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UBS Cuts Outlook on Capital Product (CPLP); Market Softened, Challenges Continue
10:00 AM 8/24/2012 - StreetInsider
UBS maintains a 'Buy' on Capital Product (NASDAQ: CPLP) price target of $8.40 (from $10.50).
Analyst, Ronald J. Barone, said, "The Product Tanker spot market softened in 2Q '12 due to weak US and European demand and a lack of arbitrage opportunities. However, demand for Product Tankers is expected to grow by 5.7% in '12 and fleet growth is projected at 3.2%. The Crude Tanker spot market softened in June due to seasonally softer demand, high crude inventories and increased tonnage supply. Crude Tanker supply remains a concern as fleet growth is still at elevated levels."
"...we are reducing our EBITDA estimates to $99MM/$109.5MM/$114.5MM, from $144MM/$155MM/$160MM, for 12/ 13/ 14, respectively." (FY12 EPS estimate cut from $0.80 to $0.14. FY13 from $0.94 to $0.32 and FY14 from $1.03 to $0.40)
For an analyst ratings summary and ratings history on Capital Product click here. For more ratings news on Capital Product click here.
Shares of Capital Product closed at $7.70 yesterday, with a 52 week range of $5.26-$8.80.
UBS has CPLP as a BUY, though they cut P/T from $10.50 to $8.40. But that is still a ways North. Too bad market woes.
Capital Product Partners L.P. Announces Cash Distribution
4:05 PM 7/23/2012 - Marketwire
ATHENS, GREECE -- (Marketwire) -- 07/23/12 -- Capital Product Partners L.P. (NASDAQ: CPLP) today announced that its board of directors has declared a cash distribution of $0.2325 per common unit for the second quarter of 2012 ended June 30, 2012, in line with management's annual guidance.
The second quarter common unit cash distribution will be paid on August 15, 2012, to unit holders of record on August 7, 2012.
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. The Partnership currently owns 25 vessels, including two VLCCs (Very Large Crude Carriers), four Suezmax crude oil tankers, 18 modern MR (Medium Range) tankers and one Capesize bulk carrier. All of its vessels are under period charters to BP Shipping Limited, Overseas Shipholding Group, Petrobras, Arrendadora Ocean Mexicana, S.A. de C.V., Cosco Bulk Carrier Co. Ltd. and Capital Maritime & Trading Corp.
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 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
Contact Details:
Capital GP L.L.C.
Ioannis Lazaridis
CEO and CFO
+30 (210) 4584 950
E-mail: i.lazaridis@capitalpplp.comCapital Maritime & Trading Corp.
Jerry Kalogiratos
Finance Director
+30 (210) 4584 950
E-mail: j.kalogiratos@capitalpplp.com
Investor Relations / Media
Matthew AbenanteCapital Link, Inc.
(New York)
Tel. +1-212-661-7566
E-mail: cplp@capitallink.com
Source: Capital Product Partners L.P.
Capital Product Partners L.P. Announces First Quarter 2012 Financial Results and Reiterates Its Commitment to Its $0.93 per U...
Capital Product Partners L.P. - Common Units Representing Limited Partner Interests (MM) (NASDAQ:CPLP)
Intraday Stock Chart
Today : Wednesday 2 May 2012
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, 2012.
The Partnership's net income for the quarter ended March 31, 2012, was $3.2 million, or $0.05 per limited partnership unit, which is $0.03 higher than the $0.02 per unit from the previous quarter ended December 31, 2011, and $0.01 lower than the $0.06 per unit in the first quarter of 2011. The Partnership's higher net income from the previous quarter was a result of the increased operating income derived from the time charter employment for certain of our crude vessels that were acquired as part of the acquisition of Crude Carriers Corp. ("Crude Carriers"), which was completed on September 30, 2011.
Operating surplus for the quarter ended March 31, 2012, was $17.5 million, which is $1.7 million higher than the $15.8 million from the fourth quarter of 2011 and $8.4 million higher than the $9.1 million from the first quarter of 2011. 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 refer to the attached Appendix A, for a reconciliation of this non-GAAP measure to net income.)
