Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document and Entity Information | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2015 |
Amendment Flag | false |
Entity Registrant Name | Capital Product Partners L.P. |
Trading Symbol | CPLP |
Entity Central Index Key | 1,392,326 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
General Partner | |
Document and Entity Information | |
Entity's units outstanding | 2,439,989 |
Common Limited Partner | |
Document and Entity Information | |
Entity's units outstanding | 120,409,456 |
Preferred Limited Partner | |
Document and Entity Information | |
Entity's units outstanding | 12,983,333 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 90,190 | $ 164,199 |
Trade accounts receivable, net | 2,680 | 2,588 |
Due from related parties (Note 4) | 0 | 55 |
Prepayments and other assets | 2,547 | 1,839 |
Inventories | 4,407 | 3,434 |
Total current assets | 99,824 | 172,115 |
Fixed assets | ||
Advances for vessels under construction - related party (Notes 4, 5) | 18,172 | 66,641 |
Vessels, net (Note 5) | 1,315,485 | 1,120,070 |
Total fixed assets | 1,333,657 | 1,186,711 |
Other non-current assets | ||
Above market acquired charters (Note 6) | 100,518 | 115,382 |
Deferred charges, net | 3,482 | 645 |
Restricted cash (Note 7) | 17,000 | 15,000 |
Prepayments and other assets | 1,394 | 0 |
Total non-current assets | 1,456,051 | 1,317,738 |
Total assets | 1,555,875 | 1,489,853 |
Current liabilities | ||
Current portion of long-term debt, net (Note 7) | 11,922 | 4,579 |
Trade accounts payable | 8,431 | 5,351 |
Due to related parties (Note 4) | 22,154 | 17,497 |
Accrued liabilities (Note 9) | 7,872 | 5,636 |
Deferred revenue, current (Note 4) | 10,867 | 11,684 |
Total current liabilities | 61,246 | 44,747 |
Long-term liabilities | ||
Long-term debt, net (Note 7) | 555,888 | 570,094 |
Deferred revenue | 921 | 2,451 |
Total long-term liabilities | 556,809 | 572,545 |
Total liabilities | $ 618,055 | $ 617,292 |
Commitments and contingencies (Note 16) | ||
Partners' capital | ||
General Partner | $ 16,998 | $ 15,602 |
Limited Partners - Common (120,409,456 and 104,079,960 units issued and outstanding at December 31, 2015 and 2014, respectively) | 810,239 | 735,547 |
Limited Partners - Preferred (12,983,333 and 14,223,737 Class B units issued and outstanding at December 31, 2015 and 2014, respectively) | 110,583 | 121,412 |
Total partners' capital | 937,820 | 872,561 |
Total liabilities and partners' capital | $ 1,555,875 | $ 1,489,853 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Limited Partners - Common Units Issued | 120,409,456 | 104,079,960 |
Limited Partners - Common Units Outstanding | 120,409,456 | 104,079,960 |
Limited Partners - Preferred Units Issued | 12,983,333 | 14,223,737 |
Limited Partners - Preferred Units Outstanding | 12,983,333 | 14,223,737 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue: | |||
Revenues | $ 156,613 | $ 119,907 | $ 116,520 |
Revenues - related party (Note 4) | 63,731 | 72,870 | 54,974 |
Total revenues | 220,344 | 192,777 | 171,494 |
Expenses: | |||
Voyage expenses (Note 10) | 6,479 | 5,907 | 5,776 |
Voyage expenses - related party (Notes 4, 10) | 411 | 338 | 314 |
Vessel operating expenses (Note 10) | 58,625 | 48,714 | 38,284 |
Vessel operating expenses - related party (Notes 4, 10) | 11,708 | 13,315 | 17,039 |
General and administrative expenses (Note 4) | 6,608 | 6,316 | 9,477 |
Loss on sale of vessels to third parties | 0 | 0 | 7,073 |
Vessel depreciation and amortization (Note 5) | 62,707 | 57,476 | 52,208 |
Operating income | 73,806 | 60,711 | 41,323 |
Non operating income: | |||
Gain on sale of claim (Note 15) | 0 | 0 | 31,356 |
Gain from bargain purchase (Note 3) | 0 | 0 | 42,256 |
Total non operating income | 0 | 0 | 73,612 |
Other income / (expense): | |||
Interest expense and finance cost (Note 7) | (20,143) | (19,225) | (15,991) |
Gain on interest rate swap agreement (Note 8) | 0 | 0 | 4 |
Other income | 1,747 | 2,526 | 533 |
Total other expense, net | (18,396) | (16,699) | (15,454) |
Partnership's net income | 55,410 | 44,012 | 99,481 |
Preferred unit holders' interest in Partnership's net income | 11,334 | 14,042 | 18,805 |
General Partner's interest in Partnership's net income | 879 | 593 | 1,598 |
Common unit holders' interest in Partnership's net income | $ 43,197 | $ 29,377 | $ 79,078 |
Net income per: (Note 14) | |||
Common unit basic | $ 0.38 | $ 0.31 | $ 1.04 |
Weighted-average units outstanding: | |||
Common unit basic | 115,030,879 | 93,353,168 | 75,645,207 |
Net income per: (Note 14) | |||
Common unit diluted | $ 0.38 | $ 0.31 | $ 1.01 |
Weighted-average units outstanding: | |||
Common units diluted | 115,030,879 | 93,353,168 | 97,369,136 |
Comprehensive income: | |||
Partnership's net income | $ 55,410 | $ 44,012 | $ 99,481 |
Other Comprehensive income: | |||
Unrealized gain on derivative instruments (Note 8) | 0 | 0 | 462 |
Comprehensive income | $ 55,410 | $ 44,012 | $ 99,943 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands | Total | General Partner | Limited Partners Common | Limited Partners Preferred | Total | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2012 | $ 573,828 | $ 9,049 | $ 425,497 | $ 139,744 | $ 574,290 | $ (462) |
Distributions declared and paid (distributions of $0.93 in 2013 and 2014 and $0.94 in 2015 per common unit, $0.86 in 2013 and 2014 and $0.87 in 2015 per preferred unit) (Note 12) | (88,241) | (1,397) | (68,759) | (18,085) | (88,241) | |
Partnership's net income | 99,481 | 1,598 | 79,078 | 18,805 | 99,481 | |
Issuance of Partnership's units (Note 12) | 192,368 | 119,811 | 72,557 | 192,368 | ||
Equity compensation expense (Note 13) | 3,528 | 3,528 | 3,528 | |||
Other comprehensive income (Note 8) | 462 | 462 | ||||
Excess between the fair value of the contracted vessels and the contractual cash consideration (Note 5) | 0 | |||||
Conversion of Partnership's units (Note 12) | 3,060 | 47,258 | (50,318) | |||
Balance at Dec. 31, 2013 | 781,426 | 12,310 | 606,413 | 162,703 | 781,426 | 0 |
Distributions declared and paid (distributions of $0.93 in 2013 and 2014 and $0.94 in 2015 per common unit, $0.86 in 2013 and 2014 and $0.87 in 2015 per preferred unit) (Note 12) | (102,798) | (1,725) | (86,027) | (15,046) | (102,798) | |
Partnership's net income | 44,012 | 593 | 29,377 | 14,042 | 44,012 | |
Issuance of Partnership's units (Note 12) | 173,504 | 173,504 | 173,504 | |||
Repurchase from CMTC and cancellation of Partnership's units (Note 12) | (60,000) | (60,000) | (60,000) | |||
Excess between the fair value of the contracted vessels and the contractual cash consideration (Note 5) | 36,417 | 728 | 35,689 | 36,417 | ||
Conversion of Partnership's units (Note 12) | 3,696 | 36,591 | (40,287) | |||
Balance at Dec. 31, 2014 | 872,561 | 15,602 | 735,547 | 121,412 | 872,561 | 0 |
Distributions declared and paid (distributions of $0.93 in 2013 and 2014 and $0.94 in 2015 per common unit, $0.86 in 2013 and 2014 and $0.87 in 2015 per preferred unit) (Note 12) | (122,773) | (2,225) | (109,027) | (11,521) | (122,773) | |
Partnership's net income | 55,410 | 879 | 43,197 | 11,334 | 55,410 | |
Issuance of Partnership's units (Note 12) | 132,588 | 132,588 | 132,588 | |||
Equity compensation expense (Note 13) | 34 | 34 | 34 | |||
Excess between the fair value of the contracted vessels and the contractual cash consideration (Note 5) | 0 | |||||
Conversion of Partnership's units (Note 12) | 2,742 | 7,900 | (10,642) | |||
Balance at Dec. 31, 2015 | $ 937,820 | $ 16,998 | $ 810,239 | $ 110,583 | $ 937,820 | $ 0 |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Partners' Capital (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Limited Partners Common | |||
Distributions declared and paid | $ 0.94 | $ 0.93 | $ 0.93 |
Limited Partners Preferred | |||
Distributions declared and paid | $ 0.87 | $ 0.86 | $ 0.86 |
Consolidated Statements of Cash
Consolidated Statements of Cash flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net income | $ 55,410 | $ 44,012 | $ 99,481 |
Adjustments to reconcile net income to net cash provided by operating activities : | |||
Vessel depreciation and amortization (Note 5) | 62,707 | 57,476 | 52,208 |
Gain from bargain purchase (Note 3) | 0 | 0 | (42,256) |
Amortization of deferred charges | 908 | 809 | 405 |
Amortization of above market acquired charters (Note 6) | 14,864 | 16,000 | 13,594 |
Equity compensation expense (Note 13) | 34 | 0 | 3,528 |
Gain on interest rate swap agreements (Note 8) | 0 | 0 | (4) |
Loss on sale of vessels to third parties | 0 | 0 | 7,073 |
Accrual on gain on sale of claim (Note 15) | 0 | 0 | 644 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | (92) | 1,777 | (1,171) |
Due from related parties | 55 | 612 | (667) |
Prepayments and other assets | (2,102) | (463) | (117) |
Inventories | (973) | (694) | (407) |
Trade accounts payable | 1,929 | (1,570) | 2,066 |
Due to related parties | 4,657 | 3,811 | (3,761) |
Accrued liabilities | 1,114 | 178 | 1,573 |
Deferred revenue | (2,207) | 3,919 | (1,852) |
Drydocking costs | (2,095) | (590) | (761) |
Net cash provided by operating activities | 134,209 | 125,277 | 129,576 |
Cash flows from investing activities: | |||
Vessel acquisitions and improvements (Note 5) | (207,937) | (103) | (363,038) |
Advances for vessels under construction - related party (Note 5) | 0 | (30,224) | 0 |
Increase in restricted cash | (2,000) | 0 | (4,500) |
Proceeds from sale of vessels | 0 | 0 | 32,192 |
Net cash used in investing activities | (209,937) | (30,327) | (335,346) |
Cash flows from financing activities: | |||
Proceeds from issuance of Partnership units (Note 12) | 133,327 | 173,932 | 195,771 |
Expenses paid for issuance of Partnership units | (739) | (416) | (3,410) |
Repurchase from CMTC and cancellation of Partnership's units (Note 12) | 0 | (60,000) | 0 |
Proceeds from issuance of long-term debt (Note 7) | 115,000 | 0 | 129,000 |
Payments of long-term debt (Note 7) | (121,299) | (5,400) | (4,050) |
Loan issuance costs | (1,797) | (41) | (2,879) |
Dividends paid (Note 12) | (122,773) | (102,798) | (88,241) |
Net cash provided by financing activities | 1,719 | 5,277 | 226,191 |
Net (decrease) / increase in cash and cash equivalents | (74,009) | 100,227 | 20,421 |
Cash and cash equivalents at the beginning of the year | 164,199 | 63,972 | 43,551 |
Cash and cash equivalents at the end of the year | 90,190 | 164,199 | 63,972 |
Supplemental Cash Flow Information | |||
Cash paid for interest | 16,759 | 16,564 | 14,845 |
Non-Cash Investing and Financing Activities | |||
Excess between the fair value of the contracted vessels and the contractual cash consideration (Note 5) | 0 | 36,417 | 0 |
Capital expenditures included in liabilities | 769 | 183 | 103 |
Offering expenses included in liabilities | 0 | 12 | (7) |
Capitalized dry docking and deferred costs included in liabilities | 1,687 | 0 | 628 |
Acquisition of above market time charter (Note 3) | $ 0 | $ 0 | $ 97,256 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation and General Information [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information Capital Product Partners L.P. (the “Partnership”) was formed on January 16, 2007, under the laws of the Marshall Islands. The Partnership is an international shipping company. Its fleet of thirty four modern high specification vessels consists of four suezmax crude oil tankers, twenty modern medium range tankers all of which are classed as IMO II/III chemical/product carriers, nine post-panamax container carrier vessels and one capesize bulk carrier. Its vessels are capable of carrying a wide range of cargoes, including crude oil, refined oil products, such as gasoline, diesel, fuel oil and jet fuel, edible oils and certain chemicals such as ethanol as well as dry cargo and containerized goods under short-term voyage charters and medium to long-term time and bareboat charters. The consolidated financial statements include the following vessel-owning companies and operating companies which were all incorporated or formed under the laws of the Marshall Islands and Liberia. Subsidiary Date of Name of Vessel Owned by DWT Date acquired Date acquired Capital Product Operating GP LLC 01/16/2007 — — — — Crude Carriers Corp. 10/29/2009 — — 09/30/2011 — Crude Carriers Operating Corp. 01/21/2010 — — 09/30/2011 — Shipping Rider Co. 09/16/2003 M/T Atlantas 36,760 04/04/2007 04/26/2006 Canvey Shipmanagement Co. 03/18/2004 M/T Assos 47,872 08/16/2010 04/04/2007 05/17/2006 Centurion Navigation Limited 08/27/2003 M/T Aktoras 36,759 04/04/2007 07/12/2006 Polarwind Maritime S.A. 10/10/2003 M/T Agisilaos 36,760 04/04/2007 08/16/2006 Carnation Shipping Company 11/10/2003 M/T Arionas 36,725 04/04/2007 11/02/2006 Apollonas Shipping Company 02/10/2004 M/T Avax 47,834 04/04/2007 01/12/2007 Tempest Maritime Inc. 09/12/2003 M/T Aiolos 36,725 04/04/2007 03/02/2007 Iraklitos Shipping Company 02/10/2004 M/T Axios 47,872 04/04/2007 02/28/2007 Epicurus Shipping Company 02/11/2004 M/T Atrotos 47,786 03/01/2010 05/08/2007 05/08/2007 Laredo Maritime Inc. 02/03/2004 M/T Akeraios 47,781 07/13/2007 07/13/2007 Lorenzo Shipmanagement Inc. 05/26/2004 M/T Apostolos 47,782 09/20/2007 09/20/2007 Splendor Shipholding S.A. 07/08/2004 M/T Anemos I 47,782 09/28/2007 09/28/2007 Ross Shipmanagement Co. 12/29/2003 M/T Attikos (1) 12,000 09/24/2007 01/20/2005 Sorrel Shipmanagement Inc. 02/07/2006 M/T Alexandros II 51,258 01/29/2008 01/29/2008 Baymont Enterprises Incorporated 05/29/2007 M/T Amore Mio II 159,982 03/27/2008 07/31/2007 Forbes Maritime Co. 02/03/2004 M/T Aristofanis (2) 12,000 04/30/2008 06/02/2005 Wind Dancer Shipping Inc. 02/07/2006 M/T Aristotelis II 51,226 06/17/2008 06/17/2008 Belerion Maritime Co. 01/24/2006 M/T Aris II 51,218 08/20/2008 08/20/2008 Mango Finance Corp. 07/14/2006 M/T Agamemnon II (3) 51,238 04/07/2009 11/24/2008 Navarro International S.A. 07/14/2006 M/T Ayrton II 51,260 04/13/2009 04/10/2009 Adrian Shipholding Inc. 06/22/2004 M/T Alkiviadis 36,721 06/30/2010 03/29/2006 Patroklos Marine Corp. 06/17/2008 M/V Cape Agamemnon 179,221 06/09/2011 01/25/2011 Cooper Consultants Co. renamed to Miltiadis M II Carriers Corp. 04/06/2006 M/T Miltiadis M II 162,397 09/30/2011 04/26/2006 Amoureux Carriers Corp. 04/14/2010 M/T Amoureux 149,993 09/30/2011 — Aias Carriers Corp. 04/14/2010 M/T Aias 150,393 09/30/2011 — Agamemnon Container Carrier Corp. 04/19/2012 M/V Agamemnon 108,892 12/22/2012 06/28/2012 Archimidis Container Carrier Corp. 04/19/2012 M/V Archimidis 108,892 12/22/2012 06/22/2012 Aenaos Product Carrier S.A. 10/16/2013 M/T Aristotelis 51,604 11/28/2013 — Anax Container Carrier S.A 04/08/2011 M/V Hyundai Prestige 63,010 09/11/2013 02/19/2013 Hercules Container Carrier S.A. 04/08/2011 M/V Hyundai Premium 63,010 03/20/2013 03/11/2013 Iason Container Carrier S.A 04/08/2011 M/V Hyundai Paramount 63,010 03/27/2013 03/27/2013 Thiseas Container Carrier S.A. 04/08/2011 M/V Hyundai Privilege 63,010 09/11/2013 05/31/2013 Cronus Container Carrier S.A. 07/19/2011 M/V Hyundai Platinum 63,010 09/11/2013 06/14/2013 Miltiadis M II Corp. 08/28/2012 - - - - Dias Container Carrier S.A 05/16/2013 M/V Akadimos (CMA CGM Amazon) (4) 115,145 06/10/2015 06/10/2015 Poseidon Container Carrier S.A 05/16/2013 M/V Adonis (CMA CGM Uruguay) (4) 115,639 09/18/2015 09/18/2015 Isiodos Product Carrier S.A 05/31/2013 M/T Active (4) 50,136 03/31/2015 03/31/2015 Titanas Product Carrier S.A 05/31/2013 M/T Amadeus (4) 50,108 06/30/2015 06/30/2015 (1 )Was sold on February 14, 2012. (2 )Was sold on April 4, 2012. (3) (4) Was sold on November 5, 2013. Vessels that were acquired according to the terms of the Master Vessel Acquisition Agreement (“Master Agreement”) (Notes 5, 12) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of Consolidation: (b) Use of Estimates: (c) Other Comprehensive Income: (d) Accounting for Revenue, Voyage and Operating Expenses Time, bareboat and voyage charter revenues are recognized when a charter agreement exists, charter rate is fixed and determinable, the vessel is made available to the lessee, and collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter. Revenues from profit sharing arrangements in time charters represent a portion of time charter equivalent (voyage income less direct expenses, divided by operating days), that exceeds the agreed base rate and are recognized in the period earned. Deferred revenue represents cash received in advance of being earned. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the rest as long term liability. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of commissions, port expenses, canal dues and bunkers. Commissions are expensed over the related charter period and all the other voyage expenses are expensed as incurred. In general under time and bareboat charter agreements, all voyages expenses, except commissions are assumed by the charterer. For voyage charters all voyage expenses are paid by the Partnership. Vessel operating expenses presented in the consolidated financial statements mainly consist of: • Management fees payable to the Partnership's manager Capital Shipmanagement Corp. (the “Manager” or “CSM”) under three different types of Management agreements (Note 4); and • Actual operating expenses such as crewing, repairs and maintenance, insurance, stores, spares, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. (e) Foreign Currency Transactions: (f) Cash and Cash Equivalents: (g) Restricted cash: (h) Trade Accounts Receivable, Net: (i) Inventories: (j) Fixed Assets: (k) Impairment of Long-lived Assets: In recent years, market conditions, as compared to previous years, have changed significantly as a result of the global credit crisis and resulting slowdown in world trade. Charter rates decreased and values of assets were affected. The Partnership considered these market developments as indicators of potential impairment of the carrying amount of its vessels. The Partnership has performed an undiscounted cash flow test based on US GAAP as of December 31, 2015 and 2014, determining undiscounted projected net operating cash flows for the vessels and comparing them to the vessels' carrying values. In developing estimates of future cash flows, the Partnership made assumptions about future charter rates, utilization rates, vessel operating expenses, future dry docking costs and the estimated remaining useful life of the vessels. These assumptions are based on historical trends as well as future expectations that are in line with the Partnership's historical performance and expectations for the vessels' utilization under the current deployment strategy. Based on these assumptions, the Partnership determined that the undiscounted cash flows supported the vessels' carrying amounts as of December 31, 2015 and 2014. (l) Intangible assets: (m) Deferred charges net: (n) Concentration of Credit Risk: (o) Interest Rate Swap Agreements: (p) Net Income Per Limited Partner Unit: (q) Segment Reporting: (r) Omnibus Incentive Compensation Plan: (s) Recent Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03 Interest -Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs. The reclassification does not impact net income as previously reported or any prior amounts reported on the consolidated statements of comprehensive income, or the consolidated statements of cash flows. The effect of the retrospective application of this change in accounting principle on the Partnership's consolidated balance sheets as of December 31, 2014 resulted in a reduction of Deferred charges, net in the amount of $3,242 with a corresponding decrease of $2,421 in Long-term debt, net and Total long-term liabilities and a decrease of $821 in Current portion of long-term debt, net and Total current liabilities. On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2014-09 as amended by ASU 2015-14 which was issued on August 12, 2015, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company is currently evaluating the impact, if any, of the adoption of this new standard. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisitions [Abstract] | |
