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Capital Product Partners L.P. Looking for More Vessels Acquisitions at Favorable Prices

Capital Product Partners L.P., an international diversified shipping partnership, released its financial results for the fourth quarter ended December 31, 2017 and announced the completed acquisition of the M/T ‘Aristaios’, as well as the sale of the M/T ‘Aristotelis’ and the acquisition of the M/T ‘Anikitos’.

The Partnership’s net income for the quarter ended December 31, 2017 was $6.8 million, compared with $13.7 million for the fourth quarter of 2016 and $9.7 million for the previous quarter ended September 30, 2017. Net income for the quarter ended December 31, 2017 includes a non-cash impairment charge of $3.3 million from the sale of the M/T ‘Aristotelis’. After taking into account the preferred interest in net income attributable to the holders of the 12,983,333 Class B Convertible Preferred Units outstanding as of December 31, 2017 (the “Class B Units”, and such holders the “Class B Unitholders”), and the interest attributable to the general partner, net income per common unit for the quarter ended December 31, 2017 was $0.03 or, before taking into account the impairment charge, $0.06, compared to $0.09 for the fourth quarter of 2016 and $0.05 for the previous quarter ended September 30, 2017.

Voyage expenses for the fourth quarter of 2017 were $5.1 million compared to $2.7 million in the fourth quarter of 2016. The increase was mainly attributable to the increase in the number of voyage charters performed by certain of our vessels in the fourth quarter of 2017 compared to the same period in 2016.

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