Cover
Cover | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-33373 |
Entity Registrant Name | CAPITAL PRODUCT PARTNERS L.P. |
Entity Central Index Key | 0001392326 |
Entity Address, Address Line One | 3 Iassonos Street |
Entity Address, City or Town | Piraeus |
Entity Address, Country | GR |
Entity Address, Postal Zip Code | 18537 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 104,188 | $ 47,336 |
Trade accounts receivable | 3,501 | 2,855 |
Due from related parties (Note 4) | 1,419 | 0 |
Prepayments and other assets | 3,183 | 3,314 |
Inventories | 3,368 | 3,528 |
Claims | 776 | 746 |
Assets held for sale (Note 5) | 72,865 | 0 |
Total current assets | 189,300 | 57,779 |
Fixed assets | ||
Vessels, net (Note 5) | 602,186 | 712,197 |
Total fixed assets | 602,186 | 712,197 |
Other non-current assets | ||
Above market acquired charters (Note 6) | 30,383 | 34,579 |
Deferred charges, net | 4,268 | 6,001 |
Restricted cash | 8,000 | 7,000 |
Prepayments and other assets | 4,255 | 4,642 |
Total non-current assets | 649,092 | 764,419 |
Total assets | 838,392 | 822,198 |
Current liabilities | ||
Current portion of long-term debt, net (Note 7) | 31,884 | 35,810 |
Trade accounts payable | 7,428 | 9,029 |
Due to related parties (Note 4) | 300 | 3,257 |
Accrued liabilities | 12,073 | 10,689 |
Deferred revenue | 2,063 | 2,821 |
Liability associated with vessel held for sale (Note 7) | 46,740 | 0 |
Total current liabilities | 100,488 | 61,606 |
Long-term liabilities | ||
Long-term debt, net (Note 7) | 264,499 | 338,514 |
Below market acquired charters (Notes 5, 6) | 11,678 | 0 |
Total long-term liabilities | 276,177 | 338,514 |
Total liabilities | 376,665 | 400,120 |
Commitments and contingencies (Note 12) | 0 | 0 |
Total partners’ capital | 461,727 | 422,078 |
Total liabilities and partners’ capital | $ 838,392 | $ 822,198 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Revenues (Note 3) | $ 77,966 | $ 70,257 |
Expenses / (Income), net: | ||
Voyage expenses | 4,437 | 2,519 |
Vessel operating expenses | 18,287 | 16,523 |
Vessel operating expenses - related parties (Note 4) | 2,602 | 2,441 |
General and administrative expenses (Note 4) | 3,360 | 3,607 |
Gain on sale of vessel (Note 5) | (25,384) | 0 |
Vessel depreciation and amortization (Note 5) | 21,147 | 20,102 |
Operating income, net | 53,517 | 25,065 |
Other income / (expense), net: | ||
Interest expense and finance cost (Note 7) | (7,577) | (9,847) |
Other income | 342 | 112 |
Total other expense, net | (7,235) | (9,735) |
Partnership’s net income | 46,282 | 15,330 |
General Partner’s interest in Partnership’s net income | 856 | 282 |
Common unit holders’ interest in Partnership’s net income | $ 45,426 | $ 15,048 |
Net income per (Note 11): | ||
Common unit, basic and diluted | $ 2.46 | $ 0.81 |
Common units, basic and diluted | 18,086,778 | 18,194,142 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands | General Partner [Member] | Limited Partner [Member] | Treasury units [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 8,572 | $ 398,165 | $ 0 | $ 406,737 |
Partnership’s net income | 282 | 15,048 | 0 | 15,330 |
Dividends declared and paid (Note 9) | (244) | (13,037) | 0 | (13,281) |
Equity compensation expense (Note 10) | 0 | 1,019 | 0 | 1,019 |
Ending balance, value at Jun. 30, 2020 | 8,610 | 401,195 | 0 | 409,805 |
Beginning balance, value at Dec. 31, 2020 | 8,816 | 413,262 | 0 | 422,078 |
Partnership’s net income | 856 | 45,426 | 0 | 46,282 |
Dividends declared and paid (Note 9) | (70) | (3,708) | 0 | (3,778) |
Equity compensation expense (Note 10) | 0 | 1,013 | 0 | 1,013 |
Repurchase of common units (Notes 2, 9) | 0 | 0 | (3,868) | (3,868) |
Ending balance, value at Jun. 30, 2021 | $ 9,602 | $ 455,993 | $ (3,868) | $ 461,727 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 46,282 | $ 15,330 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Vessel depreciation and amortization (Note 5) | 21,147 | 20,102 |
Amortization and write-off of deferred financing costs | 1,533 | 2,306 |
Amortization / accretion of above / below market acquired charters (Note 6) | 3,217 | 7,147 |
Gain on sale of vessel (Note 5) | (25,384) | 0 |
Equity compensation expense (Note 10) | 1,013 | 1,019 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | (646) | (412) |
Prepayments and other assets | 518 | 754 |
Due from related parties | (1,419) | 0 |
Insurance claims | (30) | 377 |
Inventories | (69) | (897) |
Trade accounts payable | (587) | 2,894 |
Due to related parties | (2,957) | (1,493) |
Accrued liabilities | 154 | 1,681 |
Deferred revenue | (758) | (511) |
Dry-docking costs paid | (13) | (2,331) |
Net cash provided by operating activities | 42,001 | 45,966 |
Cash flows from investing activities: | ||
Vessel acquisitions, including time charters attached, and improvements (Notes 5, 6) | (36,266) | (174,968) |
Proceeds from sale of vessel, net (Note 5) | 98,503 | 0 |
Net cash provided by / (used in) investing activities | 62,237 | (174,968) |
Cash flows from financing activities: | ||
Proceeds from long-term debt (Note 7) | 30,030 | 270,850 |
Deferred financing costs paid | (653) | (3,007) |
Payments of long-term debt (Note 7) | (68,117) | (134,968) |
Repurchase of common units (Notes 2, 9) | (3,868) | 0 |
Dividends paid (Note 9) | (3,778) | (13,281) |
Net cash (used in) / provided by financing activities | (46,386) | 119,594 |
Net increase / (decrease) in cash, cash equivalents and restricted cash | 57,852 | (9,408) |
Cash, cash equivalents and restricted cash at beginning of period | 54,336 | 63,464 |
Cash, cash equivalents and restricted cash at end of period | 112,188 | 54,056 |
Supplemental cash flow information | ||
Cash paid for interest | 5,911 | 9,708 |
Non-Cash Investing and Financing Activities | ||
Seller’s credit agreement (Notes 4, 5, 7) | 6,000 | 0 |
Capital expenditures included in liabilities | 1,221 | 12,917 |
Capitalized dry-docking costs included in liabilities | 1,636 | 4,180 |
Deferred financing costs included in liabilities | 0 | 1,712 |
Expenses for sale of vessel included in liabilities (Note 5) | 1,521 | 0 |
Reconciliation of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 104,188 | 39,156 |