Acquisitions | 3. Acquisitions a. Anax Container Carrier S.A. (M/V Hyundai Prestige) On September 11, 2013, the Partnership acquired the shares of Anax Container Carrier S.A., the vessel owning company of the M/V Hyundai Prestige (“Anax”) from CMTC for a total consideration of $65,000 following the unanimous recommendation of the conflicts committee and the unanimous approval of the board of directors. The vessel at the time of her acquisition by the Partnership was fixed on a twelve year time charter, with HMM. The time charter commenced in February 2013 and the earliest expiration date under the charter is in December 2024. The Partnership accounted for the acquisition of Anax as an acquisition of a business. All assets and liabilities of Anax except the vessel, necessary permits and time charter agreement, were retained by CMTC. The purchase price of the acquisition has been allocated to the identifiable assets acquired, with the excess of the fair value of assets acquired over the purchase price recorded as a gain from bargain purchase. • Purchase Price The total purchase consideration of $65,000 was funded using a portion of the $75,000 that the Partnership had drawn down under its $225,000 credit facility (the “2013 credit facility”), part of the net proceeds from the issuance of 13,685,000 Partnership's Common Units in August 2013 and part of the Partnership's available cash. • Acquisition related costs There were no costs incurred in relation to the acquisition of Anax. • Purchase price allocation The allocation of the purchase price to acquired identifiable assets was based on their estimated fair values at the date of acquisition. The fair value allocated to each class of identifiable assets of Anax and the gain from bargain purchase recorded as non operating income in the Partnership's consolidated statements of comprehensive income for the year ended December 31, 2013 was calculated as follows: As of September 11, 2013 Vessel $ 54,000 Above market acquired time charter $ 19,094 Identifiable assets $ 73,094 Purchase price (65,000 ) Gain from bargain purchase $ 8,094 After a subsequent review and reassessment of valuation methods and procedures of the $73,094 fair value amount for identifiable assets acquired, the Partnership concluded that its measurements for the assets acquired appropriately reflect consideration of all available information that existed as of the acquisition date. Therefore, the Partnership recorded a gain from bargain purchase of $8,094 in its consolidated statements of comprehensive income, in accordance with Accounting Standard Codification (“ASC”) Subtopic 805-30 “Business Combinations, Goodwill or Gain from Bargain Purchase, Including Consideration Transferred” as of the Anax acquisition date. • Identifiable intangible assets The following table sets forth the component of the identifiable intangible asset acquired with the purchase of Anax which is being amortized over its duration on a straight-line basis as a reduction of revenue: Intangible assets As of Duration of time Above market acquired time charter $ 19,094 11.3 years The fair value of the above market time charter acquired was determined as the difference between the time charter rate at which the vessel was fixed at and the market rate for a comparable charter as provided by independent third parties on the business combination date discounted at a WACC of approximately 11%. Total revenues and net income of M/V Hyundai Prestige since its acquisition by the Partnership were $2,778 and $1,298 respectively and are included in the Partnership's consolidated statements of comprehensive income for the year ended December 31, 2013. • Pro Forma Financial Information The supplemental pro forma financial information was prepared using the acquisition method of accounting and is based on the following: • The Partnership's actual results of operations for the year ended December 31, 2013 • Pro forma results of operations of Anax for the period from its vessel's delivery from the shipyard on February 19, 2013 (vessel inception) to September 11, 2013 as if Hyundai Prestige was operating under post acquisition revenue and cost structure. The combined results do not purport to be indicative of the results of the operations which would have resulted had the acquisition been effected at beginning of the applicable period noted above, or the future results of operations of the combined entity. The following table summarizes total net revenues; net income and net income per common unit of the combined entity had the acquisition of Hyundai Prestige occurred on February 19, 2013 (vessel inception): For the year ended 2013 Total revenues $ 176,535 Partnership's net income $ 100,624 Preferred unit holders' interest in Partnership's net income $ 18,805 General Partner's interest in Partnership's net income $ 1,621 Common unit holders interest in Partnership's net income $ 80,198 Net income per common unit basic $ 1.05 Net income per common unit diluted $ 1.02 b. Thiseas Container Carrier S.A. (M/V Hyundai Privilege) On September 11, 2013, the Partnership acquired the shares of Thiseas Container Carrier S.A., the vessel owning company of the M/V Hyundai Privilege (“Thiseas”) from CMTC for a total consideration of $65,000 following the unanimous recommendation of the conflicts committee and the unanimous approval of the board of directors. The vessel at the time of her acquisition by the Partnership was fixed on a twelve year time charter, with HMM. The time charter commenced in May 2013 and the earliest expiration date under the charter is in April 2025. The Partnership accounted for the acquisition of Thiseas as an acquisition of a business. All assets and liabilities of Thiseas except the vessel, necessary permits and time charter agreement, were retained by CMTC. The purchase price of the acquisition has been allocated to the identifiable assets acquired, with the excess of the fair value of assets acquired over the purchase price recorded as a gain from bargain purchase. • Purchase Price The total purchase consideration of $65,000 was funded using a portion of the $75,000 that the Partnership had drawn down under its 2013 credit facility, part of the net proceeds from the issuance of 13,685,000 Partnership's Common Units in August 2013 and part of the Partnership's available cash. • Acquisition related costs There were no costs incurred in relation to the acquisition of Thiseas. • Purchase price allocation The allocation of the purchase price to acquired identifiable assets was based on their estimated fair values at the date of acquisition. The fair value allocated to each class of identifiable assets of Thiseas and the gain from bargain purchase recorded as non operating income in the Partnership's consolidated statements of comprehensive income for the year ended December 31, 2013 was calculated as follows: As of September 11, 2013 Vessel $ 54,000 Above market acquired time charter $ 19,329 Identifiable assets $ 73,329 Purchase price (65,000 ) Gain from bargain purchase $ 8,329 After a subsequent review and reassessment of valuation methods and procedures of the $73,329 fair value amount for identifiable assets acquired, the Partnership concluded that its measurements for the assets acquired appropriately reflect consideration of all available information that existed as of the acquisition date. Therefore, the Partnership recorded a gain from bargain purchase of $8,329 in its consolidated statements of comprehensive income, in accordance with ASC Subtopic 805-30 “Business Combinations, Goodwill or Gain from Bargain Purchase, Including Consideration Transferred” as of the Thiseas acquisition date. • Identifiable intangible assets The following table sets forth the component of the identifiable intangible asset acquired with the purchase of Thiseas which is being amortized over its duration on a straight-line basis as a reduction of revenue: Intangible assets As of Duration of time Above market acquired time charter $ 19,329 11.6 years The fair value of the above market time charter acquired was determined as the difference between the time charter rate at which the vessel was fixed at and the market rate for a comparable charter as provided by independent third parties on the business combination date discounted at a WACC of approximately 11%. Total revenues and net income of M/V Hyundai Privilege since its acquisition by the Partnership were $2,785 and $1,392 respectively and are included in the Partnership's consolidated statements of comprehensive income for the year ended December 31, 2013. • Pro Forma Financial Information The supplemental pro forma financial information was prepared using the acquisition method of accounting and is based on the following: • The Partnership's actual results of operations for the year ended December 31, 2013 • Pro forma results of operations of Thiseas for the period from its vessel's delivery from the shipyard on May 31, 2013 (vessel inception) to September 11, 2013 as if Hyundai Privilege was operating under post acquisition revenue and cost structure. The combined results do not purport to be indicative of the results of the operations which would have resulted had the acquisition been effected at beginning of the applicable period noted above, or the future results of operations of the combined entity. The following table summarizes total net revenues; net income and net income per common unit of the combined entity had the acquisition of Hyundai Privilege occurred on May 31, 2013 (vessel inception): For the year ended Total revenues $ 174,045 Partnership's net income $ 100,144 Preferred unit holders' interest in Partnership's net income $ 18,805 General Partner's interest in Partnership's net income $ 1,611 Common unit holders interest in Partnership's net income $ 79,728 Net income per common unit basic $ 1.04 Net income per common unit diluted $ 1.01 c. Cronus Container Carrier S.A. (M/V Hyundai Platinum) On September 11, 2013, the Partnership acquired the shares of Cronus Container Carrier S.A., the vessel owning company of the M/V Hyundai Platinum (“Cronus”) from CMTC for a total consideration of $65,000 following the unanimous recommendation of the conflicts committee and the unanimous approval of the board of directors. The vessel at the time of her acquisition by the Partnership was fixed on a twelve year time charter, with HMM. The time charter commenced in June 2013 and the earliest expiration date under the charter is in April 2025. The Partnership accounted for the acquisition of Cronus as an acquisition of a business. All assets and liabilities of Cronus except the vessel, necessary permits and time charter agreement, were retained by CMTC. The purchase price of the acquisition has been allocated to the identifiable assets acquired, with the excess of the fair value of assets acquired over the purchase price recorded as a gain from bargain purchase. • Purchase Price The total purchase consideration of $65,000 was funded using a portion of the $75,000 that the Partnership had drawn down under its 2013 credit facility, part of the net proceeds from the issuance of 13,685,000 Partnership's Common Units in August 2013 and part of the Partnership's available cash. • Acquisition related costs There were no costs incurred in relation to the acquisition of Cronus. • Purchase price allocation The allocation of the purchase price to acquired identifiable assets was based on their estimated fair values at the date of acquisition. The fair value allocated to each class of identifiable assets of Cronus and the gain from bargain purchase recorded as non operating income in the Partnership's consolidated statements of comprehensive income for the year ended December 31, 2013 was calculated as follows: As of September 11, 2013 Vessel $ 54,000 Above market acquired time charter $ 19,358 Identifiable assets $ 73,358 Purchase price (65,000 ) Gain from bargain purchase $ 8,358 After a subsequent review and reassessment of valuation methods and procedures of the $73,358 fair value amount for identifiable assets acquired, the Partnership concluded that its measurements for the assets acquired appropriately reflect consideration of all available information that existed as of the acquisition date. Therefore, the Partnership recorded a gain from bargain purchase of $8,358 in its consolidated statements of comprehensive income, in accordance with ASC Subtopic 805-30 “Business Combinations, Goodwill or Gain from Bargain Purchase, Including Consideration Transferred” as of the Cronus acquisition date. • Identifiable intangible assets The following table sets forth the component of the identifiable intangible asset acquired with the purchase of Cronus which is being amortized over its duration on a straight-line basis as a reduction of revenue: Intangible assets As of Duration of time Above market acquired time charter $ 19,358 11.6 years The fair value of the above market time charter acquired was determined as the difference between the time charter rate at which the vessel was fixed at and the market rate for a comparable charter as provided by independent third parties on the business combination date discounted at a WACC of approximately 11%. Total revenues and net income of M/V Hyundai Platinum since its acquisition by the Partnership were $2,786 and $1,357 respectively and are included in the Partnership's consolidated statements of comprehensive income for the year ended December 31, 2013. • Pro Forma Financial Information The supplemental pro forma financial information was prepared using the acquisition method of accounting and is based on the following: • The Partnership's actual results of operations for the year ended December 31, 2013 • Pro forma results of operations of Cronus for the period from its vessel's delivery from the shipyard on June 14, 2013 (vessel inception) to September 11, 2013 as if Hyundai Platinum was operating under post acquisition revenue and cost structure. The combined results do not purport to be indicative of the results of the operations which would have resulted had the acquisition been effected at beginning of the applicable period noted above, or the future results of operations of the combined entity. The following table summarizes total net revenues; net income and net income per common unit of the combined entity had the acquisition of Hyundai Platinum occurred on June 14, 2013 (vessel inception): For the year ended Total revenues $ 173,699 Partnership's net income $ 100,031 Preferred unit holders' interest in Partnership's net income $ 18,805 General Partner's interest in Partnership's net income $ 1,609 Common unit holders interest in Partnership's net income $ 79,617 Net income per common unit basic $ 1.04 Net income per common unit diluted $ 1.01 d. Hercules Container Carrier S.A. (M/V Hyundai Premium) On March 20, 2013, the Partnership acquired the shares of Hercules Container Carrier S.A., the vessel owning company of the M/V Hyundai Premium (“Hercules”) from CMTC for a total consideration of $65,000 following the unanimous recommendation of the conflicts committee and the unanimous approval of the board of directors. The vessel at the time of her acquisition by the Partnership was fixed on a twelve year time charter, with HMM. The time charter commenced in March 2013 and the earliest expiration date under the charter is in January 2025. The Partnership accounted for the acquisition of Hercules as an acquisition of a business. All assets and liabilities of Hercules except the vessel, necessary permits and time charter agreement, were retained by CMTC. The purchase price of the acquisition has been allocated to the identifiable assets acquired, with the excess of the fair value of assets acquired over the purchase price recorded as a gain from bargain purchase. • Purchase Price The total purchase consideration of $65,000 was funded by $27,000 through a draw-down from the Partnership's $350,000 credit facility (the “2008 credit facility”), by $36,279 representing part of the net proceeds from the issuance of 9,100,000 Partnership's Class B Convertible Preferred Units in March 2013 and by $1,721 from the Partnership's available cash. • Acquisition related costs There were no costs incurred in relation to the acquisition of Hercules. • Purchase price allocation The allocation of the purchase price to acquired identifiable assets was based on their estimated fair values at the date of acquisition. The fair value allocated to each class of identifiable assets of Hercules and the gain from bargain purchase recorded as non operating income in the Partnership's consolidated statements of comprehensive income for the year ended December 31, 2013 was calculated as follows: As of March 20, 2013 Vessel $ 54,000 Above market acquired time charter $ 19,707 Identifiable assets $ 73,707 Purchase price (65,000 ) Gain from bargain purchase $ 8,707 After a subsequent review and reassessment of valuation methods and procedures of the $73,707 fair value amount for identifiable assets acquired, the Partnership concluded that its measurements for the assets acquired appropriately reflect consideration of all available information that existed as of the acquisition date. Therefore, the Partnership recorded a gain from bargain purchase of $8,707 in its consolidated statements of comprehensive income, in accordance with ASC Subtopic 805-30 “Business Combinations, Goodwill or Gain from Bargain Purchase, Including Consideration Transferred” as of the Hercules acquisition date. • Identifiable intangible assets The following table sets forth the component of the identifiable intangible asset acquired with the purchase of Hercules which is being amortized over its duration on a straight-line basis as a reduction of revenue: Intangible assets As of Duration of time Above market acquired time charter $ 19,707 11.8 years The fair value of the above market time charter acquired was determined as the difference between the time charter rate at which the vessel was fixed at and the market rate for a comparable charter as provided by independent third parties on the business combination date discounted at a WACC of approximately 11%. Total revenues and net income of M/V Hyundai Premium since its acquisition by the Partnership were $7,181 and $3,567 respectively and are included in the Partnership's consolidated statements of comprehensive income for the year ended December 31, 2013. • Pro Forma Financial Information The supplemental pro forma financial information was prepared using the acquisition method of accounting and is based on the following: • The Partnership's actual results of operations for the year ended December 31, 2013 • Pro forma results of operations of Hercules for the period from its vessel's delivery from the shipyard on March 11, 2013 (vessel inception) to March 20, 2013 as if Hyundai Premium was operating under post acquisition revenue and cost structure. The combined results do not purport to be indicative of the results of the operations which would have resulted had the acquisition been effected at beginning of the applicable period noted above, or the future results of operations of the combined entity. The following table summarizes total net revenues; net income and net income per common unit of the combined entity had the acquisition of Hyundai Premium occurred on March 11, 2013 (vessel inception): For the year ended Total revenues $ 171,717 Partnership's net income $ 99,571 Preferred unit holders' interest in Partnership's net income $ 18,805 General Partner's interest in Partnership's net income $ 1,600 Common unit holders interest in Partnership's net income $ 79,166 Net income per common unit basic $ 1.04 Net income per common unit diluted $ 1.01 e. Iason Container Carrier S.A. (M/V Hyundai Paramount) On 27 March 2013, the M/V Hyundai Paramount (“Iason”) was delivered to CMTC from a shipyard and on the same date the Partnership acquired the shares of Iason Container Carrier S.A., the vessel owning company of M/V Hyundai Paramount from CMTC for a total consideration of $65,000 following the unanimous recommendation of the conflicts committee and the unanimous approval of the board of directors. At the time of her acquisition by the Partnership the vessel was fixed on a twelve year time charter, with HMM. The time charter commenced in April 2013 and the earliest expiration date under the charter is in February 2025. The Partnership accounted for the acquisition of Iason as an acquisition of a business. All assets and liabilities of Iason except the vessel, necessary permits and time charter agreement, were retained by CMTC. The purchase price of the acquisition has been allocated to the identifiable assets acquired, with the excess of the fair value of assets acquired over the purchase price recorded as a gain from bargain purchase. • Purchase Price The total purchase consideration of $65,000 was funded by $27,000 through a draw-down from the Partnership's 2008 credit facility, by $36,278 representing part of the net proceeds from the issuance of Partnership's Class B Convertible Preferred Units in March 2013 and by $1,722 from the Partnership's available cash. • Acquisition related costs There were no costs incurred in relation to the acquisition of Iason. • Purchase price allocation The allocation of the purchase price to acquired identifiable assets was based on their estimated fair values at the date of acquisition. The fair value allocated to each class of identifiable assets of Iason and the gain from bargain purchase recorded as non operating income in the Partnership's consolidated statements of comprehensive income for the year ended December 31, 2013 was calculated as follows: As of March 27, 2013 Vessel $ 54,000 Above market acquired time charter $ 19,768 Identifiable assets $ 73,768 Purchase price $ (65,000 ) Gain from bargain purchase $ 8,768 After a subsequent review and reassessment of valuation methods and procedures of the $73,768 fair value amount for identifiable assets acquired, the Partnership concluded that its measurements for the assets acquired appropriately reflect consideration of all available information that existed as of the acquisition date. Therefore, the Partnership recorded a gain from bargain purchase of $8,768 in its consolidated statements of comprehensive income, in accordance with ASC Subtopic 805-30 “Business Combinations, Goodwill or Gain from Bargain Purchase, Including Consideration Transferred” as of the Iason acquisition date. • Identifiable intangible assets The following table sets forth the component of the identifiable intangible asset acquired with the purchase of Iason which is being amortized over its duration on a straight-line basis as a reduction of revenue: Intangible assets As of Duration of time Above market acquired time charter $ 19,768 11.8 years The fair value of the above market time charter acquired was determined as the difference between the time charter rate at which the vessel was fixed at and market rate for comparable charter as provided by independent third parties on the business combination date discounted at a WACC of approximately 11%. Total revenues and net income of Hyundai Paramount since its acquisition by the Partnership were $6,732 and $3,220 respectively and included in the Partnership's consolidated statements of comprehensive income for the year ended December 31, 2013. • Pro Forma Financial Information There is no pro forma financial information available in relation to the acquisition of Iason as its vessel was under construction up to the date of her acquisition by the Partnership. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2015 | |
Transactions with Related Parties (Abstract) | |
