Business Context and Reporting Period
This Form 6-K filing by Capital Product Partners L.P. (CPLP) is dated July 25, 2007. The registrant is a Marshall Islands master limited partnership and an international owner of medium-range product tankers. The filing announces a cash distribution covering the period from April 4, 2007, when shipping operations formally launched, through June 30, 2007.
Key Financial Metrics
- Cash Distribution: $0.3626 per unit for the 88-day period.
- Payment Date: August 14, 2007.
- Record Date: August 6, 2007.
- Fleet Size: 10 owned MR Ice Class 1A product tankers (following the delivery of the M/T Akeraios on July 13, 2007).
- Charter Status: All 15 vessels (10 owned + 5 under agreement to purchase) are under medium- to long-term charters to BP Shipping Limited, Morgan Stanley, and Overseas Shipholding Group Inc.
The filing text does not provide specific values for total revenue, net profit, operating cash flow, margins, debt levels, or liquidity ratios for the period.
Material Changes
The primary material change reported is the expansion of the fleet with the delivery of the M/T Akeraios on July 13, 2007, bringing the total owned vessels to 10. Additionally, the partnership has entered an agreement to purchase five additional product tankers from Capital Maritime & Trading Corp.
Outlook and Management Commentary
Management highlights that the declared distribution represents the pro rata portion of the minimum quarterly distribution. The company maintains a strategy of securing medium- to long-term charters for its entire fleet, including the newly acquired and agreed-upon vessels, with major industry partners.
Investor Verification Checklist
- Verify the exact pro rata calculation of the $0.3626 distribution against the full quarterly minimum distribution amount.
- Confirm the terms and closing timeline for the agreement to purchase the five additional product tankers.
- Review the specific charter rates and durations for the vessels chartered to BP Shipping, Morgan Stanley, and Overseas Shipholding Group.
- Check subsequent filings for the full quarterly financial results covering the period ending June 30, 2007.