Restricted cash - current assets | 0 | 7,900 |
Restricted cash - non-current assets | 8,000 | 7,000 |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 112,188 | $ 54,056 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information Capital Product Partners L.P. (the “Partnership”) was formed on January 16, 2007, under the laws of the Marshall Islands. The Partnership is an international shipping company. As of June 30, 2021, the Partnership owned a fleet of 16 12 three one The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements and the accompanying notes should be read in conjunction with the Partnership’s consolidated financial statements for the year ended December 31, 2020, included in the Partnership’s Annual Report on Form 20-F for the fiscal year ended December 31, 2020, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 27, 2021 (the “Consolidated Financial Statements for the year ended December 31, 2020”). These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Partnership’s financial position, results of operations and cash flows for the periods presented. Operating results for the six-month period ended June 30, 2021 are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2021. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies A discussion of the Partnership’s significant accounting policies can be found in the Partnership’s Consolidated Financial Statements for the year ended December 31, 2020. During the six-month period ended June 30, 2021, the Partnership adopted the following accounting policy: Treasury units |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2021 | |
Revenues | |
Revenues | 3. Revenues The following table shows the net revenues earned from time and voyage charters contracts for the six-month periods ended June 30, 2021 and 2020: Revenues - Disaggregation of revenues (Table) For the six-month periods ended June 30, 2021 2020 Time charters 71,728 70,257 Voyage charters 6,238 — Total Revenues 77,966 70,257 As of June 30, 2021 certain of the Company’s vessels were employed under time charter agreements with remaining tenor ranging between 0.2 4.8 As of June 30, 2021 prepayments and other assets include expenses relating to contract fulfilment costs of $ 5 90 |
Transactions with related parti
Transactions with related parties | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with related parties | 4. Transactions with related parties During the six-month period ended June 30, 2021 the Partnership acquired from Capital Maritime and Trading Corp. (“CMTC”) the shares of the companies owning the M/V Long Beach Express, the M/V Seattle Express and the M/V Fos Express (Notes 5, 6). In connection with the acquisition of these companies the Partnership entered into a seller’s credit agreement (“Seller’s Credit”) with CMTC in order to defer $ 6,000 The Partnership and its subsidiaries have related party transactions with Capital Ship Management Corp. (“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 : 2,602 2,441 2. Administrative and service agreements: 940 for each period and are included in “General and administrative expenses” in the unaudited condensed consolidated statements of comprehensive income. Balances and transactions with related parties consisted of the following: Transactions with related parties - Unaudited condensed consolidated Balance Sheets (Table) Unaudited condensed consolidated Balance Sheets As of June 30 , 2021 As of December 31, 2020 Assets Capital-Executive – advances for payments on behalf of the Partnership (a) 1,419 — Due from related parties 1,419 — Liabilities CSM – payments on behalf of the Partnership (b) 275 1,040 Management fee payable to CSM (c) 25 25 Capital-Executive – payments on behalf of the Partnership (b) — 1,765 Management fee payable to Capital-Executive (c) — 427 Due to related parties 300 3,257 4. Transactions with related parties – continued Transactions with related parties - Unaudited condensed consolidated statements of comprehensive income (Table) Unaudited condensed consolidated statements of comprehensive income For the six-month periods ended June 30, 2021 2020 Vessel operating expenses 2,602 2,441 General and administrative expenses (d) 1,033 1,041 (a) Managers – Advances for future payments on behalf of the partnership: (b) Managers - Payments on Behalf of the Partnership: (c) Management fee payable to Managers: (d) General and administrative expenses: |
Vessels, net and assets held fo
Vessels, net and assets held for sale | 6 Months Ended |
Jun. 30, 2021 | |
Vessels Net And Assets Held For Sale | |
Vessels, net and assets held for sale | 5. Vessels, net and assets held for sale (a) Vessels, net An analysis of vessels, net is as follows: Vessels, net (Table) Vessel Cost Accumulated depreciation Net book value Balance as at January 1, 2021 923,020 (210,823) 712,197 Acquisitions & improvements 53,637 — 53,637 Disposals (88,570) 16,972 (71,598) Depreciation for the period — (19,414) (19,414) Classification as held for sale (91,788) 19,152 (72,636) Balance as at June 30, 2021 796,299 (194,113) 602,186 All of the Partnership’s vessels and vessels held for sale as of June 30, 2021 have been provided as collateral to secure the Partnership’s credit facilities and financing arrangements. Vessels acquisitions On February 25, 2021, the Partnership entered into three separate Share Purchase Agreements (“SPA”) with CMTC for the acquisition of the shares of the companies owning three 5,089 40,500 30,030 6,000 five year 12,300 53,157 12,657 250 Improvements During the six-month periods ended June 30, 2021 and 2020, certain of the Partnership’s vessels underwent improvements. The costs of these improvements amounted to $ 230 10,083 9,802 5. Vessels, net and assets held for sale – continued (a) Vessels, net - continued Disposals On April 7, 2021 99,000 May 17, 2021 For the six-month period ended June 30, 2021, the Partnership recognized a gain on the sale of vessel analysed as follows: Vessels, net - Disposals (Table) Vessel M/V CMA CGM Magdalena Sale price 99,000 Carrying value on sale (71,598) Other sale expenses (2,018) Gain on sale 25,384 (b) Assets held for sale An analysis of assets held for sale is as follows: Vessels, net - Assets held for sale (Table) As of June 30, 2021 As of December 31, 2020 Vessel 72,636 — Inventories 229 — Total 72,865 — On April 7, 2021, the Partnership entered into a MOA with a third party for the sale of the M/V Adonis at a price of $ 96,000 by the end of November 2021 |