Transactions with Related Parties | 4. Transactions with Related Parties The Partnership and its subsidiaries, have related party transactions with CMTC which is a related party unit holder. The Partnership and its subsidiaries have also related party transactions with the Manager, arising from certain terms of the following three different types of management agreements. 1. Fixed fee management agreement: 2. Floating fee management agreement: 3. Crude management agreement: (a) a daily technical management fee per managed vessel that is revised annually based on the United States Consumer Price Index; (b) a sale & purchase fee equal to 1% of the gross purchase or sale price upon the consummation of any purchase or sale of a vessel acquired/disposed by Crude; and (c) a commercial services fee equal to 1.25% of all gross charter revenues generated by each vessel for commercial services rendered. The Manager has the right to terminate the Crude management agreement and, under certain circumstances, could receive substantial sums in connection with such termination. As of March 2015 this termination fee had been adjusted to $9,760. All the above three agreements constitute the “Management Agreements”. Under the terms of the fixed fee management agreement, the Manager charged the Partnership for additional fees and costs, relating to insurances deductibles, vetting, and repairs and spares that related to unforeseen events. For the years ended December 31, 2015, 2014 and 2013 such fees amounted to $489, $840 and $644, respectively. The 2013 charge includes the amount of $330 that reflects the claim proceeds the Partnership received for the M/T Aristofanis. On April 4, 2007, the Partnership entered into an administrative services agreement with the Manager, pursuant to which the Manager will provide certain administrative management services to the Partnership such as accounting, auditing, legal, insurance, IT, clerical, investor relations and other administrative services. Also the Partnership reimburses its general partner, Capital GP L.L.C. (the “CGP”) for all expenses which are necessary or appropriate for the conduct of the Partnership's business. The Partnership reimburses the Manager and CGP for reasonable costs and expenses incurred in connection with the provision of these services after the Manager submits to the Partnership an invoice for such costs and expenses, together with any supporting detail that may be reasonably required. These expenses are included in general and administrative expenses in the consolidated statements of comprehensive income. Balances and transactions with related parties consisted of the following: Consolidated Balance Sheets As of As of Assets: Hire receivable (c) $ — $ 55 Due from related parties — 55 Advances for vessels under construction (f) 18,172 66,641 Total assets $ 18,172 $ 66,696 Liabilities: Manager - payments on behalf of the Partnership (a) $ 21,264 $ 16,517 Management fee payable to CSM (b) 890 980 Due to related parties $ 22,154 $ 17,497 Deferred revenue - current (e) 4,253 6,020 Total liabilities $ 26,407 $ 23,517 For the year ended December 31, Consolidated Statements of Income 2015 2014 2013 Revenues (c) $ 63,731 $ 72,870 $ 54,974 Voyage expenses 411 338 314 Vessel operating expenses 11,708 13,315 17,039 General and administrative expenses (d) 2,569 2,996 3,052 (a) Manager - Payments on Behalf of the Partnership: (b) Management fee payable to CSM (c) Revenues: Vessel Name Time Charter (TC) in years Commencement of Charter Termination or earliest expected redelivery Gross (Net) Daily Hire Rate M/T Agisilaos 1 TC 09/2013 09/2014 $14.3 ($14.1) M/T Agisilaos 1 TC 09/2014 09/2015 $14.3 ($14.1) M/T Agisilaos 1 TC 09/2015 08/2016 $14.5 ($14.3) M/T Axios 1 TC 06/2013 07/2014 $14.8 ($14.6) M/T Axios 1 TC 07/2014 06/2015 $14.8 ($14.6) M/T Arionas 1 TC 11/2013 12/2014 $14.3 ($14.1) M/T Arionas 1.2 TC 12/2014 01/2016 $15.0 ($14.8) M/T Alkiviadis 1 TC 07/2013 09/2014 $14.3 ($14.1) M/T Amore Mio II 1 TC 12/2013 04/2015 $17.0 ($16.8) M/T Amore Mio II 1 to 1.2 TC 04/2015 09/2015 $27.0 ($26.7) M/T Avax 1 TC 09/2014 06/2015 $14.8 ($14.6) M/T Akeraios 1.5 TC 07/2013 03/2015 $15.0 ($14.8) M/T Akeraios 2 TC 03/2015 02/2017 $15.6 ($15.4) M/T Apostolos 1.2 to 1.5 TC 10/2013 04/2015 $14.9 ($14.7) M/T Apostolos 2 TC 04/2015 01/2016 $15.6 ($15.4) M/T Anemos I 1.2 to 1.5 TC 12/2013 06/2015 $14.9 ($14.7) M/T Anemos I 1 TC 06/2015 01/2016 $17.3 ($17.0) M/T Aristotelis 1.5 to 2 TC 12/2013 12/2015 $17.0 ($16.8) M/T Aristotelis 1.1 to 1.3 TC 12/2015 01/2017 $19.0 ($18.8) M/T Amoureux 1 ┼ 1 TC 10/2011 01/2014 $20.0 ┼ $24.0 ($19.8 ┼ $23.7) M/T Amoureux 1 TC 01/2014 04/2015 $24.0 ($23.7) M/T Aias 1 ┼ 1 TC 11/2011 12/2013 $20.0 ┼ $24.0 ($19.8 ┼ $23.7) M/T Aias 1 TC 12/2013 02/2015 $24.0 ($23.7) M/T Assos 1 TC 06/2014 04/2015 $14.8 ($14.6) M/T Atrotos 1 TC 05/2014 05/2015 $14.8 ($14.6) M/T Atrotos 1 TC 05/2015 12/2015 $15.3 ($15.1) M/T Miltiadis M II 0.6 TC 09/2015 03/2016 $35.0 ($34.6) M/T Active 2 TC 04/2015 06/2015 $17.0 ($16.8) M/T Amadeus 2 TC 06/2015 05/2017 $17.0 ($16.8) (d) General and administrative expenses: (e) Deferred Revenue: (f) Advances for vessels under construction: |
Fixed assets
Fixed assets | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Fixed assets | 5. Fixed assets ( a) Advances for vessels under construction - related party An analysis of advances for vessels under construction - related party is as follows: Advances for vessels under construction - related party Balance as at January 1, 2014 $ — Additions 66,641 Balance as at December 31, 2014 $66,641 Additions — Transfer to vessels (48,469 ) Balance as at December 31, 2015 $18,172 On July 24, 2014, the Partnership entered into a Master Agreement with CMTC to acquire five vessel owning companies that owned five under construction vessels (the “new buildings”) with attached time charters subject to the amendment of the partnership agreement to reset the target distributions to holders of the IDRs (Note 12). As the reset of the IDRs was a pre-condition for the acquisition of the vessels, the amount of $ 36,417, representing the difference between the fair value of $347,917 of the respective new buildings at the time of the approval of this transaction in August 2014 at the Partnership's annual general meeting and the contractual cash consideration of $ 311,500, is considered to be the deemed equity contribution and thus the fair value of the reset of the IDRs. The fair value of the IDRs reset has been accounted for in Partner's capital and is presented as “Excess between the fair value of the contracted vessels and the contractual cash consideration” in the consolidated statements of changes in partners' capital and in “Advances for vessels under construction - related party” in the Partnership's consolidated balance sheets as of December 31, 2014. The fair value of the new buildings amounting to $ 347,917 was based on the average of three valuations obtained from three independent shipbrokers. Two of these five vessels are 50,000 dwt product carriers and the remaining three are 9,100 TEU post-panamax container carriers. Following the successful follow-on offering in September 2014 (Note 12), the Partnership made on September 10, 2014, an advance payment to CMTC of $30,224 in connection with the above acquisitions, and is presented as “Advances for vessels under construction - related party” in the Partnership's consolidated balance sheets. According to the Master Agreement the Partnership has also the right of first refusal to acquire six additional new building product tanker vessels with expected delivery dates in 2016. In September 2015, CMTC extended the right of first refusal to another two newbuilding product tanker vessels, with expected delivery dates in 2017. During 2015 the Partnership acquired from CMTC the shares of the four out of the five vessels owning companies. As a result as at December 31, 2015, the amount of $18,172 consisted of advances totaling $7,921 that the Partnership paid to CMTC for the acquisition of the remaining vessel owning company and the fair value from the reset of the IDRs of $10,251 which was applicable to this vessel, and is presented as “Advances for vessels under construction-related party” in the Partnership's consolidated balance sheets as of December 31, 2015. This vessel is expected to be delivered in February 2016. (b) Vessels, net An analysis of vessels is as follows: Vessel Cost Accumulated depreciation Net book value Balance as at January 1, 2014 $1,396,552 $(219,733) $1,176,819 Acquisition and improvements 183 — 183 Depreciation for the period — (56,932 ) (56,932) Balance as at December 31, 2014 $1,396,735 $(276,665) $1,120,070 Acquisitions and improvements 208,523 — 208,523 Transfer from Advances for vessels under construction - related party 48,469 — 48,469 Depreciation for the period — (61,577 ) (61,577) Balance as at December 31, 2015 $1,653,727 $(338,242) $1,315,485 All of the Partnership's vessels as of December 31, 2015 have been provided as collateral to secure the Partnership's credit facilities. On March 31, June 10, June 30 and September 18, 2015, the Partnership acquired the shares of the vessel owning companies of the M/T Active, the M/V Akadimos (renamed to “CMA CGM Amazon”), the M/T Amadeus and M/V Adonis (renamed to “CMA CGM Uruguay”) for a total consideration of $230,000 which was funded by loan drawdowns of $115,000 from the Partnership's 2013 credit facility and the remaining balance of $115,000 through the Partnership's available cash. The Partnership accounted for the acquisition of the vessel owning companies of the M/T Active, the M/V Akadimos, M/T Amadeus and M/V Adonis as acquisition of assets based on the absence of processes attached to the inputs. Other than the new buildings and the attached time charters, no other inputs and no processes were acquired. The Partnership considered whether any value should be assigned to the attached charter party agreements acquired and concluded that the contracted daily charter rates approximated market rates on the transaction completion dates and therefore, the total consideration was allocated in total to vessel cost. Thus these vessels were recorded in the Partnership's financial statements at their cost of $256,166. As of December 31, 2014 the Partnership had paid advances of $22,303 to CMTC for the acquisition of the shares of these vessel owning companies. The difference of $26,166 between the vessels' cost of $256,166 and the total consideration of $230,000 was part of the excess of $36,417 that the Partnership had recorded in its financial statements in August 2014 upon the approval of the Master Agreement and the IDRs reset at the Partnership's annual meeting. During 2015, M/T Agisilaos, M/T Avax, M/T Akeraios, M/T Apostolos, M/V Archimidis and M/V Agamemnon underwent improvements during their scheduled special survey respectively. The costs of these improvements for these vessels amounted to $826 and were capitalized as part of the vessels' cost. During 2014, M/T Ayrton II and M/T Amore Mio II underwent improvements during their scheduled special survey, respectively. The costs of these improvements for both vessels amounted to $183 and were capitalized as part of the vessels' cost. |
Above market acquired charters
Above market acquired charters | 12 Months Ended |
Dec. 31, 2015 | |
Above market acquired charters [Abstract] | |
Above market acquired charters | 6. Above market acquired charters For the years ended December 31, 2015, 2014 and 2013 revenues included a reduction of $14,864, $16,000 and $13,594 as amortization of the above market acquired charters, respectively. An analysis of above market acquired charters is as follows: Above market acquired charters M/V Cape M/T Assos M/V M/V M/V M/V M/V M/V M/V Total Carrying amount as at $ 34,814 $ 612 $ 1,363 $ 1,432 $ 18,396 $ 18,528 $ 18,575 $ 18,816 $ 18,846 $ 131,382 Amortization (5,357 ) (612 ) (863 ) (796 ) (1,668 ) (1,670 ) (1,693 ) (1,672 ) (1,669 ) (16,000 ) Carrying amount as at $ 29,457 $ - $ 500 $ 636 $ 16,728 $ 16,858 $ 16,882 $ 17,144 $ 17,177 $ 115,382 Amortization (5,357 ) — (500 ) (636 ) (1,668 ) (1,669 ) (1,692 ) (1,673 ) (1,669 ) (14,864 ) Carrying amount as at $ 24,100 $ — $ — $ — $ 15,060 $ 15,189 $ 15,190 $ 15,471 $ 15,508 $ 100,518 As of December 31, 2015 the remaining carrying amount of unamortized above market acquired time charters was $100,518 and will be amortized in future years as follows: For the twelve month period ended M/V Cape M/V M/V M/V M/V M/V Total 2016 $ 5,372 $ 1,668 $ 1,670 $ 1,697 $ 1,676 $ 1,674 $ 13,757 2017 5,357 1,668 1,670 1,693 1,672 1,669 13,729 2018 5,357 1,668 1,670 1,693 1,672 1,669 13,729 2019 5,357 1,668 1,670 1,693 1,672 1,669 13,729 2020 2,657 1,668 1,670 1,697 1,676 1,674 11,042 Thereafter — 6,720 6,839 6,717 7,103 7,153 34,532 Total $ 24,100 $ 15,060 $ 15,189 $ 15,190 $ 15,471 $ 15,508 $ 100,518 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Long-term debt consists of the following: Bank Loans As of As of Margin (i) Issued in April, 2007 maturing in $ 185,975 $ 250,850 3.00% (ii) Issued in March, 2008 maturing in $ 181,641 $ 233,065 3.00% (iii) Issued in June 2011 maturing in $ 14,000 $ 19,000 3.25% (iv) Issued in September 2013 maturing in December 2020 - 2013 credit facility $ 190,000 $ 75,000 3.50% Total long-term debt $ 571,616 $ 577,915 Less: Deferred loan issuance costs 3,806 3,242 Total long-term debt, net $ 567,810 $ 574,673 Less: Current portion of long-term debt 12,957 5,400 Add: Current portion of deferred loan issuance costs 1,035 821 Long-term debt, net $ 555,888 $ 570,094 In April 2015, the Partnership entered into three amendments to its 2007, 2008 and 2011 credit facilities providing for: the prepayments made on April 30, 2015, and funded by the proceeds of the April 2015 offering of common units (Note 12), of the scheduled four quarterly amortization payments in 2016 and the first quarter of 2017 in the respective aggregate amounts of $64,875, $46,024 and $5,000; the deferral, following the prepayments, of any further scheduled amortization payments until November 2017 for the 2007 and 2008 credit facilities and until December 2017 for the 2011 credit facility; an extension of the final maturity date to December 31, 2019 for the 2007 and 2008 credit facilities; and an increase of the interest rate under the 2007 credit facility to 3.0% over LIBOR from 2.0% over LIBOR. All other terms in our existing credit facilities remained unchanged. During 2015, the Partnership had drawn down the amount of $115,000 from the Tranche B of the 2013 credit facility in order to partly finance the acquisition of the shares of the vessel owning companies of the M/T Active, the M/V Akadimos (renamed to “CMA CGM Amazon”), the M/T Amadeus and M/V Adonis (renamed to “CMA CGM Uruguay”), respectively (Note 5). As of December 31, 2015 the Partnership had undrawn long term borrowings of $35,000 under the tranche B of its 2013 credit facility. The Partnership's credit facilities contain customary ship finance covenants, including restrictions as to: changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness, the mortgaging of vessels, the ratio of EBITDA to Net Interest Expenses shall be no less than 2:1, minimum cash requirement of $500 per vessel, as well as the ratio of net Total Indebtedness to the aggregate Market Value of the total fleet shall not exceed 0.725:1. As of December 31, 2015 and 2014, restricted cash amounted to $17,000 and $15,000, respectively and is presented under other non-current assets. The credit facilities also contain the collateral maintenance requirement in which the aggregate average fair market value, of the collateral vessels shall be no less than 125% of the aggregate outstanding amount under these facilities. Also the vessel-owning companies may pay dividends or make distributions when no event of default has occurred and the payment of such dividend or distribution has not resulted in a breach of any of the financial covenants. As of December 31, 2015 and 2014 the Partnership was in compliance with all financial debt covenants. The credit facilities have a general assignment of the earnings, insurances and requisition compensation of the respective vessel or vessels. Each also requires additional security, including: pledge and charge on current account; corporate guarantee from each of the thirty four vessel-owning companies, and mortgage interest insurance. For the years ended December 31, 2015, 2014 and 2013, the Partnership recorded interest expense of $17,856, $16,480 and $14,982, which is included in “Interest expense and finance cost” in the consolidated statements of comprehensive income, respectively. As of December 31, 2015 and 2014 the weighted average interest rate of the Partnership's loan facilities was 3.65% and 2.81% respectively. The required annual loan payments to be made subsequent to December 31, 2015 are as follows: 2007 Credit 2008 Credit 2011 Credit 2013 Credit Total 2016 $ — $ — $ — $ 12,957 $ 12,957 2017 12,975 9,205 1,000 12,957 36,137 2018 51,900 36,819 13,000 12,957 114,676 2019 121,100 135,617 — 12,957 269,674 2020 — — — 138,172 138,172 Total $ 185,975 $ 181,641 $ 14,000 $ 190,000 $ 571,616 According to the retrospectively adoption of ASU 2015-03 (Note 2s) the fees paid to lenders for obtaining new loans or refinancing existing loans are presented in the balance sheet as a direct deduction from the carrying amount of that debt and amortized as “Interest expense and finance cost” over the term of the respective loan using the effective interest rate method. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments [Abstract] | |
Financial Instruments | 8. Financial Instruments The Partnership had entered into fourteen interest rate swap agreements in order to mitigate the exposure from interest rate fluctuations. During the year ended December 31, 2013, the Partnership's remaining interest rate swap agreements expired. During the years ended December 31, 2015 and 2014, the Partnership did not enter into any interest rate swap agreement. The table below shows the effective portion of the hedging relationship of the Partnership's derivatives designated as hedging instruments recognized in Other Comprehensive Income (“OCI”), the realized losses from net interest rate settlements transferred from OCI into the Partnership's consolidated statements of comprehensive income and the amounts recognized in the consolidated statements of comprehensive income arising from the hedging relationships not qualifying for hedge accounting for the year ended December 31, 2013, as for the years ended December 31, 2015 and 2014 there were no such transactions: Derivatives designated in cash flow hedging relationships recognized in OCI (Effective Portion) Change in Fair Value of Hedging (Effective Portion) Location of Gain/(loss) Reclassified into consolidated statements of comprehensive /income (Effective Portion) Amount of Loss Reclassified Amount of Gain recorded in OCI (Effective Portion) Location of Gain/(loss) Recognized in the consolidated statements of comprehensive /income (ineffective portion) Amount of Gain/(Loss) recognized in the consolidated statements of comprehensive / income 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest - - (4 ) Interest expense - - (466 ) - - 462 - - 4 The Partnership follows the accounting guidance for financial instruments that establishes a framework for measuring fair value under generally accepted accounting principles, and expands disclosure about fair value measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date; Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; Level 3: Inputs are unobservable inputs for the asset or liability. The carrying value of cash and cash equivalents and restricted cash, which are considered Level 1 items as they represent liquid assets with short-term maturities, trade receivables, due from related parties, due to related parties, trade accounts payable and accrued liabilities approximates their fair value. The fair values of long-term variable rate bank loans approximate the recorded values, due to their variable interest being the LIBOR and due to the fact the lenders have the ability to pass on their funding cost to the Partnership under certain circumstances, which reflects their current assessed risk. We believe the terms of our loans are similar to those that could be procured as of December 31, 2015. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence bank loans are considered Level 2 items in accordance with the fair value hierarchy. When the Partnership enters into interest swaps agreements the respective interest rate swaps are recorded at fair value on the consolidated balance sheet. The fair value of the Partnership's interest rate swaps was the estimated value of the swap agreements at the reporting date, taking into account current interest rates and the forward yield curve and the creditworthiness of the Partnership and its counterparties. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 9. Accrued Liabilities Accrued liabilities consist of the following: As of December 31, 2015 2014 Accrued loan interest and loan fees $ 1,226 $ 189 Accrued operating expenses 4,520 2,696 Accrued voyage expenses and commissions 1,188 2,159 Accrued general and administrative expenses 938 592 Total $ 7,872 $ 5,636 |
Voyage Expenses and Vessel Oper
Voyage Expenses and Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Voyage Expenses and Vessel Operating Expenses [Abstract] | |
Voyage Expenses and Vessel Operating Expenses | 10. Voyage Expenses and Vessel Operating Expenses Voyage expenses and vessel operating expenses consist of the following: For the years ended December 31, 2015 2014 2013 Voyage expenses: Commissions $ 4,421 $ 3,597 2,742 Bunkers 1,753 1,802 2,473 Port expenses 259 166 226 Other 457 680 649 Total $ 6,890 $ 6,245 6,090 Vessel operating expenses: Crew costs and related costs $ 31,788 $ 28,945 21,154 Insurance expense 5,004 4,502 3,780 Spares, repairs, maintenance and other expenses 11,521 6,710 6,545 Stores and lubricants 7,790 6,535 5,022 Management fees (Note 4) 11,219 12,475 16,395 Vetting, insurances, spares and repairs (Note 4) 489 840 644 Other operating expenses 2,522 2,022 1,783 Total $ 70,333 $ 62,029 55,323 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 11. Income Taxes Under the laws of the Marshall Islands and Liberia, the country in which the vessel-owning subsidiaries were incorporated, these companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes in the country in which the vessels are registered and managed from, which have been included in vessel operating expenses in the accompanying consolidated statements of comprehensive income. Pursuant to Section 883 of the United States Internal Revenue Code (the “Code”) and the regulations thereunder, a foreign corporation engaged in the international operation of ships is generally exempt from U.S. federal income tax on its U.S.-source shipping income if the foreign corporation meets both of the following requirements: (a) the foreign corporation is organized in a foreign country that grants an “equivalent exemption” to corporations organized in the United States for the types of shipping income (e.g., voyage, time, bareboat charter) earned by the foreign corporation and (b) more than 50% of the voting power and value of the foreign corporation's stock is “primarily and regularly traded on an established securities market” in the United States and certain other requirements are satisfied (the “Publicly-Traded Test”). The jurisdictions where the Partnership's vessel-owning subsidiaries are incorporated each grants an “equivalent exemption” to United States corporations with respect to each type of shipping income earned by the Partnership's vessel-owning subsidiaries. Additionally, our units are only traded on the Nasdaq Global Market, which is considered to be established securities market. The Partnership has satisfied the Publicly-Traded Test for the years ended December 31, 2015, 2014 and 2013 and the ship-owning subsidiaries are exempt from United States federal income taxation with respect to U.S.-source shipping income. |
