The following is a summary of the Capital Product Partners L.P. (CPLP) Q1 2024 Earnings Call Transcript:
Financial Performance:
Capital Product Partners reported a Q1 2024 net income of $33.9 million, excluding the gain on the sale of vessels.
The total revenue for Q1 2024 was $104.5 million, up from $81 million in Q1 2023.
Total Q1 2024 expenses were $54.9 million, up from $45.1 million in Q1 2023.
Vessel operating expenses during Q1 2024 amounted to $22.7 million and vessel depreciation and amortization rose to $24 million.
Increased total debt to $1.944 billion due to the acquisition of new vessels.
Generated $33.9 million net income with $0.61 net income per common unit.
Proceeds from the sale of container vessels are expected to generate approximately $182.5 million.
Business Progress:
CPLP took delivery of the LNG Carrier Axios II, marking the second delivery under an agreement to acquire 11 two-stroke LNG vessels.
CPLP completed the sales of two container vessels and announced further sales.
The contracted revenue backlog is $2.8 billion, with over 85% of it coming from LNG vessels.
The company is waiting for the delivery of three more LNG carriers and preparing for the transition to a corporation structure.
CPLP is engaged in global discussions concerning their 6 medium gas carriers and 4 liquid CO2 carriers.
The company plans to replace their current fleet with new builds, with a target to fix vessels before delivery.
More details: Capital Product IR
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