Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Entity Registrant Name | Capital Product Partners L.P. |
Trading Symbol | CPLP |
Entity Central Index Key | 0001392326 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Address Country | MH |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Security 12b Title | Common units representing limited partnership interests |
Document Transition Report | false |
Document Shell Company Report | false |
Common Limited Partner | |
Document and Entity Information | |
Entity's units outstanding | 18,178,100 |
General Partner | |
Document and Entity Information | |
Entity's units outstanding | 348,570 |
Preferred Limited Partner | |
Document and Entity Information | |
Entity's units outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 57,964 | $ 21,203 |
Trade accounts receivable | 2,690 | 16,126 |
Prepayments and other assets | 2,736 | 2,017 |
Inventories | 1,471 | 1,516 |
Claims | 1,085 | 0 |
Current assets from discontinued operations (Note 3) | 0 | 23,698 |
Total current assets | 65,946 | 64,560 |
Fixed assets | ||
Vessels, net (Note 6) | 576,891 | 586,100 |
Total fixed assets | 576,891 | 586,100 |
Other non-current assets | ||
Above market acquired charters (Note 7) | 46,275 | 60,655 |
Deferred charges, net | 3,563 | 0 |
Restricted cash (Note 8) | 5,500 | 16,996 |
Prepayments and other assets | 5,287 | 2,466 |
Non-current assets from discontinued operations (Note 3) | 0 | 654,468 |
Total non-current assets | 637,516 | 1,320,685 |
Total assets | 703,462 | 1,385,245 |
Current liabilities | ||
Current portion of long-term debt, net (Note 8) | 26,997 | 37,479 |
Trade accounts payable | 12,501 | 14,348 |
Due to related parties (Note 5) | 5,256 | 17,742 |
Accrued liabilities (Note 10) | 16,156 | 16,740 |
Deferred revenue, current | 3,826 | 7,315 |
Current liabilities from discontinued operations (Note 3) | 0 | 21,535 |
Total current liabilities | 64,736 | 115,159 |
Long-term liabilities | ||
Long-term debt, net (Note 8) | 231,989 | 253,932 |
Deferred revenue | 0 | 96 |
Long-term liabilities from discontinued operations (Note 3) | 0 | 134,744 |
Total long-term liabilities | 231,989 | 388,772 |
Total liabilities | 296,725 | 503,931 |
Commitments and contingencies (Note 16) | ||
Partners' capital | ||
General Partner | 8,572 | 15,436 |
Limited Partners - Common (18,178,100 units issued and outstanding at December 31, 2019 and 2018 (adjusted for the March 2019 Reverse Split)) | 398,165 | 755,372 |
Limited Partners - Preferred (12,983,333 Class B units issued and outstanding at December 31, 2018) | 0 | 110,506 |
Total partners' capital | 406,737 | 881,314 |
Total liabilities and partners' capital | $ 703,462 | $ 1,385,245 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Consolidated Balance Sheets [Abstract] | ||
Limited Partners - Common Units Issued (adjusted for the March 2019 Reverse Split) | 18,178,100 | 18,178,100 |
Limited Partners - Common Units Outstanding (adjusted for the March 2019 Reverse Split) | 18,178,100 | 18,178,100 |
Limited Partners - Preferred Units Issued | 0 | 12,983,333 |
Limited Partners - Preferred Units Outstanding | 0 | 12,983,333 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) / Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | |||
Revenues (Note 4) | $ 108,374 | $ 116,894 | $ 106,696 |
Revenues - related party (Notes 4, 5) | 0 | 701 | 9,976 |
Total Revenues | 108,374 | 117,595 | 116,672 |
Expenses: | |||
Voyage expenses (Note 11) | 2,930 | 9,113 | 4,667 |
Vessel operating expenses (Note 11) | 26,632 | 26,427 | 27,398 |
Vessel operating expenses - related parties (Notes 5, 11) | 3,917 | 4,221 | 4,466 |
General and administrative expenses (Notes 5, 14) | 5,502 | 5,713 | 6,236 |
Vessel depreciation and amortization (Note 6) | 29,261 | 32,813 | 35,979 |
Impairment of vessels (Note 6) | 0 | 28,805 | 3,282 |
Operating income | 40,132 | 10,503 | 34,644 |
Other income / (expense), net: | |||
Interest expense and finance cost (Note 8) | (17,036) | (18,964) | (19,963) |
Other income | 1,325 | 850 | 1,114 |
Total other expense, net | (15,711) | (18,114) | (18,849) |
Partnership's net income / (loss) from continuing operations attributable to: | 24,421 | (7,611) | 15,795 |
Preferred unit holders' interest in Partnership's net income from continuing operations | 2,652 | 11,101 | 11,101 |
Deemed dividend to preferred unit holders' (Note 13) | 9,119 | 0 | 0 |
General Partner's interest in Partnership's net income / (loss) from continuing operations | 236 | (352) | 86 |
Common unit holders' interest in Partnership's net income / (loss) from continuing operations | 12,414 | (18,360) | 4,608 |
Partnership's net (loss) / income from discontinued operations (Note 3) | (146,876) | 7,507 | 22,688 |
Total Partnership's comprehensive (loss) / income | $ (122,455) | $ (104) | $ 38,483 |
Net income / (loss) from continuing operations per (Note 15): | |||
Common unit, basic and diluted (adjusted for the March 2019 Reverse Split) | $ 0.68 | $ (1.01) | $ 0.26 |
Weighted-average units outstanding: | |||
Common units, basic and diluted (adjusted for the March 2019 Reverse Split) | 18,178,144 | 18,100,455 | 17,692,192 |
Net (loss) / income from discontinued operations per: | |||
Common unit, basic and diluted (adjusted for the March 2019 Reverse Split) | $ (7.93) | $ 0.41 | $ 1.25 |
Net (loss) / income from operations per: | |||
Common unit, basic and diluted (adjusted for the March 2019 Reverse Split) | $ (7.25) | $ (0.60) | $ 1.51 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands | Total | General Partner | Common Unitholders | Preferred Unitholders |
Balance at Dec. 31, 2016 | $ 927,757 | $ 16,685 | $ 800,566 | $ 110,506 |
Distributions declared and paid (distributions of $2.24, $2.24 and $1.26 per common unit in 2017, 2018 and 2019, respectively (adjusted for the March 2019 Reverse Split) and $0.86, $0.86 and $0.42 per preferred unit in 2017, 2018 and 2019, respectively) | (51,630) | (780) | (39,749) | (11,101) |
Partnership’s net (loss) / income | 38,483 | 522 | 26,860 | 11,101 |
Issuance of Partnership's units (Note 13) | 17,639 | 17,639 | ||
Equity compensation expense (Note 14) | 1,156 | 1,156 | ||
Balance at Dec. 31, 2017 | 933,405 | 16,427 | 806,472 | 110,506 |
Distributions declared and paid (distributions of $2.24, $2.24 and $1.26 per common unit in 2017, 2018 and 2019, respectively (adjusted for the March 2019 Reverse Split) and $0.86, $0.86 and $0.42 per preferred unit in 2017, 2018 and 2019, respectively) | (52,600) | (780) | (40,719) | (11,101) |
Partnership’s net (loss) / income | (104) | (211) | (10,994) | 11,101 |
Equity compensation expense (Note 14) | 613 | 613 | ||
Balance at Dec. 31, 2018 | 881,314 | 15,436 | 755,372 | 110,506 |
Distributions declared and paid (distributions of $2.24, $2.24 and $1.26 per common unit in 2017, 2018 and 2019, respectively (adjusted for the March 2019 Reverse Split) and $0.86, $0.86 and $0.42 per preferred unit in 2017, 2018 and 2019, respectively) | (28,771) | (440) | (22,904) | (5,427) |
Partnership’s net (loss) / income | (122,455) | (2,339) | (122,768) | 2,652 |
Deemed dividend to preferred unit holders’ (Note 13) | (171) | (8,948) | 9,119 | |
Distribution of Diamond S Shipping Inc. stock to Partnerships' unitholders (Note 1) | (207,408) | (3,914) | (203,494) | |
Redemption of Class B Convertible Preferred Units (Notes 1 and 13) | (116,850) | (116,850) | ||
Equity compensation expense (Note 14) | 907 | 907 | ||
Balance at Dec. 31, 2019 | $ 406,737 | $ 8,572 | $ 398,165 | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Partners' Capital (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Limited Partners Common | |||
Distributions declared and paid (adjusted for the March 2019 Reverse Split) | $ 1.26 | $ 2.24 | $ 2.24 |
Limited Partners Preferred | |||
Distributions declared and paid (adjusted for the March 2019 Reverse Split) | $ 0.42 | $ 0.86 | $ 0.86 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities of continuing operations: | |||
Net income / (loss) from continuing operations | $ 24,421 | $ (7,611) | $ 15,795 |
Adjustments to reconcile net income / (loss) to net cash provided by operating activities of continuing operations: | |||
Vessel depreciation and amortization (Note 6) | 29,261 | 32,813 | 35,979 |
Amortization and write off of deferred financing costs | 1,096 | 1,359 | 961 |
Amortization of above market acquired charters (Note 7) | 14,380 | 14,380 | 14,380 |
Equity compensation expense (Note 14) | 907 | 613 | 1,156 |
Impairment of vessel (Note 6) | 0 | 28,805 | 3,282 |
Changes in operating assets and liabilities: | |||
Trade accounts receivable | 13,436 | (11,354) | (2,275) |
Prepayments and other assets | (1,195) | 855 | 710 |
Inventories | 45 | 1,147 | (438) |
Claims | (1,085) | 0 | 0 |
Trade accounts payable | (9,406) | 4,074 | 2,766 |
Due to related parties | (12,486) | 3,508 | (1,861) |
Accrued liabilities | (9,558) | 1,648 | 7,624 |
Deferred revenue | (3,585) | (10,059) | (11,542) |
Dry docking costs paid | (954) | 0 | (609) |
Net cash provided by operating activities of continuing operations | 45,277 | 60,178 | 65,928 |
Cash flows from investing activities of continuing operations: | |||
Vessel acquisitions and improvements including time charter agreements (Note 6) | (6,519) | (2,428) | (1,679) |
Net proceeds from sale of vessels | 0 | 39,789 | 0 |
Net cash (used in) / provided by investing activities of continuing operations | (6,519) | 37,361 | (1,679) |
Cash flows from financing activities of continuing operations: | |||
Proceeds from issuance of Partnership units (Note 13) | 0 | 0 | 17,815 |
Expenses paid for issuance of Partnership units | 0 | 0 | (247) |
Payments of long-term debt (Note 8) | (32,733) | (55,283) | (98,464) |
Deferred financing costs paid | (788) | (72) | (3,803) |
Redemption of Class B unit holders | (116,850) | 0 | 0 |
Dividends paid (Note 13) | (28,771) | (52,600) | (51,630) |
Net cash used in financing activities of continuing operations | (179,142) | (107,955) | (136,329) |
Net decrease in cash, cash equivalents and restricted cash from continuing operations | (140,384) | (10,416) | (72,080) |
Cash flows from discontinued operations | |||
Operating activities | 8,905 | 37,712 | 61,046 |
Investing activities | (1,484) | (41,837) | (359) |
Financing activities | 158,228 | (18,557) | (31,988) |
Net increase / (decrease) in cash, cash equivalents and restricted cash from discontinued operations | 165,649 | (22,682) | 28,699 |
Net increase / (decrease) in cash, cash equivalents and restricted cash | 25,265 | (33,098) | (43,381) |
Cash, cash equivalents and restricted cash at the beginning of the year | 38,199 | 71,297 | 114,678 |
Cash, cash equivalents and restricted cash at the end of the year | 63,464 | 38,199 | 71,297 |
Supplemental cash flow information | |||
Cash paid for interest | 20,138 | 24,952 | 19,646 |
Non-Cash Investing and Financing Activities | |||
Capital expenditures included in liabilities | 15,004 | 547 | 312 |
Offering expenses included in liabilities | 0 | 0 | 35 |
Deferred financing costs included in liabilities | 0 | 0 | 79 |
Capitalized dry docking costs included in liabilities | 2,560 | 480 | 11 |
Assumption of loans regarding the acquisition of the shares of the companies owning the M/T Aristaios and the M/T Anikitos included in discontinued operations | 0 | 43,958 | 0 |
Reconciliation of cash, cash equivalents and restricted cash | |||
Cash and cash equivalents | 57,964 | 21,203 | 53,297 |
Restricted cash - Non-current assets | 5,500 | 16,996 | 18,000 |
Cash, cash equivalents and restricted cash at the end of the year | $ 63,464 | $ 38,199 | $ 71,297 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Dec. 31, 2019 | |
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. was formed on January 16, 2007, under the laws of the Marshall Islands. Capital Product Partners, L.P. and its fully owned subsidiaries (collectively the “Partnership”) is an international shipping company. As of December 31, 2019, its fleet of eleven high specification vessels consisted of ten Neo-Panamax container carrier vessels and one Capesize bulk carrier. Its vessels are capable of carrying a wide range of dry cargoes, as well as containerized goods under short-term voyage charters and medium to long-term time charters. The DSS Transaction On November 27, 2018, the Partnership entered into a definitive transaction agreement (the “Transaction Agreement”) with DSS Holdings L.P. (“DSS”), a privately held third party company, pursuant to which the Partnership agreed to spin off its Crude and Product tanker business into a separate publicly listed company which would combine with DSS’s businesses and operations in a share-to-share transaction (the “DSS Transaction”). Pursuant to the Transaction Agreement: (a) the Partnership agreed to establish a number of entities for the implementation of the DSS Transaction, including Athena SpinCo Inc. (“Athena”); (b) the Partnership agreed to contribute to Athena the Crude and Product tanker business, associated inventories, $10,000 in cash plus prorated charter hire and net payments received from February 20, 2019 onwards with specific arrangements relating to the funding of working capital; (c) the Partnership agreed to distribute all 12,725,000 shares of common stock of Athena (renamed Diamond S Shipping Inc. or “Diamond S”) that it owned by way of a pro rata distribution to holders of the Partnership’s common and general partner units (the “distribution”); (d) Immediately following the distribution, there was a series of mergers as a result of which Diamond S would acquire the business and operations of DSS (the “combination”). In the combination, Diamond S issued additional shares of Diamond S common stock to DSS in such amount as to reflect the relative net asset values of the respective businesses and the agreed implied premium on the net asset value of the Crude and Product tanker business; and (e) DSS entered into several firm commitments for a syndicated five-year term loan and revolving credit facility of up to $360,000 with a syndicate of global shipping banks, and agreed to turn over net proceeds in such amount to partially prepay a portion of the loans outstanding under the Partnership’s existing credit facilities, redeem the Partnership’s Class B Units and fund transaction expenses. The DSS Transaction was completed on March 27, 2019. Results of operations and cash flows of the Crude and Product tanker business and assets and liabilities that were part of the DSS Transaction are reported as discontinued operations for all periods presented (Note 3). Effective March 27, 2019, the Partnership effected a one for seven reverse unit split of its issued and outstanding common and general partner units (the “March 2019 Reverse Split”) (Note 13). All units and per units amounts disclosed in the financial statements give effect to this reverse stock split retroactively, for all periods presented. The consolidated financial statements include Capital Product Partners, L.P. and the following wholly owned subsidiaries which were all incorporated or formed under the laws of the Marshall Islands and Liberia. Subsidiary Date of Incorporation Name of Vessel Owned by Subsidiary Deadweight “DWT” Date acquired by the Partnership Date acquired by Capital Maritime & Trading Corp. (“CMTC”) Capital Product Operating 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. (3) 09/16/2003 M/T Atlantas II 36,760 04/04/2007 04/26/2006 Canvey Shipmanagement Co. (3) 03/18/2004 M/T Assos 47,872 08/16/2010 04/04/2007 05/17/2006 Centurion Navigation Limited (3) 08/27/2003 M/T Aktoras 36,759 04/04/2007 07/12/2006 Polarwind Maritime S.A. (3) 10/10/2003 M/T Agisilaos 36,760 04/04/2007 08/16/2006 Carnation Shipping Company (3) 11/10/2003 M/T Arionas 36,725 04/04/2007 11/02/2006 Apollonas Shipping Company (3) 02/10/2004 M/T Avax 47,834 04/04/2007 01/12/2007 Tempest Maritime Inc. (3) 09/12/2003 M/T Aiolos 36,725 04/04/2007 03/02/2007 Iraklitos Shipping Company (3) 02/10/2004 M/T Axios 47,872 04/04/2007 02/28/2007 Epicurus Shipping Company (3) 02/11/2004 M/T Atrotos 47,786 03/01/2010 05/08/2007 05/08/2007 Laredo Maritime Inc. (3) 02/03/2004 M/T Akeraios 47,781 07/13/2007 07/13/2007 Lorenzo Shipmanagement Inc. (3) 05/26/2004 M/T Apostolos 47,782 09/20/2007 09/20/2007 Splendor Shipholding S.A. (3) 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. (3) 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 (1) 159,982 03/27/2008 07/31/2007 Forbes Maritime Co. 02/03/2004 M/T Aristofanis (1) 12,000 04/30/2008 06/02/2005 Wind Dancer Shipping Inc. (3) 02/07/2006 M/T Aristotelis II 51,226 06/17/2008 06/17/2008 Belerion Maritime Co. (3) 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 (1) 51,238 04/07/2009 11/24/2008 Navarro International S.A. (3) 07/14/2006 M/T Ayrton II 51,260 04/13/2009 04/10/2009 Adrian Shipholding Inc. (3) 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. (3) 04/06/2006 M/T Miltiadis M II 162,397 09/30/2011 04/26/2006 Amoureux Carriers Corp. (3) 04/14/2010 M/T Amoureux 149,993 09/30/2011 — Aias Carriers Corp. (3) 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 ( 1 ) 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 CMA CGM Amazon 115,534 06/10/2015 06/10/2015 Poseidon Container Carrier S.A. 05/16/2013 M/V CMA CGM Uruguay 115,639 09/18/2015 09/18/2015 Isiodos Product Carrier S.A. (3) 05/31/2013 M/T Active 50,136 03/31/2015 03/31/2015 Titanas Product Carrier S.A. (3) 05/31/2013 M/T Amadeus 50,108 06/30/2015 06/30/2015 Atrotos Container Carrier S.A. 10/25/2013 M/V CMA CGM Magdalena 115,639 02/26/2016 02/26/2016 Filonikis Product Carrier S.A. (3) 05/31/2013 M/T Amor 49,999 10/24/2016 09/30/2015 Asterias Crude Carrier S.A. (3) 07/13/2015 M/T Aristaios 113,689 01/17/2018 01/10/2017 Iason Product Carrier S.A. (3) 08/28/2013 M/T Anikitos 50,082 05/04/2018 06/21/2016 Athena SpinCo Inc. ( 2, 3 ) 11/14/2018 — — — — Athena MergerCo 1 Inc. ( 2, 3 ) 11/14/2018 — — — — Athena MergerCo 2 Inc. ( 2, 3 ) 11/14/2018 — — — — Athena MergerCo 3 LLC. ( 2, 3 ) 11/14/2018 — — — — Athena MergerCo 4 LLC ( 2, 3 ) 11/14/2018 — — — — (1) Vessels were disposed in the previous years. (2) Companies established for the purpose of the agreement between the Partnership and DSS. (3) Companies part of the Crude and Product tanker business which were spun-off on March 27, 2019. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of Consolidation : The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the accounts of the legal entities comprising the Partnership as discussed in Note 1. Intra-group balances and transactions have been eliminated upon consolidation. (b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognized during the reporting period. Actual results could differ from those estimates. (c) Accounting for Revenue, Voyage and Operating Expenses: The Partnership generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered on time or voyage charters. The time charter contracts are considered operating leases and therefore fall under the scope of Accounting Standard Codification (“ASC”) 842 and the voyage charter contracts fall under the scope of ASC 606 (Note 4). Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Partnership and are expensed over the related charter period. All other voyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Partnership satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘prepayments and other assets’ in the consolidated balance sheets. Vessel operating expenses presented in the consolidated financial statements mainly consist of management fees payable to the Partnership’s managers and crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. (d) Foreign Currency Transactions: The functional currency of the Partnership is the U.S. Dollar because the Partnership’s vessels operate in international shipping markets that utilize the U.S. Dollar as the functional currency. The accounting records of the Partnership are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in currencies other than the U.S. Dollar, are translated into the functional currency using the exchange rate at those dates. Gains or losses resulting from foreign currency transactions are included in “Other income” in the consolidated statements of comprehensive (loss) / income. (e) Cash and Cash Equivalents: The Partnership considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. (f) Restricted cash: For the Partnership to comply with debt covenants under its credit facilities, it must maintain minimum cash deposits. Such deposits are considered by the Partnership to be restricted cash. (g) Trade Accounts Receivable: The amount shown as trade accounts receivable primarily consists of earned revenue that has not been billed yet or that has been billed but not yet collected. At each balance sheet date all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate write off. For the year ended December 31, 2019 the respective write off amounted to $6. For the year ended December 31, 2018 there were no write offs. (h) Inventories: Inventories consist of consumable bunkers, lubricants, spares and stores and are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling prices less reasonably predictable costs of disposal and transportation. The cost is determined by the first-in, first-out method. (i) Vessels Held for Sale: The Partnership classifies vessels as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. These vessels are not depreciated once they meet the criteria to be classified as held for sale. If a plan to sell a vessel is cancelled, the Partnership reclassifies the vessel as held for use and re-measures it at the lower of (i) its carrying amount before the vessel was classified as held for sale, adjusted for any depreciation expense that would have been recognized if the vessel had been continuously classified as held and used and (ii) its fair value at the date of the subsequent decision not to sell. (j) Fixed Assets: Fixed assets consist of vessels, which are stated at cost, less accumulated depreciation. Vessel cost consists of the contract price for the vessel and any material expenses incurred upon their construction (improvements and delivery expenses, on-site supervision costs incurred during the construction periods, as well as capitalized interest expense during the construction period). Vessels acquired through acquisition of businesses are recorded at their acquisition date fair values. Vessels acquired through asset acquisitions are recorded at cost. The cost of each of the Partnership’s vessels is depreciated, beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Management estimates the scrap value of the Partnership’s vessels to be $0.2 per light weight ton (LWT) and useful life to be 25 years. (k) Impairment of Long-lived Assets: An impairment loss on long-lived assets is recognized when indicators of impairment are present and the carrying amount of the long-lived asset is greater than its fair value and not believed to be recoverable. In determining future benefits derived from use of long-lived assets, the Partnership performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the asset, including any related intangible assets and liabilities, exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value. Various factors including future charter rates and vessel operating costs are included in this analysis. In recent years, changing market conditions resulted in a decrease in charter rates and values of assets. The Partnership considered these market developments as indicators of potential impairment of the carrying amount of its long-lived assets. The Partnership has performed an undiscounted cash flow test based on U.S. GAAP as of December 31, 2019 and 2018, determining undiscounted projected net operating cash flows for the vessels and comparing them to the carrying values of the vessels, and any related intangible assets and liabilities. 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 vessels held for use and their related intangible assets and liabilities were not impaired as of December 31, 2019 and 2018. (l) Deferred charges, net: Deferred charges, net are comprised mainly of dry docking costs. The Partnership’s vessels are required to be dry docked every thirty to sixty months for major repairs and maintenance that cannot be performed while the vessels are under operation. The Partnership has adopted the deferral method of accounting for dry docking activities whereby costs incurred are deferred and amortized on a straight line basis over the period until the next scheduled dry docking activity. (m) Intangible assets: The Partnership records all identified tangible and intangible assets or any liabilities associated with the acquisition of a business or an asset at fair value. When a vessel or a business that owns a vessel is acquired with an existing charter agreement, the Partnership considers whether any value should be assigned to the attached charter agreement acquired. The value to be assigned to the charter agreement is based on the difference of the contractual charter rate of the agreement acquired and the prevailing market rate for a charter of equivalent duration at the time of the acquisition, determined by independent appraisers as at that date. The resulting above-market (assets) or below-market (liabilities) charters are amortized using the straight line method as a reduction or increase, respectively, to revenues over the remaining term of the charters. (n) Net Income Per Limited Partner Unit: Basic net income per limited partner unit is calculated by dividing the Partnership’s net income less net income allocable to preferred unit holders, general partner’s interest in net income (including incentive distribution rights (“IDR”)) and net income allocable to unvested units, by the weighted-average number of common units outstanding during the period (Note 15). Diluted net income per limited partner unit reflects the potential dilution that could occur if securities or other contracts to issue limited partner units were exercised. (o) Segment Reporting: The Partnership reports financial information and evaluates its operations by charter revenues and not by the length, type of vessel or type of ship employment for its customers, i.e. time or bareboat charters. The Partnership does not use discrete financial information to evaluate the operating results for each such type of charter or vessel. Although revenue can be identified for these types of charters or vessels, management cannot and does not identify expenses, profitability or other financial information for these various types of charters or vessels. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Partnership has determined that it operates as one reportable segment. Furthermore, when the Partnership charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. (p) Omnibus Incentive Compensation Plan: Equity compensation expense represents vested and unvested units granted to employees and to non-employee directors, for their services as directors, as well as to non-employees and are included in general and administrative expenses in the consolidated statements of comprehensive (loss) / income. These units are measured at their fair value equal to the market value of the Partnership’s common units on the grant date. The units that contain a time-based service vesting condition are considered unvested units on the grant date and the total fair value of such units is recognized on a straight-line basis over the requisite service period (Note 14). (q) Recent Accounting Pronouncements: In June 2018 the Financial Accounting Standards Board (“FASB”) issued the Accounting Standards Update (“ASU”) 2018-07 which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees was aligned with the requirements for share-based payments granted to employees. Accordingly, the ASU supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. According to the amendments of this ASU and consistently with the accounting requirement for employee share based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date. The Partnership adopted this ASU for the reporting period commencing on January 1, 2019 with no significant impact on its financial statements. Please refer to Note 14 for further details. In February 2016, the FASB issued the ASU 2016-02, Leases (codified as ASC 842). The main provision of this ASU is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The requirements of this standard include an increase in required disclosures. The Partnership’s time charter arrangements are subject to the requirements of the new Leases standard as the Partnership is regarded as the lessor. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after the date of initial application, amended subsequently with ASU 2018-11 below adding an option to use certain transition relief. This standard is effective for public entities with reporting periods beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted. In July 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leases standard, ASU 2016-02. Specifically, under the amendments in ASU 2018-11: (a) Entities may elect not to recast the comparative periods presented when transitioning to ASC 842; and (b) Lessors may elect not to separate lease and non-lease components when the following criteria are met: Criterion A — the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and Criterion B — the lease component, if accounted for separately, would be classified as an operating lease. The transition relief amendments in the ASU apply to entities that have not yet adopted ASC 842. The effective date and transition requirements for the amendments in this update for entities that have not adopted Topic 842 before the issuance of this update are the same as the effective date and transition requirements in Update 2016-02. In December 2018, the FASB issued ASU 2018-20 to provide narrow scope improvements for lessors. The amendments in this update related to sales taxes and other similar taxes collected from lessees affect all lessors that elect the accounting policy election. In addition, amendments in this update related to lessor costs affect all lessor entities that have lease contracts that either require lessees to pay lessor costs directly to a third party or require lessees to reimburse lessors for costs paid by lessors directly to third parties. Finally, the amendments in this update related to recognition of variable payments for contracts with lease and non-lease components affect all lessor entities with variable payments that relate to both lease and non-lease components. The effective date and transition requirements for the amendments in this update for entities that have not adopted Topic 842 before the issuance of this update are the same as the effective date and transition requirements in ASU 2016-02. Please refer to Note 4. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 3. Discontinued Operations The Partnership’s discontinued operations relate to the operations of Diamond S, as following the spin-off, the Partnership has no continuing involvement in this business (Note 1). Summarized selected operating results of the Partnership’s discontinued operations for the years ended December 31, 2019, 2018 and 2017 were as follows: Major items constituting net (loss) / income from discontinued operations For the years ended December 31, 2019* 2018 2017 Revenues $ 46,172 $ 161,659 $ 132,443 Expenses Voyage expenses 12,655 37,202 10,498 Vessel operating expenses 15,506 68,406 54,281 General and administrative expenses 2,564 — — Vessel depreciation and amortization 9,630 40,276 38,014 Impairment of vessels 149,578 — — Interest expense and finance cost 3,174 8,433 6,642 Other (income) / expenses (59) (16 5 ) 32 0 Net (loss) / income from discontinued operations $ (146,876) $ 7,507 $ 22,688 *represents activity for the period from January 1, 2019 to the date of the completion of the DSS Transaction on March 27, 2019. As the Partnership spun off its Tanker Business on March 27, 2019, assets and liabilities contributed to the DSS Transaction are no longer included in the consolidated balance sheet as of December 31, 2019. Summarized selected balance sheet information of the Partnership’s discontinued operations as of December 31, 2018 was as follows: Carrying amounts of major classes of assets included as part of discontinued operations As of December 31, 2018 Cash $ 10,000 Inventories 7,183 Prepayments and other assets 6,515 Total major classes of current assets of discontinued operations 23,698 Vessels 643,682 Deferred charges , net 2,220 Above market acquired charters 7,531 Prepayments and other assets 1,035 Total major classes of non-current assets of discontinued operations 654,468 Total major classes of assets of discontinued operations $ 678,166 Carrying amounts of major classes of liabilities included as part of discontinued operations Current portion of long-term debt, net $ 14,869 Deferred revenue 1,611 Trade accounts payables and accrued liabilities 5,055 Total major classes of current liabilities of discontinued operations 21,535 Long-term debt, net 134,744 Total major classes of long term liabilities of discontinued operations 134,744 Total major classes of liabilities of the discontinued operations $ 156,279 During 2019 and 2018, the Partnership paid advances relating to the purchase of exhaust gas cleaning systems and ballast water treatment systems that will be installed to certain of its vessels that are part of Crude and Product tanker business, of $1,110 and $1,035 respectively. During 2018, the Partnership acquired the M/T Aristaios and the M/T Anikitos and their attached time charter contracts. As the time charters daily rates of these contracts were above the market rates as of the transactions’ completion dates, the Partnership recognized the time charter contracts in its financial statements as above market acquired charters. The Partnership allocated the total consideration for these acquisitions to the vessels in the amount of $73,959 and to the above market acquired charters in the amount of $10,041. The M/T Aristaios and the M/T Anikitos were part of the Crude and Product Tanker business that the Partnership spun-off in connection with the DSS Transaction. During 2018 and 2017, certain of the Partnership’s vessels that were part of the Crude and Product tanker business underwent improvements. The costs of these improvements amounted to $1,091 and $143 respectively and were capitalized as part of the vessels’ cost. |
Revenues from continuing operat