Partners' Capital
Partners' Capital | 12 Months Ended |
Dec. 31, 2015 | |
Partners' Capital [Abstract] | |
Partners' Capital | 12. Partners' Capital General: Definition of Available Cash: • less the amount of cash reserves established by our board of directors to: • provide for the proper conduct of the Partnership's business (including reserves for future capital expenditures and for our anticipated credit needs); • comply with applicable law, any of the Partnership's debt instruments, or other agreements; or • provide funds for distributions to the Partnership's unitholders and to the general partner for any one or more of the next four quarters; • plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Working capital borrowings are generally borrowings that are made under our credit agreements and in all cases are used solely for working capital purposes or to pay distributions to partners. General Partner Interest and Incentive Distribution Rights (“IDRs”): Incentive distribution rights represent the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels have been achieved. The Partnership's general partner as of December 31, 2015, 2014 and 2013 holds the incentive distribution rights. According to the partnership agreement the following table illustrates the percentage allocations of the additional available cash from operating surplus among the unitholders and general partner up to the various target distribution levels. The amounts set forth under “Marginal Percentage Interest in Distributions” are the percentage interests of the unitholders and general partner in any available cash from operating surplus that is being distributed up to and including the corresponding amount in the column “Total Quarterly Distribution Target Amount,” until available cash from operating surplus the Partnership distributes reaches the next target distribution level, if any. The percentage interests shown for the unitholders and general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. Marginal Percentage Total Quarterly Unitholders General Minimum Quarterly Distribution $0.3750 98 % 2 % First Target Distribution up to $0.4313 98 % 2 % Second Target Distribution above $0.4313 up to $0.4688 85 % 15 % Third Target Distribution above $0.4688 up to $0.5625 75 % 25 % Thereafter above $0.5625 50 % 50 % General Partner Interest and Incentive Distribution Rights (“IDRs”) - Continued On August 21, 2014, the Fourth Amendment to the Second Amended and Restated Agreement of Limited Partnership of the Partnership was approved, by the Partnership's annual general meeting, so as to revise the target distributions to holders of IDRs. The Fourth Amendment resets the thresholds for the IDRs as follows: Marginal Percentage Total Quarterly Unitholders General Minimum Quarterly Distribution $0.2325 98 % 2 % First Target Distribution up to $0.2425 98 % 2 % Second Target Distribution above $0.2425 up to $0.2675 85 % 15 % Third Target Distribution above $0.2675 up to $0.2925 75 % 25 % Thereafter above $0.2925 65 % 35 % Following the annual general meeting, CMTC unilaterally notified the Partnership that it has decided to waive its rights to receive quarterly incentive distributions between $0.2425 and $0.25. This waiver effectively increases the First Threshold and the lower band of the Second Threshold (as referenced in the table above) from $0.2425 to $0.25. Distributions of Available Cash From Operating Surplus: • first, 98% to all unitholders, pro rata, and 2.0% to our general partner, until we distribute for each outstanding unit an amount equal to the minimum quarterly distribution for that quarter; and • thereafter, in the manner described in the above table. During 2012 and 2013 the Partnership issued in total 24,655,554 Class B Convertible Preferred Units to a group of investors including CMTC according to two separate Class B Convertible Preferred Unit Subscription Agreements (“the Agreements”) that the Partnership had entered with this group of investors in 2012 and 2013. The holders of the Class B Convertible Preferred Units have the right to convert all or a portion of such Class B Convertible Preferred Units at any time into Common Units at the conversion price of $9 per Class B Convertible Preferred Unit and a conversion rate of one Common Unit per one Class B Convertible Preferred Unit. The Conversion Ratio and the Conversion Price shall be adjusted upon the occurrence of certain events as described in the Agreements. Commencing on May 23, 2015, in the event the 30-day volume-weighted average trading price (“VWAP”) and the daily VWAP of the Common Units on the National Securities Exchange on which the Common Units are listed or admitted to trading exceeds 130% of the then applicable Conversion Price for at least 20 Trading Days out of the 30 consecutive Trading Day period used to calculate the 30-day VWAP (the “Partnership Mandatory Conversion Event”) the Partnership acting pursuant to direction and approval of the Conflicts Committee (following consultation with the full board of directors), shall have the right to convert the Class B Convertible Preferred Units then outstanding in whole or in part into Common Units at the then-applicable Conversion Ratio. The holders of the outstanding Class B Convertible Preferred Units as of an applicable record date shall be entitled to receive, when, as and if authorized by the Partnership's board of directors or any duly authorized committee, out of legally available funds for such purpose, (a) first, the minimum quarterly Class B Convertible Preferred Unit Distribution Rate on each Class B Convertible Preferred Unit and (b) second, any cumulative Class B Convertible Preferred Unit Arrearage then outstanding, prior to any other distributions made in respect of any other Partnership Interests pursuant to the Agreements in cash. The minimum quarterly Class B Convertible Preferred Unit Distribution Rate shall be payable quarterly which is generally expected to be February 10, May 10, August 10 and November 10, or, if any such date is not a business day, the next succeeding business day. No distribution on the Class B Convertible Preferred Units shall be authorized by the board of directors or declared or paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its indebtedness, prohibits such authorization, declaration, payment or setting apart for payment or provides that such authorization, declaration, payment or setting apart for payment would constitute a breach thereof, or a default thereunder, or if such authorization, declaration, payment or setting apart for payment shall be restricted or prohibited by law. The foregoing, distributions with respect to the Class B Convertible Preferred Units shall accumulate as of the Class B Convertible Preferred Unit distribution payment date on which they first become payable whether or not any of the foregoing restrictions in above exist, whether or not there is sufficient Available Cash for the payment thereof and whether or not such distributions are authorized. A cumulative Class B Convertible Preferred Unit arrearage shall not bear interest and holders of the Class B Convertible Preferred Units shall not be entitled to any distributions, whether payable in cash, property or Partnership Interests, in excess of the then cumulative Class B Convertible Preferred Unit arrearage plus the minimum quarterly Class B Convertible Preferred Unit distribution rate for such quarter. With respect to Class B Convertible Preferred Units that are converted into Common Units, the holder thereof shall not be entitled to a Class B Convertible Preferred Unit distribution and a Common Unit distribution with respect to the same period, but shall be entitled only to the distribution to be paid based upon the class of Units held as of the close of business on the record date for the distribution in respect of such period; provided, however, that the holder of a converted Class B Convertible Preferred Unit shall remain entitled to receive any accrued but unpaid distributions due with respect to such Unit on or as of the prior Class B Convertible Preferred Unit distribution payment date; and provided, further , that if the Partnership exercises the Partnership Mandatory Conversion Right to convert the Class B Convertible Preferred Units pursuant to this Agreements then the holders' rights with respect to the distribution for the Quarter in which the Partnership Mandatory Conversion Notice is received is as set forth in these Agreements. During 2015, 2014 and 2013 various holders of Class B Convertible Preferred Units including CMTC converted 1,240,404, 4,698,484 and 5,733,333 Class B Convertible Preferred Units into common units respectively. As a result in the Partnership's Consolidated Statements of Changes in Partners' Capital the Partnership's Limited Partners-Preferred decreased by $10,642, $40,287 and $50,318 and Partnership's Limited Partners-Common increased by $10,642, $40,287 and $50,318, respectively for the years ended December 31, 2015, 2014, and 2013. The convertion rate was one common unit per one class B convertible preferred unit. During 2015, 2014 and 2013 CMTC converted 315,908, 358,624 and 349,700 common units into general partner units respectively, in order for CGP to maintain its 2% interest in the Partnership. As a result in the Partnership's Consolidated Statements of Changes in Partners' Capital the Partnership's Limited Partners-Common decreased by $2,742, $3,696 and $3,060 and General Partner increased by $2,742, $3,696 and $3,060, respectively for the years ended December 31, 2015, 2014 and 2013. In December 2015, the Partnership issued 850,000 common units under its Omnibus Incentive Compensation Plan (Note 13). In April 2015, the Partnership completed successfully a follow-on equity offering of 14,555,000 common units, including 1,100,000 common units sold to CMTC and 1,755,000 common units representing the overallotment option at a net price of $9.53 per common unit, receiving proceeds of $133,327 after the deduction of the underwriters' commissions. After the deduction of expenses relating to this equity offering, the net proceeds amounted to $132,588. In December 2014 CMTC acquired 332,040 Partnership's common units. In September 2014, the Partnership completed successfully a follow-on equity offering of 17,250,000 common units, including 2,250,000 common units representing the overallotment option which was fully exercised, at a net price of $10.53 per common unit, receiving proceeds of $173,932 after the deduction of the underwriters' commissions. After the deduction of expenses relating to this equity offering the net proceeds of this offering amounted to $173,504. The Partnership used an amount of $60,000 of the net proceeds to acquire common units from CMTC at a price per unit equal to the offering price (net of underwriting discount). The number of units acquired was equal to an aggregate of 5,950,610 common units which were cancelled immediately, in accordance with the terms of the offering. Furthermore, the Partnership used an additional amount of $30,224 of the net proceeds of the offering as an advance payment to CMTC in connection with the acquisition of the five new buildings as described in the Master Agreement (Note 5). The remaining balance of the net proceeds of the offering was used by the Partnership to partly finance the acquisition cost of $311,500, of the new buildings from CMTC and for general Partnership purposes. In August 2013, the Partnership completed successfully an equity offering of 13,685,000 common units, including 1,785,000 common units representing the overallotment option which was fully exercised, at a net price of $9.25 per common unit, receiving proceeds of $120,696 after the deduction of the underwriters' commissions. After the deduction of expenses relating to this equity offering the net proceeds of this offering amounted to $119,811. As of December 31, 2015 and 2014 our partners' capital included the following units: As of December 31, As of December 31, Common units 120,409,456 104,079,960 General partner units 2,439,989 2,124,081 Preferred units 12,983,333 14,223,737 Total partnership units 135,832,778 120,427,778 |
Omnibus Incentive Compensation
Omnibus Incentive Compensation Plan | 12 Months Ended |
Dec. 31, 2015 | |
Omnibus Incentive Compensation Plan [Abstract] | |
Omnibus Incentive Compensation Plan | 13. Omnibus Incentive Compensation Plan a. Partnership's Omnibus Incentive Compensation Plan On April 29, 2008, the board of directors approved the Partnership's Plan according to which the Partnership may issue a limited number of awards, not to exceed 500,000 units. The Plan was amended on July 22, 2010 increasing the aggregate number of restricted units issuable under the Plan to 800,000 which was then increased to 1,650,000 common units on August 21, 2014, at the annual general meeting of the Partnership's unit holders. The Plan is administered by the general partner as authorized by the board of directors. The persons eligible to receive awards under the Plan are officers, directors, and executive, managerial, administrative and professional employees of the Manager, or CMTC, or other eligible persons (collectively, “key persons”) as the general partner, in its sole discretion, shall select based upon such factors as it deems relevant. Members of the board of directors and officers of the general partner are considered to be employees of the Partnership (“Employees”) for the purposes of recognition of equity compensation expense, while employees of the Manager, CMTC and other eligible persons under the plan are not considered to be employees of the Partnership (“Non-Employees”). Awards may be made under the Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. On December 23, 2015 the Partnership awarded 240,000 and 610,000 unvested units to Employees and Non-Employees, respectively. Awards granted to certain Employees and Non Employees will vest in three equal annual installments. The remaining awards will vest on December 31, 2018. As of December 31, 2015 the unvested units did not accrue any distributions. All unvested units are conditional upon the grantee's continued service as Employee and/or Non-Employee until the applicable vesting date. The unvested units accrued distributions as declared and paid which are retained by the custodian of the Plan until the vesting date at which they were payable to the grantee. As unvested unit grantees accrued distributions on awards that are expected to vest, such distributions are charged to Partner's capital. b. Crude's Equity Incentive Plan On March 1, 2010 Crude adopted an equity incentive plan according to which Crude issued 399,400 shares out of 400,000 restricted shares that were authorized. Members of the board of directors were considered to be employees of Crude (“Employees”), while employees of Crude's affiliates and other eligible persons under this plan were not considered to be employees of Crude (“Non-Employees”). Awards granted to certain Employees vest in three equal annual installments. The remaining awards vested on August 31, 2013. The following table contains details of our plan: Employee equity compensation Non-Employee equity compensation Unvested Units Units Grant-date fair Units Award-date fair Unvested on January 1, 2015 — $ — — $ — Granted 240,000 1,325 610,000 3,367 Unvested on December 31, 2015 240,000 $ 1,325 610,000 $ 3,367 For the year ended December 31, 2015, 2014, and 2013 the equity compensation expense that has been charged in the consolidated statements of comprehensive income was $10, $0 and $1,216 for the Employee awards and $24, $0 and $2,312 for the Non-Employee awards, respectively. This expense has been included in general and administrative expenses in the consolidated statements of comprehensive income for each respective year. As of December 31, 2015 the total compensation cost related to non vested awards is $4,658 and is expected to be recognized over a weighted average period of three years. The Partnership uses the straight-line method to recognize the cost of the awards. |
Net Income Per Unit
Net Income Per Unit | 12 Months Ended |
Dec. 31, 2015 | |
Net Income Per Unit [Abstract] | |
Net Income Per Unit | 14. Net Income Per Unit The general partner's and common unit holders' interests in net income are calculated as if all net income for periods subsequent to April 4, 2007, were distributed according to the terms of the partnership agreement, regardless of whether those earnings would or could be distributed. The partnership agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash (Note 12), which is a contractually-defined term that generally means all cash on hand at the end of each quarter after establishment of cash reserves determined by the Partnership's board of directors to provide for the proper resources for the Partnership's business. Unlike available cash, net income is affected by non-cash items. The Partnership follows the guidance relating to the Application of the Two-Class Method and its application to Master Limited Partnerships which considers whether the incentive distributions of a master limited partnership represent a participating security when considered in the calculation of earnings per unit under the Two-Class Method. This guidance also considers whether the partnership agreement contains any contractual limitations concerning distributions to the incentive distribution rights that would impact the amount of earnings to allocate to the incentive distribution rights for each reporting period. Under the partnership agreement, the holder of the incentive distribution rights in the Partnership, which is currently CGP, assuming that there are no cumulative arrearages on common unit distributions, has the right to receive an increasing percentage of cash distributions (Note 12). The Partnership excluded the dilutive effect of the 12,983,333 and 14,223,737 Class B Convertible Preferred Units in calculating dilutive EPU as of December 31, 2015 and 2014, respectively as they were anti-dilutive. As of December 31, 2013 no Class B Convertible Preferred Units were excluded as they were dilutive. As of December 31, 2015 the Partnership excluded the dilutive effect of 850,000 non-vested unit awards in calculating dilutive EPU for its common unitholders as they were anti-dilutive. As of December 31, 2014 and 2013 there were no non-vested units. The non-vested units are participating securities because they received distributions from the Partnership and these distributions do not have to be returned to the Partnership if the non-vested units are forfeited by the grantee. Excluding the non-cash gain from bargain purchase for the year ended December 31, 2013, as it was not distributed to the Partnership's unit holders, the Partnership's net income for the years ended December 31, 2015, 2014 and 2013 did not exceed the First Target Distribution Level, and as a result, the assumed distribution of net income did not result in the use of increasing percentages to calculate CGP's interest in net income. The two class method used to calculate EPU is as follows: BASIC 2015 2014 2013 Numerators Partnership's net income $ 55,410 $ 44,012 $ 99,481 Less: Preferred unit holders' interest in Partnership's net income 11,334 14,042 18,805 General Partner's interest in Partnership's net income 879 593 1,598 Partnership's net income allocable to unvested units 8 — 678 Common unit holders' interest in Partnership's net income $ 43,189 $ 29,377 $ 78,400 Denominators Weighted average number of common units outstanding, basic 115,030,879 93,353,168 75,645,207 Net income per common unit: Basic $ 0.38 $ 0.31 $ 1.04 DILUTED 2015 2014 2013 Numerators Partnership's net income $ 55,410 $ 44,012 99,481 Less: Preferred unit holders' interest in Partnership's net income 11,334 14,042 18,805 General Partner's interest in Partnership's net income 879 593 1,574 Partnership's net income allocable to unvested units 8 — 678 Add: Preferred unit holders' interest in Partnership's net income — — 18,805 Partnership's net income allocable to unvested units — — 678 $ 43,189 $ 29,377 97,907 Denominators Weighted average number of common units outstanding, basic 115,030,879 93,353,168 75,645,207 Dilutive effect of preferred units — — 21,069,664 Dilutive effect of unvested shares — — 654,265 Weighted average number of common units outstanding, diluted 115,030,879 93,353,168 97,369,136 Net income per common unit: Diluted $ 0.38 $ 0.31 1.01 |
Gain on sale of claim
Gain on sale of claim | 12 Months Ended |
Dec. 31, 2015 | |
Gain on sale of claim [Abstract] | |
