Business Context and Reporting Period
This Form 6-K filing by Capital Product Partners L.P. (Nasdaq: CPLP) is dated July 28, 2008. The registrant is a Marshall Islands master limited partnership and an international owner of modern double-hull tankers. The filing primarily announces a quarterly cash distribution for the period ended June 30, 2008.
Key Financial Metrics
- Cash Distribution: $0.41 per unit declared for the second quarter ended June 30, 2008.
- Payment Date: August 15, 2008.
- Record Date: August 6, 2008.
- Previous Distribution: $0.40 per unit for the first quarter (January 1, 2008 to March 31, 2008).
- Minimum IPO Distribution: $0.375 per quarter.
- Revenue, Profit, and Cash Flow: The filing text does not provide specific values for revenue, net income, operating cash flow, margins, debt levels, or liquidity ratios.
Material Changes
The primary material change reported is the increase in the quarterly cash distribution from $0.40 to $0.41 per unit, representing a $0.01 increase over the prior quarter. The filing does not detail changes in revenue, earnings, or balance sheet items compared to the prior period.
Outlook, Management Commentary, and Risks
Fleet and Operations: The Partnership currently owns 17 vessels (14 MR tankers, 2 small product tankers, and 1 Suezmax crude oil tanker). It expects to take delivery of an additional product tanker in August 2008, bringing the total to 18 vessels. All vessels are under medium- to long-term charters with major clients including BP Shipping Limited, Morgan Stanley Capital Group Inc., Overseas Shipholding Group, Shell International Trading & Shipping Company Ltd., and Trafigura Beheer B.V.
Risks and Forward-Looking Statements: The filing includes standard disclaimers regarding forward-looking statements, noting that risks and uncertainties 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 exact number of vessels currently under charter versus those awaiting delivery.
- Confirm the specific terms and remaining durations of the medium- to long-term charters with major clients.
- Review the full quarterly financial report (Form 20-F or 10-Q) for detailed revenue, profit, and debt metrics not included in this press release.
- Monitor the delivery schedule for the additional product tanker expected in August 2008.