business, the transactions
contemplated pursuant to the Umbrella Agreement, CPLP’s ability to
pursue growth opportunities, CPLP’s expectations or objectives
regarding future distributions, unit repurchases, market, vessel
deliveries and charter rate expectations, and, in particular, the
expected effects of recent vessel acquisitions on the financial
condition and operations of CPLP and the container and LNG
industries in general, are 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. For a discussion of
factors that could materially affect the outcome of forward-looking
statements and other risks and uncertainties, see “Risk Factors” in
CPLP’s annual report filed with the SEC on Form 20-F for the year
ended December 31, 2022, filed on April 26, 2023. Unless required
by law, CPLP expressly disclaims any obligation to update or revise
any of these forward-looking statements, whether because of future
events, new information, a change in its views or expectations, to
conform them to actual results or otherwise. CPLP does not assume
any responsibility for the accuracy and completeness of the
forward-looking statements. You are cautioned not to place undue
reliance on forward-looking statements.
CPLP-F Contact Details:Capital GP
L.L.C.Jerry KalogiratosCEOTel. +30 (210) 4584 950 E-mail:
j.kalogiratos@capitalpplp.com
Capital GP L.L.C.Nikos
KalapotharakosCFOTel. +30 (210) 4584 950 E-mail:
n.kalapotharakos@capitalmaritime.com
Investor Relations /
MediaNicolas BornozisCapital Link, Inc. (New York)Tel.
+1-212-661-7566E-mail : cplp@capitallink.comSource: Capital Product
Partners L.P.
Capital Product Partners L.P.Unaudited
Condensed Consolidated Statements of Comprehensive
Income(In thousands of United States Dollars,
except for number of units and earnings per unit)
|
For the three-month |
For the year |
periods ended December 31, |
ended December 31, |
|
2023 |
2022 |
2023 |
2022 |
Revenues |
$ |
95,509 |
|
$ |
79,897 |
|
$ |
360,586 |
|
$ |
299,071 |
|
Expenses / (income),
net: |
|
|
|
|
|
|
|
|
Voyage expenses |
|
3,014 |
|
|
3,819 |
|
|
14,920 |
|
|
16,236 |
|
Vessel operating expenses |
|
17,717 |
|
|
14,954 |
|
|
74,790 |
|
|
58,288 |
|
Vessel operating expenses -
related parties |
|
2,836 |
|
|
2,347 |
|
|
10,899 |
|
|
9,172 |
|
General and administrative
expenses |
|
5,735 |
|
|
4,016 |
|
|
13,445 |
|
|
10,681 |
|
Vessel depreciation and
amortization |
|
22,207 |
|
|
16,994 |
|
|
84,199 |
|
|
69,272 |
|
Gain on sale of vessels |
|
- |
|
|
- |
|
|
- |
|
|
(47,275) |
|
Impairment of vessels |
|
3,541 |
|
|
- |
|
|
11,497 |
|
|
- |
|
Operating income, net |
|
40,459 |
|
|
37,767 |
|
|
150,836 |
|
|
182,697 |
|
Other income /
(expense), net: |
|
|
|
|
|
|
|
|
Interest expense and finance
cost |
|
(27,906) |
|
|
(18,424) |
|
|
(104,858) |
|
|
(55,421) |
|
Other
income / (expense), net |
|
177 |
|
|
1,783 |
|
|
1,230 |
|
|
(1,855) |
|
Total other expense, net |
|
(27,729) |
|
|
(16,641) |
|
|
(103,628) |
|
|
(57,276) |
|
Partnership’s net
income |
$ |
12,730 |
|
$ |
21,126 |
|
$ |
47,208 |
|
$ |
125,421 |
|
General Partner’s interest in Partnership’s net income |
|
110 |
|
|
354 |
|
|
680 |
|
|
2,157 |
|
Partnership’s net income
allocable to unvested units |
|
119 |
|
|
727 |
|
|
929 |
|
|
3,662 |
|
Common unit holders’ interest
in Partnership’s net income |
|
12,501 |
|
|
20,045 |
|
|
45,599 |
|
|
119,602 |
|
Net income
per: |
|
|
|
|
|
|
|
|
Common units, basic
and diluted |
$ |
0.48 |
|
$ |
1.03 |
|
$ |
2.15 |
|
$ |
6.19 |
|
Weighted-average units
outstanding: |
|
|
|
|
|
|
|
|
Common units, basic
and diluted |
|
25,941,874 |
|
|
19,505,152 |
|
|
21,182,471 |
|
|
19,325,030 |
|
Unaudited Condensed Consolidated Balance
Sheets(In thousands of United States
Dollars)
|
|
As of December 31, 2023 |
|
|
As of December 31, 2022 |
|
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
192,422 |
|
$ |
144,635 |
|
Other current assets |
|
33,082 |
|
|
21,688 |
|
Total current assets |
|
225,504 |
|
|
166,323 |
|
Fixed assets |
|
|
|
|
|
|
Advances for vessels under construction – related party |
|
174,400 |
|
|
24,000 |
|
Vessels, net and vessels under construction |
|
2,632,285 |
|
|
1,757,897 |
|
Total fixed assets |
|
2,806,685 |
|
|
1,781,897 |
|
Other non-current assets |
|
|
