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Financial Instruments | 6 Months Ended
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Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Instruments | 8. Financial Instruments (a) Fair value of financial instruments The carrying value of cash and cash equivalents and restricted cash, 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 approximate their fair value. The fair value of variable rate long-term debt (Note 7) approximates the recorded value, due to its variable interest being the LIBOR and the SOFR 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 loans are similar to those that could be procured as of June 30, 2023. LIBOR and SOFR 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. The fair value of the fixed rate long-term debt (Note 7 ((i), (xv) and (xvi))) as of June 30, 2023, was approximately $157,191 (carrying value: $172,875) and was determined by using Level 2 inputs being the discounted expected cash flows of the outstanding amount. The Bonds (Note 7 ((xviii) and (xix))) have a fixed rate, and their estimated fair values as of June 30, 2023, were determined through Level 1 inputs of the fair value hierarchy (quoted price under the ticker symbols CPLPB1 and CPLPB2 on Athens Stock Exchange) and were approximately $261,738 (carrying value: $271,592). There were no Level 3 items. 8. Financial Instruments - continued
| (a) | Fair value of financial instruments – continued
Derivative instruments The following table summarizes the terms of the cross-currency swap agreements and their respective fair value as of June 30, 2023. Financial Instruments - Schedule of Derivative instruments (Assets / Liabilities) at fair value (Table)
| a) | Derivative Asset:
Effective Date | Termination Date | Notional Amount in thousands of EUROS | Notional Amount in United States Dollars | Fixed Rate the Partnership receives in EURO | Fixed Rate the Partnership pays in United States Dollars |  | Fair Value June 30, 2023, in United States Dollars
26/07/2022 | 26/07/2029 | 100,000 | 101,800 | 4.40% | 6.55% |  | 2,983
|  |  |  | Total Fair Value | $ | 2,983
| b) | Derivative Liabilities:
Effective Date | Termination Date | Notional Amount in thousands of EUROS | Notional Amount in United States Dollars | Fixed Rate the Partnership receives in EURO | Fixed Rate the Partnership pays in United States Dollars |  | Fair Value June 30, 2023, in United States Dollars
21/10/2021 | 21/10/2025 | 120,000 | 139,716 | 2.65% | 3.66% | $ | 7,457
21/10/2021 | 21/10/2025 | 30,000 | 34,929 | 2.65% | 3.69% |  | 2,039
|  |  |  | Total Fair Value | $ | 9,496
The following tables summarize the effect of the cross-currency swap agreements for the six-month periods ended June 30, 2023, and 2022: Financial Instruments - Summary of Gain (Loss) on Change in Fair Value of Derivatives (Table) - Derivative designated as accounting hedge
| For the six-month periods ended June 30,
Amount of gain / (loss) recognized in other comprehensive income |  | 2023 |  | 2022
Cross-currency swap agreement related to 2022 Bonds | $ | 2,690 | $ | –
Reclassification to other income / (expense), net |  | (1,040) |  | –
Total gain recognized in accumulated other comprehensive loss | $ | 1,650 | $ | –
The estimated net expense that is expected to be reclassified within the next 12 months from Accumulated Other Comprehensive Loss to earnings in respect of the settlements on cross-currency swap agreements designated as accounting hedge, amounts to $1,785. - Derivatives not designated as accounting hedges
| For the six-month periods ended June 30,
Amount of gain / (loss) recognized in other income / (expense), net | 2023 | 2022
Change in fair value of derivatives related to 2021 Bonds | $ | 3,213 | $ | (12,252)
Realized interest expense of derivatives related to 2021 Bonds |  | (1,038) |  | (1,043)
Total gain / (loss) recognized in other income / (expense), net | $ | 2,175 | $ | (13,295)
8. Financial Instruments - continued
| (a) | Fair value of financial instruments – continued
Derivative instruments – Continued The fair value of the cross-currency swap agreements is presented net of accrued interest expense which is recorded in “Accrued liabilities” in the unaudited condensed balance sheets. Financial Instruments - Fair value measurements on a recurring basis (Table) Items Measured at Fair Value on a recurring Basis - Fair Value Measurements
Recurring Measurements: |  | June 30, 2023 |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other Observable inputs (Level 2) |  | Unobservable Inputs (Level 3)
Cross Currency SWAP (100,000) - asset position | $ | 2,983 | $ | – | $ | 2,983 | $ | –
Cross Currency SWAP (120,000) – liability position |  | (7,457) |  | – |  | (7,457) |  | –
Cross Currency SWAP (30,000) – liability position |  | (2,039) |  | – |  | (2,039) |  | –
Total | $ | (6,513) | $ | – | $ | (6,513) | $ | –
The fair value (Level 2) of cross-currency swap agreements is the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, current interest rates, foreign exchange rates and the credit worthiness of both us and the derivative counterparty. This line item is presented in “Derivative liabilities” and “Derivative asset” in the unaudited condensed balance sheets.
| (b) | Fair value of long-lived assets classified as held for sale
The following table summarizes the valuation of the Partnership’s assets measured at fair value on a non-recurring basis as of June 30, 2023: Financial Instruments - Fair value measurements on a non-recurring basis (Table) Items Measured at Fair Value on a non-recurring Basis - Fair Value Measurements
Non-Recurring Measurements: |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other Observable inputs (Level 2) |  | Unobservable Inputs (Level 3) |  | Loss
Long-lived assets classified as held for sale (Note 5) | $ | – | $ | 22,000 | $ | – | $ | 7,956
The M/V Cape Agamemnon was classified as held for sale as of June 30, 2023, and was recognized at its fair value of $22,000 less costs to sell of $660. The fair value of the M/V Cape Agamemnon was based on its transaction price, as the sale price was agreed with an unaffiliated party hence it is considered level 2 (Note 5).
| (c) | 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.

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//815/tableOfContent + Details
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