Revenues for the first quarter of 2012 were $39.8 million, compared to $27.7 million in the first quarter of 2011. The Partnership's revenues reflect mainly the increased fleet size following the acquisition of Crude Carriers.
Total expenses for the first quarter of 2012 were $28.6 million compared to $17.2 million in the first quarter of 2011, primarily due to the higher operating expenses as a result of the higher number of vessels in the fleet following the acquisition of Crude Carriers mentioned above. The operating expenses for the first quarter of 2012 amounted to $12.1 million, including a $7.3 million charge by a subsidiary of our Sponsor, Capital Maritime & Trading Corp. ("Capital Maritime" or "CMTC"), for the commercial and technical management of our fleet under the terms of our management agreements, compared to $7.0 million in the first quarter of 2011. The operating expenses for the first quarter of 2012 also consist of $12.2 million in depreciation compared to $8.1 million in the first quarter of 2011, and a $1.0 million gain related to the sale of the M/T Attikos to unrelated third parties. General and administrative expenses for the first quarter of 2012 amounted to $2.3 million, which include a $1.0 million non-cash charge related to the Partnership's Omnibus Incentive Compensation Plan.
Total other expense, net for the first quarter of 2012 amounted to $8.0 million compared to $8.1 million for the first quarter of 2011. Total other expense, net for the first quarter of 2012 reflected a $0.6 million gain on the Partnership's interest rate swap agreements as a result of the change in the fair value of certain of these agreements.
As of March 31, 2012, the Partnership's total debt had decreased by $10.0 million to $623.6 million, compared to long-term debt of $633.6 million as of December 31, 2011. The Partners' capital stood at $509.3 million as of March 31, 2012, which is $8.0 million lower than the Partners' capital as of December 31, 2011.
Fleet Developments and Sale of M/T Attikos and M/T Aristofanis
On March 22, 2012, the Partnership announced that the M/T Miltiadis M II (162,397 dwt built 2006 by Daewoo Shipbuilding and Marine Engineering Co., Ltd., South Korea) was fixed at a gross daily charter rate of $18,250 to Capital Maritime for 12 months (+/- 30 days). The charter commenced in March 2012. The Conflicts Committee of the Partnership unanimously approved the charter.
On the same day, the Partnership announced that the M/T Amore Mio II (159,982 dwt, built 2001 by Daewoo Shipbuilding and Marine Engineering Co., Ltd., South Korea) was chartered to BP Singapore Pte Ltd. (BP Singapore) for a minimum charter term of one year (+/- 30 days) and a maximum charter term of up to 2 years (+/- 30 days) commencing on March 5, 2012. The vessel had been under charter with Capital Maritime as of December 2011 for 11-14 months at a net daily charter rate of $18,022. The vessel's actual earnings under the new charter are $18,325 net per day until December 2012, as the new net daily charter rate includes compensation that Capital Maritime will pay to the Partnership for the vessel's early redelivery in accordance with the terms of the charter party agreement with Capital Maritime. BP Singapore has the option to extend the charter for a second year.
Following the commencement of the above charters, all crude vessels acquired as a result of the acquisition of Crude Carriers have secured period employment and the Partnership's charter coverage of total fleet days is estimated at 83% for the remainder of 2012.
The Partnership announced on March 22 and April 4, 2012, respectively, that it had sold the M/T Attikos (12,000 dwt, built 2005, Baima Shipyard, PRC) and the M/T Aristofanis (12,000 dwt, built 2005, Baima Shipyard, PRC) to unrelated third parties and each transaction resulted to a gain for the Partnership. The proceeds from each sale were used to repay bank debt.
Market Commentary
Overall, product tanker average spot earnings for the first quarter of 2012 softened slightly when compared to the fourth quarter of 2011, as a weaker spot market east of Suez and above average temperatures in the Northern hemisphere translated into softer demand for product tankers.