Gain on sale of claim | 15. Gain on sale of claim On November 14, 2012, Overseas Shipholding Group Inc (“OSG”) and certain of its subsidiaries made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”). The Partnership had three IMO II/III Chemical/Product tankers (M/T Alexandros II, M/T Aristotelis II and M/T Aris II) or (the “Vessels”), all built in 2008 by STX Offshore & Shipbuilding Co. Ltd. with long term bareboat charters to subsidiaries of OSG (“Original Charter Contracts” or “Rejected Charters”). After discussions with OSG, the Partnership agreed to enter into new charter contracts (“New Charter Contracts”) with OSG on substantially the same terms as the Original Charter Contracts, but at a bareboat rate of $6.3 per day per vessel instead of $13.0 per day per vessel as per the Original Charter Contracts. The new charters were approved by the Bankruptcy Court on March 21, 2013 and were effective as of March 1, 2013. On the same date, the Bankruptcy Court also rejected the Original Charter Contracts as of March 1, 2013. Rejection of each charter constitutes a material breach of such charter. On May 24, 2013, the Partnership filed claims (the “Claims”) against each of the charterers and their respective guarantors for damages resulting from the rejection of each of the Original Charter Contracts, including, among other things, the difference between the reduced amount of the New Charter Contracts and the amount due under each of the Rejected Charters. The total claim amount of the three claims stood at $54,096 (“Total Claim Amount”). The Partnership unconditionally and irrevocably sold, transferred and assigned to Deutsche Bank, 100% of its right, title, interest, claims and causes of action in and to arising in connection with all three of the claims that the vessel-owning subsidiaries have against OSG, via Assignment Agreements signed on June 25, 2013, thus releasing the Partnership of any payments or distributions of money or property in respect of the claim to be delivered or made to Deutsche Bank. In connection with the Assignment Agreements, on July 2, 2013, Deutsche Bank filed with the Bankruptcy Court six separate Evidences of Transfer of Claim, each pertaining to the Partnership's vessel-owning subsidiaries' claims against each charterer party to the original three charter agreements and each respective guarantor thereof. On June 26, 2013 pursuant to the Assignment Agreements, the Partnership received from Deutsche Bank an amount of $32,000 as part payment for the assignment of the three claims. On December 18, 2013 the Partnership and Deutsche Bank entered into a Settlement Notice and Refund Modification Agreement according to which the maximum amount to be refunded to Deutsche Bank would be $644 which was presented under “Accrued liabilities” in the Partnership's consolidated Balance Sheets. Consequently, the Partnership had recorded the amount of $31,356 which represents the difference between the proceeds of $32,000 the Partnership received by Deutsche Bank and the maximum amount to be refunded to Deutsche Bank of $644, as “Gain on sale of claim” in its consolidated statement of comprehensive income. On February 19, 2014 the Partnership paid the amount of $644 to Deutsche Bank. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Partnership's vessels. The Partnership is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying consolidated financial statements. The Partnership accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, the Partnership is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the consolidated financial statements. An estimated loss from a contingency should be accrued by a charge to expense and a liability recorded only if all of the following conditions are met: Information available prior to the issuance of the financial statement indicates that it is probable that a liability has been incurred at the date of the financial statements. The amount of the loss can be reasonably estimated. (a) Vessels Purchase Commitment: Pursuant to the Master Agreement, the Partnership has outstanding purchase commitment relating to the acquisition of the last out of the five new buildings of $73,579 that is payable in February 2016. (b) Lease Commitments: Year ended December 31, Amount 2016 $ 213,385 2017 165,329 2018 123,761 2019 97,619 2020 75,599 Thereafter 221,123 Total $ 896,816 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events (a) Dividends (b) Dividends |
Significant Accounting Polici25
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Principles of Consolidation: | (a) Principles of Consolidation: |
Use of Estimates: | (b) Use of Estimates: |
Other Comprehensive Income: | (c) Other Comprehensive Income: |
Accounting for Revenue, Voyage and Operating Expenses: | (d) Accounting for Revenue, Voyage and Operating Expenses Time, bareboat and voyage charter revenues are recognized when a charter agreement exists, charter rate is fixed and determinable, the vessel is made available to the lessee, and collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter. Revenues from profit sharing arrangements in time charters represent a portion of time charter equivalent (voyage income less direct expenses, divided by operating days), that exceeds the agreed base rate and are recognized in the period earned. Deferred revenue represents cash received in advance of being earned. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the rest as long term liability. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of commissions, port expenses, canal dues and bunkers. Commissions are expensed over the related charter period and all the other voyage expenses are expensed as incurred. In general under time and bareboat charter agreements, all voyages expenses, except commissions are assumed by the charterer. For voyage charters all voyage expenses are paid by the Partnership. Vessel operating expenses presented in the consolidated financial statements mainly consist of: • Management fees payable to the Partnership's manager Capital Shipmanagement Corp. (the “Manager” or “CSM”) under three different types of Management agreements (Note 4); and • Actual operating expenses such as crewing, repairs and maintenance, insurance, stores, spares, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. |
Foreign Currency Transactions: | (e) Foreign Currency Transactions: |
Cash and Cash Equivalents: | (f) Cash and Cash Equivalents: |
Restricted Cash: | (g) Restricted cash: |
Trade Accounts Receivable, Net: | (h) Trade Accounts Receivable, Net: |
Inventories: | (i) Inventories: |
Fixed Assets: | (j) Fixed Assets: |
Impairment of Long-Lived Assets: | (k) Impairment of Long-lived Assets: In recent years, market conditions, as compared to previous years, have changed significantly as a result of the global credit crisis and resulting slowdown in world trade. Charter rates decreased and values of assets were affected. The Partnership considered these market developments as indicators of potential impairment of the carrying amount of its vessels. The Partnership has performed an undiscounted cash flow test based on US GAAP as of December 31, 2015 and 2014, determining undiscounted projected net operating cash flows for the vessels and comparing them to the vessels' carrying values. In developing estimates of future cash flows, the Partnership made assumptions about future charter rates, utilization rates, vessel operating expenses, future dry docking costs and the estimated remaining useful life of the vessels. These assumptions are based on historical trends as well as future expectations that are in line with the Partnership's historical performance and expectations for the vessels' utilization under the current deployment strategy. Based on these assumptions, the Partnership determined that the undiscounted cash flows supported the vessels' carrying amounts as of December 31, 2015 and 2014. |
Intangible assets: | (l) Intangible assets: |
Deferred charges, net: | (m) Deferred charges net: |
Concentration of Credit Risk: | (n) Concentration of Credit Risk: |
Interest Rate Swap Agreements: | (o) Interest Rate Swap Agreements: |
Net Income Per Limited Partner Unit: | (p) Net Income Per Limited Partner Unit: |
Segment Reporting: | (q) Segment Reporting: |
Omnibus Incentive Compensation Plan: | (r) Omnibus Incentive Compensation Plan: |
Recent Accounting Pronouncements: | (s) Recent Accounting Pronouncements In April 2015, the FASB issued ASU 2015-03 Interest -Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs. The reclassification does not impact net income as previously reported or any prior amounts reported on the consolidated statements of comprehensive income, or the consolidated statements of cash flows. The effect of the retrospective application of this change in accounting principle on the Partnership's consolidated balance sheets as of December 31, 2014 resulted in a reduction of Deferred charges, net in the amount of $3,242 with a corresponding decrease of $2,421 in Long-term debt, net and Total long-term liabilities and a decrease of $821 in Current portion of long-term debt, net and Total current liabilities. On May 28, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No 2014-09 as amended by ASU 2015-14 which was issued on August 12, 2015, Revenue From Contracts With Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This standard is effective for public entities with reporting periods beginning after December 15, 2017. Early application is permitted only as of annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. The Company is currently evaluating the impact, if any, of the adoption of this new standard. |
Basis of Presentation and Gen26
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation and General Information [Abstract] | |
List of Subsidiaries | Subsidiary Date of Name of Vessel Owned by DWT Date acquired Date acquired Capital Product Operating GP LLC 01/16/2007 — — — — Crude Carriers Corp. 10/29/2009 — — 09/30/2011 — Crude Carriers Operating Corp. 01/21/2010 — — 09/30/2011 — Shipping Rider Co. 09/16/2003 M/T Atlantas 36,760 04/04/2007 04/26/2006 Canvey Shipmanagement Co. 03/18/2004 M/T Assos 47,872 08/16/2010 04/04/2007 05/17/2006 Centurion Navigation Limited 08/27/2003 M/T Aktoras 36,759 04/04/2007 07/12/2006 Polarwind Maritime S.A. 10/10/2003 M/T Agisilaos 36,760 04/04/2007 08/16/2006 Carnation Shipping Company 11/10/2003 M/T Arionas 36,725 04/04/2007 11/02/2006 Apollonas Shipping Company 02/10/2004 M/T Avax 47,834 04/04/2007 01/12/2007 Tempest Maritime Inc. 09/12/2003 M/T Aiolos 36,725 04/04/2007 03/02/2007 Iraklitos Shipping Company 02/10/2004 M/T Axios 47,872 04/04/2007 02/28/2007 Epicurus Shipping Company 02/11/2004 M/T Atrotos 47,786 03/01/2010 05/08/2007 05/08/2007 Laredo Maritime Inc. 02/03/2004 M/T Akeraios 47,781 07/13/2007 07/13/2007 Lorenzo Shipmanagement Inc. 05/26/2004 M/T Apostolos 47,782 09/20/2007 09/20/2007 Splendor Shipholding S.A. 07/08/2004 M/T Anemos I 47,782 09/28/2007 09/28/2007 Ross Shipmanagement Co. 12/29/2003 M/T Attikos (1) 12,000 09/24/2007 01/20/2005 Sorrel Shipmanagement Inc. 02/07/2006 M/T Alexandros II 51,258 01/29/2008 01/29/2008 Baymont Enterprises Incorporated 05/29/2007 M/T Amore Mio II 159,982 03/27/2008 07/31/2007 Forbes Maritime Co. 02/03/2004 M/T Aristofanis (2) 12,000 04/30/2008 06/02/2005 Wind Dancer Shipping Inc. 02/07/2006 M/T Aristotelis II 51,226 06/17/2008 06/17/2008 Belerion Maritime Co. 01/24/2006 M/T Aris II 51,218 08/20/2008 08/20/2008 Mango Finance Corp. 07/14/2006 M/T Agamemnon II (3) 51,238 04/07/2009 11/24/2008 Navarro International S.A. 07/14/2006 M/T Ayrton II 51,260 04/13/2009 04/10/2009 Adrian Shipholding Inc. 06/22/2004 M/T Alkiviadis 36,721 06/30/2010 03/29/2006 Patroklos Marine Corp. 06/17/2008 M/V Cape Agamemnon 179,221 06/09/2011 01/25/2011 Cooper Consultants Co. renamed to Miltiadis M II Carriers Corp. 04/06/2006 M/T Miltiadis M II 162,397 09/30/2011 04/26/2006 Amoureux Carriers Corp. 04/14/2010 M/T Amoureux 149,993 09/30/2011 — Aias Carriers Corp. 04/14/2010 M/T Aias 150,393 09/30/2011 — Agamemnon Container Carrier Corp. 04/19/2012 M/V Agamemnon 108,892 12/22/2012 06/28/2012 Archimidis Container Carrier Corp. 04/19/2012 M/V Archimidis 108,892 12/22/2012 06/22/2012 Aenaos Product Carrier S.A. 10/16/2013 M/T Aristotelis 51,604 11/28/2013 — Anax Container Carrier S.A 04/08/2011 M/V Hyundai Prestige 63,010 09/11/2013 02/19/2013 Hercules Container Carrier S.A. 04/08/2011 M/V Hyundai Premium 63,010 03/20/2013 03/11/2013 Iason Container Carrier S.A 04/08/2011 M/V Hyundai Paramount 63,010 03/27/2013 03/27/2013 Thiseas Container Carrier S.A. 04/08/2011 M/V Hyundai Privilege 63,010 09/11/2013 05/31/2013 Cronus Container Carrier S.A. 07/19/2011 M/V Hyundai Platinum 63,010 09/11/2013 06/14/2013 Miltiadis M II Corp. 08/28/2012 - - - - Dias Container Carrier S.A 05/16/2013 M/V Akadimos (CMA CGM Amazon) (4) 115,145 06/10/2015 06/10/2015 Poseidon Container Carrier S.A 05/16/2013 M/V Adonis (CMA CGM Uruguay) (4) 115,639 09/18/2015 09/18/2015 Isiodos Product Carrier S.A 05/31/2013 M/T Active (4) 50,136 03/31/2015 03/31/2015 Titanas Product Carrier S.A 05/31/2013 M/T Amadeus (4) 50,108 06/30/2015 06/30/2015 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Anax Container Carrier S.A. | |
Business Acquisition [Line Items] | |
Purchase price allocation | As of September 11, 2013 Vessel $ 54,000 Above market acquired time charter $ 19,094 Identifiable assets $ 73,094 Purchase price (65,000 ) Gain from bargain purchase $ 8,094 |
Identifiable intangible assets | Intangible assets As of Duration of time Above market acquired time charter $ 19,094 11.3 years |
Pro Forma Financial Information | For the year ended 2013 Total revenues $ 176,535 Partnership's net income $ 100,624 Preferred unit holders' interest in Partnership's net income $ 18,805 General Partner's interest in Partnership's net income $ 1,621 Common unit holders interest in Partnership's net income $ 80,198 Net income per common unit basic $ 1.05 Net income per common unit diluted $ 1.02 |
Thiseas Container Carrier S.A. | |
Business Acquisition [Line Items] | |
Purchase price allocation | As of September 11, 2013 Vessel $ 54,000 Above market acquired time charter $ 19,329 Identifiable assets $ 73,329 Purchase price (65,000 ) Gain from bargain purchase $ 8,329 |
Identifiable intangible assets | Intangible assets As of Duration of time Above market acquired time charter $ 19,329 11.6 years |
Pro Forma Financial Information | For the year ended Total revenues $ 174,045 Partnership's net income $ 100,144 Preferred unit holders' interest in Partnership's net income $ 18,805 General Partner's interest in Partnership's net income $ 1,611 Common unit holders interest in Partnership's net income $ 79,728 Net income per common unit basic $ 1.04 Net income per common unit diluted $ 1.01 |
Cronus Container Carrier S.A. | |
Business Acquisition [Line Items] | |
Purchase price allocation | As of September 11, 2013 Vessel $ 54,000 Above market acquired time charter $ 19,358 Identifiable assets $ 73,358 Purchase price (65,000 ) Gain from bargain purchase $ 8,358 |
Identifiable intangible assets | Intangible assets As of Duration of time Above market acquired time charter $ 19,358 11.6 years |
Pro Forma Financial Information | For the year ended Total revenues $ 173,699 Partnership's net income $ 100,031 Preferred unit holders' interest in Partnership's net income $ 18,805 General Partner's interest in Partnership's net income $ 1,609 Common unit holders interest in Partnership's net income $ 79,617 Net income per common unit basic $ 1.04 Net income per common unit diluted $ 1.01 |
Hercules Container Carrier S.A. | |
Business Acquisition [Line Items] | |
Purchase price allocation | As of March 20, 2013 Vessel $ 54,000 Above market acquired time charter $ 19,707 Identifiable assets $ 73,707 Purchase price (65,000 ) Gain from bargain purchase $ 8,707 |
Identifiable intangible assets | Intangible assets As of Duration of time Above market acquired time charter $ 19,707 11.8 years |
Pro Forma Financial Information | For the year ended Total revenues $ 171,717 Partnership's net income $ 99,571 Preferred unit holders' interest in Partnership's net income $ 18,805 General Partner's interest in Partnership's net income $ 1,600 Common unit holders interest in Partnership's net income $ 79,166 Net income per common unit basic $ 1.04 Net income per common unit diluted $ 1.01 |
Iason Container Carrier S.A. | |
Business Acquisition [Line Items] | |
Purchase price allocation | As of March 27, 2013 Vessel $ 54,000 Above market acquired time charter $ 19,768 Identifiable assets $ 73,768 Purchase price $ (65,000 ) Gain from bargain purchase $ 8,768 |
Identifiable intangible assets | Intangible assets As of Duration of time Above market acquired time charter $ 19,768 11.8 years |
Transactions with Related Par28
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Transactions with Related Parties (Abstract) | |
Balances and Transactions with Related Parties | Consolidated Balance Sheets As of As of Assets: Hire receivable (c) $ — $ 55 Due from related parties — 55 Advances for vessels under construction (f) 18,172 66,641 Total assets $ 18,172 $ 66,696 Liabilities: Manager - payments on behalf of the Partnership (a) $ 21,264 $ 16,517 Management fee payable to CSM (b) 890 980 Due to related parties $ 22,154 $ 17,497 Deferred revenue - current (e) 4,253 6,020 Total liabilities $ 26,407 $ 23,517 For the year ended December 31, Consolidated Statements of Income 2015 2014 2013 Revenues (c) $ 63,731 $ 72,870 $ 54,974 Voyage expenses 411 338 314 Vessel operating expenses 11,708 13,315 17,039 General and administrative expenses (d) 2,569 2,996 3,052 |
Charter Agreements | Vessel Name Time Charter (TC) in years Commencement of Charter Termination or earliest expected redelivery Gross (Net) Daily Hire Rate M/T Agisilaos 1 TC 09/2013 09/2014 $14.3 ($14.1) M/T Agisilaos 1 TC 09/2014 09/2015 $14.3 ($14.1) M/T Agisilaos 1 TC 09/2015 08/2016 $14.5 ($14.3) M/T Axios 1 TC 06/2013 07/2014 $14.8 ($14.6) M/T Axios 1 TC 07/2014 06/2015 $14.8 ($14.6) M/T Arionas 1 TC 11/2013 12/2014 $14.3 ($14.1) M/T Arionas 1.2 TC 12/2014 01/2016 $15.0 ($14.8) M/T Alkiviadis 1 TC 07/2013 09/2014 $14.3 ($14.1) M/T Amore Mio II 1 TC 12/2013 04/2015 $17.0 ($16.8) M/T Amore Mio II 1 to 1.2 TC 04/2015 09/2015 $27.0 ($26.7) M/T Avax 1 TC 09/2014 06/2015 $14.8 ($14.6) M/T Akeraios 1.5 TC 07/2013 03/2015 $15.0 ($14.8) M/T Akeraios 2 TC 03/2015 02/2017 $15.6 ($15.4) M/T Apostolos 1.2 to 1.5 TC 10/2013 04/2015 $14.9 ($14.7) M/T Apostolos 2 TC 04/2015 01/2016 $15.6 ($15.4) M/T Anemos I 1.2 to 1.5 TC 12/2013 06/2015 $14.9 ($14.7) M/T Anemos I 1 TC 06/2015 01/2016 $17.3 ($17.0) M/T Aristotelis 1.5 to 2 TC 12/2013 12/2015 $17.0 ($16.8) M/T Aristotelis 1.1 to 1.3 TC 12/2015 01/2017 $19.0 ($18.8) M/T Amoureux 1 ┼ 1 TC 10/2011 01/2014 $20.0 ┼ $24.0 ($19.8 ┼ $23.7) M/T Amoureux 1 TC 01/2014 04/2015 $24.0 ($23.7) M/T Aias 1 ┼ 1 TC 11/2011 12/2013 $20.0 ┼ $24.0 ($19.8 ┼ $23.7) M/T Aias 1 TC 12/2013 02/2015 $24.0 ($23.7) M/T Assos 1 TC 06/2014 04/2015 $14.8 ($14.6) M/T Atrotos 1 TC 05/2014 05/2015 $14.8 ($14.6) M/T Atrotos 1 TC 05/2015 12/2015 $15.3 ($15.1) M/T Miltiadis M II 0.6 TC 09/2015 03/2016 $35.0 ($34.6) M/T Active 2 TC 04/2015 06/2015 $17.0 ($16.8) M/T Amadeus 2 TC 06/2015 05/2017 $17.0 ($16.8) |
Fixed Assets (Tables)
Fixed Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Advances for vessels under construction - related party | Advances for vessels under construction - related party Balance as at January 1, 2014 $ — Additions 66,641 Balance as at December 31, 2014 $66,641 Additions — Transfer to vessels (48,469 ) Balance as at December 31, 2015 $18,172 |
Vessels, net | Vessel Cost Accumulated depreciation Net book value Balance as at January 1, 2014 $1,396,552 $(219,733) $1,176,819 Acquisition and improvements 183 — 183 Depreciation for the period — (56,932 ) (56,932) Balance as at December 31, 2014 $1,396,735 $(276,665) $1,120,070 Acquisitions and improvements 208,523 — 208,523 Transfer from Advances for vessels under construction - related party 48,469 — 48,469 Depreciation for the period — (61,577 ) (61,577) Balance as at December 31, 2015 $1,653,727 $(338,242) $1,315,485 |
Above market acquired charters
Above market acquired charters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Above market acquired charters [Abstract] | |
Above market acquired charters | Above market acquired charters M/V Cape M/T Assos M/V M/V M/V M/V M/V M/V M/V Total Carrying amount as at $ 34,814 $ 612 $ 1,363 $ 1,432 $ 18,396 $ 18,528 $ 18,575 $ 18,816 $ 18,846 $ 131,382 Amortization (5,357 ) (612 ) (863 ) (796 ) (1,668 ) (1,670 ) (1,693 ) (1,672 ) (1,669 ) (16,000 ) Carrying amount as at $ 29,457 $ - $ 500 $ 636 $ 16,728 $ 16,858 $ 16,882 $ 17,144 $ 17,177 $ 115,382 Amortization (5,357 ) — (500 ) (636 ) (1,668 ) (1,669 ) (1,692 ) (1,673 ) (1,669 ) (14,864 ) Carrying amount as at $ 24,100 $ — $ — $ — $ 15,060 $ 15,189 $ 15,190 $ 15,471 $ 15,508 $ 100,518 |
Above market acquired charter future amortization expense | For the twelve month period ended M/V Cape M/V M/V M/V M/V M/V Total 2016 $ 5,372 $ 1,668 $ 1,670 $ 1,697 $ 1,676 $ 1,674 $ 13,757 2017 5,357 1,668 1,670 1,693 1,672 1,669 13,729 2018 5,357 1,668 1,670 1,693 1,672 1,669 13,729 2019 5,357 1,668 1,670 1,693 1,672 1,669 13,729 2020 2,657 1,668 1,670 1,697 1,676 1,674 11,042 Thereafter — 6,720 6,839 6,717 7,103 7,153 34,532 Total $ 24,100 $ 15,060 $ 15,189 $ 15,190 $ 15,471 $ 15,508 $ 100,518 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt Covenants [Abstract] | |
Bank Loans | Bank Loans As of As of Margin (i) Issued in April, 2007 maturing in $ 185,975 $ 250,850 3.00% (ii) Issued in March, 2008 maturing in $ 181,641 $ 233,065 3.00% (iii) Issued in June 2011 maturing in $ 14,000 $ 19,000 3.25% (iv) Issued in September 2013 maturing in December 2020 - 2013 credit facility $ 190,000 $ 75,000 3.50% Total long-term debt $ 571,616 $ 577,915 Less: Deferred loan issuance costs 3,806 3,242 Total long-term debt, net $ 567,810 $ 574,673 Less: Current portion of long-term debt 12,957 5,400 Add: Current portion of deferred loan issuance costs 1,035 821 Long-term debt, net $ 555,888 $ 570,094 |
Required Annual Loan Payments | 2007 Credit 2008 Credit 2011 Credit 2013 Credit Total 2016 $ — $ — $ — $ 12,957 $ 12,957 2017 12,975 9,205 1,000 12,957 36,137 2018 51,900 36,819 13,000 12,957 114,676 2019 121,100 135,617 — 12,957 269,674 2020 — — — 138,172 138,172 Total $ 185,975 $ 181,641 $ 14,000 $ 190,000 $ 571,616 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments [Abstract] | |
Schedule of Derivative Instruments Gain (Loss) in Statement Of Financial Performance | Derivatives designated in cash flow hedging relationships recognized in OCI (Effective Portion) Change in Fair Value of Hedging (Effective Portion) Location of Gain/(loss) Reclassified into consolidated statements of comprehensive /income (Effective Portion) Amount of Loss Reclassified Amount of Gain recorded in OCI (Effective Portion) Location of Gain/(loss) Recognized in the consolidated statements of comprehensive /income (ineffective portion) Amount of Gain/(Loss) recognized in the consolidated statements of comprehensive / income 2015 2014 2013 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest - - (4 ) Interest expense - - (466 ) - - 462 - - 4 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | As of December 31, 2015 2014 Accrued loan interest and loan fees $ 1,226 $ 189 Accrued operating expenses 4,520 2,696 Accrued voyage expenses and commissions 1,188 2,159 Accrued general and administrative expenses 938 592 Total $ 7,872 $ 5,636 |