|
|
|
|
Restricted cash |
|
11,721 |
|
|
10,213 |
|
Other non-current assets |
|
96,389 |
|
|
38,331 |
|
Total non-current assets |
|
2,914,795 |
|
|
1,830,441 |
|
Total assets |
$ |
3,140,299 |
|
$ |
1,996,764 |
|
Liabilities and Partners’ Capital |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Current portion of long-term debt, net |
$ |
103,116 |
|
$ |
73,213 |
|
Other current liabilities |
|
80,814 |
|
|
45,367 |
|
Total current liabilities |
|
183,930 |
|
|
118,580 |
|
Long-term liabilities |
|
|
|
|
|
|
Long-term debt, net (including $6,000 payable to related party as
of December 31, 2023 and 2022) |
|
1,672,179 |
|
|
1,215,865 |
|
Other non-current liabilities |
|
109,257 |
|
|
23,893 |
|
Total long-term liabilities |
|
1,781,436 |
|
|
1,239,758 |
|
Total liabilities |
|
1,965,366 |
|
|
1,358,338 |
|
Total partners’ capital |
|
1,174,933 |
|
|
638,426 |
|
Total liabilities and partners’ capital |
$ |
3,140,299 |
|
$ |
1,996,764 |
|
Cash Flow Data (In thousands of United
States Dollars)
For the years ended December 31, |
|
|
2023 |
|
2022 |
|
Net cash provided by operating activities |
|
189,375 |
|
|
172,568 |
|
Net cash used in investing activities |
|
(447,092) |
|
|
(14,109) |
|
Net cash provided by / (used in) financing
activities |
|
307,012 |
|
|
(35,091) |
|
Net increase in cash, cash equivalents and restricted
cash |
|
49,295 |
|
|
123,368 |
|
Effect
of exchange rate changes on cash, cash equivalents and restricted
cash |
|
- |
|
|
493 |
|
Cash, cash equivalents and restricted cash at beginning of
the year |
|
154,848 |
|
|
30,987 |
|
Cash, cash equivalents and restricted cash at end of the
year |
$ |
204,143 |
|
$ |
154,848 |
|
Appendix A – Reconciliation of Non-GAAP
Financial Measure (In thousands of U.S.
Dollars)Description of Non-GAAP Financial Measure
– Operating SurplusOperating Surplus represents net income
adjusted for depreciation and amortization expense, exchange
differences on Bonds and cash and cash equivalents, change in fair
value of derivatives, impairment, amortization / accretion of above
/ below market acquired charters and straight-line revenue
adjustments.
Operating Surplus is a quantitative measure used
in the publicly traded partnership investment community to assist
in evaluating a partnership’s financial performance and ability to
make quarterly cash distributions. Operating Surplus is not
required by GAAP and should not be considered a substitute for net
income, cash flow from operating activities and other operations or
cash flow statement data prepared in accordance with GAAP or as a
measure of profitability or liquidity. Our calculation of Operating
Surplus may not be comparable to that reported by other companies.
The table below reconciles Operating Surplus to net income for the
following periods:
Reconciliation of
Non-GAAP Financial
Measure –
Operating Surplus |
For the three-month period ended December
31, 2023 |
For the three-month period ended September
30, 2023 |
For the three-month period ended December
31, 2022 |
Partnership’s net income |
12,730 |
17,038 |
21,126 |
Adjustments to
reconcile net income
to operating surplus prior to
Capital |
|
|
|
Depreciation, amortization, unrealized Bonds exchange differences
and change in fair value of derivatives1 |
24,111 |
23,858 |
17,285 |
Impairment of vessels |
3,541 |
- |
- |
Amortization / accretion of above
/ below market acquired charters and straight-line revenue
adjustments |
73 |
755 |
(1,095) |
Operating Surplus prior to capital reserve |
40,455 |
41,651 |
37,316 |
Capital reserve |
(38,954) |
(34,444) |
(30,987) |
Operating Surplus after capital reserve |
1,501 |
7,207 |
6,329 |
Decrease / (increase) in recommended reserves |
6,807 |
(4,162) |
(3,238) |
Available Cash |
8,308 |
3,045 |
3,091 |
Depreciation, amortization, unrealized
Bonds exchange differences and change in fair value of derivatives
line item includes the following components:
- Vessel depreciation and amortization;
- Deferred financing costs and equity compensation plan
amortization;
- Unrealized Bonds exchange differences;
- Unrealized cash, cash equivalents and restricted cash
exchange differences; and
- Change in fair value of derivatives.
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