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Basis Of Presentation And General Information
 12 Months Ended
Dec. 31, 2012
Basis Of Presentation and General Information (Abstract)  
Basis Of Presentation and General Information
1.
Basis of Presentation and General Information
Capital Product Partners L.P. (the “Partnership”) was formed on January 16, 2007, under the laws of the Marshall Islands. The Partnership is an international shipping company. Its fleet of twenty five modern high specification vessels consists of four Suezmax crude oil tankers, eighteen modern medium range tankers all of which are classed as IMO II/III vessels, two post panamax container carrier vessels and one capesize bulk carrier. Its vessels are capable of carrying a wide range of cargoes, including crude oil, refined oil products, such as gasoline, diesel, fuel oil and jet fuel, edible oils and certain chemicals such as ethanol as well as dry cargo and containerized goods under short-term voyage charters and medium to long-term time and bareboat charters.
The consolidated financial statements include the following vessel-owning companies and operating companies which were all incorporated or formed under the laws of the Marshall Islands and Liberia.
Subsidiary
  
Date of Incorporation
 
Name of Vessel Owned by Subsidiary
DWT
 
Date acquired by the  Partnership
 
Date acquired by CMTC
 
 
 
 
 
 
 
 
Capital Product Operating GP LLC
  
01/16/2007
 
—
—
 
—
 
—
Crude Carriers Corp.(6)
  
10/29/2009
 
—
—
 
09/30/2011
 
—
Crude Carriers Operating Corp. (6)
  
01/21/2010
 
—
—
 
09/30/2011
 
—
Shipping Rider Co.
  
09/16/2003
 
M/T Atlantas                         (M/T British Ensign) (1)
36,760
 
04/04/2007
 
04/26/2006
Canvey Shipmanagement Co.
  
03/18/2004
 
M/T Assos                             (M/T Insurgentes) (1),(4)
47,872
 
08/16/2010
04/04/2007
 
05/17/2006
Centurion Navigation Limited
  
08/27/2003
 
M/T Aktoras                        (M/T British Envoy) (1)
36,759
 
04/04/2007
 
07/12/2006
Polarwind Maritime S.A.
  
10/10/2003
 
M/T Agisilaos (1)
36,760
 
04/04/2007
 
08/16/2006
Carnation Shipping Company
  
11/10/2003
 
M/T Arionas (1)
36,725
 
04/04/2007
 
11/02/2006
Apollonas Shipping Company
  
02/10/2004
 
M/T Avax (1)
47,834
 
04/04/2007
 
01/12/2007
Tempest Maritime Inc.
  
09/12/2003
 
M/T Aiolos                           (M/T British Emissary) (1)
36,725
 
04/04/2007
 
03/02/2007
Iraklitos Shipping Company
  
02/10/2004
 
M/T Axios (1)
47,872
 
04/04/2007
 
02/28/2007
Epicurus Shipping Company
  
02/11/2004
 
M/T Atrotos                        (M/T El Pipila) (2),(5)
47,786
 
03/01/2010
05/08/2007
 
05/08/2007
Laredo Maritime Inc.
  
02/03/2004
 
M/T Akeraios (2)
47,781
 
07/13/2007
 
07/13/2007
Lorenzo Shipmanagement Inc.
  
05/26/2004
 
M/T Apostolos (2)
47,782
 
09/20/2007
 
09/20/2007
Splendor Shipholding S.A.
  
07/08/2004
 
M/T Anemos I (2)
47,782
 
09/28/2007
 
09/28/2007
Ross Shipmanagement Co.
  
12/29/2003
 
M/T Attikos (3),(7)
12,000
 
09/24/2007
 
01/20/2005
Sorrel Shipmanagement Inc.
  
02/07/2006
 
M/T Alexandros II                (M/T Overseas Serifos) (2)
51,258
 
01/29/2008
 
01/29/2008
Baymont Enterprises Incorporated
  
05/29/2007
 
M/T Amore Mio II (3)
159,982
 
03/27/2008
 
07/31/2007
Forbes Maritime Co.
  
02/03/2004
 
M/T Aristofanis (3),(8)
12,000
 
04/30/2008
 
06/02/2005
Wind Dancer Shipping Inc.
  
02/07/2006
 
M/T Aristotelis II                 (M/T Overseas Sifnos) (2)
51,226
 
06/17/2008
 
06/17/2008
Belerion Maritime Co.
  
01/24/2006
 
M/T Aris II                          (M/T Overseas Kimolos) (2)
51,218
 
08/20/2008
 
08/20/2008
Mango Finance Corp.
  