Voyage Expenses and Vessel Op34
Voyage Expenses and Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Voyage Expenses and Vessel Operating Expenses [Abstract] | |
Voyage Expenses and Vessel Operating Expenses | For the years ended December 31, 2015 2014 2013 Voyage expenses: Commissions $ 4,421 $ 3,597 2,742 Bunkers 1,753 1,802 2,473 Port expenses 259 166 226 Other 457 680 649 Total $ 6,890 $ 6,245 6,090 Vessel operating expenses: Crew costs and related costs $ 31,788 $ 28,945 21,154 Insurance expense 5,004 4,502 3,780 Spares, repairs, maintenance and other expenses 11,521 6,710 6,545 Stores and lubricants 7,790 6,535 5,022 Management fees (Note 4) 11,219 12,475 16,395 Vetting, insurances, spares and repairs (Note 4) 489 840 644 Other operating expenses 2,522 2,022 1,783 Total $ 70,333 $ 62,029 55,323 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Partnership Units | As of December 31, As of December 31, Common units 120,409,456 104,079,960 General partner units 2,439,989 2,124,081 Preferred units 12,983,333 14,223,737 Total partnership units 135,832,778 120,427,778 |
Prior To Fourth Amendment | |
Schedule of Incentive Distributions | Marginal Percentage Total Quarterly Unitholders General Minimum Quarterly Distribution $0.3750 98 % 2 % First Target Distribution up to $0.4313 98 % 2 % Second Target Distribution above $0.4313 up to $0.4688 85 % 15 % Third Target Distribution above $0.4688 up to $0.5625 75 % 25 % Thereafter above $0.5625 50 % 50 % |
After Fourth Amendment | |
Schedule of Incentive Distributions | Marginal Percentage Total Quarterly Unitholders General Minimum Quarterly Distribution $0.2325 98 % 2 % First Target Distribution up to $0.2425 98 % 2 % Second Target Distribution above $0.2425 up to $0.2675 85 % 15 % Third Target Distribution above $0.2675 up to $0.2925 75 % 25 % Thereafter above $0.2925 65 % 35 % |
Omnibus Incentive Compensatio36
Omnibus Incentive Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Omnibus Incentive Compensation Plan [Abstract] | |
Omnibus Incentive Compensation Plan | Employee equity compensation Non-Employee equity compensation Unvested Units Units Grant-date fair Units Award-date fair Unvested on January 1, 2015 — $ — — $ — Granted 240,000 1,325 610,000 3,367 Unvested on December 31, 2015 240,000 $ 1,325 610,000 $ 3,367 |
Net Income Per Unit (Tables)
Net Income Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net Income Per Unit [Abstract] | |
Net Income Per Unit Basic and Diluted | BASIC 2015 2014 2013 Numerators Partnership's net income $ 55,410 $ 44,012 $ 99,481 Less: Preferred unit holders' interest in Partnership's net income 11,334 14,042 18,805 General Partner's interest in Partnership's net income 879 593 1,598 Partnership's net income allocable to unvested units 8 — 678 Common unit holders' interest in Partnership's net income $ 43,189 $ 29,377 $ 78,400 Denominators Weighted average number of common units outstanding, basic 115,030,879 93,353,168 75,645,207 Net income per common unit: Basic $ 0.38 $ 0.31 $ 1.04 DILUTED 2015 2014 2013 Numerators Partnership's net income $ 55,410 $ 44,012 99,481 Less: Preferred unit holders' interest in Partnership's net income 11,334 14,042 18,805 General Partner's interest in Partnership's net income 879 593 1,574 Partnership's net income allocable to unvested units 8 — 678 Add: Preferred unit holders' interest in Partnership's net income — — 18,805 Partnership's net income allocable to unvested units — — 678 $ 43,189 $ 29,377 97,907 Denominators Weighted average number of common units outstanding, basic 115,030,879 93,353,168 75,645,207 Dilutive effect of preferred units — — 21,069,664 Dilutive effect of unvested shares — — 654,265 Weighted average number of common units outstanding, diluted 115,030,879 93,353,168 97,369,136 Net income per common unit: Diluted $ 0.38 $ 0.31 1.01 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies [Abstract] | |
Future minimum rental receipts | Year ended December 31, Amount 2016 $ 213,385 2017 165,329 2018 123,761 2019 97,619 2020 75,599 Thereafter 221,123 Total $ 896,816 |
Basis of Presentation and Gen39
Basis of Presentation and General Information (Table) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
M/T Atlantas (M/T British Ensign) | |
Property Plant And Equipment [Line Items] | |
DWT | 36,760 |
Date of Incorporation | Sep. 16, 2003 |
Date acquired by the Partnership | 04/04/2007 |
Date acquired by CMTC | 04/26/2006 |
M/T Assos | |
Property Plant And Equipment [Line Items] | |
DWT | 47,872 |
Date of Incorporation | Mar. 18, 2004 |
Date acquired by the Partnership | 08/16/2010 04/04/2007 |
Date acquired by CMTC | 05/17/2006 |
M/T Aktoras (M/T British Envoy) | |
Property Plant And Equipment [Line Items] | |
DWT | 36,759 |
Date of Incorporation | Aug. 27, 2003 |
Date acquired by the Partnership | 04/04/2007 |
Date acquired by CMTC | 07/12/2006 |
M/T Agisilaos | |
Property Plant And Equipment [Line Items] | |
DWT | 36,760 |
Date of Incorporation | Oct. 10, 2003 |
Date acquired by the Partnership | 04/04/2007 |
Date acquired by CMTC | 08/16/2006 |
M/T Arionas | |
Property Plant And Equipment [Line Items] | |
DWT | 36,725 |
Date of Incorporation | Nov. 10, 2003 |
Date acquired by the Partnership | 04/04/2007 |
Date acquired by CMTC | 11/02/2006 |
M/T Avax | |
Property Plant And Equipment [Line Items] | |
DWT | 47,834 |
Date of Incorporation | Feb. 10, 2004 |
Date acquired by the Partnership | 04/04/2007 |
Date acquired by CMTC | 01/12/2007 |
M/T Aiolos (M/T British Emissary) | |
Property Plant And Equipment [Line Items] | |
DWT | 36,725 |
Date of Incorporation | Sep. 12, 2003 |
Date acquired by the Partnership | 04/04/2007 |
Date acquired by CMTC | 03/02/2007 |
M/T Axios | |
Property Plant And Equipment [Line Items] | |
DWT | 47,872 |
Date of Incorporation | Feb. 10, 2004 |
Date acquired by the Partnership | 04/04/2007 |
Date acquired by CMTC | 02/28/2007 |
M/T Atrotos | |
Property Plant And Equipment [Line Items] | |
DWT | 47,786 |
Date of Incorporation | Feb. 11, 2004 |
Date acquired by the Partnership | 03/01/2010 05/08/2007 |
Date acquired by CMTC | 05/08/2007 |
M/T Akeraios | |
Property Plant And Equipment [Line Items] | |
DWT | 47,781 |
Date of Incorporation | Feb. 3, 2004 |
Date acquired by the Partnership | 07/13/2007 |
Date acquired by CMTC | 07/13/2007 |
M/T Apostolos | |
Property Plant And Equipment [Line Items] | |
DWT | 47,782 |
Date of Incorporation | May 26, 2004 |
Date acquired by the Partnership | 09/20/2007 |
Date acquired by CMTC | 09/20/2007 |
M/T Anemos I | |
Property Plant And Equipment [Line Items] | |
DWT | 47,782 |
Date of Incorporation | Jul. 8, 2004 |
Date acquired by the Partnership | 09/28/2007 |
Date acquired by CMTC | 09/28/2007 |
M/T Attikos | |
Property Plant And Equipment [Line Items] | |
DWT | 12,000 |
Date of Incorporation | Dec. 29, 2003 |
Date acquired by the Partnership | 09/24/2007 |
Date acquired by CMTC | 01/20/2005 |
M/T Alexandros II (M/T Overseas Serifos) | |
Property Plant And Equipment [Line Items] | |
DWT | 51,258 |
Date of Incorporation | Feb. 7, 2006 |
Date acquired by the Partnership | 01/29/2008 |
Date acquired by CMTC | 01/29/2008 |
M/T Amore Mio II | |
Property Plant And Equipment [Line Items] | |
DWT | 159,982 |
Date of Incorporation | May 29, 2007 |
Date acquired by the Partnership | 03/27/2008 |
Date acquired by CMTC | 07/31/2007 |
M/T Aristofanis | |
Property Plant And Equipment [Line Items] | |
DWT | 12,000 |
Date of Incorporation | Feb. 3, 2004 |
Date acquired by the Partnership | 04/30/2008 |
Date acquired by CMTC | 06/02/2005 |
M/T Aristotelis II (M/T Overseas Sifnos) | |
Property Plant And Equipment [Line Items] | |
DWT | 51,226 |
Date of Incorporation | Feb. 7, 2006 |
Date acquired by the Partnership | 06/17/2008 |
Date acquired by CMTC | 06/17/2008 |
M/T Aris II (M/T Overseas Kimolos) | |
Property Plant And Equipment [Line Items] | |
DWT | 51,218 |
Date of Incorporation | Jan. 24, 2006 |
Date acquired by the Partnership | 08/20/2008 |
Date acquired by CMTC | 08/20/2008 |
M/T Agamemnon II | |
Property Plant And Equipment [Line Items] | |
DWT | 51,238 |
Date of Incorporation | Jul. 14, 2006 |
Date acquired by the Partnership | 04/07/2009 |
Date acquired by CMTC | 11/24/2008 |
M/T Ayrton II | |
Property Plant And Equipment [Line Items] | |
DWT | 51,260 |
Date of Incorporation | Jul. 14, 2006 |
Date acquired by the Partnership | 04/13/2009 |
Date acquired by CMTC | 04/10/2009 |
M/T Alkiviadis | |
Property Plant And Equipment [Line Items] | |
DWT | 36,721 |
Date of Incorporation | Jun. 22, 2004 |
Date acquired by the Partnership | 06/30/2010 |
Date acquired by CMTC | 03/29/2006 |
M/V Cape Agamemnon | |
Property Plant And Equipment [Line Items] | |
DWT | 179,221 |
Date of Incorporation | Jun. 17, 2008 |
Date acquired by the Partnership | 06/09/2011 |
Date acquired by CMTC | 01/25/2011 |
M/T Miltiadis M II | |
Property Plant And Equipment [Line Items] | |
DWT | 162,397 |
Date of Incorporation | Apr. 6, 2006 |
Date acquired by the Partnership | 09/30/2011 |
Date acquired by CMTC | 04/26/2006 |
M/T Amoureux | |
Property Plant And Equipment [Line Items] | |
DWT | 149,993 |
Date of Incorporation | Apr. 14, 2010 |
Date acquired by the Partnership | 09/30/2011 |
M/T Aias | |
Property Plant And Equipment [Line Items] | |
DWT | 150,393 |
Date of Incorporation | Apr. 14, 2010 |
Date acquired by the Partnership | 09/30/2011 |
M/V Agamemnon | |
Property Plant And Equipment [Line Items] | |
DWT | 108,892 |
Date of Incorporation | Apr. 19, 2012 |
Date acquired by the Partnership | 12/22/2012 |
Date acquired by CMTC | 06/28/2012 |
M/V Archimidis | |
Property Plant And Equipment [Line Items] | |
DWT | 108,892 |
Date of Incorporation | Apr. 19, 2012 |
Date acquired by the Partnership | 12/22/2012 |
Date acquired by CMTC | 06/22/2012 |
M/T Aristotelis | |
Property Plant And Equipment [Line Items] | |
DWT | 51,604 |
Date of Incorporation | Oct. 16, 2013 |
Date acquired by the Partnership | 11/28/2013 |
M/V Hyundai Prestige | |
Property Plant And Equipment [Line Items] | |
DWT | 63,010 |
Date of Incorporation | Apr. 8, 2011 |
Date acquired by the Partnership | 09/11/2013 |
Date acquired by CMTC | 02/19/2013 |
M/V Hyundai Premium | |
Property Plant And Equipment [Line Items] | |
DWT | 63,010 |
Date of Incorporation | Apr. 8, 2011 |
Date acquired by the Partnership | 03/20/2013 |
Date acquired by CMTC | 03/11/2013 |
M/V Hyundai Paramount | |
Property Plant And Equipment [Line Items] | |
DWT | 63,010 |
Date of Incorporation | Apr. 8, 2011 |
Date acquired by the Partnership | 03/27/2013 |
Date acquired by CMTC | 03/27/2013 |
M/V Hyundai Privilege | |
Property Plant And Equipment [Line Items] | |
DWT | 63,010 |
Date of Incorporation | Apr. 8, 2011 |
Date acquired by the Partnership | 09/11/2013 |
Date acquired by CMTC | 05/31/2013 |
M/V Hyundai Platinum | |
Property Plant And Equipment [Line Items] | |
DWT | 63,010 |
Date of Incorporation | Jul. 19, 2011 |
Date acquired by the Partnership | 09/11/2013 |
Date acquired by CMTC | 06/14/2013 |
M/V Akadimos (CMA CGM Amazon) | |
Property Plant And Equipment [Line Items] | |
DWT | 115,145 |
Date of Incorporation | May 16, 2013 |
Date acquired by the Partnership | 06/10/2015 |
Date acquired by CMTC | 06/10/2015 |
M/V Adonis (CMA CGM Uruguay) | |
Property Plant And Equipment [Line Items] | |
DWT | 115,639 |
Date of Incorporation | May 16, 2013 |
Date acquired by the Partnership | 09/18/2015 |
Date acquired by CMTC | 09/18/2015 |
M/T Active | |
Property Plant And Equipment [Line Items] | |
DWT | 50,136 |
Date of Incorporation | May 31, 2013 |
Date acquired by the Partnership | 03/31/2015 |
Date acquired by CMTC | 03/31/2015 |
M/T Amadeus | |
Property Plant And Equipment [Line Items] | |
DWT | 50,108 |
Date of Incorporation | May 31, 2013 |
Date acquired by the Partnership | 06/30/2015 |
Date acquired by CMTC | 06/30/2015 |
Basis of Presentation and Gen40
Basis of Presentation and General Information - Supplementary (Table) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Capital Product Operating GP LLC | |
Subsidiary Of Limited Liability Company Or Limited Partnership | |
Date of Incorporation | Jan. 16, 2007 |
Crude Carriers Corp. | |
Subsidiary Of Limited Liability Company Or Limited Partnership | |
Date of Incorporation | Oct. 29, 2009 |
Date acquired by the Partnership | 09/30/2011 |
Crude Carriers Operating Corp. | |
Subsidiary Of Limited Liability Company Or Limited Partnership | |
Date of Incorporation | Jan. 21, 2010 |
Date acquired by the Partnership | 09/30/2011 |
Miltiadis M II Corp. | |
Subsidiary Of Limited Liability Company Or Limited Partnership | |
Date of Incorporation | Aug. 28, 2012 |
Basis of Presentation and Gen41
Basis of Presentation and General Information - Additional Information (Details) | Dec. 31, 2015 |
Property Plant And Equipment | |
Number of vessels | 34 |
Suezmax Crude Oil Tankers | |
Property Plant And Equipment | |
Number of vessels | 4 |
Medium Range Tankers | |
Property Plant And Equipment | |
Number of vessels | 20 |
Post Panamax Container Carrier Vessels | |
Property Plant And Equipment | |
Number of vessels | 9 |
Capesize Bulk Carrier | |
Property Plant And Equipment | |
Number of vessels | 1 |
Significant Accounting Polici42
Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013 | |
Significant Accounting Policies [Abstract] | |||
Write off of doubtful accounts | $ 22 | $ 70 | |
Scrap value per light weight ton (LWT) | $ 0.2 | ||
Vessels useful life | 25 years | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Deferred charges, net | $ 3,242 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Long-Term Debt, net | 2,421 | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Current Portion of Long-Term Debt, net | $ 821 | ||
Minimum | |||
Interval between vessel drydocking | 30 | ||
Maximum | |||
Interval between vessel drydocking | 60 | ||
CMTC | |||
Concentration of Credit Risk [Line Items] | |||
Major customer percentage | 29.00% | 38.00% | 32.00% |
Hyundai Merchant Marine Co Ltd ("HMM") | |||
Concentration of Credit Risk [Line Items] | |||
Major customer percentage | 21.00% | 24.00% | 13.00% |
A.P. Moler-Maersk A.S. ("Maersk") | |||
Concentration of Credit Risk [Line Items] | |||
Major customer percentage | 12.00% | 14.00% | |
British Petroleum Shipping Limited ("BP") | |||
Concentration of Credit Risk [Line Items] | |||
Major customer percentage | 17.00% |
Acquisition of Anax Container C
Acquisition of Anax Container Carrier S.A. (M/V Hyundai Prestige) - Purchase Price Allocation (Table) (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Sep. 11, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Gain from bargain purchase | $ 0 | $ 0 | $ 42,256 | |
Anax Container Carrier S.A. | ||||
Business Acquisition [Line Items] | ||||
Vessel | $ 54,000 | |||
Above market acquired time charter | 19,094 | |||
Identifiable assets | 73,094 | |||
Purchase price | (65,000) | |||
Gain from bargain purchase | $ 8,094 |
Acquisition of Anax Container44
Acquisition of Anax Container Carrier S.A. (M/V Hyundai Prestige) - Pro Forma Financial Information (Table) (Details) - Anax Container Carrier S.A. $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Total revenues | $ 176,535 |
Partnership's net income | 100,624 |
Preferred unit holders' interest in Partnership's net income | 18,805 |
General Partner's interest in Partnership's net income | 1,621 |
Common unit holders interest in Partnership's net income | $ 80,198 |
Net income per common unit basic | $ / shares | $ 1.05 |
Net income per common unit diluted | $ / shares | $ 1.02 |
Acquisition of Anax Container45
Acquisition of Anax Container Carrier S.A. (M/V Hyundai Prestige) - Additional Information (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Sep. 11, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2013 | |
Business Acquisition [Line Items] | ||||||||
Equity offering | 14,555,000 | 17,250,000 | 13,685,000 | |||||
Charter Revenues | $ 156,613 | $ 119,907 | $ 116,520 | |||||
Anax Container Carrier S.A. | ||||||||
Business Acquisition [Line Items] | ||||||||
Duration of above market acquired time charter | 11 years 3 months 12 days | |||||||
WACC used for calculation of above market acquired time charter | 11.00% | |||||||
Charter Revenues | $ 2,778 | |||||||
Net income | $ 1,298 | |||||||
2013 Credit Facility | ||||||||
Business Acquisition [Line Items] | ||||||||
Line of credit facility amount drawn down | $ 75,000 |
Acquisition of Thiseas Containe
Acquisition of Thiseas Container Carrier S.A. (M/V Hyundai Privilege) - Purchase Price Allocation (Table) (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Sep. 11, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Gain from bargain purchase | $ 0 | $ 0 | $ 42,256 | |
Thiseas Container Carrier S.A. | ||||
Business Acquisition [Line Items] | ||||
Vessel | $ 54,000 | |||
Above market acquired time charter | 19,329 | |||
Identifiable assets | 73,329 | |||
Purchase price | (65,000) | |||
Gain from bargain purchase | $ 8,329 |
Acquisition of Thiseas Contai47
Acquisition of Thiseas Container Carrier S.A. (M/V Hyundai Privilege) - Pro Forma Financial Information (Table) (Details) - Thiseas Container Carrier S.A. $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Total revenues | $ 174,045 |
Partnership's net income | 100,144 |
Preferred unit holders' interest in Partnership's net income | 18,805 |
General Partner's interest in Partnership's net income | 1,611 |
Common unit holders interest in Partnership's net income | $ 79,728 |
Net income per common unit basic | $ / shares | $ 1.04 |
Net income per common unit diluted | $ / shares | $ 1.01 |
Acquisition of Thiseas Contai48
Acquisition of Thiseas Container Carrier S.A. (M/V Hyundai Privilege) - Additional Information (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Sep. 11, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2013 | |
Business Acquisition [Line Items] | ||||||||
Equity offering | 14,555,000 | 17,250,000 | 13,685,000 | |||||
Charter Revenues | $ 156,613 | $ 119,907 | $ 116,520 | |||||
Thiseas Container Carrier S.A. | ||||||||
Business Acquisition [Line Items] | ||||||||
Duration of above market acquired time charter | 11 years 6 months 25 days | |||||||
WACC used for calculation of above market acquired time charter | 11.00% | |||||||
Charter Revenues | $ 2,785 | |||||||
Net income | $ 1,392 | |||||||
2013 Credit Facility | ||||||||
Business Acquisition [Line Items] | ||||||||
Line of credit facility amount drawn down | $ 75,000 |
Acquisition of Cronus Container
Acquisition of Cronus Container Carrier S.A. (M/V Hyundai Platinum) - Purchase Price Allocation (Table) (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | ||
Sep. 11, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Gain from bargain purchase | $ 0 | $ 0 | $ 42,256 | |
Cronus Container Carrier S.A. | ||||
Business Acquisition [Line Items] | ||||
Vessel | $ 54,000 | |||
Above market acquired time charter | 19,358 | |||
Identifiable assets | 73,358 | |||
Purchase price | (65,000) | |||
Gain from bargain purchase | $ 8,358 |
Acquisition of Cronus Contain50
Acquisition of Cronus Container Carrier S.A. (M/V Hyundai Platinum) - Pro Forma Financial Information (Table) (Details) - Cronus Container Carrier S.A. $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Total revenues | $ 173,699 |
Partnership's net income | 100,031 |
Preferred unit holders' interest in Partnership's net income | 18,805 |
General Partner's interest in Partnership's net income | 1,609 |
Common unit holders interest in Partnership's net income | $ 79,617 |
Net income per common unit basic | $ / shares | $ 1.04 |
Net income per common unit diluted | $ / shares | $ 1.01 |
Acquisition of Cronus Contain51
Acquisition of Cronus Container Carrier S.A. (M/V Hyundai Platinum) - Additional Information (Details) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Sep. 11, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2015 | Sep. 30, 2014 | Aug. 31, 2013 | |
Business Acquisition [Line Items] | ||||||||
Equity offering | 14,555,000 | 17,250,000 | 13,685,000 | |||||
Charter Revenues | $ 156,613 | $ 119,907 | $ 116,520 | |||||
Cronus Container Carrier S.A. | ||||||||
Business Acquisition [Line Items] | ||||||||
Duration of above market acquired time charter | 11 years 7 months 8 days | |||||||
WACC used for calculation of above market acquired time charter | 11.00% | |||||||
Charter Revenues | $ 2,786 | |||||||
Net income | $ 1,357 | |||||||
2013 Credit Facility | ||||||||
Business Acquisition [Line Items] | ||||||||
Line of credit facility amount drawn down | $ 75,000 |
Acquisition of Hercules Contain
Acquisition of Hercules Container Carrier S.A. (M/V Hyundai Premium) - Purchase Price Allocation (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 20, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Gain from bargain purchase | $ 0 | $ 0 | $ 42,256 | |
Hercules Container Carrier S.A. | ||||
Business Acquisition [Line Items] | ||||
Vessel | $ 54,000 | |||
Above market acquired time charter | 19,707 | |||
Identifiable assets | 73,707 | |||
Purchase price | (65,000) | |||
Gain from bargain purchase | $ 8,707 |
Acquisition of Hercules Conta53
Acquisition of Hercules Container Carrier S.A. (M/V Hyundai Premium) - Pro Forma Financial Information (Table) (Details) - Hercules Container Carrier S.A. $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2013USD ($)$ / shares | |
Business Acquisition [Line Items] | |
Total revenues | $ 171,717 |
Partnership's net income | 99,571 |
Preferred unit holders' interest in Partnership's net income | 18,805 |
General Partner's interest in Partnership's net income | 1,600 |
Common unit holders interest in Partnership's net income | $ 79,166 |
Net income per common unit basic | $ / shares | $ 1.04 |
Net income per common unit diluted | $ / shares | $ 1.01 |
Acquisition of Hercules Conta54
Acquisition of Hercules Container Carrier S.A. (M/V Hyundai Premium) - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 26, 2013 | Mar. 20, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||||
Class B convertible preferred unit issued | 9,100,000 | |||||
Business acquisition financing | $ 207,937 | $ 103 | $ 363,038 | |||
Charter Revenues | $ 156,613 | $ 119,907 | 116,520 | |||
Hercules Container Carrier S.A. | ||||||
Business Acquisition [Line Items] | ||||||
Duration of above market acquired time charter | 11 years 9 months 11 days | |||||
WACC used for calculation of above market acquired time charter | 11.00% | |||||
Charter Revenues | $ 7,181 | |||||