Revenues from continuing operations | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Revenues from continuing operations | 4. Revenues from continuing operations The following table shows the revenues from continuing operations earned from time and voyage charters contracts for the years ended December 31, 2019, 2018 and 2017: For the years ended December 31, 2019 2018 2017 Time charters (operating leases) $ 108,374 $ 107,923 $ 112,499 Voyage charters $ - $ 9,672 $ 4,173 Total $ 108,374 $ 117,595 $ 116,672 Time charters contracts A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. The time charter contracts are considered operating leases and therefore fall under the scope of ASC 842 because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Revenues from time charters are recognized ratably on a straight line basis over the period of the respective charter. Under time charter agreements, all voyages expenses, except commissions are assumed by the charterer. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid by the Partnership under time charter agreements. The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Partnership elected to not separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The daily hire rate represents the hire rate for a time charter as well as the compensation for expenses for operating and maintaining the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants. Both the lease and non-lease components are earned by passage of time. The Partnership adopted ASC 842 for the reporting period commencing on January 1, 2019 using the modified retrospective method and elected the practical expedients under ASU 2018-11 for the vessels under time charter agreements. Furthermore, the Partnership applied the transition provisions of ASU 2016-02 at its adoption date, rather than the earliest comparative period presented in the financial statements, as permitted by ASU 2018-11. The nature of the lease component and non-lease component that were combined as a result of applying the practical expedient are the contract for the hire of a vessel and the fees for operating and maintaining the vessel respectively. The lease component is the predominant component and the Partnership accounts for the combined component as an operating lease in accordance with Topic 842. The Partnership applied topic 842 with no significant impact on its financial statements and as a result no adjustment was posted in the Partnership’s opening retained earnings as of January 1, 2019. Voyage charters contracts A voyage charter is a contract in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge port basis, subject to various cargo handling terms. The Partnership accounts for a voyage charter when all the following criteria are met: (1) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (2) the Partnership can identify each party’s rights regarding the services to be transferred, (3) the Partnership can identify the payment terms for the services to be transferred, (4) the charter agreement has commercial substance (that is, the risk, timing, or amount of the Partnership’s future cash flows is expected to change as a result of the contract) and (5) it is probable that the Partnership will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Partnership determined that its voyage charters consist of a single performance obligation which is met evenly as the voyage progresses and begin to be satisfied once the vessel is ready to load the cargo. The voyage charter party agreement generally has a demurrage clause according to which the charterer reimburses the vessel owner for any potential delays exceeding the allowed lay-time as per the charter party clause at the ports visited which is recorded as demurrage revenue. Revenues from voyage charters are recognized on a straight line basis over the voyage duration which commences once the vessel is ready to load the cargo and terminates upon the completion of the discharge of the cargo. In voyage charters, vessel operating and voyage expenses are paid for by the Partnership. The voyage charters are considered service contracts which fall under the provisions of ASC 606 because the Partnership retains control over the operations of the vessels such as the routes taken or the vessels’ speed. The Partnership adopted the provisions of ASC 606 on January 1, 2018 using the modified retrospective approach for contracts that are not completed at the date of initial application. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. The effect of the implementation of this update was insignificant as most of the Partnership’s vessels were operated under time charter arrangements as of December 31, 2017 and as a result no adjustment was posted in the Partnership’s opening retained earnings as of January 1, 2018. Payment terms under voyage charters are disclosed in the relevant voyage charter agreements. Prior to the adoption of this standard, revenues generated under voyage charter agreements were recognized on a pro-rata basis over the period of the voyage which was deemed to commence upon the later of the completion of discharge of the vessel’s previous cargo or upon vessel’s arrival at the agreed upon port, and deemed to end upon the completion of discharge of the delivered cargo. Further, the adoption of ASC 606 impacted the accounts receivable, the prepayments and other assets and the current liabilities on Partnership’s balance sheet as of December 31, 2018. Under ASC 606, receivables represent an entity’s unconditional right to consideration, whether billed or unbilled. As of December 31, 2019 and 2018 prepayments and other assets include bunker expenses of $0 and $397, respectively, incurred between the contract date and the date of the vessel’s arrival to the load port. As of December 31, 2019 there was no unearned revenue related to undelivered performance obligation. As of December 31, 2018 the unearned revenue related to undelivered performance obligations amounted to $371. The Partnership recognized this revenue in the first quarter of 2019 as the performance obligations were met. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Transactions with Related Parties [Abstract] | |
Transactions with Related Parties | 5. Transactions with Related Parties In August 2019 the Partnership completed the process of changing the manager of its container vessels, from Capital Ship Management Corp. (“CSM”) to Capital-Executive Ship Management Corp. (“Capital-Executive”), a privately held company ultimately controlled by Mr. Miltiadis Marinakis the son of Mr. Evangelos M. Marinakis who is the chairman of the Partnership’s sponsor, Capital Maritime & Trading Corp. (“CMTC”). The agreement with Capital-Executive has the same terms and conditions of our floating fee management agreement with CSM. M/V Cape Agamemnon remains under the management of CSM under our floating fee management agreement with CSM. In connection with the DSS transaction (Note 1) in March 2019 the Partnership and CSM agreed to terminate the commercial and technical management agreement, dated as of March 17, 2010, between them as all vessels covered by this agreement were spun off as part of Diamond S; and agreed to amend the floating rate management agreement, dated June 10, 2011, between them to reflect that all tankers vessels owned by the Partnership, were part of its Tanker Business which spun off would no longer be managed under this agreement. The Partnership and its subsidiaries have related party transactions with CSM, Capital-Executive (collectively the “Managers”) and the Partnership’s general partner, Capital GP L.L.C. (“CGP”) arising from certain terms of the following management and administrative services agreements. 1. Floating fee management agreements : Under the terms of these agreements the Partnership compensates its Managers for expenses and liabilities incurred on the Partnership’s behalf while providing the agreed services, including, but not limited to, crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating costs. Costs and expenses associated with a managed vessel’s next scheduled dry docking are borne by the Partnership and not by the Managers. The Partnership also pays its Managers a daily technical management fee per managed vessel that is revised annually based on the United States Consumer Price Index. For the years ended December 31, 2019, 2018 and 2017 management fees under the management agreements amounted to $3,917, $4,221 and $4,466, respectively, and are included in “Vessel operating expenses – related parties” in the consolidated statements of comprehensive (loss) / income. 2. Administrative and service agreements: On April 4, 2007, the Partnership entered into an administrative services agreement with CSM, pursuant to which CSM has agreed to provide certain administrative management services to the Partnership such as accounting, auditing, legal, insurance, IT and clerical services. In addition, the Partnership reimburses CSM and CGP for reasonable costs and expenses incurred in connection with the provision of these services, after CSM 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 (loss) / income. In 2015, the Partnership entered into an executive services agreement with CGP, which was amended in 2016 and 2019, according to which CGP provides certain executive officers services for the management of the Partnership’s business as well as investor relation and corporate support services to the Partnership. For the years ended December 31, 2019, 2018 and 2017 such fees amounted to $1,880, $1,688, $1,688, respectively, and are included in “General and administrative expenses” in the consolidated statements of comprehensive (loss) / income. Balances and transactions with related parties consisted of the following: Consolidated Balance Sheets As of December 31, 2019 As of December 31, 2018 Liabilities: CSM – payments on behalf of the Partnership (a) $ 3,151 $ 16,638 Management fee payable to CSM (b) 55 1,104 Capital-Executive – payments on behalf of the Partnership (a) 1,745 - Management fee payable to Capital-Executive (b) 305 - Due to related parties $ 5,256 $ 17,742 Consolidated Statements of Comprehensive (Loss)/Income For the years ended December 31, 2019 2018 2017 Revenues (c) $ - $ 701 $ 9,976 Vessel operating expenses 3,917 4,221 4,466 General and administrative expenses (d) 2,146 1,922 1,983 (a) Managers - Payments on Behalf of the Partnership: This line item represents the amount outstanding for payments for operating and voyage expenses made by the Managers on behalf of the Partnership and its subsidiaries. (b) Management fee payable to Managers : The amount outstanding as of December 31, 2019 and 2018 represents the management fee payable to the Managers under the management agreements between the Partnership and the Managers. (c) Revenues: The following table includes information regarding the charter agreements included in continuing operations that were in place between the Partnership and CMTC and its subsidiaries during 2018. During 2019 no charter agreement with CMTC and its subsidiaries existed. Vessel Name Time Charter (TC) in years Commencement of Charter Termination Gross (Net) Daily Hire Rate M/T Aristotelis 1.0 01/2017 03/2018 $13.8 ($13.6) (d) General and administrative expenses: This line item mainly includes fees relating to internal audit, investor relations and consultancy fees. |
Vessels, net
Vessels, net | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Vessels, net | 6. Vessels, net The following table presents an analysis of vessels: Vessel Cost Accumulated depreciation Net book value Balance as at January 1, 2018 $ 818,180 $ (160,512 ) $ 657,668 Improvements 277 — 277 Depreciation for the period — (32,113) (32,113) Impairment of vessels (78,607) 49,802 (28,805) Disposals (10,927) — (10,927) Balance as at December 31, 2018 $ 728,923 $ (142,823) $ 586,100 Improvements 19,896 — 19,896 Depreciation for the period — (29,105) (29,105) Balance as at December 31, 2019 $ 748,819 $ (171,928) $ 576,891 All of the Partnership’s vessels as of December 31, 2019 have been provided as collateral to secure the Partnership’s credit facilities. During 2019 and 2018, certain of the Partnership’s vessels underwent improvements. The costs of these improvements amounted to $19,896 and $277 respectively and were capitalized as part of the vessels’ cost. Improvements during the year ended December 31, 2019 includes the cost of $19,297 related to the installation of exhaust gas cleaning and ballast water treatment systems for certain of the Partnership’s vessels. During 2019 and 2018, the Partnership paid advances of $1,400 and $2,055 respectively, relating to the purchase of exhaust gas cleaning systems that will be installed to certain of its vessels, which are included in “Prepayments and other assets” in the Partnership’s consolidated balance sheets. On September 11, 2018 the Partnership entered into a Memorandum of Agreement (“MOA”) with an unrelated party for the disposal of the M/T Amore Mio II at a price of $11,150. Upon entering into the agreement the Partnership determined that the M/T Amore Mio II met the criteria to be classified as held for sale as described in note 2(i) and measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale. In this respect, the Partnership recognized an impairment charge of $28,805 in the consolidated statement of comprehensive (loss) / income for the year ended December 31, 2018, reducing the vessel’s carrying value to $10,927. The vessel was delivered to its buyer on October 15, 2018. On December 22, 2017 the Partnership entered into an MOA with an unrelated party for the disposal of the M/T Aristotelis at a price of $29,400. Upon entering into the agreement, the Partnership determined that M/T Aristotelis met the criteria to be classified as held for sale and measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale. In this respect, the Partnership recognized an impairment charge of $3,282 in the consolidated statement of comprehensive (loss) / income for the year ended December 31, 2017. Under this agreement, as amended, the vessel was delivered to its Buyer on April 25, 2018. |
Above market acquired charters
Above market acquired charters | 12 Months Ended |
Dec. 31, 2019 | |
Above market acquired charters [Abstract] | |
Above market acquired charters | 7. Above market acquired charters For the years ended December 31, 2019, 2018 and 2017 revenues were reduced by $14,380 for each year corresponding to the amortization of the above market acquired charters. The following table presents an analysis of above market acquired charters: Above market acquired charters Book Value Carrying amount as at January 1, 2018 $ 75,035 Amortization $ (14,380) Carrying amount as at December 31, 2018 $ 60,655 Amortization $ (14,380) Carrying amount as at December 31, 2019 $ 46,275 As of December 31, 2019, the remaining carrying amount of unamortized above market acquired time charters was $46,275 and will be amortized in future years as follows: For the year ending December 31, Amount 2020 $11,696 2021 8,417 2022 8,371 2023 8,371 2024 8,326 Thereafter 1,094 Total $ 46,275 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | 8. Long-Term Debt Long-term debt consists of the following: Bank loans As of December 31, 2019 As of December 31, 2018 Margin (i) Issued in September 2017 maturing in October 2023 (the “2017 credit facility”) 262,385 295,118 3.25% Total long-term debt $ 262,385 $ 295,118 Less: Deferred loan issuance costs 3,399 3,707 Total long-term debt, net $ 258,986 $ 291,411 Less: Current portion of long-term debt 29,145 38,494 Add: Current portion of deferred loan issuance costs 2,148 1,015 Long-term debt, net $ 231,989 $ 253,932 In connection with the DSS Transaction (Note 1), the Partnership prepaid an amount of $89,298 under the 2017 credit facility and fully repaid all amounts outstanding under the 2015 credit facility and the Aristaios credit facility. The aggregate amounts repaid were $146,517 plus accrued interest and breakage costs. The Partnership presents associated amounts of long-term debt outstanding as of December 31, 2018 and interest expense and amortization of deferred loan issuance costs for the years ended December 31, 2019 and 2018 relating to the Tanker Business contributed in the DSS Transaction within discontinued operations (Note 3). In March 2019, in connection with the DSS Transaction (Note 1), the Partnership entered into a Deed of Amendment and Restatement agreement with its 2017 credit facility lenders. According to this agreement, the amended 2017 credit facility is payable in 19 equal quarterly installments of $7,703 beginning in April 2019 in addition to a balloon installment of $139,130, which is payable together with the final quarterly installment in the fourth quarter of 2023. All other terms and conditions remained unchanged. During the year ended December 31, 2019 and 2018 the Partnership repaid the amount of $32,733 and $34,984, respectively, in line with the amortization schedule of its 2017 credit facility. Also, during 2018 the Partnership prepaid the amounts of $ 14,383 and $5,916 due to the disposal of the M/T Aristotelis and the M/T Amore Mio II respectively (Note 6). The Partnership’s credit facility contains customary ship finance covenants, including restrictions on changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness and the mortgaging of vessels and requirements such as that the ratio of EBITDA to net interest expenses to be no less than 2:1, a minimum cash requirement of $500 per vessel, that the ratio of net total indebtedness to the total assets of the Partnership adjusted for the market value of the fleet not to exceed 0.75:1. The 2017 credit facility also contains a collateral maintenance requirement under which the aggregate fair market value of the collateral vessels should not be less than 125% of the outstanding loans under the credit facility. Also the