Despite softer spot earnings, the period charter market remained robust with increased activity for both shorter and longer term employment with a number of traders and operators seeking longer term charter coverage. As a result, the number of period charter fixtures in the first quarter of 2012 for employment longer than six months for Medium Range (MR), and handy product tankers increased by approximately 90% and were at generally higher rates when compared to the fourth quarter of 2011.
On the supply side, the product tanker order book experienced substantial slippage during 2011, as approximately 56% of the expected MR and handy size tanker new buildings were not delivered on schedule. Slippage as of the end of March 2012 has been on the increase with an estimated 73% of the expected deliveries not taking place. As a result, analysts expect that net fleet growth for product tankers for 2012 will be below 2%, while demand for product tankers for the year is estimated to grow by 3.4%. We believe the current low product tanker order book going forward is amongst the lowest in the shipping industry and together with the attractive demand fundamentals should positively affect spot and period charter rates going forward.
The VLCC and Suezmax tanker spot charter markets saw marked improvement in average earnings, as they experienced the highest average since the second and fourth quarters of 2010, respectively. Demand for VLCCs, and to a lesser extent for Suezmaxes, increased due to tighter sanctions on Iranian crude, increased oil imports out of the Middle Eastern Gulf to the US and increased Chinese crude oil import demand which reached historical highs. These factors contributed to the absorption of most of the excess crude tanker vessel supply and led to substantially higher spot rates compared to the fourth quarter of 2011.
The crude tanker long term period market saw more activity when compared to the second half of 2011, as the improving spot market encouraged certain oil majors and traders to take vessels on period at slightly higher rates. However, overall period rates remain close to historically low levels and the longer term period market remains illiquid as charterers remain reluctant to fix for longer than 12 months.
The crude tanker order book experienced substantial slippage during 2011, as approximately 31% of the expected crude tanker newbuilding deliveries for the year have not materialized. Slippage as of the end of March 2012 has been on the increase with an estimated 42% of the expected deliveries not taking place. Industry analysts expect the crude tanker order book slippage and cancellations to increase going forward due to the historically weak spot market, the soft shipping finance environment and downward pressure on asset values. Demand fundamentals for crude tankers remain solid as crude tanker deadweight demand is expected to grow in full year 2012 by 2.0%
Quarterly Cash Distribution
On April 24, 2012, the Board of Directors of the Partnership declared a cash distribution of $0.2325 per unit for the first quarter of 2012, in line with management's annual guidance. The first quarter 2012 distribution will be paid on May 16, 2012 to unit holders of record on May 8, 2012.
Management Commentary
Mr. Ioannis Lazaridis, Chief Executive and Chief Financial Officer of the Partnership's General Partner, commented:
"During the first quarter, we continued to enjoy a solid environment for the period charter market in product tankers, which is the focus of our commercial activity. We are pleased to have completely eliminated the Partnership's current exposure to the crude tanker spot charter market by fixing the remaining crude tanker on a one year time charter to our Sponsor, Capital Maritime. During the first quarter we have started to experience the benefit of increased revenues and cash flow stability from the crude tanker period charters we have previously announced, and we expect to see their full impact from the second quarter of 2012 onwards. Following the commencement of all the above charters, the Partnership's charter coverage of total fleet days is estimated at 83% for 2012.
"In March and April 2012, we also announced the sale of our two smaller tankers to unrelated third parties, in line with our decision at the time of the acquisition of Crude Carriers to focus on the larger MR product and crude tankers."
Mr. Lazaridis continued: "The improved supply demand balance in the product tanker market, due to the expected low number of newbuilding product tanker deliveries in 2012 and robust tonne-mile demand, as well as the healthy number of period fixtures observed, make us increasingly optimistic about the medium term outlook of our cash flows."
"Given all of the above, we take this opportunity to reiterate our commitment to our annual distribution guidance of $0.93 per unit."
