From GlobeNewswire:

Capital Product Partners L.P. released its financial results, including a 20% increase in revenues to $95.5 million, offset by a 31% increase in expenses and a 52% increase in interest expense and finance cost. Net income decreased by 40% to $12.7 million, with an average of 22.5 vessels. The Partnership concluded a $500.0 million rights offering and acquired 11 LNG/C, while selling the 5,100 TEU M/V Long Beach Express.

For the quarter ended December 31, 2023, net income was $12.7 million, with a net income per common unit of $0.48 or $0.61 if ignoring vessel impairment. Total revenue was $95.5 million, a 20% increase from Q4 2022. Total expenses were $55.1 million, including a non-cash impairment charge of $3.5 million. Total other expense, net was $27.7 million during the quarter, while operating surplus was $40.5 million, and after the quarterly allocation to the capital reserve, it was $1.5 million.

As of December 31, 2023, total cash amounted to $204.1 million, total partners’ capital was $1,174.9 million, and total debt was $1,787.8 million. Operating surplus for the quarter was $40.5 million, and after the quarterly allocation to the capital reserve, it was $1.5 million. The Rights Offering was launched on November 27, 2023.

The Partnership’s net income for Q4 2023 was $12.7 million, accompanied by total revenue of $95.5 million and total expenses of $55.1 million. General and administrative expenses totaled $5.7 million, mainly due to costs incurred in connection with the LNG/C Transaction. Total other expense, net was $27.7 million, including total vessel operating expenses of $20.6 million. The increase in depreciation and amortization was mainly due to the net increase in the average size of the fleet.



Read more: Capital Product Partners L.P. Announces Fourth Quarter 2023