vessel-owning companies may pay dividends or make distributions only 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, 2019 and 2018 the Partnership was in compliance with all financial covenants. The credit facility includes a general assignment of the earnings, insurances and requisition compensation of the respective collateral vessel or vessels. It also requires additional security, such as pledge and charge on current accounts and mortgage interest insurance. As of December 31, 2019, there were no undrawn amounts under the Partnership’s credit facility. For the years ended December 31, 2019, 2018 and 2017, the Partnership recorded interest expense from continuing operations of $15,836, $17,422 and $18,441 respectively, which is included in “Interest expense and finance cost” in the consolidated statements of comprehensive (loss) / income. For the years ended December 31, 2019 and 2018, the weighted average interest rate of the Partnership’s loan facilities was 5.7% and 5.4% respectively. In December 2019 the Partnership entered into a term sheet with ICBC Financial Leasing Co., Ltd. (“ICBCFL”) for the sale and lease back of three vessels currently mortgaged under the 2017 credit facility, namely the CMA CGM Amazon, the CMA CGM Uruguay and the CMA CGM Magdalena, for a total amount of $155,350. The lease has a duration of seven years after drawdown, bears interest at Libor plus a margin of 2.60% and includes mandatory purchase obligations for the Partnership to repurchase the vessels on expiration at the predetermined price of $77,700 in total. In addition, the Partnership has various purchase options commencing from the first year anniversary of the lease. Upon the completion of the ICBCFL lease the Partnership will repay the amount of $119,923 required under the 2017 credit facility for the release of the vessels. Taking into account the refinancing with ICBCFL the required annual loan payments to be made subsequently to December 31, 2019 are as follows: For the year ending December 31, Amount 2020 $29,145 2021 27,397 2022 27,397 2023 101,014 2024 11,093 Thereafter 66,339 Total $ 262,385 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Financial Instruments | 9. Financial Instruments (a) Fair value of financial instruments 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; and 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, amounts due to related parties, trade accounts payable and accrued liabilities approximates their fair value. The fair value of long-term variable rate bank loan approximates the recorded value, due to its 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 loan are similar to those that could be procured as of December 31, 2019. LIBOR rates are observable at commonly quoted intervals for the full term of the loans and hence bank loans are considered Level 2 items in accordance with the fair value hierarchy. (b) Concentration of credit risk Financial instruments which potentially subject the Partnership to significant concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. The Partnership places its cash and cash equivalents, consisting mostly of deposits, with a limited number creditworthy financial institutions rated by qualified rating agencies. Most of the Partnership’s revenues were derived from a few charterers. For the year ended December 31, 2019, Hyundai Merchant Marine Co Ltd (“HMM”) and CMA CGM accounted for 40% and 39% of the Partnership’s total revenue from continuing operations, respectively. For the years ended December 31, 2018 and 2017 HMM and CMA CGM accounted for 38% and 36% of the Partnership’s total revenue from continuing operations, respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 10. Accrued Liabilities Accrued liabilities consist of the following: As of December 31, 2019 2018 Accrued loan interest and loan fees $ 3,403 $ 5,701 Accrued operating expenses 5,339 5,519 Accrued capitalized expenses 4,263 — Accrued voyage expenses and commissions 1,356 4,320 Accrued general and administrative expenses 1,795 1,200 Total $ 16,156 $ 16,740 |
Voyage Expenses and Vessel Oper
Voyage Expenses and Vessel Operating Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Voyage Expenses and Vessel Operating Expenses [Abstract] | |
Voyage Expenses and Vessel Operating Expenses | 11. Voyage Expenses and Vessel Operating Expenses Voyage expenses and vessel operating expenses consist of the following For the years ended December 31, 2019 2018 2017 Voyage expenses: Commissions $ 1,952 $ 2,171 $1,977 Bunkers 89 4,360 1,384 Port expenses 4 2,217 1,053 Other 885 365 253 Total $ 2,930 $ 9,113 $ 4,667 Vessel operating expenses: Crew costs and related costs $ 13,375 $ 14,794 $15,558 Insurance expense 1,796 2,112 2,436 Spares, repairs, maintenance and other expenses 5,001 4,396 4,412 Stores and lubricants 3,251 3,451 3,500 Management fees (Note 5) 3,917 4,221 4,466 Other operating expenses 3,209 1,674 1,492 Total $ 30,549 $ 30,648 $ 31,864 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 12. Income Taxes Under the laws of the Marshall Islands and Liberia, the countries 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, and such taxes have been included in “Vessel operating expenses” in the consolidated statements of comprehensive (loss) / 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 and time 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”). Each of the jurisdictions where the Partnership’s vessel-owning subsidiaries are incorporated 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, 2019, 2018 and 2017 and the vessel-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, 2019 | |
Partners' Capital [Abstract] | |
Partners' Capital | 13. Partners’ Capital General: The Partnership’s Limited Partnership Agreement (the “Partnership Agreement”) requires that within 45 days after the end of each quarter, beginning with the quarter ending June 30, 2007, all of the Partnership’s available cash be distributed to unit holders. Definition of Available Cash: Available Cash, for each fiscal quarter, consists of all cash on hand at the end of the quarter: • 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 unit holders 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 subject to certain exceptions set forth in the Partnership Agreement. General Partner Interest and IDRs: The general partner has a 1.88% interest in the Partnership and holds the IDRs . In accordance with Section 5.2(b) of the Partnership Agreement, upon the issuance of additional units by the Partnership, the general partner may elect to make a contribution to the Partnership to maintain its general partner interest. IDRs 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. According to the Partnership Agreement, as amended in 2014, the following table illustrates the percentage allocations of the additional available cash from operating surplus among the unit holders 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 unit holders 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 per Unit,” until available cash from operating surplus the Partnership distributes reaches the next target distribution level, if any. The percentage interests shown for the unit holders and general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests shown below assume that the Partnership’s general partner maintains a 2% general partner interest and that it has not transferred its IDR. Total Quarterly Marginal Percentage Interest in Distributions Distribution Target Amount per Unit Unitholders General Partner Minimum Quarterly Distribution $1.6275 98% 2% First Target Distribution up to $1.6975 98% 2% Second Target Distribution above $1.6975 up to $1.8725 85% 15% Third Target Distribution above $1.8725 up to $2.0475 75% 25% Thereafter above $2.0475 65% 35% Following the 2014’s annual general meeting, CMTC unilaterally notified the Partnership that it has decided to waive its rights to receive quarterly incentive distributions between $1.6975 and $1.75. This waiver effectively increases the First Target Distribution and the lower band of the Second Target Distribution (as referenced in the table above) from $1.6975 to $1.75. Distributions of Available Cash from Operating Surplus: Our Partnership Agreement requires that we make distributions of available cash from operating surplus for any quarter after the subordination period in the following manner assuming that the Partnership’s general partner maintains a 2% general partner interest: • first, 98% to all unit holders, pro rata, and 2% 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. Class B Convertible Preferred Units [ 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 “Subscription Agreements”). The holders of the Class B Convertible Preferred Units had 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 should be adjusted upon the occurrence of certain events described in the Partnership Agreement. 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), should 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 should be entitled to receive, in cash, 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 Subscription Agreements. The minimum quarterly Class B Convertible Preferred Unit Distribution Rate should 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 should 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 became payable whether or not any of the foregoing restrictions exist, whether or not there was sufficient Available Cash for the payment thereof and whether or not such distributions are authorized. A cumulative Class B Convertible Preferred Unit arrearage should 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 were converted into Common Units, the holder thereof should not be entitled to a Class B Convertible Preferred Unit distribution and a Common Unit distribution with respect to the same period, but should 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 should 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 Subscription Agreements then the holders’ rights with respect to the distribution for the Quarter in which the Partnership Mandatory Conversion Notice was received was as set forth in the Partnership Agreement.] On March 27, 2019, in connection with the DSS Transaction, the Partnership redeemed and retired all outstanding Class B Convertible Preferred Units at 100% of par value, translating into a redemption price of $ 116,850, and paid to Class B Convertible Preferred Units holders the pro-rata dividends for the period from January 1, 2019 to March 27, 2019, which amounted to $2,652. The difference between the carrying amount of Class B Convertible Preferred Units at the time of their redemption and their redemption price amounted to $9,119. The difference was considered as deemed dividends to preferred unit holders and was presented as income attributable to preferred unit holders in the Partnership’s consolidated financial statements. Common Units On March 3, 2019 the board of directors of the Partnership approved a one for seven reverse unit split. Pursuant to the reverse split, every seven common units issued and outstanding as of March 27, 2019, the date of the reverse split, was converted into one common unit. The Partnership’s common units, immediately after the reverse split became effective, started trading on a split-adjusted basis on the Nasdaq Global Select Market. The reverse split reduced the number of common units issued and outstanding from 127,246,692 to 18,178,100 common units and the number of general partner units issued and outstanding from 2,439,989 to 348,570 general partner units. In September 2016, the Partnership entered into an equity distribution agreement with UBS Securities LLC (“UBS”) under which the Partnership could sell, from time to time, through UBS, as its sales agent, new common units having an aggregate offering amount of up to $50,000 (the “ATM offering”). The equity distribution agreement provided that UBS, when it was acting as the Partnership’s sales agent, would be entitled to compensation of up to 2% of the gross sales price of the common units sold through UBS from time to time. As of December 31, 2019 the agreement with UBS was terminated. During 2019 and 2018, the Partnership did not issue any units under the ATM offering. During 2017, the Partnership issued 736,008 new common units under the ATM offering resulting in net proceeds of $17,815 after the payment of commission to the sales agent, but before offering expenses. For the year ended December 31, 2017, the Partnership recognized offering expenses of $176 in connection with the ATM offering. As of December 31, 2019 and 2018 our partners’ capital included the following units: As of December 31, 2019 As of December 31, 2018 Common units 18,178,100 18,178,100 General partner units 348,570 348,570 Preferred units - 12,983,333 Total partnership units 18,526,670 31,510,003 |
Omnibus Incentive Compensation
Omnibus Incentive Compensation Plan | 12 Months Ended |
Dec. 31, 2019 | |
Omnibus Incentive Compensation Plan [Abstract] | |
Omnibus Incentive Compensation Plan | 14. Omnibus Incentive Compensation Plan On April 29, 2008, the board of directors approved the Partnership’s omnibus incentive compensation plan (the “Plan”) according to which the Partnership may issue a limited number of awards, not to exceed 71,429 units. The Plan was amended on July 22, 2010 to increase the aggregate number of restricted units issuable under the Plan to 114,286 and then on August 21, 2014, to increase such amount to 235,714 common units, 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 were officers, directors, and executive, managerial, administrative and professional employees of CSM, 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 were considered to be employees of the Partnership (“Employees”) for the purposes of recognition of equity compensation expense, while employees of CSM, CMTC and other eligible persons under the plan were 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. Under the Plan if any award granted is forfeited then these units shall again become available to be delivered. On December 23, 2015, the Partnership awarded 34,286 and 87,143 unvested units to Employees and Non-Employees, respectively. Awards granted to certain Employees and Non Employees vested in three annual installments. These awards fully vested on December 31, 2018. All unvested units were conditional upon the grantee’s continued service as Employee and/or Non-Employee until the applicable vesting date. The unvested units accrue distributions as declared and paid, which distributions are retained by the custodian of the Plan until the vesting date at which time they are payable to the grantee. As unvested unit grantees accrue distributions on awards that are expected to vest, such distributions are charged to Partners’ capital. O n July 23, 2019, the board of directors adopted an amended and restated Plan (“the 2019 amended plan”), so as to reserve for issuance a maximum number of 740,000 restricted common units. On July 23, 2019, the Partnership awarded 445,000 unvested units to Employees and Non-Employees with a grant-date fair value of $11.23 per unit. Awards granted to certain Employees and Non Employees will vest in three equal installments. The remaining awards will vest on December 31, 2021. Based on the adoption of the ASU 2018-07 and its amendments and the provisions of ASC 718 (Note 2), the Partnership recognized the cost of the 2019 amended plan based on its estimated fair value on the grant date for both the Employees and Non-Employees awards. Prior to the adoption of the ASU 2018-07, the Partnership recognized the equity compensation cost based on its grant date fair value for Employees award and based on its award fair value at each reporting period for Non-Employees award. For the years ended December 31, 2019, 2018 and 2017 the equity compensation expense included in “General and administrative expenses” in the consolidated statements of comprehensive (loss) / income was $907, $613 and $1,156, respectively. As of December 31, 2019 the total compensation cost related to non-vested awards was $4,090 and is expected to be recognized over a weighted average period of two years. As of December 31, 2019 the fair value of the vested common units was $216 based on a price of $13.44 per common unit. The Partnership uses the straight-line method to recognize the cost of the awards. The following table contains details of our plan: Equity compensation plan Unvested Units Units Amount Unvested on January 1, 2018 77,857 $ 24,759 Vested 77,857 $ 24,759 Unvested on December 31, 2018 - $ - Granted 445,000 $ 4,997 Vested 16,042 180 Unvested on December 31, 2019 428,958 $ 4,817 |
Net Income _ (Loss) from contin
Net Income / (Loss) from continuing operations Per Unit | 12 Months Ended |
Dec. 31, 2019 | |
Net Income / (Loss) from continuing operations Per Unit [Abstract] | |