Conference Call and Webcast
Today, May 2, 2012 at 11:00 a.m. Eastern Time (U.S.), the Partnership will host an interactive conference call.
Conference Call Details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-(866) 966-9439 (from the US), 0871 700-0345 (from the UK) or +(44) 1452 555 566 (from outside the US). Please quote "Capital Product Partners."
A replay of the conference call will be available until May 9, 2012. The United States replay number is 1(866) 247-4222; from the UK 0(845) 245-5205; the standard international replay number is (+44) 1452 550 000 and the access code required for the replay is: 76757139#
Slides and Audio Webcast:
There will also be a simultaneous live webcast over the Internet, through the Capital Product Partners website, www.capitalpplp.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
Forward-Looking Statements:
The statements in this press release that are not historical facts, including our expectations regarding the current and future employment of our vessels, redelivery dates and charter rates, expected fleet coverage for 2012, newbuilding deliveries and slippage as well as market and rate expectations as well as expectations regarding our cash flow outlook, quarterly distribution and annual distribution guidance 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.
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. The Partnership currently owns 25 vessels, including two VLCCs (Very Large Crude Carriers), four suezmax crude oil tankers, 18 modern MR tankers and one capesize bulk carrier. All of its vessels are under period charters to BP Shipping Limited, Overseas Shipholding Group, Petrobras, Arrendadora Ocean Mexicana, S.A. de C.V., Cosco Bulk Carrier Co. Ltd and Capital Maritime & Trading Corp.
For more information about the Partnership, please visit our website: www.capitalpplp.com.
$CPLP a wonderfull opportunity here. A very low Multiple with 40% revenue growth over the next 5 years. with a current yeild of almost 12%. IMO this stock will make us alot of money over the next 6 months. just reaching a modest P/E of 10 will make this a 32 dollar stock. keep an eye out for this one.
Congrats I made 50 bucks.lol eh its ok. I only have 5k to do something with. Any help would be great my sell order went through @ 7.80
yea I banked it too
was not happy with that earnings report
nice trading
I took profits today. I thought the earnings report was a bit weak. Can't sneeze at 30% returns in 4 months <g>
Capital Product Partners L.P. - Common Units Representing Limited Partner Interests (MM) (NASDAQ:CPLP)
Intraday Stock Chart
Today : Tuesday 31 January 2012
Capital Product Partners L.P. (the "Partnership") (NASDAQ: CPLP), an international owner of modern double-hull tankers, today released its financial results for the fourth quarter of 2011 ended December 31, 2011.
The Partnership's net income for the quarter ended December 31, 2011 was $1.0 million, or $0.02 per limited partnership unit, which is $1.48 lower than the $1.50 per unit from the previous quarter ended September 30, 2011 and $0.04 lower than the $0.06 per unit in the fourth quarter of 2010. The Partnership's net income was primarily affected by the weak voyage charter results of a number of the crude vessels that were acquired as part of the acquisition of Crude Carriers Corp. ("Crude Carriers"), which was completed on September 30, 2011. For the third quarter of 2011, the Partnership's reported net income included a $65.9 million gain from bargain purchase related to the excess of the fair value of the Crude Carriers net assets acquired over their purchase price under the definitive merger agreement between Crude Carriers and the Partnership.
Operating surplus for the quarter ended December 31, 2011 was $15.8 million, which is $5.5 million higher than the $10.3 million from the third quarter of 2011 and $6.8 million higher than the $9.0 million from the fourth quarter of 2010. 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 refer to the attached Appendix A, for a reconciliation of this non-GAAP measure to net income.)
Revenues for the fourth quarter of 2011 were $44.0 million, compared to $29.0 million in the fourth quarter of 2010. The Partnership's revenues reflect the increased fleet size following the acquisition of Crude Carriers.
