Business Context and Reporting Period
This Form 6-K filing by Capital Product Partners L.P. (Nasdaq: CPLP) covers the period ending April 21, 2011. The registrant is a Marshall Islands master limited partnership and an international owner of modern double-hull tankers. The fleet consists of 21 vessels, including 18 MR tankers, two small product tankers, and one Suezmax crude oil tanker. Most vessels are under medium to long-term charters with major shipping and energy companies.
Key Financial Metrics
The filing announces a cash distribution of $0.2325 per unit for the first quarter of 2011 ended March 31, 2011. The distribution is scheduled to be paid on May 16, 2011, to unit holders of record on May 9, 2011.
The filing text does not provide clear values for total revenue, net profit, operating cash flow, profit margins, total debt, or liquidity ratios for the period.
Material Changes
The filing does not provide comparative financial data or specific details regarding material changes in revenue, profit, or fleet composition versus the prior comparable period. The primary disclosure is the declaration of the quarterly cash distribution.
Guidance, Outlook, and Risks
The press release 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 financial guidance or outlook for future periods is provided in this document.
Investor Verification Checklist
- Verify the record date (May 9, 2011) and payment date (May 16, 2011) for the $0.2325 per unit distribution.
- Confirm the current status of the 21-vessel fleet and the terms of charters with BP Shipping, Overseas Shipholding Group, and other partners.
- Review the full Q1 2011 financial statements to obtain revenue, profit, and debt figures not included in this summary.
- Assess the impact of the Greek sovereign debt crisis and broader shipping market conditions on the company's operations, given its principal executive offices in Piraeus, Greece.