Above _ below market acquired c
Above / below market acquired charters | 6 Months Ended |
Jun. 30, 2021 | |
Above Below Market Acquired Charters | |
Above / below market acquired charters | 6. Above / below market acquired charters During the six-month period ended June 30, 2021, the Partnership acquired three vessels with time charters attached to the vessels with a time charter daily rate being below the market rate for equivalent time charters prevailing at the time of acquisition (Note 5). The fair value of the time charters representing the difference between the time charters rate at which the vessels were fixed and the market rate for comparable charters as determined by reference to market data on the acquisition date and were recorded as deferred revenue liabilities in the consolidated balance sheet as of the acquisition date under “below market acquired charters” (Note 5). The below market acquired time charters recorded on these acquisitions will be accreted using the straight line method over the remaining period of the time charters as an addition to time charter revenues. Above market time charters acquired in prior years are amortized using the straight line method as a reduction to revenues over the remaining term of the charters. For the six-month periods ended June 30, 2021 and 2020 such amortization and accretion to time charter revenues for the above and below market acquired time charters amounted to $ 3,217 7,147 An analysis of above / below market acquired time charters is as follows: Above / below market acquired time charters (Table) Above market acquired charters Below market acquired charters Carrying amount as at January 1, 2021 34,579 — Additions — (12,657) (Amortization) / accretion (4,196) 979 Carrying amount as at June 30, 2021 30,383 (11,678) 6. Above / below market acquired charters - continued As of June 30, 2021 the remaining carrying amount of unamortized above / below market acquired time charters was $ 30,383 Above / below market acquired time charters - Amortization Schedule (Table) For the twelve-month periods ended June 30, Above market acquired charters Below market acquired charters 2022 8,371 (2,834) 2023 8,371 (2,834) 2024 8,385 (2,841 2025 5,256 (2,823 2026 — (346 Total 30,383 (11,678) |
Long-term debt, net
Long-term debt, net | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term debt, net | 7. Long-term debt, net As of June 30, 2021 and December 31, 2020 the Partnership’s credit facilities and sale and lease back agreements (the “financing arrangements”) consisted of the following: Long-term Debt - Total Debt (Table) Bank loans and Financing arrangements As of June 30, 2021 As of December 31, 2020 Margin (i) Issued in September 2017 maturing in October 2023 (the “2017 credit facility”) 114,186 122,324 3.25% (ii) Issued in January 2020 maturing in January 2025 (the “2020 credit facility”) 34,200 35,920 2.55% (iii) Issued in January 2020 maturing in January 2025 (the “2020 CMBFL financing arrangement”) 34,500 36,100 2.55% (iv) Issued in January 2020 maturing in January 2025 (the “2020 CMBFL financing arrangement”) 34,500 36,100 2.55% (v) Issued in May 2020 maturing in May 2027 (the “ICBCFL financing arrangement”) 47,492 49,324 2.60% (vi) Issued in May 2020 fully repaid in May 2021 (the “ICBCFL financing arrangement”) — 50,570 2.60% (vii) Issued in May 2020 maturing in May 2027 (the “ICBCFL financing arrangement”) 47,492 49,324 2.60% (viii) Issued in January 2021 maturing in February 2026 (the “2021 CMBFL financing arrangement”) 9,735 — 2.85% (ix) Issued in January 2021 maturing in February 2026 (the “2021 CMBFL financing arrangement”) 9,735 — 2.85% (x) Issued in January 2021 maturing in February 2026 (the “2021 CMBFL financing arrangement”) 9,735 — 2.85% (xi) Issued in January 2021 maturing in February 2026 Seller’s Credit 6,000 — 5.00% Total long-term debt 347,575 379,662 Less: Deferred loan and financing arrangements issuance costs 4,452 5,338 Less: Loan associated with vessels held for sale 46,740 — Total long-term debt, net 296,383 374,324 Less: Current portion of long-term debt 33,085 37,210 Add: Current portion of deferred loan and financing arrangements issuance costs 1,201 1,400 Long-term debt, net 264,499 338,514 Details of the Partnership’s credit facilities and financing arrangements are discussed in Note 8 of the Partnership’s Consolidated Financial Statements for the year ended December 31, 2020. 7. Long-term debt, net - continued On January 22, 2021 10,010 five years 20 quarterly 275 4,505 Libor 2.85 6,000 5.0 During the six-month period ended June 30, 2021 the Partnership repaid the amount of $ 18,489 49,628 18,453 During the six-month period ended June 30, 2021 the Partnership classified the M/V Adonis as vessel held for sale (Note 5). As of June 30, 2021 the outstanding balance of the credit facility associated with this vessel was $ 46,740 752 As of June 30, 2021 and December 31, 2020 the Partnership was in compliance with all financial debt covenants. As of June 30, 2021 there were no undrawn amounts under the Partnership’s credit facilities and financing arrangements. For the six-month periods ended June 30, 2021 and 2020 interest expense amounted to $ 5,805 7,664 3.0 4.2 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments | 8. 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 Level 2: Level 3 The carrying value of cash and cash equivalents and restricted cash, which are considered Level 1 items as they represent liquid assets with short-term maturities, trade receivables, due to related parties, trade accounts payable and accrued liabilities approximates their fair value. The fair values of long-term variable rate bank loans and financing arrangements approximate the recorded values, due to their variable interest being the LIBOR and due to the fact the lenders have the ability to pass on their funding cost to the Partnership under certain circumstances, which reflects their current assessed risk. The Partnership believes that the terms of its loans and financing arrangements are similar to those that could be procured as of June 30, 2021. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence bank loans are considered Level 2 items in accordance with the fair value hierarchy. (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 creditworthy financial institutions rated by qualified rating agencies. A limited number of financial institutions hold the Partnership’s cash. Most of the Partnership’s revenues were derived from a few charterers. |