Net Income / (Loss) from continuing operations Per Unit | 15. Net Income / (Loss) from continuing operations 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 13), 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. The Partnership also considers whether the Partnership Agreement contains any contractual limitations concerning distributions to the IDRs that would impact the amount of earnings to allocate to the IDRs for each reporting period. Under the Partnership Agreement, the holder of the IDRs 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 13). The Partnership excluded the effect of the 12,983,333 Class B Convertible Preferred Units in calculating dilutive EPU for the years ended December 31, 2019, 2018 and 2017, as they were anti-dilutive. For the year ended December 31, 2019 the Partnership excluded the effect of 428,958 unvested units under the omnibus incentive compensation plan in calculating dilutive EPU for its common unit holders as they were anti-dilutive.For the years ended December 31, 2018 and 2017 the Partnership excluded the effect of 77,857 units under the omnibus incentive compensation plan which vested in December 2018 (Note 14) in calculating dilutive EPU for its common unit holders as they were anti-dilutive. 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 vessels’ impairment charge, as this was not distributed to the Partnership’s unit holders for the year ended December 31, 2019 and 2018, the Partnership’s net income for the years ended December 31, 2019, 2018 and 2017 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 from continuing operations is as follows: BASIC AND DILUTED 2019 2018 2017 Numerators Partnership’s net income / (loss) from continuing operations $ 24,421 $ (7,611) $ 15,795 Less: Preferred unit holders’ interest in Partnership’s net income from continuing operations 2,652 11,101 11,101 Deemed dividend to preferred unit holders’ (Note 13) 9,119 - - General Partner’s interest in Partnership’s net income / (loss) from continuing operations 236 (352) 86 Partnership’s net income / (loss) from continuing operations allocable to unvested units 130 (103) 13 Common unit holders’ interest in Partnership’s net income / (loss) from continuing operations $ 12,284 $ (18,257) $ 4,595 Denominators Weighted average number of common units outstanding, basic and diluted 18,178,144 18,100,455 17,692,192 Net income /(loss) from continuing operations per common unit: Basic and Diluted $ 0.68 $ (1.01) $ 0.26 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies 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 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. 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. 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 other than the case disclosed below. CMA CGM Amazon settlement In September 2019, one of the Partnership’s subsidiaries reached a settlement with the U.S. Department of Justice (“DOJ”) regarding the M/V CMA CGM Amazon for oil record book violations. Under the terms of the agreement, the subsidiary pled guilty to oil record book violations with respect to the M/V CMA CGM Amazon. The subsidiary shall pay a fine of up to $500 and was placed on probation for 30 months. If, during the term of probation, the subsidiary fails to adhere to the terms of the plea agreement, the DOJ may withdraw from the plea agreement and would be free to prosecute the subsidiary on all charges arising out of its investigation, including any charges dismissed pursuant to the terms of the plea agreement, as well as potentially other charges. The subsidiary is also required to implement an environmental compliance plan in connection with the settlement. As of December 31, 2019, the Partnership recorded an accrual of $500 in connection with this case which is included in current liabilities in the Partnership’s consolidated balance sheets. Commitments (a) Lease Commitments: Future minimum charter hire receipts, excluding any profit share revenue that may arise, based on non-cancellable long-term time charter contracts, as of December 31, 2019 were: Year ending December 31, Amount 2020 $109,355 2021 80,317 2022 79,296 2023 79,297 2024 63,738 Thereafter 8,254 Total $ 420,257 (b) Vessels’ Equipment Commitments As of December 31, 2019 the Partnership had outstanding commitments relating to the purchase of exhaust gas cleaning systems and ballast water treatment systems on certain of its vessels, amounting to $2,774 and which are payable within the next twelve months. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events (a) Dividends: On January 21, 2020, the board of directors of the Partnership declared a cash distribution of $ 0.35 per common unit for the fourth quarter of 2019. The fourth quarter common unit cash distribution was paid on February 11 , 2020, to unit holders of record on February 3 , 2020. (b) Acquisition of vessels: In January 2020, the Partnership agreed to acquire three 10,000 TEU sister container vessels, namely the M/V Athos, the M/V Aristomenis and the M/V Athenian built in 2011 at Samsung Heavy Industries Co, Ltd, for a total consideration of $162,600 from CMTC. The vessels are under long-term time charters with Hapag-Lloyd which will expire in April 2024. The gross charter rate for each vessel currently amounts to $27.0 per day, increasing to $28.0 per day for the M/V Aristomenis from October 2020, and from July 2021 onwards for the M/V Athos and the M/V Athenian. The time charters include two one-year options at $32.5 and $33.5 gross per day, respectively. The acquisition of the vessels was completed during January 2020 (c) Issuance of long term debt: On January 17, 2020 the Partnership entered into a new term loan facility of up to $38,500 for the purpose of partially financing the acquisition of M/V Athenian. The full amount of the facility was drawn on January 22, 2020 and is payable in 20 consecutive quarterly installments of $860 beginning three months after the drawdown date plus a balloon payment of $21,300 payable together with the last quarterly installment due in January 2025. The loan facility bears interest at Libor plus a margin of 2.55%. (d) Sale and lease back transaction (financing arrangement): In January 2020, the Partnership entered into an agreement for the sale and lease back of the vessels M/V Athos and M/V Aristomenis with CMB Financial Leasing Co., Ltd, (“CMBFL”) for up to $38,500 each. The lease agreement has a duration of five years, bears an interest at Libor plus a margin of 2.55% and includes a purchase option for the Partnership to acquire each vessel on expiration of the lease at the predetermined price of $22,500 or pay the amount of $7,500 to CMBFL, if the option is not exercised. In addition, the Partnership has various purchase options commencing from the first year anniversary of the lease. The full amounts were drawn down on January 23, 2020. |
Significant Accounting Polici_2
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Principles of Consolidation: | (a) Principles of Consolidation : The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the accounts of the legal entities comprising the Partnership as discussed in Note 1. Intra-group balances and transactions have been eliminated upon consolidation. |
Use of Estimates: | (b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognized during the reporting period. Actual results could differ from those estimates. |
Accounting for Revenue, Voyage and Operating Expenses: | (c) Accounting for Revenue, Voyage and Operating Expenses: The Partnership generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered on time or voyage charters. The time charter contracts are considered operating leases and therefore fall under the scope of Accounting Standard Codification (“ASC”) 842 and the voyage charter contracts fall under the scope of ASC 606 (Note 4). Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Partnership and are expensed over the related charter period. All other voyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Partnership satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘prepayments and other assets’ in the consolidated balance sheets. Vessel operating expenses presented in the consolidated financial statements mainly consist of management fees payable to the Partnership’s managers and crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred. |
Foreign Currency Transactions: | (d) Foreign Currency Transactions: The functional currency of the Partnership is the U.S. Dollar because the Partnership’s vessels operate in international shipping markets that utilize the U.S. Dollar as the functional currency. The accounting records of the Partnership are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in currencies other than the U.S. Dollar, are translated into the functional currency using the exchange rate at those dates. Gains or losses resulting from foreign currency transactions are included in “Other income” in the consolidated statements of comprehensive (loss) / income. |
Cash and Cash Equivalents: | (e) Cash and Cash Equivalents: The Partnership considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. |
Restricted Cash: | (f) Restricted cash: For the Partnership to comply with debt covenants under its credit facilities, it must maintain minimum cash deposits. Such deposits are considered by the Partnership to be restricted cash. |
Trade Accounts Receivable: | (g) Trade Accounts Receivable: The amount shown as trade accounts receivable primarily consists of earned revenue that has not been billed yet or that has been billed but not yet collected. At each balance sheet date all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate write off. For the year ended December 31, 2019 the respective write off amounted to $6. For the year ended December 31, 2018 there were no write offs. |
Inventories: | (h) Inventories: Inventories consist of consumable bunkers, lubricants, spares and stores and are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling prices less reasonably predictable costs of disposal and transportation. The cost is determined by the first-in, first-out method. |
Vessels Held for Sale: | (i) Vessels Held for Sale: The Partnership classifies vessels as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. These vessels are not depreciated once they meet the criteria to be classified as held for sale. If a plan to sell a vessel is cancelled, the Partnership reclassifies the vessel as held for use and re-measures it at the lower of (i) its carrying amount before the vessel was classified as held for sale, adjusted for any depreciation expense that would have been recognized if the vessel had been continuously classified as held and used and (ii) its fair value at the date of the subsequent decision not to sell. |
Fixed Assets: | (j) Fixed Assets: Fixed assets consist of vessels, which are stated at cost, less accumulated depreciation. Vessel cost consists of the contract price for the vessel and any material expenses incurred upon their construction (improvements and delivery expenses, on-site supervision costs incurred during the construction periods, as well as capitalized interest expense during the construction period). Vessels acquired through acquisition of businesses are recorded at their acquisition date fair values. Vessels acquired through asset acquisitions are recorded at cost. The cost of each of the Partnership’s vessels is depreciated, beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Management estimates the scrap value of the Partnership’s vessels to be $0.2 per light weight ton (LWT) and useful life to be 25 years. |
Impairment of Long-Lived Assets: | (k) Impairment of Long-lived Assets: An impairment loss on long-lived assets is recognized when indicators of impairment are present and the carrying amount of the long-lived asset is greater than its fair value and not believed to be recoverable. In determining future benefits derived from use of long-lived assets, the Partnership performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the asset, including any related intangible assets and liabilities, exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value. Various factors including future charter rates and vessel operating costs are included in this analysis. In recent years, changing market conditions resulted in a decrease in charter rates and values of assets. The Partnership considered these market developments as indicators of potential impairment of the carrying amount of its long-lived assets. The Partnership has performed an undiscounted cash flow test based on U.S. GAAP as of December 31, 2019 and 2018, determining undiscounted projected net operating cash flows for the vessels and comparing them to the carrying values of the vessels, and any related intangible assets and liabilities. 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 vessels held for use and their related intangible assets and liabilities were not impaired as of December 31, 2019 and 2018. |
Deferred charges, net: | (l) Deferred charges, net: Deferred charges, net are comprised mainly of dry docking costs. The Partnership’s vessels are required to be dry docked every thirty to sixty months for major repairs and maintenance that cannot be performed while the vessels are under operation. The Partnership has adopted the deferral method of accounting for dry docking activities whereby costs incurred are deferred and amortized on a straight line basis over the period until the next scheduled dry docking activity. |
Intangible assets: | (m) Intangible assets: The Partnership records all identified tangible and intangible assets or any liabilities associated with the acquisition of a business or an asset at fair value. When a vessel or a business that owns a vessel is acquired with an existing charter agreement, the Partnership considers whether any value should be assigned to the attached charter agreement acquired. The value to be assigned to the charter agreement is based on the difference of the contractual charter rate of the agreement acquired and the prevailing market rate for a charter of equivalent duration at the time of the acquisition, determined by independent appraisers as at that date. The resulting above-market (assets) or below-market (liabilities) charters are amortized using the straight line method as a reduction or increase, respectively, to revenues over the remaining term of the charters. |
Net Income Per Limited Partner Unit: | (n) Net Income Per Limited Partner Unit: Basic net income per limited partner unit is calculated by dividing the Partnership’s net income less net income allocable to preferred unit holders, general partner’s interest in net income (including incentive distribution rights (“IDR”)) and net income allocable to unvested units, by the weighted-average number of common units outstanding during the period (Note 15). Diluted net income per limited partner unit reflects the potential dilution that could occur if securities or other contracts to issue limited partner units were exercised. |
Segment Reporting: | (o) Segment Reporting: The Partnership reports financial information and evaluates its operations by charter revenues and not by the length, type of vessel or type of ship employment for its customers, i.e. time or bareboat charters. The Partnership does not use discrete financial information to evaluate the operating results for each such type of charter or vessel. Although revenue can be identified for these types of charters or vessels, management cannot and does not identify expenses, profitability or other financial information for these various types of charters or vessels. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Partnership has determined that it operates as one reportable segment. Furthermore, when the Partnership charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Omnibus Incentive Compensation Plan: | (p) Omnibus Incentive Compensation Plan: Equity compensation expense represents vested and unvested units granted to employees and to non-employee directors, for their services as directors, as well as to non-employees and are included in general and administrative expenses in the consolidated statements of comprehensive (loss) / income. These units are measured at their fair value equal to the market value of the Partnership’s common units on the grant date. The units that contain a time-based service vesting condition are considered unvested units on the grant date and the total fair value of such units is recognized on a straight-line basis over the requisite service period (Note 14). |
