For those that want high divvy only I suggest CPLP
Since STNG went up nicely on divvy cut PR, I sold 75% at nice profit and bot CPLP, same business and 9% divvy. Alpha has articles about it. STNG has newer fleet but CPLP has long term contracts and is making very good profits.
ATHENS, GREECE -- (Marketwired) -- 01/31/17 -- Capital Product Partners L.P.(CPLP) , an international diversified shipping partnership, today released its financial results for the fourth quarter ended December 31, 2016.
The Partnership's net income for the quarter ended December 31, 2016 was $13.7 million compared with $15.4 million for the fourth quarter of 2015 and $11.8 million for the previous quarter ended September 30, 2016. After taking into account the preferred interest in net income attributable to the unit holders of the 12,983,333 Class B Convertible Preferred Units outstanding as of December 31, 2016 (the "Class B Units" and the "Class B Unitholders"), and the interest attributable to the general partner, net income per common unit for the quarter ended December 31, 2016 was $0.09, compared to $0.10 for the fourth quarter of 2015 and $0.07 for the previous quarter ended September 30, 2016.
Operating surplus (a non-GAAP financial measure) prior to Class B Units distributions for the quarter ended December 31, 2016 amounted to $34.0 million, a decrease of 3% compared to $35.2 million for the fourth quarter of 2015 and an increase of 7% compared to $31.7 million for the previous quarter ended September 30, 2016, excluding the previously disclosed proceeds from the sale of the Hyundai Merchant Marine Co. Ltd shares ("HMM") of $29.7 million. We allocated $14.6 million to the capital reserve during the fourth quarter of 2016, unchanged compared to the previous quarter. As announced on April 26, 2016, the Partnership intends to make quarterly allocations to a capital reserve for the foreseeable future to fully provide for the debt repayments coming due through the end of 2018. Operating surplus after the quarterly allocation to the capital reserve and distributions to the Class B Unitholders was $16.6 million for the fourth quarter in 2016. 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 "Appendix A" at the end of the press release for a reconciliation of this non-GAAP measure with net income.
Total revenues for the fourth quarter of 2016 reached $62.4 million, an increase of 5% compared to $59.4 million during the fourth quarter of 2015. The increase in total revenues was primarily a result of the expansion of our fleet partly offset by the reduction in the charter rate payable to our vessels under charter with HMM following its financial restructuring in July 2016.
Total expenses for the fourth quarter of 2016 were $43.2 million compared to $38.9 million in the fourth quarter of 2015. Total vessel operating expenses during the fourth quarter of 2016 amounted to $20.4 million, an increase of 11% compared to $18.3 million during the fourth quarter of 2015. The increase primarily reflects the expansion of our fleet. Total expenses for the fourth quarter of 2016 includes vessel depreciation and amortization of $18.4 million compared to $17.0 million in the fourth quarter of 2015, an increase of 8% which is also attributable to the expansion of our fleet. General and administrative expenses for the fourth quarter of 2016 increased to $1.8 million, compared to $1.3 million in the fourth quarter of 2015, primarily as a result of certain expenses related to the acquisition of M/T 'Amor' incurred during the fourth quarter of 2016 and equity compensation expenses recognized during 2016 in relation to our Incentive Compensation Plan.
Total other expense, net for the fourth quarter of 2016 was $5.4 million compared to $5.1 million for the fourth quarter of 2015. Total other expense, net in the fourth quarter of 2016 includes interest expenses and finance costs of $6.2 million, compared to $5.5 million in the fourth quarter of 2015. The increase primarily reflects higher interest costs incurred during the fourth quarter of 2016, mainly as a result of an increase in the principal amount of debt outstanding during the period compared to the same period in 2015 and an increase in the LIBOR weighted average interest rate. Other income increased to $0.8 million in the fourth quarter of 2016 compared to $0.4 million in the fourth quarter of 2015 mainly due to an increase in foreign exchange gains recognized during the fourth quarter of 2016 compared to the same period in 2015.