Partners_ Capital
Partners’ Capital | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Partners’ Capital | 9. Partners’ Capital As of June 30, 2021 and December 31, 2020 the Partnership’s partners’ capital was comprised of the following units: Partner’s capital - Partnership Units (Table) As of June 30, As of December 31, Common units 18,291,886 18,623,100 General partner units 348,570 348,570 Treasury common units 331,214 — Total partnership units 18,971,670 18,971,670 Details of the Partnership’s Partners’ Capital are discussed in Note 13 of the Partnership’s Consolidated Financial Statements for the year ended December 31, 2020. On January 25, 2021, the Partnership’s Board of Directors approved a unit repurchase plan for an amount of $ 30,000 331,214 11.65 3,868 During the six-month periods ended June 30, 2021 and 2020, the Partnership declared and paid the following distributions to its common unit holders: Partners’ capital - Distributions to Unitholders (Table) April 26, 2021 January 21, 2021 April 27, 2020 January 21, 2020 Common unit-holders Distributions per common unit declared $0.10 $0.10 $ 0.35 $0.35 Common units entitled to distribution 18,454,886 18,623,100 18,623,100 18,623,100 General partner and IDR distributions $35 $35 $122 $122 |
Omnibus Incentive Compensation
Omnibus Incentive Compensation Plan | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Omnibus Incentive Compensation Plan | 10. Omnibus Incentive Compensation Plan Details of the Partnership’s Omnibus Incentive Compensation Plan are discussed in Note 14 of the Partnership’s Consolidated Financial Statements for the year ended December 31, 2020. The following table contains details of our plan: Omnibus Incentive Compensation Plan (Table) Equity compensation plan Unvested Units Units Amount Unvested on January 1, 2021 412,916 4,637 Vested — — Unvested on June 30, 2021 412,916 4,637 As of June 30, 2021 the unvested units accrued $ 454 For the six-month periods ended June 30, 2021 and 2020 the equity compensation expense that has been charged in the unaudited condensed consolidated statements of comprehensive income was $ 1,013 1,019 As of June 30, 2021 the total unrecognized compensation cost related to non-vested awards is $ 1,030 |
Net Income Per Unit
Net Income Per Unit | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Unit | 11. Net Income Per Unit The general partner’s and common unit holders’ interests in net income are calculated as if all net income for periods subsequent to April 4, 2007 were distributed according to the terms of the partnership’s agreement, regardless of whether those earnings would or could be distributed. The Limited Partnership Agreement (the “Partnership Agreement”) does not provide for the distribution of net income; rather, it provides for the distribution of “available cash”, 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 and 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 incentive distribution rights that would impact the amount of earnings to allocate to the incentive distribution rights for each reporting period. Under the Partnership Agreement, the holder of the incentive distribution rights in the Partnership, which is currently CGP, assuming that there are no cumulative arrearages on common unit distributions, has the right to receive an increasing percentage of cash distributions after the minimum quarterly distribution. For the six-month periods ended June 30, 2021 and 2020 the Partnership excluded the effect of 412,916 428,958 In addition, for the six-month period ended June 30, 2021 the Partnership excluded the effect of 331,214 The Partnership’s net income for the six-month periods ended June 30, 2021 and 2020 did not exceed the First Target Distribution Level of $ 1.6975 The Two-Class Method was used to calculate EPU as follows: Net income per unit (Table) BASIC and DILUTED For the six-month periods Numerators 2021 2020 Partnership’s net income $46,282 $15,330 Less: General Partner’s interest in Partnership’s net income 856 282 Partnership’s net income allocable to unvested units 1,014 347 Common unit holders’ interest in Partnership’s net income 44,412 14,701 Denominators Weighted average number of common units outstanding, basic and diluted 18,086,778 18,194,142 Net income per common unit: Basic and diluted $2.46 $0.81 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. Commitments and Contingencies Various claims, suits and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Partnership’s vessels. The Partnership is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited condensed consolidated financial statements. The Partnership accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Details of the Partnership’s Commitments and Contingencies are also discussed in Note 16 of the Partnership’s Consolidated Financial Statements for the year ended December 31, 2020. Commitments Lease Commitments: Commitments and contingencies - Future minimum charter hire receipts (Table) For the twelve-month period ended June 30, Amount 2022 $ 133,912 2023 121,601 2024 114,363 2025 82,283 2026 23,907 Total $ 476,066 |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | 13. Subsequent events (a) Dividends: 0.10 August 10, 2021 August 3, 2021 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Treasury units | Treasury units |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenues | |
Revenues - Disaggregation of revenues (Table) | The following table shows the net revenues earned from time and voyage charters contracts for the six-month periods ended June 30, 2021 and 2020: Revenues - Disaggregation of revenues (Table) For the six-month periods ended June 30, 2021 2020 Time charters 71,728 70,257 Voyage charters 6,238 — Total Revenues 77,966 70,257 |
Transactions with related par_2
Transactions with related parties (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with related parties - Unaudited condensed consolidated Balance Sheets (Table) | Balances and transactions with related parties consisted of the following: Transactions with related parties - Unaudited condensed consolidated Balance Sheets (Table) Unaudited condensed consolidated Balance Sheets As of June 30 , 2021 As of December 31, 2020 Assets Capital-Executive – advances for payments on behalf of the Partnership (a) 1,419 — Due from related parties 1,419 — Liabilities CSM – payments on behalf of the Partnership (b) 275 1,040 Management fee payable to CSM (c) 25 25 Capital-Executive – payments on behalf of the Partnership (b) — 1,765 Management fee payable to Capital-Executive (c) — 427 Due to related parties 300 3,257 |
Transactions with related parties - Unaudited condensed consolidated statements of comprehensive income (Table) | Transactions with related parties - Unaudited condensed consolidated statements of comprehensive income (Table) Unaudited condensed consolidated statements of comprehensive income For the six-month periods ended June 30, 2021 2020 Vessel operating expenses 2,602 2,441 General and administrative expenses (d) 1,033 1,041 |
Vessels, net and assets held _2
Vessels, net and assets held for sale (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Vessels Net And Assets Held For Sale | |
Vessels, net (Table) | An analysis of vessels, net is as follows: Vessels, net (Table) Vessel Cost Accumulated depreciation Net book value Balance as at January 1, 2021 923,020 (210,823) 712,197 Acquisitions & improvements 53,637 — 53,637 Disposals (88,570) 16,972 (71,598) Depreciation for the period — (19,414) (19,414) Classification as held for sale (91,788) 19,152 (72,636) Balance as at June 30, 2021 796,299 (194,113) 602,186 |
Vessels, net - Disposals (Table) | For the six-month period ended June 30, 2021, the Partnership recognized a gain on the sale of vessel analysed as follows: Vessels, net - Disposals (Table) Vessel M/V CMA CGM Magdalena Sale price 99,000 Carrying value on sale (71,598) Other sale expenses (2,018) Gain on sale 25,384 |
Vessels, net - Assets held for sale (Table) | An analysis of assets held for sale is as follows: Vessels, net - Assets held for sale (Table) As of June 30, 2021 As of December 31, 2020 Vessel 72,636 — Inventories 229 — Total 72,865 — |
Above _ below market acquired_2
Above / below market acquired charters (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Above Below Market Acquired Charters | |
Above / below market acquired time charters (Table) | An analysis of above / below market acquired time charters is as follows: Above / below market acquired time charters (Table) Above market acquired charters Below market acquired charters Carrying amount as at January 1, 2021 34,579 — Additions — (12,657) (Amortization) / accretion (4,196) 979 Carrying amount as at June 30, 2021 30,383 (11,678) |
Above / below market acquired time charters - Amortization Schedule (Table) | As of June 30, 2021 the remaining carrying amount of unamortized above / below market acquired time charters was $ 30,383 Above / below market acquired time charters - Amortization Schedule (Table) For the twelve-month periods ended June 30, Above market acquired charters Below market acquired charters 2022 8,371 (2,834) 2023 8,371 (2,834) 2024 8,385 (2,841 2025 5,256 (2,823 2026 — (346 Total 30,383 (11,678) |
Long-term debt, net (Tables)
Long-term debt, net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-term Debt - Total Debt (Table) | As of June 30, 2021 and December 31, 2020 the Partnership’s credit facilities and sale and lease back agreements (the “financing arrangements”) consisted of the following: Long-term Debt - Total Debt (Table) Bank loans and Financing arrangements As of June 30, 2021 As of December 31, 2020 Margin (i) Issued in September 2017 maturing in October 2023 (the “2017 credit facility”) 114,186 122,324 3.25% (ii) Issued in January 2020 maturing in January 2025 (the “2020 credit facility”) 34,200 35,920 2.55% (iii) Issued in January 2020 maturing in January 2025 (the “2020 CMBFL financing arrangement”) 34,500 36,100 2.55% (iv) Issued in January 2020 maturing in January 2025 (the “2020 CMBFL financing arrangement”) 34,500 36,100 2.55% (v) Issued in May 2020 maturing in May 2027 (the “ICBCFL financing arrangement”) 47,492 49,324 2.60% (vi) Issued in May 2020 fully repaid in May 2021 (the “ICBCFL financing arrangement”) — 50,570 2.60% (vii) Issued in May 2020 maturing in May 2027 (the “ICBCFL financing arrangement”) 47,492 49,324 2.60% (viii) Issued in January 2021 maturing in February 2026 (the “2021 CMBFL financing arrangement”) 9,735 — 2.85% (ix) Issued in January 2021 maturing in February 2026 (the “2021 CMBFL financing arrangement”) 9,735 — 2.85% (x) Issued in January 2021 maturing in February 2026 (the “2021 CMBFL financing arrangement”) 9,735 — 2.85% (xi) Issued in January 2021 maturing in February 2026 Seller’s Credit 6,000 — 5.00% Total long-term debt 347,575 379,662 Less: Deferred loan and financing arrangements issuance costs 4,452 5,338 Less: Loan associated with vessels held for sale 46,740 — Total long-term debt, net 296,383 374,324 Less: Current portion of long-term debt 33,085 37,210 Add: Current portion of deferred loan and financing arrangements issuance costs 1,201 1,400 Long-term debt, net 264,499 338,514 |
Partners_ Capital (Tables)
Partners’ Capital (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Partner’s capital - Partnership Units (Table) | As of June 30, 2021 and December 31, 2020 the Partnership’s partners’ capital was comprised of the following units: Partner’s capital - Partnership Units (Table) As of June 30, As of December 31, Common units 18,291,886 18,623,100 General partner units 348,570 348,570 Treasury common units 331,214 — Total partnership units 18,971,670 18,971,670 |