Recent Accounting Pronouncements: | (q) Recent Accounting Pronouncements: In June 2018 the Financial Accounting Standards Board (“FASB”) issued the Accounting Standards Update (“ASU”) 2018-07 which simplifies the accounting for share-based payments granted to nonemployees for goods and services. Under the ASU, most of the guidance on such payments to nonemployees was aligned with the requirements for share-based payments granted to employees. Accordingly, the ASU supersedes ASC 505-50 and expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. According to the amendments of this ASU and consistently with the accounting requirement for employee share based payment awards, nonemployee share-based payment awards within the scope of Topic 718 are measured at grant-date. The Partnership adopted this ASU for the reporting period commencing on January 1, 2019 with no significant impact on its financial statements. Please refer to Note 14 for further details. In February 2016, the FASB issued the ASU 2016-02, Leases (codified as ASC 842). The main provision of this ASU is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. The requirements of this standard include an increase in required disclosures. The Partnership’s time charter arrangements are subject to the requirements of the new Leases standard as the Partnership is regarded as the lessor. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after the date of initial application, amended subsequently with ASU 2018-11 below adding an option to use certain transition relief. This standard is effective for public entities with reporting periods beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted. In July 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leases standard, ASU 2016-02. Specifically, under the amendments in ASU 2018-11: (a) Entities may elect not to recast the comparative periods presented when transitioning to ASC 842; and (b) Lessors may elect not to separate lease and non-lease components when the following criteria are met: Criterion A — the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and Criterion B — the lease component, if accounted for separately, would be classified as an operating lease. The transition relief amendments in the ASU apply to entities that have not yet adopted ASC 842. The effective date and transition requirements for the amendments in this update for entities that have not adopted Topic 842 before the issuance of this update are the same as the effective date and transition requirements in Update 2016-02. In December 2018, the FASB issued ASU 2018-20 to provide narrow scope improvements for lessors. The amendments in this update related to sales taxes and other similar taxes collected from lessees affect all lessors that elect the accounting policy election. In addition, amendments in this update related to lessor costs affect all lessor entities that have lease contracts that either require lessees to pay lessor costs directly to a third party or require lessees to reimburse lessors for costs paid by lessors directly to third parties. Finally, the amendments in this update related to recognition of variable payments for contracts with lease and non-lease components affect all lessor entities with variable payments that relate to both lease and non-lease components. The effective date and transition requirements for the amendments in this update for entities that have not adopted Topic 842 before the issuance of this update are the same as the effective date and transition requirements in ASU 2016-02. Please refer to Note 4. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation and General Information [Abstract] | |
List of Subsidiaries | Subsidiary Date of Incorporation Name of Vessel Owned by Subsidiary Deadweight “DWT” Date acquired by the Partnership Date acquired by Capital Maritime & Trading Corp. (“CMTC”) Capital Product Operating 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. (3) 09/16/2003 M/T Atlantas II 36,760 04/04/2007 04/26/2006 Canvey Shipmanagement Co. (3) 03/18/2004 M/T Assos 47,872 08/16/2010 04/04/2007 05/17/2006 Centurion Navigation Limited (3) 08/27/2003 M/T Aktoras 36,759 04/04/2007 07/12/2006 Polarwind Maritime S.A. (3) 10/10/2003 M/T Agisilaos 36,760 04/04/2007 08/16/2006 Carnation Shipping Company (3) 11/10/2003 M/T Arionas 36,725 04/04/2007 11/02/2006 Apollonas Shipping Company (3) 02/10/2004 M/T Avax 47,834 04/04/2007 01/12/2007 Tempest Maritime Inc. (3) 09/12/2003 M/T Aiolos 36,725 04/04/2007 03/02/2007 Iraklitos Shipping Company (3) 02/10/2004 M/T Axios 47,872 04/04/2007 02/28/2007 Epicurus Shipping Company (3) 02/11/2004 M/T Atrotos 47,786 03/01/2010 05/08/2007 05/08/2007 Laredo Maritime Inc. (3) 02/03/2004 M/T Akeraios 47,781 07/13/2007 07/13/2007 Lorenzo Shipmanagement Inc. (3) 05/26/2004 M/T Apostolos 47,782 09/20/2007 09/20/2007 Splendor Shipholding S.A. (3) 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. (3) 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 (1) 159,982 03/27/2008 07/31/2007 Forbes Maritime Co. 02/03/2004 M/T Aristofanis (1) 12,000 04/30/2008 06/02/2005 Wind Dancer Shipping Inc. (3) 02/07/2006 M/T Aristotelis II 51,226 06/17/2008 06/17/2008 Belerion Maritime Co. (3) 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 (1) 51,238 04/07/2009 11/24/2008 Navarro International S.A. (3) 07/14/2006 M/T Ayrton II 51,260 04/13/2009 04/10/2009 Adrian Shipholding Inc. (3) 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. (3) 04/06/2006 M/T Miltiadis M II 162,397 09/30/2011 04/26/2006 Amoureux Carriers Corp. (3) 04/14/2010 M/T Amoureux 149,993 09/30/2011 — Aias Carriers Corp. (3) 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 ( 1 ) 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 CMA CGM Amazon 115,534 06/10/2015 06/10/2015 Poseidon Container Carrier S.A. 05/16/2013 M/V CMA CGM Uruguay 115,639 09/18/2015 09/18/2015 Isiodos Product Carrier S.A. (3) 05/31/2013 M/T Active 50,136 03/31/2015 03/31/2015 Titanas Product Carrier S.A. (3) 05/31/2013 M/T Amadeus 50,108 06/30/2015 06/30/2015 Atrotos Container Carrier S.A. 10/25/2013 M/V CMA CGM Magdalena 115,639 02/26/2016 02/26/2016 Filonikis Product Carrier S.A. (3) 05/31/2013 M/T Amor 49,999 10/24/2016 09/30/2015 Asterias Crude Carrier S.A. (3) 07/13/2015 M/T Aristaios 113,689 01/17/2018 01/10/2017 Iason Product Carrier S.A. (3) 08/28/2013 M/T Anikitos 50,082 05/04/2018 06/21/2016 Athena SpinCo Inc. ( 2, 3 ) 11/14/2018 — — — — Athena MergerCo 1 Inc. ( 2, 3 ) 11/14/2018 — — — — Athena MergerCo 2 Inc. ( 2, 3 ) 11/14/2018 — — — — Athena MergerCo 3 LLC. ( 2, 3 ) 11/14/2018 — — — — Athena MergerCo 4 LLC ( 2, 3 ) 11/14/2018 — — — — (1) Vessels were disposed in the previous years. (2) Companies established for the purpose of the agreement between the Partnership and DSS. (3) Companies part of the Crude and Product tanker business which were spun-off on March 27, 2019. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations | Major items constituting net (loss) / income from discontinued operations For the years ended December 31, 2019* 2018 2017 Revenues $ 46,172 $ 161,659 $ 132,443 Expenses Voyage expenses 12,655 37,202 10,498 Vessel operating expenses 15,506 68,406 54,281 General and administrative expenses 2,564 — — Vessel depreciation and amortization 9,630 40,276 38,014 Impairment of vessels 149,578 — — Interest expense and finance cost 3,174 8,433 6,642 Other (income) / expenses (59) (16 5 ) 32 0 Net (loss) / income from discontinued operations $ (146,876) $ 7,507 $ 22,688 *represents activity for the period from January 1, 2019 to the date of the completion of the DSS Transaction on March 27, 2019. Carrying amounts of major classes of assets included as part of discontinued operations As of December 31, 2018 Cash $ 10,000 Inventories 7,183 Prepayments and other assets 6,515 Total major classes of current assets of discontinued operations 23,698 Vessels 643,682 Deferred charges , net 2,220 Above market acquired charters 7,531 Prepayments and other assets 1,035 Total major classes of non-current assets of discontinued operations 654,468 Total major classes of assets of discontinued operations $ 678,166 Carrying amounts of major classes of liabilities included as part of discontinued operations Current portion of long-term debt, net $ 14,869 Deferred revenue 1,611 Trade accounts payables and accrued liabilities 5,055 Total major classes of current liabilities of discontinued operations 21,535 Long-term debt, net 134,744 Total major classes of long term liabilities of discontinued operations 134,744 Total major classes of liabilities of the discontinued operations $ 156,279 |
Revenues from continuing oper_2
Revenues from continuing operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue Recognition [Abstract] | |
Disaggregation of revenue | For the years ended December 31, 2019 2018 2017 Time charters (operating leases) $ 108,374 $ 107,923 $ 112,499 Voyage charters $ - $ 9,672 $ 4,173 Total $ 108,374 $ 117,595 $ 116,672 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Transactions with Related Parties [Abstract] | |
Balances and Transactions with Related Parties | Consolidated Balance Sheets As of December 31, 2019 As of December 31, 2018 Liabilities: CSM – payments on behalf of the Partnership (a) $ 3,151 $ 16,638 Management fee payable to CSM (b) 55 1,104 Capital-Executive – payments on behalf of the Partnership (a) 1,745 - Management fee payable to Capital-Executive (b) 305 - Due to related parties $ 5,256 $ 17,742 Consolidated Statements of Comprehensive (Loss)/Income For the years ended December 31, 2019 2018 2017 Revenues (c) $ - $ 701 $ 9,976 Vessel operating expenses 3,917 4,221 4,466 General and administrative expenses (d) 2,146 1,922 1,983 |
Charter Agreements | Vessel Name Time Charter (TC) in years Commencement of Charter Termination Gross (Net) Daily Hire Rate M/T Aristotelis 1.0 01/2017 03/2018 $13.8 ($13.6) |
Vessels, net (Tables)
Vessels, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Vessels, net | Vessel Cost Accumulated depreciation Net book value Balance as at January 1, 2018 $ 818,180 $ (160,512 ) $ 657,668 Improvements 277 — 277 Depreciation for the period — (32,113) (32,113) Impairment of vessels (78,607) 49,802 (28,805) Disposals (10,927) — (10,927) Balance as at December 31, 2018 $ 728,923 $ (142,823) $ 586,100 Improvements 19,896 — 19,896 Depreciation for the period — (29,105) (29,105) Balance as at December 31, 2019 $ 748,819 $ (171,928) $ 576,891 |
Above market acquired charters
Above market acquired charters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Above market acquired charters [Abstract] | |
Above market acquired charters | Above market acquired charters Book Value Carrying amount as at January 1, 2018 $ 75,035 Amortization $ (14,380) Carrying amount as at December 31, 2018 $ 60,655 Amortization $ (14,380) Carrying amount as at December 31, 2019 $ 46,275 |
Above market acquired charter future amortization expense | For the year ending December 31, Amount 2020 $11,696 2021 8,417 2022 8,371 2023 8,371 2024 8,326 Thereafter 1,094 Total $ 46,275 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Long-Term Debt Covenants [Abstract] | |
Bank Loans | Bank loans As of December 31, 2019 As of December 31, 2018 Margin (i) Issued in September 2017 maturing in October 2023 (the “2017 credit facility”) 262,385 295,118 3.25% Total long-term debt $ 262,385 $ 295,118 Less: Deferred loan issuance costs 3,399 3,707 Total long-term debt, net $ 258,986 $ 291,411 Less: Current portion of long-term debt 29,145 38,494 Add: Current portion of deferred loan issuance costs 2,148 1,015 Long-term debt, net $ 231,989 $ 253,932 |
Required Annual Loan Payments | For the year ending December 31, Amount 2020 $29,145 2021 27,397 2022 27,397 2023 101,014 2024 11,093 Thereafter 66,339 Total $ 262,385 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | As of December 31, 2019 2018 Accrued loan interest and loan fees $ 3,403 $ 5,701 Accrued operating expenses 5,339 5,519 Accrued capitalized expenses 4,263 — Accrued voyage expenses and commissions 1,356 4,320 Accrued general and administrative expenses 1,795 1,200 Total $ 16,156 $ 16,740 |
Voyage Expenses and Vessel Op_2
Voyage Expenses and Vessel Operating Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Voyage Expenses and Vessel Operating Expenses [Abstract] | |
Voyage Expenses and Vessel Operating Expenses | For the years ended December 31, 2019 2018 2017 Voyage expenses: Commissions $ 1,952 $ 2,171 $1,977 Bunkers 89 4,360 1,384 Port expenses 4 2,217 1,053 Other 885 365 253 Total $ 2,930 $ 9,113 $ 4,667 Vessel operating expenses: Crew costs and related costs $ 13,375 $ 14,794 $15,558 Insurance expense 1,796 2,112 2,436 Spares, repairs, maintenance and other expenses 5,001 4,396 4,412 Stores and lubricants 3,251 3,451 3,500 Management fees (Note 5) 3,917 4,221 4,466 Other operating expenses 3,209 1,674 1,492 Total $ 30,549 $ 30,648 $ 31,864 |
Partners' Capital (Tables)
Partners' Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Incentive Distributions | Total Quarterly Marginal Percentage Interest in Distributions Distribution Target Amount per Unit Unitholders General Partner Minimum Quarterly Distribution $1.6275 98% 2% First Target Distribution up to $1.6975 98% 2% Second Target Distribution above $1.6975 up to $1.8725 85% 15% Third Target Distribution above $1.8725 up to $2.0475 75% 25% Thereafter above $2.0475 65% 35% |
Partnership Units | As of December 31, 2019 As of December 31, 2018 Common units 18,178,100 18,178,100 General partner units 348,570 348,570 Preferred units - 12,983,333 Total partnership units 18,526,670 31,510,003 |
Omnibus Incentive Compensatio_2
Omnibus Incentive Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Omnibus Incentive Compensation Plan [Abstract] | |
Omnibus Incentive Compensation Plan | Equity compensation plan Unvested Units Units Amount Unvested on January 1, 2018 77,857 $ 24,759 Vested 77,857 $ 24,759 Unvested on December 31, 2018 - $ - Granted 445,000 $ 4,997 Vested 16,042 180 Unvested on December 31, 2019 428,958 $ 4,817 |
Net Income _ (Loss) from cont_2
Net Income / (Loss) from continuing operations Per Unit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Net Income / (Loss) from continuing operations Per Unit [Abstract] | |
Net Income / (Loss) Per Unit Basic and Diluted | BASIC AND DILUTED 2019 2018 2017 Numerators Partnership’s net income / (loss) from continuing operations $ 24,421 $ (7,611) $ 15,795 Less: Preferred unit holders’ interest in Partnership’s net income from continuing operations 2,652 11,101 11,101 Deemed dividend to preferred unit holders’ (Note 13) 9,119 - - General Partner’s interest in Partnership’s net income / (loss) from continuing operations 236 (352) 86 Partnership’s net income / (loss) from continuing operations allocable to unvested units 130 (103) 13 Common unit holders’ interest in Partnership’s net income / (loss) from continuing operations $ 12,284 $ (18,257) $ 4,595 Denominators Weighted average number of common units outstanding, basic and diluted 18,178,144 18,100,455 17,692,192 Net income /(loss) from continuing operations per common unit: Basic and Diluted $ 0.68 $ (1.01) $ 0.26 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Future minimum rental receipts | Year ending December 31, Amount 2020 $109,355 2021 80,317 2022 79,296 2023 79,297 2024 63,738 Thereafter 8,254 Total $ 420,257 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Table) (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
M/T Atlantas II | ||
Property Plant And Equipment [Line Items] | ||
DWT | 36,760 | [1] |
Date of Incorporation | Sep. 16, 2003 | [1] |
Date acquired by the Partnership | 04/04/2007 | [1] |
Date acquired by CMTC | 04/26/2006 | [1] |
M/T Assos | ||
Property Plant And Equipment [Line Items] | ||
DWT | 47,872 | [1] |
Date of Incorporation | Mar. 18, 2004 | [1] |
Date acquired by the Partnership | 08/16/2010 04/04/2007 | [1] |
Date acquired by CMTC | 05/17/2006 | [1] |
M/T Aktoras | ||
Property Plant And Equipment [Line Items] | ||
DWT | 36,759 | [1] |
Date of Incorporation | Aug. 27, 2003 | [1] |
Date acquired by the Partnership | 04/04/2007 | [1] |
Date acquired by CMTC | 07/12/2006 | [1] |
M/T Agisilaos | ||
Property Plant And Equipment [Line Items] | ||
DWT | 36,760 | [1] |
Date of Incorporation | Oct. 10, 2003 | [1] |
Date acquired by the Partnership | 04/04/2007 | [1] |
Date acquired by CMTC | 08/16/2006 | [1] |
M/T Arionas | ||
Property Plant And Equipment [Line Items] | ||
DWT | 36,725 | [1] |
Date of Incorporation | Nov. 10, 2003 | [1] |
Date acquired by the Partnership | 04/04/2007 | [1] |
Date acquired by CMTC | 11/02/2006 | [1] |
M/T Avax | ||
Property Plant And Equipment [Line Items] | ||
DWT | 47,834 | [1] |
Date of Incorporation | Feb. 10, 2004 | [1] |
Date acquired by the Partnership | 04/04/2007 | [1] |
Date acquired by CMTC | 01/12/2007 | [1] |
M/T Aiolos | ||
Property Plant And Equipment [Line Items] | ||
DWT | 36,725 | [1] |
Date of Incorporation | Sep. 12, 2003 | [1] |
Date acquired by the Partnership | 04/04/2007 | [1] |
Date acquired by CMTC | 03/02/2007 | [1] |
M/T Axios | ||
Property Plant And Equipment [Line Items] | ||
DWT | 47,872 | [1] |
Date of Incorporation | Feb. 10, 2004 | [1] |
Date acquired by the Partnership | 04/04/2007 | [1] |
Date acquired by CMTC | 02/28/2007 | [1] |
M/T Atrotos | ||
Property Plant And Equipment [Line Items] | ||
DWT | 47,786 | [1] |
Date of Incorporation | Feb. 11, 2004 | [1] |
Date acquired by the Partnership | 03/01/2010 05/08/2007 | [1] |
Date acquired by CMTC | 05/08/2007 | [1] |
M/T Akeraios | ||
Property Plant And Equipment [Line Items] | ||
DWT | 47,781 | [1] |
Date of Incorporation | Feb. 3, 2004 | [1] |
Date acquired by the Partnership | 07/13/2007 | [1] |
Date acquired by CMTC | 07/13/2007 | [1] |
M/T Apostolos | ||
Property Plant And Equipment [Line Items] | ||
DWT | 47,782 | [1] |
Date of Incorporation | May 26, 2004 | [1] |
Date acquired by the Partnership | 09/20/2007 | [1] |
Date acquired by CMTC | 09/20/2007 | [1] |
M/T Anemos I | ||
Property Plant And Equipment [Line Items] | ||
DWT | 47,782 | [1] |
Date of Incorporation | Jul. 8, 2004 | [1] |
Date acquired by the Partnership | 09/28/2007 | [1] |
Date acquired by CMTC | 09/28/2007 | [1] |
M/T Attikos | ||
Property Plant And Equipment [Line Items] | ||
DWT | 12,000 | [2] |
Date of Incorporation | Dec. 29, 2003 | [2] |
Date acquired by the Partnership | 09/24/2007 | [2] |
Date acquired by CMTC | 01/20/2005 | [2] |
M/T Alexandros II | ||
Property Plant And Equipment [Line Items] | ||
DWT | 51,258 | [1] |
Date of Incorporation | Feb. 7, 2006 | [1] |
Date acquired by the Partnership | 01/29/2008 | [1] |
Date acquired by CMTC | 01/29/2008 | [1] |
M/T Amore Mio II | ||
Property Plant And Equipment [Line Items] | ||
DWT | 159,982 | [2] |
Date of Incorporation | May 29, 2007 | [2] |
Date acquired by the Partnership | 03/27/2008 | [2] |
Date acquired by CMTC | 07/31/2007 | [2] |
M/T Aristofanis | ||
Property Plant And Equipment [Line Items] | ||
