Business Context and Reporting Period
This Form 6-K filing by Capital Product Partners L.P. (Nasdaq: CPLP) covers the period ending April 24, 2009. The registrant is a Marshall Islands master limited partnership and an international owner of modern double-hull tankers. The filing incorporates a press release announcing a cash distribution for the first quarter ended March 31, 2009.
Key Financial Metrics
- Cash Distribution: $0.41 per unit declared for the first quarter ended March 31, 2009.
- Payment Date: May 15, 2009.
- Record Date: May 7, 2009.
- Asset Base: 18 modern vessels (15 MR tankers, 2 small product tankers, 1 Suezmax crude oil tanker).
- Charter Status: All 18 vessels are under medium to long-term charters to major entities including BP Shipping Limited, Morgan Stanley Capital Group Inc., Overseas Shipholding Group, Shell International Trading & Shipping Company Ltd., and Trafigura Beheer B.V.
The filing text does not provide specific values for revenue, net profit, operating cash flow, margins, debt levels, or liquidity ratios for the period.
Material Changes Versus Prior Period
The declared distribution of $0.41 per unit represents a reversion to levels consistent with prior periods following an exceptional non-recurring distribution of $1.05 per unit paid for the fourth quarter of 2008. The current distribution amount is equal to the third quarter 2008 cash distribution paid prior to the exceptional payment. This aligns with the Partnership's previously stated intention to return to standard distribution levels after the one-time payout.
Guidance, Outlook, and Risks
Management commentary indicates a strategic shift back to the minimum quarterly distribution level set at the time of the IPO ($0.375 per unit), with the current $0.41 per unit exceeding this floor. The filing includes standard forward-looking statements regarding risks and uncertainties that could cause actual results to differ materially from anticipated results. The registrant disclaims any obligation to update these statements.
Investor Verification Checklist
- Verify the record date (May 7, 2009) and payment date (May 15, 2009) for the $0.41 per unit distribution.
- Confirm the status of the 18-vessel fleet and the terms of the medium to long-term charters with BP, Shell, and other counterparties.
- Review the impact of the exceptional $1.05 per unit distribution paid in Q4 2008 on the company's overall capital structure and liquidity.
- Assess the stability of the $0.41 per unit distribution level against the IPO minimum of $0.375 per unit in the context of current market conditions.