Partners’ capital - Distributions to Unitholders (Table) | During the six-month periods ended June 30, 2021 and 2020, the Partnership declared and paid the following distributions to its common unit holders: Partners’ capital - Distributions to Unitholders (Table) April 26, 2021 January 21, 2021 April 27, 2020 January 21, 2020 Common unit-holders Distributions per common unit declared $0.10 $0.10 $ 0.35 $0.35 Common units entitled to distribution 18,454,886 18,623,100 18,623,100 18,623,100 General partner and IDR distributions $35 $35 $122 $122 |
Omnibus Incentive Compensatio_2
Omnibus Incentive Compensation Plan (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Omnibus Incentive Compensation Plan (Table) | The following table contains details of our plan: Omnibus Incentive Compensation Plan (Table) Equity compensation plan Unvested Units Units Amount Unvested on January 1, 2021 412,916 4,637 Vested — — Unvested on June 30, 2021 412,916 4,637 |
Net Income Per Unit (Tables)
Net Income Per Unit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net income per unit (Table) | The Two-Class Method was used to calculate EPU as follows: Net income per unit (Table) BASIC and DILUTED For the six-month periods Numerators 2021 2020 Partnership’s net income $46,282 $15,330 Less: General Partner’s interest in Partnership’s net income 856 282 Partnership’s net income allocable to unvested units 1,014 347 Common unit holders’ interest in Partnership’s net income 44,412 14,701 Denominators Weighted average number of common units outstanding, basic and diluted 18,086,778 18,194,142 Net income per common unit: Basic and diluted $2.46 $0.81 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies - Future minimum charter hire receipts (Table) | Commitments and contingencies - Future minimum charter hire receipts (Table) For the twelve-month period ended June 30, Amount 2022 $ 133,912 2023 121,601 2024 114,363 2025 82,283 2026 23,907 Total $ 476,066 |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Details Narrative) | Jun. 30, 2021 |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 16 |
Neo Panamax Container Carrier Vessels [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 12 |
Panamax Container Carrier Vessels [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 3 |
Capesize Bulk Carrier [Member] | |
Property, Plant and Equipment [Line Items] | |
Number of vessels | 1 |
Revenues - Disaggregation of re
Revenues - Disaggregation of revenues (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 77,966 | $ 70,257 |
Time charters [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 71,728 | 70,257 |
Voyage Charters [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 6,238 | $ 0 |
Revenues (Details Narrative)
Revenues (Details Narrative) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Revenue, Remaining Performance Obligation, Amount | $ 90 |
Contract Fulfilment Costs [Member] | |
Prepaid Expense and Other Assets, Current | $ 5 |
Vessels Under Time Charter Agreements [Member] | Minimum [Member] | |
Remaining tenor of time charter agreements (in years) | 0.2 |
Vessels Under Time Charter Agreements [Member] | Maximum [Member] | |
Remaining tenor of time charter agreements (in years) | 4.8 |
Transactions with related par_3
Transactions with related parties - Unaudited condensed consolidated Balance Sheets (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Due from related parties | $ 1,419 | $ 0 |
Liabilities | ||
Due to related parties | 300 | 3,257 |
Capital-Executive advances for payments on behalf of the Partnership (a) [Member] | ||
Assets | ||
Due from related parties | 1,419 | 0 |
CSM - payments on behalf of the Partnership (b) [Member] | ||
Liabilities | ||
Due to related parties | 275 | 1,040 |
Management fee payable to CSM (c) [Member] | ||
Liabilities | ||
Due to related parties | 25 | 25 |
Capital-Executive - payments on behalf of the Partnership (b) [Member] | ||
Liabilities | ||
Due to related parties | 0 | 1,765 |
Management fee payable to Capital-Executive (c) [Member] | ||
Liabilities | ||
Due to related parties | $ 0 | $ 427 |
Transactions with related par_4
Transactions with related parties - Unaudited condensed consolidated statements of comprehensive income (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||
Vessel operating expenses | $ 2,602 | $ 2,441 |
General and administrative expenses (d) | 3,360 | 3,607 |
Capital Executive and or CSM Managers [Member] | ||
Related Party Transaction [Line Items] | ||
Vessel operating expenses | 2,602 | 2,441 |
CSM and CGP [Member] | ||
Related Party Transaction [Line Items] | ||
General and administrative expenses (d) | $ 1,033 | $ 1,041 |
Transactions with related par_5
Transactions with related parties (Details Narrative) - USD ($) $ in Thousands | 2 Months Ended | 6 Months Ended | |
Feb. 25, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | |||
Seller’s credit agreement | $ 6,000 | $ 0 | |
Vessel operating expenses | 2,602 | 2,441 | |
General and administrative expenses | 3,360 | 3,607 | |
CSM and CGP Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses | 940 | 940 | |
Capital Executive and or CSM Managers [Member] | |||
Related Party Transaction [Line Items] | |||
Vessel operating expenses | $ 2,602 | $ 2,441 | |
M/V Seattle Express,M/V Long Beach Express and M/V Fos Express [Member] | |||
Related Party Transaction [Line Items] | |||
Seller’s credit agreement | $ 6,000 |
Vessels, net (Table) (Details)
Vessels, net (Table) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Property, Plant and Equipment [Line Items] | |
Balance as at beginning of period | $ 712,197 |
Balance as at the end of period | 602,186 |
Vessel Cost [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance as at beginning of period | 923,020 |
Acquisitions & improvements | 53,637 |
Disposals | (88,570) |
Classification as held for sale | (91,788) |
Balance as at the end of period | 796,299 |
Accumulated depreciation [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance as at beginning of period | (210,823) |
Disposals | 16,972 |
Depreciation for the period | (19,414) |