Total expenses for the fourth quarter of 2011 were $35.3 million compared to $18.5 million in the fourth quarter of 2010, as a result of the increased voyage expenses as a number of the crude vessels acquired as part of the acquisition of Crude Carriers were operating under voyage charters during the quarter, higher operating expenses as a result of the higher number of vessels in the fleet and higher general and administrative expenses. The operating expenses for the fourth quarter of 2011 included a $7.8 million charge by a subsidiary of our Sponsor, Capital Maritime & Trading Corp. ("Capital Maritime" or "CMTC"), for the commercial and technical management of our fleet under the terms of our management agreements. The operating expenses for the fourth quarter of 2011 also consist of $12.3 million in depreciation and $2.4 million in general and administrative expenses, which include a $0.8 million non-cash charge related to the Partnership's Omnibus Incentive Compensation Plan and a $0.1 million charge in connection with the merger with Crude Carriers and the preparation of the proxy statement on Form F-4 filed with the Securities and Exchange Commission.
Total other non-operating (expense) net for the fourth quarter of 2011 amounted to $7.6 million compared to $8.1 million for the fourth quarter of 2010. Total other non-operating (expense) net for the quarter reflected a $1.0 million gain on the Partnership's interest rate swap agreements as a result of the change in the fair value of certain of these agreements.
As of December 31, 2011, the Partnership's total debt had increased by $159.6 million to $633.6 million compared to long-term debt of $474.0 million as of December 31, 2010. The increase in long term debt reflects the addition of Crude Carriers' $134.6 million of outstanding indebtedness which was refinanced under the Partnership's $350.0 million revolving facility, which is non-amortizing until June 2013, and $25.0 million in indebtedness incurred in relation to the acquisition of the M/V 'Cape Agamemnon' in June 2011. Following the issuance of approximately 25.0 million units for the acquisition of Crude Carriers in a unit-for-share transaction, whereby Crude Carriers became a wholly-owned subsidiary of the Partnership, and the issuance of 7.1 million units to Capital Maritime in connection with the acquisition of the M/V 'Cape Agamemnon' in June 2011, the Partners' capital stood at $517.3 million as of December 31, 2011, which is $277.6 million higher than the Partners' capital as of December 31, 2010.
Fleet Developments
On November 21, 2011, the Partnership announced that the M/T 'Achilleas' (297,863 dwt, built 2010 Universal Shipbuilding Corp., Japan) has secured employment with Capital Maritime for a maximum charter term of up to 3 years. The first 12 months of the time charter earn a gross daily charter rate of $28,000 per day plus 50/50 profit share on actual earnings settled every 6 months. CMTC has the option to extend the time charter employment for a second year at $34,000 per day and for a third year at $38,000 per day with the same profit share arrangements. The Conflicts Committee of the Partnership unanimously approved the charter which commenced on January 6, 2012.
The Partnership also announced on the same date that it has amended certain terms of the charter of the M/V 'Cape Agamemnon' (179,221 dwt, built 2010, Sungdong Shipbuilding & Marine Engineering Co., Ltd., South Korea) to COSCO Bulk. At the request of the charterer, the Partnership agreed to a fixed rate of $42,200 gross per day from November 2011 through the end of its time charter to COSCO Bulk in June 2020. The Partnership stands to gain an additional $1.8 million in charter revenues over the duration of the charter, when compared to the original agreement of $53,100 per day until July 2015 and $33,100 gross per day from July 2015 until the end of the term.
On January 13, 2012, the Partnership announced that the M/T Agamemnon II (51,238 dwt, built 2008 STX Offshore & Shipbuilding Co., South Korea) was fixed to BP Shipping at a daily charter rate of $14,000 net for 12 months (+/- 1 month). The charter is subject to a profit sharing arrangement which allows each party to share, at a 50/50 percentage, additional revenues earned for breaching the Institute Warranty Limits. The new charter rate commenced on January 24, 2012, with earliest expected redelivery at the end of December 2012.
