Business Context and Reporting Period
Company: Capital Product Partners L.P. (Nasdaq: CPLP)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date of Report: October 23, 2008
Reporting Period: Third quarter ended September 30, 2008
Business Overview: An international owner of modern double-hull tankers based in the Marshall Islands. The fleet consists of 18 vessels (15 MR tankers, 2 small product tankers, and 1 Suezmax crude oil tanker), all under medium to long-term charters with major energy and trading firms including BP, Shell, and Trafigura.
Key Financial Metrics
Cash Distribution: $0.41 per unit declared for the third quarter ended September 30, 2008.
Payment Details: Payable on November 17, 2008, to unitholders of record on November 7, 2008.
Historical Distribution Context: The minimum quarterly distribution set at the time of the IPO was $0.375.
Other Metrics: The filing text does not provide clear values for revenue, net profit, operating cash flow, margins, debt levels, or liquidity ratios. This report focuses exclusively on the declaration of the cash distribution.
Material Changes Versus Prior Period
- Quarter-over-Quarter: The third-quarter 2008 distribution of $0.41 per unit remains unchanged from the second-quarter 2008 distribution (April 1 to June 30, 2008).
- Year-over-Year: The current distribution is 6.5 percent higher than the third-quarter 2007 distribution.
Guidance, Outlook, and Risks
Management Commentary: The board of directors has declared the distribution, maintaining the rate from the previous quarter.
Forward-Looking Statements: The filing includes standard disclaimers regarding forward-looking statements. Management notes that risks and uncertainties could cause actual results to differ materially from anticipated results. The company expressly disclaims any obligation to update these statements.
Risks and Contingencies: No specific new risks or contingencies are detailed in this specific press release beyond the general forward-looking statement disclaimer.
Investor Verification Checklist
- Verify the record date (November 7, 2008) and payment date (November 17, 2008) for the $0.41 per unit distribution.
- Confirm the fleet composition of 18 vessels and the status of charters with BP, Shell, and other counterparties.
- Review the full Form 20-F or subsequent 10-Q filings for detailed revenue, profit, and debt metrics not included in this 6-K summary.
- Monitor the 6.5% year-over-year increase in distribution to assess sustainability against current market rates for tanker charters.