Classification as held for sale | 19,152 |
Balance as at the end of period | (194,113) |
Net book value [Member] | |
Property, Plant and Equipment [Line Items] | |
Balance as at beginning of period | 712,197 |
Acquisitions & improvements | 53,637 |
Disposals | (71,598) |
Depreciation for the period | (19,414) |
Classification as held for sale | (72,636) |
Balance as at the end of period | $ 602,186 |
Vessels, net - Disposals (Table
Vessels, net - Disposals (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Gain on sale | $ (25,384) | $ 0 |
M/V CMA CGM Magdalena [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Sale price | 99,000 | |
Carrying value on sale | (71,598) | |
Other sale expenses | (2,018) | |
Gain on sale | $ 25,384 |
Vessels, net - Assets held for
Vessels, net - Assets held for sale (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Vessel | $ 602,186 | $ 712,197 |
Inventories | 3,368 | 3,528 |
Assets Held For Sale [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Vessel | 72,636 | 0 |
Inventories | 229 | 0 |
Total | $ 72,865 | $ 0 |
Vessels, net and assets held _3
Vessels, net and assets held for sale (Details Narrative) $ in Thousands | 2 Months Ended | 6 Months Ended | |
Feb. 25, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Number of vessels | 16 | ||
Seller’s credit agreement | $ 6,000 | $ 0 | |
M/V Seattle Express,M/V Long Beach Express and M/V Fos Express [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels | 3 | ||
Containership capacity in TEU | 5,089 | ||
Vessel acquisition | $ 40,500 | ||
Sale and leaseback transaction gross cash inflow financing arrangement | 30,030 | ||
Seller’s credit agreement | $ 6,000 | ||
Time Charter (TC) in years | five year | ||
Gross Daily Hire Rate | 12,300 | ||
Fair value of vessels acquired | $ 53,157 | ||
Below market acquired charters | 12,657 | ||
Acquisition expenses | $ 250 | ||
Vessels' Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel improvement costs capitalized | $ 230 | 10,083 | |
Exhaust Gas Cleaning And Ballast Water Treatment Systems [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Vessel improvement costs capitalized | $ 9,802 | ||
M/V CMA CGM Magdalena [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Date of Memorandum Agreement | April 7, 2021 | ||
Sale price agreed in Memorandum of Agreement | $ 99,000 | ||
Date of vessel sale | May 17, 2021 | ||
M/V Adonis [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Date of Memorandum Agreement | April 7, 2021 | ||
Sale price agreed in Memorandum of Agreement | $ 96,000 | ||
Date of vessel sale | by the end of November 2021 |
Above _ below market acquired t
Above / below market acquired time charters (Table) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Carrying amount as at January 1, 2021 | $ 34,579 |
Carrying amount as at January 1, 2021 | 0 |
Carrying amount as at June 30, 2021 | 30,383 |
Carrying amount as at June 30, 2021 | (11,678) |
Above Market Acquired Charters [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Carrying amount as at January 1, 2021 | 34,579 |
Additions | 0 |
(Amortization) / accretion | (4,196) |
Carrying amount as at June 30, 2021 | 30,383 |
Below Market Acquired Charters [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Carrying amount as at January 1, 2021 | 0 |
Additions | (12,657) |
(Amortization) / accretion | 979 |
Carrying amount as at June 30, 2021 | $ (11,678) |
Above _ below market acquired_3
Above / below market acquired time charters - Amortization Schedule (Table) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 30,383 | $ 34,579 |
Total | (11,678) | 0 |
Above Market Acquired Charters [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2022 | 8,371 | |
2023 | 8,371 | |
2024 | 8,385 | |
2025 | 5,256 | |
2026 | 0 | |
Total | 30,383 | 34,579 |
Below Market Acquired Charters [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2022 | (2,834) | |
2023 | (2,834) | |
2024 | (2,841) | |
2025 | (2,823) | |
2026 | (346) | |
Total | $ (11,678) | $ 0 |
Above _ below market acquired_4
Above / below market acquired charters (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Above Below Market Acquired Charters | ||
Amortization of above/below market acquired charters | $ 3,217 | $ 7,147 |
Long-term Debt - Total Debt (Ta
Long-term Debt - Total Debt (Table) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total long-term debt | $ 347,575 | $ 379,662 | |
Total long-term debt | 6,000 | $ 0 | |
Less: Deferred loan and financing arrangements issuance costs | 4,452 | 5,338 | |
Less: Loan associated with vessels held for sale | 46,740 | 0 | |
Total long-term debt, net | 296,383 | 374,324 | |
Less: Current portion of long-term debt | 33,085 | 37,210 | |
Add: Current portion of deferred loan and financing arrangements issuance costs | 1,201 | 1,400 | |
Long-term debt, net | 264,499 | 338,514 | |
(i) Issued in September 2017 maturing in October 2023 (the "2017 credit facility") [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 114,186 | 122,324 | |
Margin | 3.25% | ||
(ii) Issued in January 2020 maturing in January 2025 (the "2020 credit facility") [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 34,200 | 35,920 | |
Margin | 2.55% | ||
(iii) Issued in January 2020 maturing in January 2025 (the "2020 CMBFL financing arrangement") [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 34,500 | 36,100 | |
Margin | 2.55% | ||
(iv) Issued in January 2020 maturing in January 2025 (the "2020 CMBFL financing arrangement") [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 34,500 | 36,100 | |
Margin | 2.55% | ||
(v) Issued in May 2020 maturing in May 2027 (the "ICBCFL financing arrangement") [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 47,492 | 49,324 | |
Margin | 2.60% | ||
(vi) Issued in May 2020 fully repaid in May 2021 (the "ICBCFL financing arrangement") [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 50,570 | ||
Margin | 2.60% | ||
(vii) Issued in May 2020 maturing in May 2027 (the "ICBCFL financing arrangement") [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 47,492 | $ 49,324 | |
Margin | 2.60% | ||