On the same date, the Partnership also announced that the M/T Ayrton II (51,260 dwt, built 2009 STX Offshore & Shipbuilding Co., South Korea) was fixed to BP Shipping for 24 months (+/- 1 month) at a daily charter rate of $14,000 net for the first 12 month period and at a daily charter rate of $15,000 net for the second 12 month period. The charter is subject to a profit sharing arrangement which allows each party to share, at a 50/50 percentage, additional revenues earned for breaching the Institute Warranty Limits. The new charter rate will commence upon redelivery from the vessel's current charter, expected in April 2012, with earliest expected redelivery in March 2014.
Lastly, the M/T Amore Mio II (159,924 dwt, 2001 Daewoo, South Korea) was fixed at a gross daily charter rate of $18,250 to Capital Maritime for 11-14 months (+/- 30 days). The charter commenced on December 18, 2011, upon redelivery from the previous charter, and the earliest expected redelivery under the charter is October 2012. The Conflicts Committee of the Partnership unanimously approved the charter.
Following the commencement of the above charters, the Partnership's charter coverage of total fleet days is estimated at 77% for 2012.
Market Commentary
Overall, the product tanker spot market improved during the fourth quarter of 2011 when compared to the previous quarter, as a result of increased activity in most clean markets driven mainly by the Transatlantic route, as well as increasing momentum in the East clean markets. Clean spot rates saw a further improvement in the Atlantic towards the end of the quarter, posting a strong end to the year on the back of improving fleet utilization and increased seasonal demand.
The period charter market remained robust with increased activity for both shorter and longer term employment with a number of traders and operators seeking longer term charter coverage. As a result, period charter fixtures in 2011 for one year or longer employment for Medium Range ('MR') and handy product tankers experienced a significant increase in activity and at generally higher rates when compared to 2010.
The product tanker order book experienced substantial slippage during 2011, as approximately 56% of the expected MR and handy size tanker new buildings were not delivered on schedule. Analysts estimate that net fleet product tanker growth for 2011 was between 2-3%. We believe the current product tanker order book going forward is amongst the lowest in the shipping industry given the attractive industry fundamentals.
The crude tanker spot charter market for both VLCCs and Suezmaxes saw a seasonal improvement in the fourth quarter. Increased activity out of the Middle Eastern Gulf and West Africa to the East, as well as delays in the Bosporus straits, supported a higher rate environment.
The crude tanker long term period market remained illiquid, as charterers' expectations for the short term spot market prospects remain uncertain and owners are unwilling to fix long term period charters at historically low levels.
The crude tanker order book continued to experience substantial slippage during 2011, as approximately 31% of the expected crude tanker newbuilding deliveries for the year have not materialized. Industry analysts expect the crude tanker order book slippage and cancellations to remain substantial going forward due to the weak spot market, the soft shipping finance environment and downward pressure on asset values.
Quarterly Cash Distribution
On January 23, 2012, the Board of Directors of the Partnership declared a cash distribution of $0.2325 per unit for the fourth quarter of 2011, in line with management's annual guidance. The fourth quarter 2011 distribution will be paid on February 15, 2012 to unit holders of record on February 7, 2012.
The total distributions of $0.93 paid during 2011 qualify fully as return of capital for our U.S. based unitholders, according to our advisors.
Management Commentary
Mr. Ioannis Lazaridis, Chief Executive and Chief Financial Officer of the Partnership's General Partner, commented: "2011 was a transformative year for the Partnership. The completion of the merger with Crude Carriers in September 2011, along with the acquisition of the Cape Agamemnon with an attractive long-term charter in June 2011, have strengthened the Partnership's balance sheet, thereby increasing our financial flexibility and laying a solid basis for distribution growth going forward.
"Moreover, in line with our stated commitment to employ our vessels in the period charter market, thus offering cash flow visibility to our investors, we have successfully chartered for long term period four of our crude tanker vessels operating in the spot market at the time of the completion of the merger, further improving the long term charter coverage of our fleet. We intend to fix the remaining one crude tanker vessel currently operating in the spot market in the coming months as opportunities arise, in order to eliminate the Partnership's remaining crude tanker spot market exposure."