07/14/2006
 
M/T Agamemnon II (3), (4)
51,238
 
04/07/2009
 
11/24/2008
Navarro International S.A.
  
07/14/2006
 
M/T Ayrton II (3), (5)
51,238
 
04/13/2009
 
04/10/2009
Adrian Shipholding Inc.
  
06/22/2004
 
M/T Alkiviadis (3)
36,721
 
06/30/2010
 
03/29/2006
Patroklos Marine Corp.
  
06/17/2008
 
M/V Cape Agamemnon
179,221
 
06/09/2011
 
01/25/2011
Cooper Consultants Co. renamed to Miltiadis M II Carriers Corp.
  
04/06/2006
 
M/T Miltiadis M II (6)
162,000
 
09/30/2011
 
04/26/2006
Alexander the Great Carriers Corp.
  
01/26/2010
 
M/T Alexander The Great (6),(9)
297,958
 
09/30/2011
 
03/26/2010
Achilleas Carriers Corp.
  
01/26/2010
 
M/T Achilleas (6),(9)
297,863
 
09/30/2011
 
06/25/2010
 
Amoureux Carriers Corp.
  
 
04/14/2010
 
 
M/T Amoureux (6)
 
150,000
 
 
09/30/2011
 
 
—
Aias Carriers Corp.
  
04/14/2010
 
M/T Aias (6)
150,000
 
09/30/2011
 
—
Agamemnon Container Carrier Corp.
 
04/19/2012
 
M/V Agamemnon (9)
103,773
 
12/22/2012
 
06/28/2012
Archimidis Container Carrier Corp.
 
04/19/2012
 
M/V Archimidis (9)
103,773
 
12/22/2012
 
06/22/2012
Miltiadis M II Corp.
 
08/28/2012
 
-
-
 
-
 
-
 
(1)
Initial Vessels acquired from Capital Maritime and Trading Corp. (“CMTC”) upon consummation of the Partnership's Initial Public Offering (“IPO”) which was completed on April 3, 2007.
(2)
Committed Vessels (the Partnership committed to acquire these vessels from CMTC upon consummation of the IPO).
(3)
Non-Contracted Vessels (vessels acquired from CMTC that were neither initial nor committed vessels).
(4)
Was acquired on April 4, 2007, on April 7, 2009 was exchanged with the M/T Agamemnon II and was reacquired on August 16, 2010.
(5)
Was acquired on May 8, 2007, on April 13, 2009 was exchanged with the M/T Ayrton II and was reacquired on March 1, 2010.
(6)
Were acquired upon the completion of the business acquisition of Crude Carriers Corp. (“Crude”).
(7)
Was sold on February 14, 2012.
(8)
Was sold on April 4, 2012.
(9)
On December 22, 2012 the M/T Alexander the Great and the M/T Achilleas were exchanged with the M/V Archimidis and the M/V Agamemnon respectively.
 
 
The Partnership Agreement provides that the Partnership's board of directors has the power to oversee, direct the operations of, manage and determine the strategies and policies of the Partnership. In addition under the Partnership Agreement, CMTC and its affiliates are not permitted to participate in the election of five out of the Partnership board's eight directors. This provision ensures that a majority of the directors on the Partnership's board are elected by the Partnership's limited unitholders that are not CMTC or its affiliates, and since July 22, 2010 a majority of the Partnership's board has been elected by unaffiliated unitholders.
As a result, the Partnership is not considered to be under common control with CMTC therefore since July 22, 2010 the Partnership no longer accounts for vessel acquisitions from CMTC as transfer of equity interest between entities under common control.
Prior to July 22, 2010, when the Partnership and CMTC were under common control, all the vessel owning companies the Partnership acquired from CMTC were recorded by the Partnership at net book value reflected by CMTC and accounted for as a combination of entities under common control or a transfer of equity interest between entities under common control. For a combination between entities under common control, the purchase cost provisions (as they relate to purchase business combinations involving unrelated entities) explicitly do not apply; instead the method of accounting prescribed by accounting standards for such transfers is similar to pooling-of-interests method of accounting. Under this method, the carrying amount of assets and liabilities recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity, and no other assets or liabilities are recognized as a result of the combination. Purchase premium or discount representing the difference between the cash consideration paid and the book value of the net assets acquired was recorded as increase or decrease to the Partners' capital.
Vessels that had an operating history as part of CMTC fleet, prior to their acquisition by the Partnership have been treated as an acquisition of business. As a result, transfers of equity interests between entities under common control were accounted for as if the transfer occurred at the beginning of the period, and prior years were retroactively adjusted to furnish comparative information similar to the pooling-of-interest method.