Net income | 3,567 | |||||
2008 Credit Facility | ||||||
Business Acquisition [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 350,000 | $ 350,000 | ||||
2008 Credit Facility | Hercules Container Carrier S.A. | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition financing | $ 27,000 | |||||
Cash | Hercules Container Carrier S.A. | ||||||
Business Acquisition [Line Items] | ||||||
Cash consideration for acquisition of vessel | 1,721 | |||||
Part of net procceds used from the issuance of Partnership's Class B Convertible Preferred Units | Hercules Container Carrier S.A. | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition financing | $ 36,279 |
Acquisition of Iason Container
Acquisition of Iason Container Carrier S.A. (M/V Hyundai Paramount) - Purchase Price Allocation (Table) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 27, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Gain from bargain purchase | $ 0 | $ 0 | $ 42,256 | |
Iason Container Carrier S.A. | ||||
Business Acquisition [Line Items] | ||||
Vessel | $ 54,000 | |||
Above market acquired time charter | 19,768 | |||
Identifiable assets | 73,768 | |||
Purchase price | (65,000) | |||
Gain from bargain purchase | $ 8,768 |
Acquisition of Iason Containe56
Acquisition of Iason Container Carrier S.A. (M/V Hyundai Paramount) - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 27, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | |||||
Business acquisition financing | $ 207,937 | $ 103 | $ 363,038 | ||
Charter Revenues | $ 156,613 | $ 119,907 | $ 116,520 | ||
Iason Container Carrier S.A. | |||||
Business Acquisition [Line Items] | |||||
Duration of above market acquired time charter | 11 years 9 months 4 days | ||||
WACC used for calculation of above market acquired time charter | 11.00% | ||||
Charter Revenues | $ 6,732 | ||||
Net income | $ 3,220 | ||||
2008 Credit Facility | Iason Container Carrier S.A. | |||||
Business Acquisition [Line Items] | |||||
Business acquisition financing | $ 27,000 | ||||
Cash | Iason Container Carrier S.A. | |||||
Business Acquisition [Line Items] | |||||
Cash consideration for acquisition of vessel | 1,722 | ||||
Part of net procceds used from the issuance of Partnership's Class B Convertible Preferred Units | Iason Container Carrier S.A. | |||||
Business Acquisition [Line Items] | |||||
Business acquisition financing | $ 36,278 |
Transactions with Related Par57
Transactions with Related Parties - Consolidated Balance Sheets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Due from related parties | $ 0 | $ 55 |
Advances for vessels under construction | 18,172 | 66,641 |
Total assets | 18,172 | 66,696 |
Liabilities: | ||
Due to related parties | 22,154 | 17,497 |
Deferred revenue - current (e) | 10,867 | 11,684 |
Hire receivable (c) | ||
Assets: | ||
Due from related parties | 0 | 55 |
Advances for vessels under construction - related party (f) | ||
Assets: | ||
Advances for vessels under construction | 18,172 | 66,641 |
Manager - payments on behalf of the Partnership (a) | ||
Liabilities: | ||
Due to related parties | 21,264 | 16,517 |
Management fee payable to CSM (b) | ||
Liabilities: | ||
Due to related parties | 890 | 980 |
Capital Maritime And Trading Corp. | ||
Liabilities: | ||
Deferred revenue - current (e) | 4,253 | 6,020 |
Total liabilities | $ 26,407 | $ 23,517 |
Transactions with Related Par58
Transactions with Related Parties - Consolidated Statements of Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction | |||
Revenues (c) | $ 63,731 | $ 72,870 | $ 54,974 |
Voyage expenses | 411 | 338 | 314 |
Vessel operating expenses | 11,708 | 13,315 | 17,039 |
General and administrative expenses (d) | 6,608 | 6,316 | 9,477 |
Capital Maritime And Trading Corp. | |||
Related Party Transaction | |||
Revenues (c) | 63,731 | 72,870 | 54,974 |
Voyage expenses | 411 | 338 | 314 |
Vessel operating expenses | 11,708 | 13,315 | 17,039 |
General and administrative expenses (d) | $ 2,569 | $ 2,996 | $ 3,052 |
Transactions with Related Par59
Transactions with Related Parties - Charter Revenues (Table) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
M/T Agisilaos | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 09/2013 |
Termination or earliest expected redelivery | 09/2014 |
Gross Daily Hire Rate | $ 14.3 |
Net Daily Hire Rate | $ 14.1 |
M/T Agisilaos | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 09/2014 |
Termination or earliest expected redelivery | 09/2015 |
Gross Daily Hire Rate | $ 14.3 |
Net Daily Hire Rate | $ 14.1 |
M/T Agisilaos | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 09/2015 |
Termination or earliest expected redelivery | 08/2016 |
Gross Daily Hire Rate | $ 14.5 |
Net Daily Hire Rate | $ 14.3 |
M/T Axios | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 06/2013 |
Termination or earliest expected redelivery | 07/2014 |
Gross Daily Hire Rate | $ 14.8 |
Net Daily Hire Rate | $ 14.6 |
M/T Axios | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 07/2014 |
Termination or earliest expected redelivery | 06/2015 |
Gross Daily Hire Rate | $ 14.8 |
Net Daily Hire Rate | $ 14.6 |
M/T Arionas | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 11/2013 |
Termination or earliest expected redelivery | 12/2014 |
Gross Daily Hire Rate | $ 14.3 |
Net Daily Hire Rate | $ 14.1 |
M/T Arionas | |
Related Party Transaction | |
Time Charter (TC) in years | 1.2 TC |
Commencement of Charter | 12/2014 |
Termination or earliest expected redelivery | 01/2016 |
Gross Daily Hire Rate | $ 15 |
Net Daily Hire Rate | $ 14.8 |
M/T Alkiviadis | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 07/2013 |
Termination or earliest expected redelivery | 09/2014 |
Gross Daily Hire Rate | $ 14.3 |
Net Daily Hire Rate | $ 14.1 |
M/T Amore Mio II | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 12/2013 |
Termination or earliest expected redelivery | 04/2015 |
Gross Daily Hire Rate | $ 17 |
Net Daily Hire Rate | $ 16.8 |
M/T Amore Mio II | |
Related Party Transaction | |
Time Charter (TC) in years | 1 to 1.2 TC |
Commencement of Charter | 04/2015 |
Termination or earliest expected redelivery | 09/2015 |
Gross Daily Hire Rate | $ 27 |
Net Daily Hire Rate | $ 26.7 |
M/T Avax | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 09/2014 |
Termination or earliest expected redelivery | 06/2015 |
Gross Daily Hire Rate | $ 14.8 |
Net Daily Hire Rate | $ 14.6 |
M/T Akeraios | |
Related Party Transaction | |
Time Charter (TC) in years | 1.5 TC |
Commencement of Charter | 07/2013 |
Termination or earliest expected redelivery | 03/2015 |
Gross Daily Hire Rate | $ 15 |
Net Daily Hire Rate | $ 14.8 |
M/T Akeraios | |
Related Party Transaction | |
Time Charter (TC) in years | 2 TC |
Commencement of Charter | 03/2015 |
Termination or earliest expected redelivery | 02/2017 |
Gross Daily Hire Rate | $ 15.6 |
Net Daily Hire Rate | $ 15.4 |
M/T Apostolos | |
Related Party Transaction | |
Time Charter (TC) in years | 1.2 to 1.5 TC |
Commencement of Charter | 10/2013 |
Termination or earliest expected redelivery | 04/2015 |
Gross Daily Hire Rate | $ 14.9 |
Net Daily Hire Rate | $ 14.7 |
M/T Apostolos | |
Related Party Transaction | |
Time Charter (TC) in years | 2 TC |
Commencement of Charter | 04/2015 |
Termination or earliest expected redelivery | 01/2016 |
Gross Daily Hire Rate | $ 15.6 |
Net Daily Hire Rate | $ 15.4 |
M/T Anemos I | |
Related Party Transaction | |
Time Charter (TC) in years | 1.2 to 1.5 TC |
Commencement of Charter | 12/2013 |
Termination or earliest expected redelivery | 06/2015 |
Gross Daily Hire Rate | $ 14.9 |
Net Daily Hire Rate | $ 14.7 |
M/T Anemos I | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 06/2015 |
Termination or earliest expected redelivery | 01/2016 |
Gross Daily Hire Rate | $ 17.3 |
Net Daily Hire Rate | $ 17 |
M/T Aristotelis | |
Related Party Transaction | |
Time Charter (TC) in years | 1.5 to 2.0 TC |
Commencement of Charter | 12/2013 |
Termination or earliest expected redelivery | 12/2015 |
Gross Daily Hire Rate | $ 17 |
Net Daily Hire Rate | $ 16.8 |
M/T Aristotelis | |
Related Party Transaction | |
Time Charter (TC) in years | 1.1 to 1.3 TC |
Commencement of Charter | 12/2015 |
Termination or earliest expected redelivery | 01/2017 |
Gross Daily Hire Rate | $ 19 |
Net Daily Hire Rate | $ 18.8 |
M/T Amoureux | |
Related Party Transaction | |
Time Charter (TC) in years | 1+1 TC |
Commencement of Charter | 10/2011 |
Termination or earliest expected redelivery | 01/2014 |
Gross Daily Hire Rate | $20.0+$24.0 |
Net Daily Hire Rate | $19.8+$23.7 |
M/T Amoureux | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 01/2014 |
Termination or earliest expected redelivery | 04/2015 |
Gross Daily Hire Rate | $ 24 |
Net Daily Hire Rate | $ 23.7 |
M/T Aias | |
Related Party Transaction | |
Time Charter (TC) in years | 1+1 TC |
Commencement of Charter | 11/2011 |
Termination or earliest expected redelivery | 12/2013 |
Gross Daily Hire Rate | $20.0+$24.0 |
Net Daily Hire Rate | $19.8+$23.7 |
M/T Aias | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 12/2013 |
Termination or earliest expected redelivery | 02/2015 |
Gross Daily Hire Rate | $ 24 |
Net Daily Hire Rate | $ 23.7 |
M/T Assos | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 06/2014 |
Termination or earliest expected redelivery | 04/2015 |
Gross Daily Hire Rate | $ 14.8 |
Net Daily Hire Rate | $ 14.6 |
M/T Atrotos | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 05/2014 |
Termination or earliest expected redelivery | 05/2015 |
Gross Daily Hire Rate | $ 14.8 |
Net Daily Hire Rate | $ 14.6 |
M/T Atrotos | |
Related Party Transaction | |
Time Charter (TC) in years | 1 TC |
Commencement of Charter | 05/2015 |
Termination or earliest expected redelivery | 12/2015 |
Gross Daily Hire Rate | $ 15.3 |
Net Daily Hire Rate | $ 15.1 |
M/T Miltiadis M II | |
Related Party Transaction | |
Time Charter (TC) in years | 0.6 TC |
Commencement of Charter | 09/2015 |
Termination or earliest expected redelivery | 03/2016 |
Gross Daily Hire Rate | $ 35 |
Net Daily Hire Rate | $ 34.6 |
M/T Active | |
Related Party Transaction | |
Time Charter (TC) in years | 2 TC |
Commencement of Charter | 04/2015 |
Termination or earliest expected redelivery | 06/2015 |
Gross Daily Hire Rate | $ 17 |
Net Daily Hire Rate | $ 16.8 |
M/T Amadeus | |
Related Party Transaction | |
Time Charter (TC) in years | 2 TC |
Commencement of Charter | 06/2015 |
Termination or earliest expected redelivery | 05/2017 |
Gross Daily Hire Rate | $ 17 |
Net Daily Hire Rate | $ 16.8 |
Transactions with Related Par60
Transactions with Related Parties - Additional Information (Details) $ in Thousands | 5 Months Ended | 8 Months Ended | 12 Months Ended | |||||||
Jun. 09, 2011 | Aug. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($) | Sep. 10, 2014USD ($) | Jul. 24, 2014 | Dec. 22, 2012 | Sep. 30, 2011 | |
Related Party Transaction | ||||||||||
Number of vessels | 34 | |||||||||
Advances for vessels under construction - related party | $ 18,172 | $ 66,641 | ||||||||
Excess between the fair value of the contracted vessels and the contractual cash consideration | $ 0 | 36,417 | $ 0 | |||||||
Capital Ship Management Corp. | ||||||||||
Related Party Transaction | ||||||||||
Sales and purchase fee | 1.00% | |||||||||
Commercial service fee | 1.25% | |||||||||
Additional fees related to unforeseen events | $ 489 | $ 840 | 644 | |||||||
Capital Ship Management Corp. | Floating fee management agreement | ||||||||||
Related Party Transaction | ||||||||||
Management agreement initial term, per managed vessel | 5 | |||||||||
Capital Ship Management Corp. | Crude Carriers Corp. ("Crude") management agreement | ||||||||||
Related Party Transaction | ||||||||||
Number of vessels | 5 | |||||||||
Capital Product Partners L.P. Adjusted Fee Payable | ||||||||||
Related Party Transaction | ||||||||||
Management agreement termination fees | $ 9,760 | |||||||||
M/T Aristofanis - Claim Proceeds | ||||||||||
Related Party Transaction | ||||||||||
Additional fees related to unforeseen events | $ 330 | |||||||||
Master Agreement | ||||||||||
Related Party Transaction | ||||||||||
Number of vessels | 5 | 5 | ||||||||
Advances for vessels under construction - related party | $ 7,921 | $ 30,224 | ||||||||
Excess between the fair value of the contracted vessels and the contractual cash consideration | $ 36,417 | $ 10,251 | ||||||||
Remaining vessels | Capital Ship Management Corp. | Crude Carriers Corp. ("Crude") management agreement | ||||||||||
Related Party Transaction | ||||||||||
Number of vessels | 3 | |||||||||
Remaining new building vessels | Master Agreement | ||||||||||
Related Party Transaction | ||||||||||
Number of vessels | 1 |
Fixed assets - Advances for ves
Fixed assets - Advances for vessels under construction - related party (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment [Line Items] | ||
Balance as at beginning of period, | $ 66,641 | |
Balance as at end of period, | 18,172 | $ 66,641 |
Related party | ||
Property Plant And Equipment [Line Items] | ||
Balance as at beginning of period, | 66,641 | 0 |
Additions | 66,641 | |
Transfer to vessels | (48,469) | |
Balance as at end of period, | $ 18,172 | $ 66,641 |
Fixed assets - Vessels, net (Ta
Fixed assets - Vessels, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property Plant And Equipment | ||
Balance as at beginning of period | $ 1,120,070 | |
Balance as at end of period | 1,315,485 | $ 1,120,070 |
Vessel Cost | ||
Property Plant And Equipment | ||
Balance as at beginning of period | 1,396,735 | 1,396,552 |
Acquisition and improvements | 208,523 | 183 |
Transfer from Advances for vessels under construction - related party | 48,469 | |
Balance as at end of period | 1,653,727 | 1,396,735 |
Accumulated depreciation | ||
Property Plant And Equipment | ||
Balance as at beginning of period | (276,665) | (219,733) |
Depreciation for the period | (61,577) | (56,932) |
Balance as at end of period | (338,242) | (276,665) |
Net book value | ||
Property Plant And Equipment | ||
Balance as at beginning of period | 1,120,070 | 1,176,819 |
Acquisition and improvements | 208,523 | 183 |
Transfer from Advances for vessels under construction - related party | 48,469 | |
Depreciation for the period | (61,577) | (56,932) |
Balance as at end of period | $ 1,315,485 | $ 1,120,070 |
Fixed assets - Additional Infor
Fixed assets - Additional Information (Details) $ in Thousands | 7 Months Ended | 8 Months Ended | 12 Months Ended | ||||
Jul. 24, 2014USD ($) | Aug. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015 | Sep. 10, 2014USD ($) | |
Property Plant And Equipment | |||||||
Number of vessels | 34 | ||||||
Advances for vessels under construction - related party | $ 18,172 | $ 66,641 | |||||
Excess between the fair value of the contracted vessels and the contractual cash consideration | 0 | 36,417 | $ 0 | ||||
2013 Credit Facility | |||||||
Property Plant And Equipment | |||||||
Line of credit facility amount drawn down | $ 115,000 | ||||||
Master Agreement | |||||||
Property Plant And Equipment | |||||||
Number of vessels | 5 | 5 | |||||
Fair value of vessels under construction acquired | $ 347,917 | ||||||
Advances for vessels under construction - related party | $ 7,921 | $ 30,224 | |||||
Excess between the fair value of the contracted vessels and the contractual cash consideration | $ 36,417 | $ 10,251 | |||||
Contracted price | $ 311,500 | ||||||
Master Agreement Product Carriers | |||||||
Property Plant And Equipment | |||||||
Number of vessels | 2 | ||||||
DWT | 50,000 | ||||||
Master Agreement Post Panamax Container Carriers | |||||||
Property Plant And Equipment | |||||||
Number of vessels | 3 | ||||||
TEU | 9,100 | ||||||
M/T Active | |||||||
Property Plant And Equipment | |||||||
Date of vessel acquisition | Mar. 31, 2015 | ||||||
DWT | 50,136 | ||||||
M/V Akadimos (renamed to "CMA CGM Amazon") | |||||||
Property Plant And Equipment | |||||||
Date of vessel acquisition | Jun. 10, 2015 | ||||||
DWT | 115,145 | ||||||
M/T Amadeus | |||||||
Property Plant And Equipment | |||||||
Date of vessel acquisition | Jun. 30, 2015 | ||||||
DWT | 50,108 | ||||||
M/V Adonis (CMA CGM Uruguay) | |||||||
Property Plant And Equipment | |||||||
Date of vessel acquisition | Sep. 18, 2015 | ||||||
DWT | 115,639 | ||||||
M/T Active, M/V Akadimos (renamed to "CMA CGM Amazon"), MT Amadeus and M/V Adonis (renamed to ''CMA CGM Uruguay'' | |||||||
Property Plant And Equipment | |||||||
Cash consideration for acquisition of vessel | $ 230,000 | ||||||
Amount of available cash paid for acquisition of vessel | 115,000 | ||||||
Fair value of vessels acquired | 256,166 | ||||||
Advances for vessels under construction - related party | 22,303 | ||||||
Excess between the fair value of the contracted vessels and the contractual cash consideration | 26,166 | ||||||
M/T Active, M/V Akadimos (renamed to "CMA CGM Amazon"), MT Amadeus and M/V Adonis (renamed to ''CMA CGM Uruguay'' | 2013 Credit Facility | |||||||
Property Plant And Equipment | |||||||
Line of credit facility amount drawn down | 115,000 | ||||||
M/T Agisilaos, M/T Avax, M/T Akeraios, M/T Apostolos, M/V Archimidis and M/V Agamemnon | |||||||
Property Plant And Equipment | |||||||
Vessel improvement costs capitalized | $ 826 | ||||||
M/T Ayrton II and M/T Amore Mio II | |||||||
Property Plant And Equipment | |||||||
Vessel improvement costs capitalized | $ 183 | ||||||
Number of vessels acquired out of the total agreed | Master Agreement | |||||||
Property Plant And Equipment | |||||||
Number of vessels | 4 | ||||||
Rights Of First Refusal | Master Agreement | |||||||
Property Plant And Equipment | |||||||
Number of vessels | 6 | 2 |
Above market acquired charter64
Above market acquired charters - Carrying Value (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | $ 115,382 | $ 131,382 | |
Amortization | (14,864) | (16,000) | $ (13,594) |
Carrying amount, end of period | 100,518 | 115,382 | 131,382 |
M/V Cape Agamemnon | |||
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | 29,457 | 34,814 | |
Amortization | (5,357) | (5,357) | |
Carrying amount, end of period | 24,100 | 29,457 | 34,814 |
M/T Assos | |||
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | 0 | 612 | |
Amortization | 0 | (612) | |
Carrying amount, end of period | 0 | 0 | 612 |
M/V Agamemnon | |||
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | 500 | 1,363 | |
Amortization | (500) | (863) | |
Carrying amount, end of period | 0 | 500 | 1,363 |
M/V Archimidis | |||
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | 636 | 1,432 | |
Amortization | (636) | (796) | |
Carrying amount, end of period | 0 | 636 | 1,432 |
M/V Hyundai Premium | |||
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | 16,728 | 18,396 | |
Amortization | (1,668) | (1,668) | |
Carrying amount, end of period | 15,060 | 16,728 | 18,396 |
M/V Hyundai Paramount | |||
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | 16,858 | 18,528 | |
Amortization | (1,669) | (1,670) | |
Carrying amount, end of period | 15,189 | 16,858 | 18,528 |
M/V Hyundai Prestige | |||
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | 16,882 | 18,575 | |
Amortization | (1,692) | (1,693) | |
Carrying amount, end of period | 15,190 | 16,882 | 18,575 |
M/V Hyundai Privilege | |||
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | 17,144 | 18,816 | |
Amortization | (1,673) | (1,672) | |
Carrying amount, end of period | 15,471 | 17,144 | 18,816 |
M/V Hyundai Platinum | |||
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | 17,177 | 18,846 | |
Amortization | (1,669) | (1,669) | |
Carrying amount, end of period | $ 15,508 | $ 17,177 | $ 18,846 |
Above market acquired charter65
Above market acquired charters - Amortization Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
For the twelve month period ended December 31, | |||
2,016 | $ 13,757 | ||
2,017 | 13,729 | ||
2,018 | 13,729 | ||
2,019 | 13,729 | ||
2,020 | 11,042 | ||
Thereafter | 34,532 | ||
Total | 100,518 | $ 115,382 | $ 131,382 |
M/V Cape Agamemnon | |||
For the twelve month period ended December 31, | |||
2,016 | 5,372 | ||
2,017 | 5,357 | ||
2,018 | 5,357 | ||
2,019 | 5,357 | ||
2,020 | 2,657 | ||
Thereafter | 0 | ||
Total | 24,100 | 29,457 | 34,814 |
M/V Hyundai Premium | |||
For the twelve month period ended December 31, | |||
2,016 | 1,668 | ||
2,017 | 1,668 | ||
2,018 | 1,668 | ||
2,019 | 1,668 | ||
2,020 | 1,668 | ||
Thereafter | 6,720 | ||
Total | 15,060 | 16,728 | 18,396 |
M/V Hyundai Paramount | |||
For the twelve month period ended December 31, | |||
2,016 | 1,670 | ||
2,017 | 1,670 | ||
2,018 | 1,670 | ||
2,019 | 1,670 | ||
2,020 | 1,670 | ||
Thereafter | 6,839 | ||
Total | 15,189 | 16,858 | 18,528 |
M/V Hyundai Prestige | |||
For the twelve month period ended December 31, | |||
2,016 | 1,697 | ||
2,017 | 1,693 | ||
2,018 | 1,693 | ||
2,019 | 1,693 | ||
2,020 | 1,697 | ||
Thereafter | 6,717 | ||
Total | 15,190 | 16,882 | 18,575 |
M/V Hyundai Privilege | |||
For the twelve month period ended December 31, | |||
2,016 | 1,676 | ||
2,017 | 1,672 | ||
2,018 | 1,672 | ||
2,019 | 1,672 | ||
2,020 | 1,676 | ||
Thereafter | 7,103 | ||
Total | 15,471 | 17,144 | 18,816 |
M/V Hyundai Platinum | |||
For the twelve month period ended December 31, | |||
2,016 | 1,674 | ||
2,017 | 1,669 | ||
2,018 | 1,669 | ||
2,019 | 1,669 | ||
2,020 | 1,674 | ||
Thereafter | 7,153 | ||
Total | $ 15,508 | $ 17,177 | $ 18,846 |
Long-Term Debt - Total Debt (Ta
Long-Term Debt - Total Debt (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument | ||
Total long-term debt | $ 571,616 | $ 577,915 |
Less: Deferred loan issuance costs | 3,806 | 3,242 |
Total long-term debt, net | 567,810 | 574,673 |
Less: Current portion of long-term debt | 12,957 | 5,400 |
Add: Current portion of deferred loan issuance costs | 1,035 | 821 |
Long-term debt, net | 555,888 | 570,094 |
(i) Issued in April 2007 maturing in December, 2019 - $370,000 credit facility (the ''2007 credit facility'') | ||
Debt Instrument | ||
Total long-term debt | $ 185,975 | 250,850 |
Margin | 3.00% | |
(ii) Issued in March, 2008 maturing in December, 2019 - 2008 credit facility | ||
Debt Instrument | ||
Total long-term debt | $ 181,641 | 233,065 |
Margin | 3.00% | |
(iii) Issued in June 2011 maturing in March 2018 - $25,000 credit facility (the ''2011 credit facility'') | ||
Debt Instrument | ||
Total long-term debt | $ 14,000 | 19,000 |
Margin | 3.25% | |
(iv) Issued in September 2013 maturing in December 2020 - 2013 credit facility | ||
Debt Instrument | ||
