CPLP Q2 earnings

Capital Product Partners (CPLP) announced Q2 results on 07/28/23

  • Sold their sole dry bulk vessel, a Cape vessel, in Q2 2023 with delivery to new owner later in the year
  • Business lines now LNG tankers and container vessels
  • Rev of $88.5M
  • Partnership net income of $7.4M
  • Declared a div of 15c/unit
  • Took delivery of a 13.6K TEU vessel with an attached contract.
  • $1.81B in contracted backlog assuming exercise of certain options is a misleading stat (high probability of exercise means nothing legally)
    PowerPoint Presentation (capitalpplp.com)

Was actually quite surprised about the size of sponsor entity Capital Management’s LNG fleet order. The company has interests in 11 additional LNG newbuilds with deliveries between Oct 2023 and Mar 2027 (Slide 13)

No CPLP position