Business Context and Reporting Period
This Form 6-K filing by Capital Product Partners L.P. (Nasdaq: CPLP) covers the period ending October 26, 2009. The registrant is a Marshall Islands master limited partnership and foreign private issuer that owns and operates an international fleet of modern double-hull tankers. The fleet consists of 18 vessels, including 15 MR tankers, two small product tankers, and one Suezmax crude oil tanker. These vessels are chartered under medium to long-term agreements with major entities such as BP Shipping Limited, Morgan Stanley Capital Group Inc., Overseas Shipholding Group, and Shell International Trading & Shipping Company Ltd.
Key Financial Metrics
The filing primarily announces a cash distribution rather than providing a full set of financial statements. Key metrics disclosed include:
- Cash Distribution: $0.41 per unit for the third quarter ended September 30, 2009.
- Payment Date: November 13, 2009.
- Record Date: November 5, 2009.
- Historical Minimum: The minimum quarterly distribution set at the time of the IPO was $0.375.
The filing text does not provide specific values for revenue, net profit, operating cash flow, margins, debt levels, or liquidity ratios for the reporting period.
Material Changes
The cash distribution for the third quarter of 2009 remains unchanged from the previous quarter (April 1, 2009 to June 30, 2009), which was also $0.41 per unit. No other material changes to operations or financial status are detailed in this specific filing.
Guidance, Outlook, and Risks
The filing includes standard forward-looking statements regarding risks and uncertainties that could cause actual results to differ materially from anticipated results. The company expressly disclaims any obligation to update these statements. No specific guidance on future earnings, fleet expansion, or market outlook is provided in this document beyond the confirmation of the current distribution rate.
Investor Verification Checklist
- Verify the record date of November 5, 2009, to ensure eligibility for the $0.41 per unit distribution.
- Confirm the payment date of November 13, 2009, for cash flow planning.
- Review the full Annual Report (Form 20-F) for detailed revenue, debt, and liquidity metrics not included in this press release.
- Monitor the status of medium to long-term charters with BP, Morgan Stanley, Overseas Shipholding, and Shell for potential renewal or termination risks.