DWT | 12,000 | [2] |
Date of Incorporation | Feb. 3, 2004 | [2] |
Date acquired by the Partnership | 04/30/2008 | [2] |
Date acquired by CMTC | 06/02/2005 | [2] |
M/T Aristotelis II | ||
Property Plant And Equipment [Line Items] | ||
DWT | 51,226 | [1] |
Date of Incorporation | Feb. 7, 2006 | [1] |
Date acquired by the Partnership | 06/17/2008 | [1] |
Date acquired by CMTC | 06/17/2008 | [1] |
M/T Aris II | ||
Property Plant And Equipment [Line Items] | ||
DWT | 51,218 | [1] |
Date of Incorporation | Jan. 24, 2006 | [1] |
Date acquired by the Partnership | 08/20/2008 | [1] |
Date acquired by CMTC | 08/20/2008 | [1] |
M/T Agamemnon II | ||
Property Plant And Equipment [Line Items] | ||
DWT | 51,238 | [2] |
Date of Incorporation | Jul. 14, 2006 | [2] |
Date acquired by the Partnership | 04/07/2009 | [2] |
Date acquired by CMTC | 11/24/2008 | [2] |
M/T Ayrton II | ||
Property Plant And Equipment [Line Items] | ||
DWT | 51,260 | [1] |
Date of Incorporation | Jul. 14, 2006 | [1] |
Date acquired by the Partnership | 04/13/2009 | [1] |
Date acquired by CMTC | 04/10/2009 | [1] |
M/T Alkiviadis | ||
Property Plant And Equipment [Line Items] | ||
DWT | 36,721 | [1] |
Date of Incorporation | Jun. 22, 2004 | [1] |
Date acquired by the Partnership | 06/30/2010 | [1] |
Date acquired by CMTC | 03/29/2006 | [1] |
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 | [1] |
Date of Incorporation | Apr. 6, 2006 | [1] |
Date acquired by the Partnership | 09/30/2011 | [1] |
Date acquired by CMTC | 04/26/2006 | [1] |
M/T Amoureux | ||
Property Plant And Equipment [Line Items] | ||
DWT | 149,993 | [1] |
Date of Incorporation | Apr. 14, 2010 | [1] |
Date acquired by the Partnership | 09/30/2011 | [1] |
M/T Aias | ||
Property Plant And Equipment [Line Items] | ||
DWT | 150,393 | [1] |
Date of Incorporation | Apr. 14, 2010 | [1] |
Date acquired by the Partnership | 09/30/2011 | [1] |
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 | [2] |
Date of Incorporation | Oct. 16, 2013 | [2] |
Date acquired by the Partnership | 11/28/2013 | [2] |
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 CMA CGM Amazon | ||
Property Plant And Equipment [Line Items] | ||
DWT | 115,534 | |
Date of Incorporation | May 16, 2013 | |
Date acquired by the Partnership | 06/10/2015 | |
Date acquired by CMTC | 06/10/2015 | |
M/V 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 | [1] |
Date of Incorporation | May 31, 2013 | [1] |
Date acquired by the Partnership | 03/31/2015 | [1] |
Date acquired by CMTC | 03/31/2015 | [1] |
M/T Amadeus | ||
Property Plant And Equipment [Line Items] | ||
DWT | 50,108 | [1] |
Date of Incorporation | May 31, 2013 | [1] |
Date acquired by the Partnership | 06/30/2015 | [1] |
Date acquired by CMTC | 06/30/2015 | [1] |
M/V CMA CGM Magdalena | ||
Property Plant And Equipment [Line Items] | ||
DWT | 115,639 | |
Date of Incorporation | Oct. 25, 2013 | |
Date acquired by the Partnership | 02/26/2016 | |
Date acquired by CMTC | 02/26/2016 | |
M/T Amor | ||
Property Plant And Equipment [Line Items] | ||
DWT | 49,999 | [1] |
Date of Incorporation | May 31, 2013 | [1] |
Date acquired by the Partnership | 10/24/2016 | [1] |
Date acquired by CMTC | 09/30/2015 | [1] |
M/T Aristaios | ||
Property Plant And Equipment [Line Items] | ||
DWT | 113,689 | [1] |
Date of Incorporation | Jul. 13, 2015 | [1] |
Date acquired by the Partnership | 01/17/2018 | [1] |
Date acquired by CMTC | 01/10/2017 | [1] |
M/T Anikitos | ||
Property Plant And Equipment [Line Items] | ||
DWT | 50,082 | [1] |
Date of Incorporation | Aug. 28, 2013 | [1] |
Date acquired by the Partnership | 05/04/2018 | [1] |
Date acquired by CMTC | 06/21/2016 | [1] |
[1] | Companies part of the Crude and Product tanker business which were spun-off on March 27, 2019. | |
[2] | Vessels were disposed in the previous years. |
Basis of Presentation and Gen_4
Basis of Presentation and General Information - Supplementary (Table) (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
Capital Product Operating 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 | |
Athena SpinCo Inc. | ||
Subsidiary Of Limited Liability Company Or Limited Partnership | ||
Date of Incorporation | Nov. 14, 2018 | [1],[2] |
Athena MergerCo 1 Inc. | ||
Subsidiary Of Limited Liability Company Or Limited Partnership | ||
Date of Incorporation | Nov. 14, 2018 | [1],[2] |
Athena MergerCo 2 Inc. | ||
Subsidiary Of Limited Liability Company Or Limited Partnership | ||
Date of Incorporation | Nov. 14, 2018 | [1],[2] |
Athena MergerCo 3 LLC. | ||
Subsidiary Of Limited Liability Company Or Limited Partnership | ||
Date of Incorporation | Nov. 14, 2018 | [1],[2] |
Athena MergerCo 4 LLC | ||
Subsidiary Of Limited Liability Company Or Limited Partnership | ||
Date of Incorporation | Nov. 14, 2018 | [1],[2] |
[1] | Companies established for the purpose of the agreement between the Partnership and DSS. | |
[2] | Companies part of the Crude and Product tanker business which were spun-off on March 27, 2019. |
Basis of Presentation and Gen_5
Basis of Presentation and General Information - Additional Information (Details) | Dec. 31, 2019 |
Property Plant And Equipment | |
Number of vessels | 11 |
Neo Panamax Container Carrier Vessels | |
Property Plant And Equipment | |
Number of vessels | 10 |
Capesize Bulk Carrier | |
Property Plant And Equipment | |
Number of vessels | 1 |
Basis of Presentation and Gen_6
Basis of Presentation and General Information - Transaction Agreement DSS (Details) - USD ($) $ in Thousands | 3 Months Ended | 11 Months Ended |
Mar. 27, 2019 | Nov. 27, 2018 | |
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items] | ||
Reverse unit split, description | one for seven reverse unit split | |
Transaction Agreement with DSS | ||
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items] | ||
Closing date of Transaction Agreement | Mar. 27, 2019 | |
Date Of Transaction Agreement | Nov. 27, 2018 | |
Athena renamed to Diamond S | Transaction Agreement with DSS | ||
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items] | ||
Cash received | $ 10,000 | |
Shares to be distributed | 12,725,000 | |
Partnership contribution of the Crude and Product tanker business | the Partnership agreed to contribute to Athena the Crude and Product tanker business, associated inventories, $10,000 in cash plus prorated charter hire and net payments received from February 20, 2019 onwards with specific arrangements relating to the funding of working capital | |
DSS loan | Transaction Agreement with DSS | ||
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items] | ||
Credit facility, maximum borrowing capacity | $ 360,000 | |
Expiration period of line of credit | 5 years |
Significant Accounting Polici_3
Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Significant Accounting Policies [Abstract] | ||
Maximum original maturity of highly liquid investments, in order to be classified as cash and cash equivalents (in months) | 3 | |
Write off of doubtful accounts | $ 6 | $ 0 |
Scrap value per light weight ton (LWT) | $0.2 | |
Vessels useful life | 25 years | |
Number of Reportable Segments | 1 | |
Minimum | ||
Interval between vessel drydocking | 30 | |
Maximum | ||
Interval between vessel drydocking | 60 |
Discontinued Operations - Incom
Discontinued Operations - Income Statement (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues | $ 108,374 | $ 117,595 | $ 116,672 | |
Expenses: | ||||
Voyage expenses | 2,930 | 9,113 | 4,667 | |
Vessel operating expenses | 26,632 | 26,427 | 27,398 | |
General and administrative expenses | 5,502 | 5,713 | 6,236 | |
Vessel depreciation and amortization | 29,261 | 32,813 | 35,979 | |
Interest expense and finance cost | 17,036 | 18,964 | 19,963 | |
Net (loss) / income from discontinued operations | (146,876) | 7,507 | 22,688 | |
Discontinued operations | ||||
Revenues | 46,172 | [1] | 161,659 | 132,443 |
Expenses: | ||||
Voyage expenses | 12,655 | [1] | 37,202 | 10,498 |
Vessel operating expenses | 15,506 | [1] | 68,406 | 54,281 |
General and administrative expenses | 2,564 | [1] | 0 | 0 |
Vessel depreciation and amortization | 9,630 | [1] | 40,276 | 38,014 |
Impairment of vessels | 149,578 | [1] | 0 | 0 |
Interest expense and finance cost | 3,174 | [1] | 8,433 | 6,642 |
Other (income) / expenses | (59) | [1] | (165) | 320 |
Net (loss) / income from discontinued operations | $ (146,876) | [1] | $ 7,507 | $ 22,688 |
[1] | represents activity for the period from January 1, 2019 to the date of the completion on the DSS Transaction on March 27, 2019. |
Discontinued Operations - Balan
Discontinued Operations - Balance Sheet (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying amounts of major classes of assets included as part of discontinued operations | ||
Cash | $ 10,000 | |
Inventories | 7,183 | |
Prepayments and other assets | 6,515 | |
Total major classes of current assets of discontinued operations | $ 0 | 23,698 |
Vessels | 643,682 | |
Deferred charges, net | 2,220 | |
Above market acquired charters | 7,531 | |
Prepayments and other assets | 1,035 | |
Total major classes of non-current assets of discontinued operations | 0 | 654,468 |
Total major classes of assets of discontinued operations | 678,166 | |
Carrying amounts of major classes of liabilities included as part of discontinued operations | ||
Current portion of long-term debt, net | 14,869 | |
Deferred revenue | 1,611 | |
Trade accounts payables and accrued liabilities | 5,055 | |
Total major classes of current liabilities of discontinued operations | 0 | 21,535 |
Long-term debt, net | 134,744 | |
Total major classes of long term liabilities of discontinued operations | $ 0 | 134,744 |
Total major classes of liabilities of the discontinued operations | $ 156,279 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | |||
Vessel improvement costs capitalized | $ 19,896 | $ 277 | |
Vessels part of the Crude and Product tanker business | |||
Property Plant And Equipment [Line Items] | |||
Paid advances relating to the purchase of exhaust gas cleaning systems and ballast water treatment systems | $ 1,110 | 1,035 | |
Vessel improvement costs capitalized | 1,091 | $ 143 | |
M/T Aristaios and M/T Anikitos | |||
Property Plant And Equipment [Line Items] | |||
Vessels cost | 73,959 | ||
Above market acquired charters acquisition | $ 10,041 |
Revenues from continuing oper_3
Revenues from continuing operations (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total | $ 108,374 | $ 117,595 | $ 116,672 |
Time charters (operating leases) | |||
Total | 108,374 | 107,923 | 112,499 |
Voyage charters | |||
Total | $ 0 | $ 9,672 | $ 4,173 |
Revenues from continuing oper_4
Revenues from continuing operations (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Prepayments and other assets | $ 2,736 | $ 2,017 |
Deferred revenue, current | 3,826 | 7,315 |
Bunker expenses | ||
Prepayments and other assets | $ 0 | 397 |
Undelivered performance obligations | ||
Deferred revenue, current | $ 371 |
Transactions with Related Par_3
Transactions with Related Parties - Consolidated Balance Sheets (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Liabilities: | ||
Due to related parties | $ 5,256 | $ 17,742 |
CSM – payments on behalf of the Partnership (a) | ||
Liabilities: | ||
Due to related parties | 3,151 | 16,638 |
Management fee payable to CSM (b) | ||
Liabilities: | ||
Due to related parties | 55 | 1,104 |
Capital-Executive - payments on behalf of the Partnership (a) | ||
Liabilities: | ||
Due to related parties | 1,745 | 0 |
Management fee payable to Capital-Executive (b) | ||
Liabilities: | ||
Due to related parties | $ 305 | $ 0 |
Transactions with Related Par_4
Transactions with Related Parties - Consolidated Statements of Comprehensive (Loss)/Income (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction | |||
Revenues (c) | $ 0 | $ 701 | $ 9,976 |
Vessel operating expenses | 3,917 | 4,221 | 4,466 |
General and administrative expenses (d) | 5,502 | 5,713 | 6,236 |
Capital Executive and/ or CSM (“Managers”)- Management Agreements | |||
Related Party Transaction | |||
Revenues (c) | 0 | 701 | 9,976 |
Vessel operating expenses | 3,917 | 4,221 | 4,466 |
CSM and CGP | |||
Related Party Transaction | |||
General and administrative expenses (d) | $ 2,146 | $ 1,922 | $ 1,983 |
Transactions with Related Par_5
Transactions with Related Parties - Charter Revenues (Table) (Details) - M/T Aristotelis | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transaction | |
Time Charter (TC) in years | 1.0 |
Commencement of Charter | 01/2017 |
Termination | 03/2018 |
Gross Daily Hire Rate | $13.8 |
Net Daily Hire Rate | $13.6 |
Transactions with Related Par_6
Transactions with Related Parties - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction | |||
Vessel operating expenses | $ 3,917 | $ 4,221 | $ 4,466 |
General and administrative expenses | 5,502 | 5,713 | 6,236 |
Administrative and service agreements | |||
Related Party Transaction | |||
General and administrative expenses | 1,880 | 1,688 | 1,688 |
Capital Executive and/ or CSM (“Managers”)- Management Agreements | |||
Related Party Transaction | |||
Vessel operating expenses | $ 3,917 | $ 4,221 | $ 4,466 |
Vessels, net (Table) (Details)
Vessels, net (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment | |||
Balance as at beginning of period | $ 586,100 | ||
Ιmprovements | 19,896 | $ 277 | |
Depreciation for the period | (29,105) | ||
Impairment of vessels | 0 | (28,805) | $ (3,282) |
Disposals | (10,927) | ||
Balance as at end of period | 576,891 | 586,100 | |
Vessel Cost | |||
Property Plant And Equipment | |||
Balance as at beginning of period | 728,923 | 818,180 | |
Ιmprovements | 19,896 | 277 | |
Impairment of vessels | (78,607) | ||
Disposals | (10,927) | ||
Balance as at end of period | 748,819 | 728,923 | 818,180 |
Accumulated depreciation | |||
Property Plant And Equipment | |||
Balance as at beginning of period | (142,823) | (160,512) | |
Depreciation for the period | (29,105) | (32,113) | |
Impairment of vessels | 49,802 | ||
Balance as at end of period | (171,928) | (142,823) | (160,512) |
Net book value | |||
Property Plant And Equipment | |||
Balance as at beginning of period | 586,100 | 657,668 | |
Ιmprovements | 19,896 | 277 | |
Depreciation for the period | (29,105) | (32,113) | |
Impairment of vessels | (28,805) | ||
Disposals | (10,927) | ||
Balance as at end of period | $ 576,891 | $ 586,100 | $ 657,668 |
Vessels, net - Additional Infor
Vessels, net - Additional Information (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended | |||
Sep. 11, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 22, 2017 | |
Property Plant And Equipment | |||||
Vessel improvement costs capitalized | $ 19,896 | $ 277 | |||
Impairment of vessel | 0 | 28,805 | $ 3,282 | ||
Vessels' Improvements | |||||
Property Plant And Equipment | |||||
Vessel improvement costs capitalized | 19,896 | 277 | |||
Vessels' Improvements | Installation of exhaust gas cleaning systems and ballast water treatment systems | |||||
Property Plant And Equipment | |||||
Vessel improvement costs capitalized | 19,297 | ||||
Paid advances relating to the purchase of exhaust gas cleaning systems | $ 1,400 | 2,055 | |||
M/T Amore Mio II | |||||
Property Plant And Equipment | |||||
Sale price agreed in Memorandum of Agreement | $ 11,150 | ||||
Date of vessel sale | Oct. 15, 2018 | ||||
Classification as asset held for sale | 10,927 | ||||
Impairment of vessel | $ 28,805 | ||||
M/T Aristotelis | |||||
Property Plant And Equipment | |||||
Sale price agreed in Memorandum of Agreement | $ 29,400 | ||||
Date of vessel sale | Apr. 25, 2018 | ||||
Impairment of vessel | $ 3,282 |
Above market acquired charter_2
Above market acquired charters - Carrying Value (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Finite Lived Intangible Assets | |||
Carrying amount, beginning of period | $ 60,655 | $ 75,035 | |
Amortization | (14,380) | (14,380) | $ (14,380) |
Carrying amount, end of period | $ 46,275 | $ 60,655 | $ 75,035 |
Above market acquired charter_3
Above market acquired charters - Amortization Schedule (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
For the year ending December 31, | |||
2020 | $ 11,696 | ||
2021 | 8,417 | ||
2022 | 8,371 | ||
2023 | 8,371 | ||
2024 | 8,326 | ||
Thereafter | 1,094 | ||
Total | $ 46,275 | $ 60,655 | $ 75,035 |
Long-Term Debt - Total Debt (Ta
Long-Term Debt - Total Debt (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument | ||
Total long-term debt | $ 262,385 | $ 295,118 |
Less: Deferred loan issuance costs | 3,399 | 3,707 |
Total long-term debt, net | 258,986 | 291,411 |
Less: Current portion of long-term debt | 29,145 | 38,494 |
Add: Current portion of deferred loan issuance costs | 2,148 | 1,015 |
Long-term debt, net | 231,989 | 253,932 |
(i) Issued in September 2017 maturing in October 2023 (the “2017 credit facility”) | ||
Debt Instrument | ||
Total long-term debt | $ 262,385 | $ 295,118 |
Margin | 3.25% |
Long-Term Debt - Annual Loan Pa
Long-Term Debt - Annual Loan Payments (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
2020 | $ 29,145 | |
2021 | 27,397 | |
2022 | 27,397 | |
2023 | 101,014 | |
2024 | 11,093 | |
Thereafter | 66,339 | |
Total | $ 262,385 | $ 295,118 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 27, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||||
Interest expense | $ 15,836 | $ 17,422 | $ 18,441 | ||
Weighted average interest rate | 5.70% | 5.40% | |||
Repayment of credit facility | $ 32,733 | $ 55,283 | $ 98,464 | ||
