Business Context and Reporting Period
This Form 6-K filing by Capital Product Partners L.P. (Nasdaq: CPLP) was submitted on July 23, 2010, for the month of July 2010. The registrant is a Marshall Islands master limited partnership and an international owner of modern double-hull tankers, including MR and small product tankers and one Suezmax crude oil tanker. Most vessels are under medium- to long-term charters to major entities such as BP Shipping Limited and Morgan Stanley Capital Group Inc.
Key Financial Metrics
The filing announces a cash distribution rather than providing a full set of financial statements for the period.
- Cash Distribution: $0.225 per unit declared for the second quarter ended June 30, 2010.
- Payment Date: August 13, 2010.
- Record Date: August 6, 2010.
- Revenue, Profit, Cash Flow, Margins, Debt, Liquidity: The filing text does not provide clear values for these specific metrics.
Material Changes
The declared second-quarter distribution of $0.225 per unit is consistent with management's previously announced annual distribution guidance of $0.90 per unit, which is paid equally over four quarters. There are no material changes to the distribution policy noted in this filing compared to the guidance issued on January 29, 2010.
Guidance, Outlook, and Risks
Management reaffirmed its annual distribution guidance of $0.90 per unit. 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.
Investor Verification Checklist
- Verify the record date (August 6, 2010) and payment date (August 13, 2010) for the $0.225 per unit distribution.
- Confirm the status of medium- to long-term charters with key counterparties (BP Shipping, Morgan Stanley, etc.) to assess future revenue stability.
- Review the full Q2 2010 earnings release for detailed revenue, profit, and liquidity metrics not included in this 6-K summary.