Mr. Lazaridis continued: "During the fourth quarter we enjoyed an improved environment for the product tanker market. The improved supply demand balance, due to the expected low number of newbuilding product tanker deliveries in 2012, as well as the healthy number of period fixtures observed in the product tanker market, make us increasingly optimistic about the medium term outlook of our cash flows.
"Given all of the above, we take this opportunity to reiterate our commitment to our annual distribution guidance of $0.93 per unit."
Conference Call and Webcast
Today, Tuesday, January 31, 2012 at 10:00 a.m. Eastern Time (U.S.), the Partnership will host an interactive conference call.
Conference Call Details:
CPLP should be at $9ish, imo
timhyma Share Thursday, September 22, 2011 9:37:28 PM
Re: EZ2 post# 75246 Post # of 78213
ended up getting CPLP at $5.91 and MNDO at $1.81 today.
Both are dividend payers of 14% and 17% yield respectively
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=67351307&txt2find=cplp
Your in this one I jsut saw it wow. What a gem I think. Am I to late though? Is the run over you think? The weekly and daily say no, but the candle trend to me says yes. Thoughts? Any advice with this one?
Apparently, some view the merger as a negative thing. Only time will confirm or deny that viewpoint. CPLP income wise has made it through tough times well and still has an ongoing future.
How long will that nice dividend % be ignored by the market?
Just as I figured, nobody wants CPLP junk, lol.
Course, I been saying that forever.
coursonc
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Capital Product Partners L.P. (Nasdaq: CPLP) is an international, diversified shipping company and leader in the seaborne transportation of a wide range of cargoes, including crude oil, refined oil products, such as gasoline, diesel, fuel oil, jet fuel and edible oils, as well as dry cargo and containerized goods. As a publicly traded master limited partnership, CPLP has elected to be treated as a C-Corp. for tax purposes which is most beneficial for U.S. investors (as they receive the standard 1099 form). The Partnership is well-positioned to benefit from the long-term growth dynamics of the global shipping industry and to capitalize on potential acquisition opportunities in the fragmented shipping market. CPLP benefits from the commercial and technical management agreement with its Sponsor, Capital Maritime & Trading Corp. ("Capital Maritime"), an established and reputable diversified shipping company.
Modern High Specification Fleet
• The CPLP fleet currently consists of thirty four high specification vessels: four suezmax crude oil tankers, twenty MR (Medium Range) product tankers, all of which are classed as IMO II/III vessels, nine post-panamax container carrier vessels and one capesize bulk carrier.
• The average age of the CPLP fleet (weighted by dwt) is 6.5 years (as of September 30, 2015). Its thirteen Ice Class 1A MR chemical/product tankers represent one of the largest such fleets in the world.
Fleet Employment -- Visible & Stable Cash Flows
• CPLP vessels are chartered under medium- to long-term, fixed-rate time and bareboat charters with counterparties such as A.P. Moller-Maersk A.S., BP Shipping Limited, Cargill International S.A., CMA-CGM S.A., Cosco Bulk Carrier Co. Ltd., CSSA S.A. (Total S.A.), Engen Petroleum, Hyundai Merchant Marine Co. Ltd., Overseas Shipholding Group Inc., Petróleo Brasileiro S.A. ('Petrobras'), Repsol Trading S.A. ('Repsol'), Shell International Trading & Shipping Company Ltd., Stena Bulk A.B. and Capital Maritime.
http://www.capitalpplp.com/overview.cfm
Ex-dividend date | Amount | Record date | Pay date |
---|---|---|---|
February 3, 2016 | $0.2385 | February 5, 2016 | February 12, 2016 |
November 4, 2015 | $0.2385 | November 6, 2015 | November 13, 2015 |
August 5, 2015 | $0.2365 | August 7, 2015 | August 14, 2015 |
May 5, 2015 | $0.2345 | May 7, 2015 | May 13, 2015 |
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