(viii) Issued in January 2021 maturing in February 2026 (the "2021 CMBFL financing arrangement") [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 9,735 | ||
Margin | 2.85% | ||
(ix) Issued in January 2021 maturing in February 2026 (the "2021 CMBFL financing arrangement") [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 9,735 | ||
Margin | 2.85% | ||
(x)Issued in January 2021 maturing in February 2026 (the "2021 CMBFL financing arrangement") [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 9,735 | ||
Margin | 2.85% | ||
(xi) Issued in January 2021 maturing in February 2026 Sellers Credit [Member] | |||
Debt Instrument [Line Items] | |||
Total long-term debt | $ 6,000 | ||
Margin | 5.00% |
Long-term debt, net (Details Na
Long-term debt, net (Details Narrative) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Jan. 27, 2021USD ($) | Jan. 22, 2021USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||||
Seller’s credit agreement | $ 6,000 | $ 0 | |||
Repayments of financing arrangements | 18,489 | 18,453 | |||
Repayments of Debt | 68,117 | 134,968 | |||
Outstanding balance | 46,740 | $ 0 | |||
Deferred loan issuance cost | 4,452 | $ 5,338 | |||
Interest expense | $ 5,805 | $ 7,664 | |||
Weighted average interest rate | 3.00% | 4.20% | |||
M/V CMA CGM Magdalena [Member] | |||||
Debt Instrument [Line Items] | |||||
Repayments of Debt | $ 49,628 | ||||
M/V Adonis [Member] | |||||
Debt Instrument [Line Items] | |||||
Outstanding balance | 46,740 | ||||
Deferred loan issuance cost | $ 752 | ||||
CMTC [Member] | |||||
Debt Instrument [Line Items] | |||||
Seller’s credit agreement | $ 6,000 | ||||
CMTC [Member] | Sellers' Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||
CMBFL Sale And Leaseback Transaction [Member] | Each Of The Three Vessels [Member] | |||||
Debt Instrument [Line Items] | |||||
Sale Leaseback Transaction, Date | January 22, 2021 | ||||
Sale and leaseback transaction gross cash inflow financing arrangement | $ 10,010 | ||||
Debt Instrument, Term | 5 years | ||||
Number of repayment installments | 20 | ||||
Line of Credit Facility, Frequency of Payments | quarterly | ||||
Line of Credit Facility, Periodic Payment, Principal | $ 275 | ||||
Purchase option to acquire vessel under a financing arrangement | $ 4,505 | ||||
Debt Instrument, Description of Variable Rate Basis | Libor | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.85% |
Partner_s capital - Partnership
Partner’s capital - Partnership Units (Table) (Details) - shares | Jun. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Common units | 18,291,886 | 18,623,100 |
General partner units | 348,570 | 348,570 |
Treasury common units | 331,214 | 0 |
Total partnership units | 18,971,670 | 18,971,670 |
Partners_ capital - Distributio
Partners’ capital - Distributions to Unitholders (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 4 Months Ended | 7 Months Ended | ||||
Jan. 21, 2021 | Jan. 21, 2020 | Apr. 26, 2021 | Apr. 27, 2020 | Jul. 21, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Common units entitled to distribution | 18,291,886 | 18,623,100 | |||||
Limited Partner [Member] | |||||||
Distributions per common unit declared | $ 0.10 | $ 0.35 | $ 0.10 | $ 0.35 | $ 0.10 | ||
Common units entitled to distribution | 18,623,100 | 18,623,100 | 18,454,886 | 18,623,100 | |||
General partner and IDR distributions | $ 35 | $ 122 | $ 35 | $ 122 |
Partners_ Capital (Details Narr
Partners’ Capital (Details Narrative) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($) | Jan. 25, 2021USD ($) | |
Payments for repurchase of common units | $ 3,868 | $ 0 | |
Unit Repurchase Program [Member] | |||
Repurchase amount | $ 30,000 | ||
Partners' Capital Account, Units, Treasury Units Purchased | shares | 331,214 | ||
Average price per unit | $ / shares | 11.65 | ||
Payments for repurchase of common units | $ 3,868 |
Omnibus Incentive Compensatio_3
Omnibus Incentive Compensation Plan (Table) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)shares | |
Share-based Payment Arrangement [Abstract] | |
Unvested on January 1, 2021 | shares | 412,916 |
Unvested on January 1, 2021 | $ | $ 4,637 |
Vested | shares | 0 |
Vested | $ | $ 0 |
Unvested on June 30, 2021 | shares | 412,916 |
Unvested on June 30, 2021 | $ | $ 4,637 |
Omnibus Incentive Compensatio_4
Omnibus Incentive Compensation Plan (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation | $ 1,013 | $ 1,019 |
Total compensation cost related to non-vested awards | 1,030 | |
Unvested Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Partners capital accrued distributions to unvested units | $ 454 |
Net income per unit (Table) (De
Net income per unit (Table) (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Numerators | ||
Partnership’s net income | $ 46,282 | $ 15,330 |
Less: | ||
General Partner’s interest in Partnership’s net income | 856 | 282 |
Partnership’s net income allocable to unvested units | 1,014 | 347 |
Common unit holders’ interest in Partnership’s net income | $ 44,412 | $ 14,701 |
Denominators | ||
Weighted average number of common units outstanding, basic and diluted | 18,086,778 | 18,194,142 |
Net income per common unit: | ||
Basic and diluted | $ 2.46 | $ 0.81 |
Net Income Per Unit (Details Na
Net Income Per Unit (Details Narrative) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive units | 412,916 | 428,958 |
Maximum [Member] | First Target Distribution [Member] | ||
Distribution Target Amount per Unit | $ 1.6975 | $ 1.6975 |
Treasury units [Member] | ||
Antidilutive units | 331,214 |
Commitments and contingencies -
Commitments and contingencies - Future minimum charter hire receipts (Table) (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 133,912 |
2023 | 121,601 |
2024 | 114,363 |
2025 | 82,283 |
2026 | 23,907 |
Total | $ 476,066 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) - Limited Partner [Member] - $ / shares | 1 Months Ended | 4 Months Ended | 7 Months Ended | ||
Jan. 21, 2021 | Jan. 21, 2020 | Apr. 26, 2021 | Apr. 27, 2020 | Jul. 21, 2021 | |
Dividend declared | $ / shares | $ 0.10 | $ 0.35 | $ 0.10 | $ 0.35 | $ 0.10 |
Dividends Payable, Date of Payment | Aug. 10, 2021 | ||||
Dividends payable, Date of Record | Aug. 3, 2021 |