2017 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Repayment of credit facility | $ 32,733 | 34,984 | |||
Amended 2017 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Repayment installments | 19 | ||||
Frequency of payments | quarterly | ||||
Repayment amount | $ 7,703 | ||||
Balloon payment, payable together with the final quarterly installment | $ 139,130 | ||||
Starting period of payment installments | Apr. 30, 2019 | ||||
Maturity date | Dec. 31, 2023 | ||||
Transaction Agreement with DSS Holdings L.P. | Credit Facility 2015, Credit Facility 2017 and Aristaios Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Repayment amount | $ 146,517 | ||||
Transaction Agreement with DSS Holdings L.P. | 2017 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Repayment amount | $ 89,298 | ||||
In connection with the sale of M/T Aristotelis | 2017 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Repayment of credit facility | 14,383 | ||||
In connection with the sale of M/T Amore Mio II | 2017 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Repayment of credit facility | $ 5,916 | ||||
CMA CGM Amazon, CMA CGM Uruguay and CMA CGM Magdalena | |||||
Debt Instrument [Line Items] | |||||
Sale leaseback term sheet date | Dec. 31, 2019 | ||||
Sale and leaseback transaction gross cash inflow financing arrangement | $ 155,350 | ||||
Debt instrument term | 7 years | ||||
Debt variable rate basis | Libor | ||||
Margin | 2.60% | ||||
Purchase option to acquire vessel under a financing arrangement | $ 77,700 | ||||
CMA CGM Amazon, CMA CGM Uruguay and CMA CGM Magdalena | 2017 Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Repayment of credit facility | $ 119,923 |
Long-Term Debt Covenants Descri
Long-Term Debt Covenants Description (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Ratio Of EBITDA To Net Interest Expense | 2:1 |
Debt Instrument Covenant Description | The Partnership’s credit facility contains customary ship finance covenants, including restrictions on changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness and the mortgaging of vessels and requirements such as that the ratio of EBITDA to net interest expenses to be no less than 2:1, a minimum cash requirement of $500 per vessel, that the ratio of net total indebtedness to the total assets of the Partnership adjusted for the market value of the fleet not to exceed 0.75:1. The 2017 credit facility also contains a collateral maintenance requirement under which the aggregate fair market value of the collateral vessels should not be less than 125% of the outstanding loans under the credit facility. Also the vessel-owning companies may pay dividends or make distributions only 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, 2019 and 2018 the Partnership was in compliance with all financial covenants. |
2017 Credit Facility | |
Debt Instrument [Line Items] | |
Net Total Indebtedness to the aggregate Market Value of the Total fleet | 75.00% |
Collateral Maintenance Requirement | 125.00% |
Minimum cash requirement per collateralized vessel | |
Debt Instrument [Line Items] | |
Restricted cash | $ 500 |
Financial Instruments (Details)
Financial Instruments (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Hyundai Merchant Marine Co Ltd ("HMM") | |||
Derivative Instruments Gain/ (Loss) [Line Items] | |||
Major customer percentage | 40.00% | 38.00% | 38.00% |
CMA CGM | |||
Derivative Instruments Gain/ (Loss) [Line Items] | |||
Major customer percentage | 39.00% | 36.00% | 36.00% |
Accrued Liabilities (Table) (De
Accrued Liabilities (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities [Abstract] | ||
Accrued loan interest and loan fees | $ 3,403 | $ 5,701 |
Accrued operating expenses | 5,339 | 5,519 |
Accrued capitalized expenses | 4,263 | 0 |
Accrued voyage expenses and commissions | 1,356 | 4,320 |
Accrued general and administrative expenses | 1,795 | 1,200 |
Total | $ 16,156 | $ 16,740 |
Voyage Expenses and Vessel Op_3
Voyage Expenses and Vessel Operating Expenses (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Voyage expenses: | |||
Commissions | $ 1,952 | $ 2,171 | $ 1,977 |
Bunkers | 89 | 4,360 | 1,384 |
Port expenses | 4 | 2,217 | 1,053 |
Other | 885 | 365 | 253 |
Total | 2,930 | 9,113 | 4,667 |
Vessel operating expenses: | |||
Crew costs and related costs | 13,375 | 14,794 | 15,558 |
Insurance expense | 1,796 | 2,112 | 2,436 |
Spares, repairs, maintenance and other expenses | 5,001 | 4,396 | 4,412 |
Stores and lubricants | 3,251 | 3,451 | 3,500 |
Management fees (Note 5) | 3,917 | 4,221 | 4,466 |
Other operating expenses | 3,209 | 1,674 | 1,492 |
Total | $ 30,549 | $ 30,648 | $ 31,864 |
Partners' Capital - Distributio
Partners' Capital - Distributions to Unitholders (Table) (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Minimum Quarterly Distribution | Common Unitholders | |
Marginal percentage interest in distributions | 98.00% |
Minimum Quarterly Distribution | General Partner | |
Marginal percentage interest in distributions | 2.00% |
First Target Distribution | Common Unitholders | |
Marginal percentage interest in distributions | 98.00% |
First Target Distribution | General Partner | |
Marginal percentage interest in distributions | 2.00% |
Second Target Distribution | Common Unitholders | |
Marginal percentage interest in distributions | 85.00% |
Second Target Distribution | General Partner | |
Marginal percentage interest in distributions | 15.00% |
Third Target Distribution | Common Unitholders | |
Marginal percentage interest in distributions | 75.00% |
Third Target Distribution | General Partner | |
Marginal percentage interest in distributions | 25.00% |
Thereafter | Common Unitholders | |
Marginal percentage interest in distributions | 65.00% |
Thereafter | General Partner | |
Marginal percentage interest in distributions | 35.00% |
Minimum | Minimum Quarterly Distribution | Total Quarterly Distribution Target Amount per Unit | |
Distribution target amount per unit | $ 1.6275 |
Minimum | Second Target Distribution | Total Quarterly Distribution Target Amount per Unit | |
Distribution target amount per unit | 1.6975 |
Minimum | Third Target Distribution | Total Quarterly Distribution Target Amount per Unit | |
Distribution target amount per unit | 1.8725 |
Minimum | Thereafter | Total Quarterly Distribution Target Amount per Unit | |
Distribution target amount per unit | 2.0475 |
Maximum | First Target Distribution | Total Quarterly Distribution Target Amount per Unit | |
Distribution target amount per unit | 1.6975 |
Maximum | Second Target Distribution | Total Quarterly Distribution Target Amount per Unit | |
Distribution target amount per unit | 1.8725 |
Maximum | Third Target Distribution | Total Quarterly Distribution Target Amount per Unit | |
Distribution target amount per unit | $ 2.0475 |
Partners' Capital - Partnership
Partners' Capital - Partnership Units (Table) (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Common units | 18,178,100 | 18,178,100 |
General partner units | 348,570 | 348,570 |
Preferred units | 0 | 12,983,333 |
Total partnership units | 18,526,670 | 31,510,003 |
Adjusted for the March 2019 reverse split | ||
Common units | 18,178,100 | |
General partner units | 348,570 |
Partners' Capital - Additional
Partners' Capital - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | ||
Mar. 27, 2019 | Sep. 30, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2013 | |
Common units issued | 18,178,100 | 18,178,100 | ||||
Common units outstanding | 18,178,100 | 18,178,100 | ||||
General Partner Units Outstanding | 348,570 | 348,570 | ||||
Redemption price | $ 116,850 | $ 0 | $ 0 | |||
Dividends paid | 28,771 | 52,600 | 51,630 | |||
Difference between carrying amount of Class B Convertible Preferred Units and their redemption price | $ 9,119 | $ 0 | $ 0 | |||
Reverse unit split, description | one for seven reverse unit split | |||||
CMTC | ||||||
Interest of CGP in the partnership | 1.88% | |||||
Class B Convertible Preferred Unit Subscription Agreement | ||||||
Class B convertible preferred unit issued | 24,655,554 | |||||
Conversion price of the Preferred units | $ 9 | |||||
Preferred units conversion rate | 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), should 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 should be entitled to receive, in cash, 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 Subscription Agreements. The minimum quarterly Class B Convertible Preferred Unit Distribution Rate should 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 | Transaction Agreement with DSS Holdings L.P. | ||||||
Redemption percentage | 100.00% | |||||
Redemption price | $ 116,850 | |||||
Dividends paid | 2,652 | |||||
Difference between carrying amount of Class B Convertible Preferred Units and their redemption price | $ 9,119 | |||||
The "ATM Offering" | UBS Securities LLC ("UBS") | ||||||
Equity offering | 736,008 | |||||
Net proceeds from equity offering | $ 17,815 | |||||
Maximum proceeds from the issuance of new common units | $ 50,000 | |||||
Offering expenses | $ 176 | |||||
The "ATM Offering" | Maximum | UBS Securities LLC ("UBS") | ||||||
Commission percentage | 2.00% | |||||
Right waived | Minimum | CMTC | ||||||
Distribution target amount per unit | $ 1.6975 | |||||
Right waived | Maximum | CMTC | ||||||
Distribution target amount per unit | $ 1.75 | |||||
Before Reverse Split | ||||||
Common units issued | 127,246,692 | |||||
Common units outstanding | 127,246,692 | |||||
General Partner Units Issued | 2,439,989 | |||||
General Partner Units Outstanding | 2,439,989 | |||||
Adjusted for the March 2019 reverse split | ||||||
Common units issued | 18,178,100 | |||||
Common units outstanding | 18,178,100 | |||||
General Partner Units Issued | 348,570 | |||||
General Partner Units Outstanding | 348,570 |
Omnibus Incentive Compensatio_3
Omnibus Incentive Compensation Plan (Table) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Units | ||
Unvested, beginning of period | 0 | 77,857 |
Granted | 445,000 | |
Vested | 16,042 | 77,857 |
Unvested, end of period | 428,958 | 0 |
Unvested, beginning of period | $ 0 | $ 24,759 |
Granted | 4,997 | |
Vested | 180 | 24,759 |
Unvested, end of period | $ 4,817 | $ 0 |
Omnibus Incentive Compensatio_4
Omnibus Incentive Compensation Plan (Details) $ / shares in Units, $ in Thousands | 7 Months Ended | 12 Months Ended | ||||||
Jul. 23, 2019$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 23, 2015shares | Aug. 21, 2014shares | Jul. 22, 2010shares | Apr. 29, 2008shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units granted | 445,000 | |||||||
Share based compensation | $ | $ 907 | $ 613 | $ 1,156 | |||||
Expected period of recognition for unrecognized compensation cost | 2 years | |||||||
Total compensation cost related to non-vested awards | $ | $ 4,090 | |||||||
Partnerships Omnibus Incentive Compensation Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units / Shares authorized | 235,714 | 114,286 | 71,429 | |||||
Partnerships Omnibus Incentive Compensation Plan Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units granted | 34,286 | |||||||
Number of annual installments | 3 | |||||||
Vesting date of remaining awards | Dec. 31, 2018 | |||||||
Partnerships Omnibus Incentive Compensation Plan Non Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units granted | 87,143 | |||||||
Number of annual installments | 3 | |||||||
Vesting date of remaining awards | Dec. 31, 2018 | |||||||
The 2019 Amended Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units / Shares authorized | 740,000 | |||||||
The 2019 Amended Plan Employees and Non Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Units granted | 445,000 | |||||||
Number of annual installments | 3 | |||||||
Vesting date of remaining awards | Dec. 31, 2021 | |||||||
Grant-date fair value | $ / shares | $ 11.23 | |||||||
Fair value of the vested common units | $ | $ 216 | |||||||
Price per common unit | $ / shares | $ 13.44 |
Net Income _ (Loss) from cont_3
Net Income / (Loss) from continuing operations Per Unit (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerators | |||
Partnership's net income / (loss) from continuing operations | $ 24,421 | $ (7,611) | $ 15,795 |
Less: | |||
Preferred unit holders' interest in Partnership's net income from continuing operations | 2,652 | 11,101 | 11,101 |
Deemed dividend to preferred unit holders' (Note 13) | 9,119 | 0 | 0 |
General Partner's interest in Partnership's net income / (loss) from continuing operations | 236 | (352) | 86 |
Partnership's net income /(loss) from continuing operations allocable to unvested units | 130 | (103) | 13 |
Common unit holders' interest in Partnership's net income / (loss) from continuing operations | $ 12,284 | $ (18,257) | $ 4,595 |
Denominators | |||
Weighted average number of common units outstanding, basic and diluted | 18,178,144 | 18,100,455 | 17,692,192 |
Net income /(loss) from continuing operations per common unit: | |||
Basic and Diluted | $ 0.68 | $ (1.01) | $ 0.26 |
Net Income _ (Loss) from cont_4
Net Income / (Loss) from continuing operations Per Unit - Additional Information (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class B Convertible Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive units | 12,983,333 | 12,983,333 | 12,983,333 |
Non-vested units awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive units | 428,958 | 77,857 | 77,857 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Charter Hire Receipts (Table) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies [Abstract] | |
2020 | $ 109,355 |
2021 | 80,317 |
2022 | 79,296 |
2023 | 79,297 |
2024 | 63,738 |
Thereafter | 8,254 |
Total | $ 420,257 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 8 Months Ended | |
Sep. 11, 2019 | Dec. 31, 2019 | |
CMA CGM Amazon Settlement | ||
Loss Contingency, Settlement Agreement, Terms | Under the terms of the agreement, the subsidiary pled guilty to oil record book violations with respect to the M/V CMA CGM Amazon. The subsidiary shall pay a fine of up to $500 and was placed on probation for 30 months. | |
Loss Related To Settlement Agreement | $ 500 | |
Purchase of exhaust gas cleaning systems and ballast water treatment systems | ||
Other Commitment Due In Next Twelve Months | $ 2,774 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2020USD ($) | Jan. 23, 2020USD ($) | Jan. 22, 2020USD ($) | Jan. 21, 2020$ / shares | Jan. 17, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Subsequent Event [Line Items] | ||||||||
Repayment of credit facility | $ 32,733 | $ 55,283 | $ 98,464 | |||||
Number Of Vessels | 11 | |||||||
Common Unitholders | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends Payable, Date Declared | Jan. 21, 2020 | |||||||
Dividend declared | $ / shares | $ 0.35 | |||||||
Dividends Payable, Date of Payment | Feb. 11, 2020 | |||||||
Dividends Payable, Date of Record | Feb. 3, 2020 | |||||||
M/V Athos, M/V Aristomenis and M/V Athenian | ||||||||
Subsequent Event [Line Items] | ||||||||
Number Of Vessels | 3 | |||||||
Containership Capacity in TEU | 10,000 | |||||||
Vessel price | $ 162,600 | |||||||
Acquisitions Date Of Transaction For Acquisitions | Jan. 31, 2020 | |||||||
M/V Athos | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale and leaseback transaction gross cash inflow financing arrangement | $ 38,500 | |||||||
Purchase option to acquire vessel under a financing arrangement | 22,500 | |||||||
Amount payable at the expiration of the lease if the option to acquire the vessel is not excercised | 7,500 | |||||||
M/V Aristomenis | ||||||||
Subsequent Event [Line Items] | ||||||||
Sale and leaseback transaction gross cash inflow financing arrangement | 38,500 | |||||||
Purchase option to acquire vessel under a financing arrangement | 22,500 | |||||||
Amount payable at the expiration of the lease if the option to acquire the vessel is not excercised | $ 7,500 | |||||||
M/V Aristomenis | Option | ||||||||
Subsequent Event [Line Items] | ||||||||
Gross Daily Hire Rate | $32.5 | |||||||
M/V Aristomenis | From October 2020 | ||||||||
Subsequent Event [Line Items] | ||||||||
Gross Daily Hire Rate | $28 | |||||||
M/V Athos and M/V Athenian | Option | ||||||||
Subsequent Event [Line Items] | ||||||||
Gross Daily Hire Rate | $33.5 | |||||||
M/V Athos and M/V Athenian | From July 2021 onwards | ||||||||
Subsequent Event [Line Items] | ||||||||
Gross Daily Hire Rate | $28 | |||||||
M/V Athos and M/V Aristomenis | ||||||||
Subsequent Event [Line Items] | ||||||||
Debt variable rate basis | Libor | |||||||
Margin | 2.55% | |||||||
Sale and leaseback transaction date | Jan. 31, 2020 | |||||||
Debt instrument term | 5 years | |||||||
Vessels under long-term time charters with Hapag-Lloyd | ||||||||
Subsequent Event [Line Items] | ||||||||
Gross Daily Hire Rate | $27 | |||||||
2020 Term Loan Facility to partially finance the acquisition of M/V Athenian | ||||||||
Subsequent Event [Line Items] | ||||||||
Issuance date | Jan. 17, 2020 | |||||||
Line of credit facility, maximum borrowing capacity | $ 38,500 | |||||||
Line of credit facility amount drawn down | $ 38,500 | |||||||
Repayment installments | 20 | |||||||
Frequency of payments | quarterly | |||||||
Repayment amount | $ 860 | |||||||
Balloon payment, payable together with the final quarterly installment | $ 21,300 | |||||||
Maturity date | Jan. 31, 2025 | |||||||
Debt variable rate basis | Libor | |||||||
Margin | 2.55% | |||||||
2017 Credit Facility | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayment of credit facility | $ 32,733 | $ 34,984 |