Total long-term debt | $ 190,000 | $ 75,000 |
Margin | 3.50% |
Long-Term Debt - Annual Loan Pa
Long-Term Debt - Annual Loan Payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,016 | $ 12,957 | |
2,017 | 36,137 | |
2,018 | 114,676 | |
2,019 | 269,674 | |
2,020 | 138,172 | |
Total long-term debt | 571,616 | $ 577,915 |
2007 Credit Facility (i) | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 12,975 | |
2,018 | 51,900 | |
2,019 | 121,100 | |
2,020 | 0 | |
Total long-term debt | 185,975 | |
2008 Credit Facility (ii) | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 9,205 | |
2,018 | 36,819 | |
2,019 | 135,617 | |
2,020 | 0 | |
Total long-term debt | 181,641 | |
2011 Credit Facility (iii) | ||
Debt Instrument [Line Items] | ||
2,016 | 0 | |
2,017 | 1,000 | |
2,018 | 13,000 | |
2,019 | 0 | |
2,020 | 0 | |
Total long-term debt | 14,000 | |
2013 Credit Facility (iv) | ||
Debt Instrument [Line Items] | ||
2,016 | 12,957 | |
2,017 | 12,957 | |
2,018 | 12,957 | |
2,019 | 12,957 | |
2,020 | 138,172 | |
Total long-term debt | $ 190,000 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) $ in Thousands | 4 Months Ended | 12 Months Ended | ||
Apr. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | ||||
Interest expense | $ 17,856 | $ 16,480 | $ 14,982 | |
Weighted average interest rate | 3.65% | 2.81% | ||
2013 Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility amount drawn down | $ 115,000 | |||
2013 Credit Facility Tranche B | $ 35,000 | |||
2007 Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 370,000 | |||
Prepayments of four scheduled amortization payments | $ 64,875 | |||
Debt variable rate basis | LIBOR | |||
Number of amortization payments | 5 | |||
Frequency of Payments | quarterly | |||
Deferral of scheduled amortization payments | November 2,017 | |||
2007 Credit Facility | Extension of the final maturity date | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Dec. 31, 2019 | |||
2007 Credit Facility | Prior to amendment | ||||
Debt Instrument [Line Items] | ||||
Credit facility margin | 2.00% | |||
2007 Credit Facility | After the amendment | ||||
Debt Instrument [Line Items] | ||||
Credit facility margin | 3.00% | |||
2008 Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 350,000 | |||
Prepayments of four scheduled amortization payments | $ 46,024 | |||
Number of amortization payments | 5 | |||
Frequency of Payments | quarterly | |||
Deferral of scheduled amortization payments | November 2,017 | |||
2008 Credit Facility | Extension of the final maturity date | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Dec. 31, 2019 | |||
2011 Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 25,000 | $ 25,000 | ||
Prepayments of four scheduled amortization payments | $ 5,000 | |||
Number of amortization payments | 5 | |||
Frequency of Payments | quarterly | |||
Deferral of scheduled amortization payments | December 2,017 |
Long-Term Debt Covenants Descri
Long-Term Debt Covenants Description (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Ratio Of EBITDA To Net Interest Expense | 2 | |
Restricted cash | $ 17,000 | $ 15,000 |
Net Total Indebtedness to the aggregate Market Value of the Total fleet | 72.50% | |
Collateral Maintenance Requirement | 125.00% | |
Debt Instrument Covenant Description | The Partnership's credit facilities contain customary ship finance covenants, including restrictions as to: changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness, the mortgaging of vessels, the ratio of EBITDA to Net Interest Expenses shall be no less than 2:1, minimum cash requirement of $500 per vessel, as well as the ratio of net Total Indebtedness to the aggregate Market Value of the total fleet shall not exceed 0.725:1. As of December 31, 2015 and 2014, restricted cash amounted to $17,000 and $15,000, respectively and is presented under other non-current assets. The credit facilities also contain the collateral maintenance requirement in which the aggregate average fair market value, of the collateral vessels shall be no less than 125% of the aggregate outstanding amount under these facilities. Also the vessel-owning companies may pay dividends or make distributions when no event of default has occurred and the payment of such dividend or distribution has not resulted in a breach of any of the financial covenants. As of December 31, 2015 and 2014 the Partnership was in compliance with all financial debt covenants. | |
Minimum | ||
Debt Instrument [Line Items] | ||
Restricted cash | $ 500 | $ 500 |
Financial Instruments - Effecti
Financial Instruments - Effective Portion (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amount of Gain Recorded in OCI (Effective Portion) | $ 0 | $ 0 | $ 462 |
Amount of Gain/ (Loss) recognized in the consolidated statements of comprehensive income | 0 | 0 | 4 |
Interest expense and finance cost | |||
Amount of Gain Recorded in OCI (Effective Portion) | 0 | 0 | 462 |
Amount of Loss Reclassified from OCI into consolidated statements of comprehensive income (Effective Portion) | 0 | 0 | (466) |
Gain on interest rate swap agreement | |||
Amount of Gain/ (Loss) recognized in the consolidated statements of comprehensive income | 0 | 0 | 4 |
Interest rate swaps | |||
Amount of Gain Recorded in OCI (Effective Portion) | $ 0 | $ 0 | $ (4) |
Financial Instruments - Additio
Financial Instruments - Additional Information (Details) | Jun. 30, 2013 |
LIBOR | |
Derivative Instruments Gain/ (Loss) [Line Items] | |
Number of Interest rate swaps | 14 |
Accrued Liabilities (Table) (De
Accrued Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Abstract] | ||
Accrued loan interest and loan fees | $ 1,226 | $ 189 |
Accrued operating expenses | 4,520 | 2,696 |
Accrued voyage expenses and commissions | 1,188 | 2,159 |
Accrued general and administrative expenses | 938 | 592 |
Total | $ 7,872 | $ 5,636 |
Voyage Expenses and Vessel Op73
Voyage Expenses and Vessel Operating Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Voyage expenses: | |||
Commissions | $ 4,421 | $ 3,597 | $ 2,742 |
Bunkers | 1,753 | 1,802 | 2,473 |
Port expenses | 259 | 166 | 226 |
Other | 457 | 680 | 649 |
Total | 6,890 | 6,245 | 6,090 |
Vessel operating expenses: | |||
Crew costs and related costs | 31,788 | 28,945 | 21,154 |
Insurance expense | 5,004 | 4,502 | 3,780 |
Spares, repairs, maintenance and other expenses | 11,521 | 6,710 | 6,545 |
Stores and lubricants | 7,790 | 6,535 | 5,022 |
Management fees (Note 4) | 11,219 | 12,475 | 16,395 |
Vetting, insurances, spares and repairs (Note 4) | 489 | 840 | 644 |
Other operating expenses | 2,522 | 2,022 | 1,783 |
Total | $ 70,333 | $ 62,029 | $ 55,323 |
Partners' Capital - Distributio
Partners' Capital - Distributions to Unitholders (Table) (Details) - $ / shares | 8 Months Ended | 16 Months Ended |
Aug. 20, 2014 | Dec. 31, 2015 | |
Minimum Quarterly Distribution | Common Unitholders | ||
Marginal percentage interest in distributions | 98.00% | 98.00% |
Minimum Quarterly Distribution | General Partner | ||
Marginal percentage interest in distributions | 2.00% | 2.00% |
First Target Distribution | Common Unitholders | ||
Marginal percentage interest in distributions | 98.00% | 98.00% |
First Target Distribution | General Partner | ||
Marginal percentage interest in distributions | 2.00% | 2.00% |
Second Target Distribution | Common Unitholders | ||
Marginal percentage interest in distributions | 85.00% | 85.00% |
Second Target Distribution | General Partner | ||
Marginal percentage interest in distributions | 15.00% | 15.00% |
Third Target Distribution | Common Unitholders | ||
Marginal percentage interest in distributions | 75.00% | 75.00% |
Third Target Distribution | General Partner | ||
Marginal percentage interest in distributions | 25.00% | 25.00% |
Thereafter | Common Unitholders | ||
Marginal percentage interest in distributions | 50.00% | 65.00% |
Thereafter | General Partner | ||
Marginal percentage interest in distributions | 50.00% | 35.00% |
Maximum | First Target Distribution | Total Quarterly Distribution Target Amount per Unit | ||
Distribution target amount per unit | $ 0.4313 | $ 0.2425 |
Maximum | Second Target Distribution | Total Quarterly Distribution Target Amount per Unit | ||
Distribution target amount per unit | 0.4688 | 0.2675 |
Maximum | Third Target Distribution | Total Quarterly Distribution Target Amount per Unit | ||
Distribution target amount per unit | 0.5625 | 0.2925 |
Minimum | Minimum Quarterly Distribution | Total Quarterly Distribution Target Amount per Unit | ||
Distribution target amount per unit | 0.375 | 0.2325 |
Minimum | Second Target Distribution | Total Quarterly Distribution Target Amount per Unit | ||
Distribution target amount per unit | 0.4313 | 0.2425 |
Minimum | Third Target Distribution | Total Quarterly Distribution Target Amount per Unit | ||
Distribution target amount per unit | 0.4688 | 0.2675 |
Minimum | Thereafter | Total Quarterly Distribution Target Amount per Unit | ||
Distribution target amount per unit | $ 0.5625 | $ 0.2925 |
Partners' Capital - Partnership
Partners' Capital - Partnership Units (Table) (Details) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Partners' Capital [Abstract] | ||
Common units | 120,409,456 | 104,079,960 |
General partner units | 2,439,989 | 2,124,081 |
Preferred partner units | 12,983,333 | 14,223,737 |
Total partnership units | 135,832,778 | 120,427,778 |
Partners' Capital - Additional
Partners' Capital - Additional Information (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | ||||
Mar. 26, 2013shares | Apr. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2013shares | Aug. 31, 2013USD ($)$ / sharesshares | Sep. 30, 2014USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 31, 2013$ / sharesshares | Sep. 10, 2014USD ($) | Jul. 24, 2014USD ($) | |
Class B convertible preferred unit issued | shares | 9,100,000 | ||||||||||
Issuance of common units under Omnibus Incentive Compensation Plan | shares | 850,000 | ||||||||||
Equity offering | shares | 14,555,000 | 13,685,000 | 17,250,000 | ||||||||
Net price per common unit | $ / shares | $ 9.53 | $ 9.25 | $ 10.53 | ||||||||
Net proceeds from equity offering | $ | $ 133,327 | $ 120,696 | $ 173,932 | ||||||||
Issuance of Partnership's units | $ | $ 132,588 | $ 119,811 | 173,504 | $ 132,588 | $ 173,504 | $ 192,368 | |||||
Stock Repurchased Retired During Period Cash Outflow | $ | $ 60,000 | 0 | 60,000 | $ 0 | |||||||
Stock Repurchased Cancelled During Period Units | shares | 5,950,610 | ||||||||||
Advances for vessels under construction - related party | $ | $ 18,172 | $ 66,641 | |||||||||
Number of vessels | 34 | ||||||||||
Class B Convertible Preferred Unit Subscription Agreement | |||||||||||
Class B convertible preferred unit issued | shares | 24,655,554 | ||||||||||
Conversion price of the Preferred units | $ / shares | $ 9 | ||||||||||
Preferred units conversion rate | shares | 1 | ||||||||||
May 23, June 6, 2012 and 2013 Class B Convertible Preferred Units Subscription Agreements Conversion Terms | Commencing on May 23, 2015, in the event the 30-day volume-weighted average trading price ('VWAP') and the daily VWAP of the Common Units on the National Securities Exchange on which the Common Units are listed or admitted to trading exceeds 130% of the then applicable Conversion Price for at least 20 Trading Days out of the 30 consecutive Trading Day period used to calculate the 30-day VWAP (the 'Partnership Mandatory Conversion Event') the Partnership acting pursuant to direction and approval of the Conflicts Committee (following consultation with the full board of directors), shall have the right to convert the Class B Convertible Preferred Units then outstanding in whole or in part into Common Units at the then-applicable Conversion Ratio. The holders of the outstanding Class B Convertible Preferred Units as of an applicable record date shall be entitled to receive, when, as and if authorized by the Partnership's board of directors or any duly authorized committee, out of legally available funds for such purpose, (a) first, the minimum quarterly Class B Convertible Preferred Unit Distribution Rate on each Class B Convertible Preferred Unit and (b) second, any cumulative Class B Convertible Preferred Unit Arrearage then outstanding, prior to any other distributions made in respect of any other Partnership Interests pursuant to the Agreements in cash. The minimum quarterly Class B Convertible Preferred Unit Distribution Rate shall be payable quarterly which is generally expected to be February 10, May 10, August 10 and November 10, or, if any such date is not a business day, the next succeeding business day. | ||||||||||
Class B Convertible Preferred Units | |||||||||||
Preferred units conversion rate | shares | 1 | ||||||||||
Number of Class B convertible preferred units converted to common units | shares | 1,240,404 | 4,698,484 | 5,733,333 | ||||||||
Limited Partners Common | |||||||||||
Conversion of Partnership's units | $ | $ 7,900 | $ 36,591 | $ 47,258 | ||||||||
Issuance of Partnership's units | $ | 132,588 | 173,504 | 119,811 | ||||||||
General Partner | |||||||||||
Conversion of Partnership's units | $ | 2,742 | 3,696 | 3,060 | ||||||||
Limited Partners Preferred | |||||||||||
Conversion of Partnership's units | $ | $ (10,642) | $ (40,287) | (50,318) | ||||||||
Issuance of Partnership's units | $ | $ 72,557 | ||||||||||
Underwriters Exercise of Overallotment Options | |||||||||||
Equity offering | shares | 1,755,000 | 1,785,000 | 2,250,000 | ||||||||
CMTC | |||||||||||
Units purchased | shares | 1,100,000 | 332,040 | |||||||||
Common Units converted to General Partner Units | shares | 315,908 | 358,624 | 349,700 | ||||||||
Interest of CGP in the partnership | 2.00% | 2.00% | |||||||||
Master Agreement | |||||||||||
Advances for vessels under construction - related party | $ | $ 7,921 | $ 30,224 | |||||||||
Number of vessels | 5 | 5 | |||||||||
Contracted price | $ | $ 311,500 | ||||||||||
Minimum | CMTC | Right waived | |||||||||||
Distribution target amount per unit | $ / shares | $ 0.2425 | ||||||||||
Maximum | CMTC | Right waived | |||||||||||
Distribution target amount per unit | $ / shares | $ 0.25 |
Omnibus Incentive Compensatio77
Omnibus Incentive Compensation Plan (Table) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Units | |
Unvested, end of period | $ 4,658 |
Employee equity compensation | |
Units | |
Unvested, beginning of period | shares | 0 |
Granted | shares | 240,000 |
Unvested, end of period | shares | 240,000 |
Unvested, beginning of period | $ 0 |
Granted | 1,325 |
Unvested, end of period | $ 1,325 |
Non-Employee equity compensation | |
Units | |
Unvested, beginning of period | shares | 0 |
Granted | shares | 610,000 |
Unvested, end of period | shares | 610,000 |
Unvested, beginning of period | $ 0 |
Granted | 3,367 |
Unvested, end of period | $ 3,367 |
Omnibus Incentive Compensatio78
Omnibus Incentive Compensation Plan (Details) $ in Thousands | 2 Months Ended | 12 Months Ended | ||||||
Mar. 01, 2010shares | Dec. 31, 2015USD ($)shares | Dec. 23, 2015shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Aug. 21, 2014shares | Jul. 22, 2010shares | Apr. 29, 2008shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units / Shares authorized | 850,000 | |||||||
Share based compensation | $ | $ 34 | $ 0 | $ 3,528 | |||||
Total compensation cost related to non vested awards | $ | $ 4,658 | |||||||
Expected period of recognition for unrecognized compensation cost | 3 years | |||||||
Partnerships Omnibus Incentive Compensation Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units / Shares authorized | 1,650,000 | 800,000 | 500,000 | |||||
Partnerships Omnibus Incentive Compensation Plan Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units granted | 240,000 | 0 | ||||||
Number of annual installments | 3 | |||||||
Partnerships Omnibus Incentive Compensation Plan Non Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units granted | 610,000 | 0 | ||||||
Vesting date of remaining awards | Dec. 31, 2018 | |||||||
Crude Carriers Corp. Equity Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units / Shares authorized | 400,000 | |||||||
Units granted | 399,400 | |||||||
Number of annual installments | 3 | |||||||
Vesting date of remaining awards | Aug. 31, 2013 | |||||||
Employee equity compensation | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units granted | 240,000 | |||||||
Unvested shares | 240,000 | 0 | ||||||
Share based compensation | $ | $ 10 | $ 0 | $ 1,216 | |||||
Total compensation cost related to non vested awards | $ | $ 1,325 | $ 0 | ||||||
Non-Employee equity compensation | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units granted | 610,000 | |||||||
Unvested shares | 610,000 | 0 | ||||||
Share based compensation | $ | $ 24 | $ 0 | $ 2,312 | |||||
Total compensation cost related to non vested awards | $ | $ 3,367 | $ 0 |
Net Income Per Unit Basic (Tabl
Net Income Per Unit Basic (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerators | |||
Partnership's net income | $ 55,410 | $ 44,012 | $ 99,481 |
Less: | |||
Preferred unit holders' interest in Partnership's net income | 11,334 | 14,042 | 18,805 |
General Partner's interest in Partnership's net income | $ 879 | $ 593 | $ 1,598 |
Denominators | |||
Weighted average number of common units outstanding, basic | 115,030,879 | 93,353,168 | 75,645,207 |
Net income per common unit: | |||
Basic | $ 0.38 | $ 0.31 | $ 1.04 |
Basic | |||
Numerators | |||
Partnership's net income | $ 55,410 | $ 44,012 | $ 99,481 |
Less: | |||
Preferred unit holders' interest in Partnership's net income | 11,334 | 14,042 | 18,805 |
General Partner's interest in Partnership's net income | 879 | 593 | 1,598 |
Partnership's net income allocable to unvested units | 8 | 0 | 678 |
Common unit holders' interest in Partnership's net income | $ 43,189 | $ 29,377 | $ 78,400 |
Denominators | |||
Weighted average number of common units outstanding, basic | 115,030,879 | 93,353,168 | 75,645,207 |
Net income per common unit: | |||
Basic | $ 0.38 | $ 0.31 | $ 1.04 |
Net Income Per Unit Diluted (Ta
Net Income Per Unit Diluted (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerators | |||
Partnership's net income | $ 55,410 | $ 44,012 | $ 99,481 |
Less: | |||
Preferred unit holders' interest in Partnership's net income | 11,334 | 14,042 | 18,805 |
General Partner's interest in Partnership's net income | $ 879 | $ 593 | $ 1,598 |
Denominators | |||
Weighted average number of common units outstanding, basic | 115,030,879 | 93,353,168 | 75,645,207 |
Weighted average number of common units outstanding, diluted | 115,030,879 | 93,353,168 | 97,369,136 |
Net income per common unit: | |||
Common unit diluted | $ 0.38 | $ 0.31 | $ 1.01 |
Diluted | |||
Numerators | |||
Partnership's net income | $ 55,410 | $ 44,012 | $ 99,481 |
Less: | |||
Preferred unit holders' interest in Partnership's net income | 11,334 | 14,042 | 18,805 |
General Partner's interest in Partnership's net income | 879 | 593 | 1,574 |
Partnership's net income allocable to unvested units | 8 | 0 | 678 |
Add: | |||
Preferred unit holders' interest in Partnership's net income | 0 | 0 | 18,805 |
Partnership's net income allocable to unvested units | 0 | 0 | 678 |
- | $ 43,189 | $ 29,377 | $ 97,907 |
Denominators | |||
Weighted average number of common units outstanding, basic | 115,030,879 | 93,353,168 | 75,645,207 |
Dilutive effect of preferred units | 0 | 0 | 21,069,664 |
Dilutive effect of unvested shares | 0 | 0 | 654,265 |
Weighted average number of common units outstanding, diluted | 115,030,879 | 93,353,168 | 97,369,136 |
Net income per common unit: | |||
Common unit diluted | $ 0.38 | $ 0.31 | $ 1.01 |
Net Income per Unit - Additiona
Net Income per Unit - Additional Information (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive convertible preferred units | 12,983,333 | 14,223,737 |
Non-vested units awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive convertible preferred units | 850,000 |
Gain on sale of claim (Details)
Gain on sale of claim (Details) $ in Thousands | 2 Months Ended | 6 Months Ended | 10 Months Ended | 12 Months Ended | |||||||
Feb. 19, 2014USD ($) | Feb. 28, 2013 | Jul. 02, 2013 | Jun. 26, 2013USD ($) | Dec. 31, 2013USD ($) | Nov. 14, 2012 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Jun. 25, 2013 | May. 24, 2013USD ($) | |
Gain on sale of claim [Line Items] | |||||||||||
Number of claims | 3 | ||||||||||
Total claim amount | $ 54,096 | ||||||||||
Proceeds received on transfer of claim to third party | $ 32,000 | ||||||||||
Gain on sale of claim to third party | $ 0 | $ 0 | $ 31,356 | ||||||||
New charter contracts | |||||||||||
Gain on sale of claim [Line Items] | |||||||||||
Net daily hire rate per vessel | $ 6.3 | ||||||||||
Original charter contracts | |||||||||||
Gain on sale of claim [Line Items] | |||||||||||
Net daily hire rate per vessel | $ 13 | ||||||||||
Deutsche Bank | |||||||||||
Gain on sale of claim [Line Items] | |||||||||||
Percentage of right, title, interest, claims and causes of action transferred | 100.00% | ||||||||||
Separate Evidences of Transfer of Claim | 6 | ||||||||||
Maximum amount to be paid to third party | $ 644 | $ 644 | |||||||||
Maximum amount paid to a third party | $ 644 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Charter Hire Receipts (Table) (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies [Abstract] | |
2,016 | $ 213,385 |
2,017 | 165,329 |
2,018 | 123,761 |
2,019 | 97,619 |
2,020 | 75,599 |
Thereafter | 221,123 |
Total | $ 896,816 |
Commitments and Contingencies84
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Jul. 24, 2014 | |
Number of vessels | 34 | |
Master Agreement | ||
Number of vessels | 5 | 5 |
Outstanding Purchase Commitment | $ 73,759 | |
Due date of commitment | February 2,016 | |
Master Agreement | Remaining new building vessels | ||
Number of vessels | 1 |
Subsequent Events (Details)
Subsequent Events (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Common Unitholders | |
Subsequent Event [Line Items] | |
Dividends Payable, Date Declared | Jan. 20, 2016 |
Dividend declared | $ 0.2385 |
Dividends Paid, Date were paid | Feb. 12, 2016 |
Dividend paid | $ 0.2385 |
Dividends Payable, Date of Record | Feb. 5, 2016 |
Preferred unit-holders | |
Subsequent Event [Line Items] | |
Dividends Payable, Date Declared | Jan. 20, 2016 |
Dividend declared | $ 0.21975 |
Dividends Paid, Date were paid | Feb. 10, 2016 |
Dividend paid | $ 0.21975 |
Dividends Payable, Date of Record | Feb. 3, 2016 |