XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Basis of Presentation and General Information | 12 Months Ended
--- | ---
Dec. 31, 2023
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. was formed on January 16, 2007, under the laws of the Marshall Islands. Capital Product Partners L.P. and its fully owned subsidiaries (collectively the “Partnership”) is an international shipping company. As of December 31, 2023, its fleet of 23 high specification vessels consisted of 12 Neo-Panamax container carrier vessels, three Panamax container carrier vessels and eight X-DF Liquefied natural gas carrier (“LNG/C”) vessels. Its vessels are capable of carrying a wide range of cargoes including liquefied natural gas and containerized goods under short-term voyage charters and medium to long-term time charters. Transformative Transaction for the Acquisition of 11 Newbuild LNG/Cs On November 13, 2023, the Partnership entered into an umbrella agreement (the “Umbrella Agreement”) with Capital Maritime & Trading Corp. (“CMTC”) and Capital GP L.L.C. (“CGP”), providing for the acquisition of 11 companies each of which owning a LNG/C vessel (the “Newbuild Vessels”) under construction at Hyundai Heavy Industries Co., LTD and Hyundai Samho Heavy Industries Co. Ltd., South Korea (collectively, “Hyundai”), with the exception of the LNG/C Amore Mio I which was delivered from the shipyard to CMTC in October 2023, for a total acquisition price of $3,130,000: Basis of Presentation and General Information - LNG/ Cs vessels acquired (Table)
Hull Number/Vessel name |  | Capacity in Cubic Meters (“CBM”) |  | Delivery/ Expected delivery date to the Partnership
Hull 3315 – LNG/C Amore Mio I |  | 174,000 |  | Delivered on December 21, 2023
Initial Vessels |  |  |  |
Hull 3316 – LNG/C Axios II |  | 174,000 |  | Delivered on January 2, 2024
Hull 3341 – LNG/C Assos |  | 174,000 |  | May 2024
Hull 3342 – LNG/C Apostolos |  | 174,000 |  | June 2024
Hull 8140 – LNG/C Aktoras |  | 174,000 |  | July 2024
Hull 8198 – LNG/C Archimidis |  | 174,000 |  | January 2026
Hull 8199 – LNG/C Agamemnon |  | 174,000 |  | March 2026
Remaining Vessels |  |  |  |
Hull 8202 – LNG/C Alcaios I |  | 174,000 |  | September 2026
Hull 8203 – LNG/C Antaios I |  | 174,000 |  | November 2026
Hull 8206 – LNG/C Athlos |  | 174,000 |  | February 2027
Hull 8207 – LNG/C Archon |  | 174,000 |  | March 2027
Upon the closing of the Umbrella Agreement on December 21, 2023, the Partnership entered into 11 share purchase agreements to acquire 100% of the equity interests in each company owning the Newbuild Vessels (the “Vessel SPAs”). On December 21, 2023, and upon entry into and completion of the Vessel SPA for the LNG/C Amore Mio I, the vessel was delivered to the Partnership and the Partnership paid to CMTC an amount of $141,683 and assumed a debt of $196,317 (Notes 5C, 7) with respect to the vessel. On December 21, 2023, and upon entry into the Vessel SPAs for LNG/Cs Axios II, Assos, Apostolos, Aktoras, Archimidis and Agamemnon (the “Initial Vessels”), the Partnership paid CMTC a deposit of $174,400, or 10% of the aggregate acquisition price of the Initial Vessels (Note 5C). The Vessel SPAs of each of the vessel-owning companies of the Initial Vessels will be completed upon each vessel’s delivery from Hyundai. The remaining purchase price with respect to each Initial Vessel will be paid upon delivery of such vessel with a total of $1,569,600 remaining due to CMTC for the Initial Vessels (Note 16B). The Vessel SPA for the LNG/C Axios II was completed upon delivery of the vessel on January 2, 2024 (Note 17). On December 21, 2023, and upon entry into the Vessel SPAs for LNG/Cs Alcaios I, Antaios I, Athlos and Archon (the “Remaining Vessels”), the Partnership paid CMTC $138,100 to acquire 100% of the equity interests in each of the vessel-owning companies of the Remaining Vessels (Note 5B). The Partnership expects to pay an additional amount of $909,900 to Hyundai in pre-delivery and delivery installments for the Remaining Vessels (Note 16B). On November 27, 2023, the Partnership launched a rights offering for up to $500,000 with the purpose of partly financing the purchase price of the Newbuild Vessels (the “Rights Offering”). The Rights Offering resulted in subscriptions for 445,988 common units. These common units were issued to participating unitholders on December 21, 2023 (Note 13). In connection with the Rights Offering, the Partnership entered into a Standby Purchase Agreement (the “Standby Purchase Agreement”) with CMTC, pursuant to which CMTC agreed to purchase from the Partnership at $14.25 per common unit (the subscription price in the Rights Offering), the number of common units offered that were not issued pursuant to the Rights Offering. As on December 21, 2023, the Rights Offering was not fully subscribed, CMTC purchased 34,641,731 common units pursuant to the Standby Purchase Agreement, as set forth in the following table: Basis of Presentation and General Information - Description of Standby Purchase Agreement (Table)
Description |  | Common Units |  | Subscription Price per Common Unit |  | Value
Common Units subscribed for in the Rights Offering |  | 445,988 | $ | 14.25 | $ | 6,355
Units issued to CMTC pursuant to the Standby Purchase Agreement |  | 34,641,731 |  | 14.25 |  | 493,645
Total Units Issued |  | 35,087,719 | $ | 14.25 | $ | 500,000
1. Basis of Presentation and General Information - Continued The Umbrella Agreement and the Standby Purchase Agreement permit the Partnership and CMTC to net payments due to each other under the transactions contemplated by the Umbrella Agreement, including the Vessel SPAs and the Standby Purchase Agreement. The following table describes the various amounts that were paid or deemed paid by each of the Partnership and CMTC on December 21, 2023: Basis of Presentation and General Information - Description of Amounts Paid or Deemed by the Partnership and CMTC (Table)
Description | Method of Settlement |  | Value
From the Partnership to CMTC |  |  |
10% deposit on the Initial Vessels | Netted against the amount due from CMTC pursuant to the Standby Purchase Agreement | $ | 174,400
Payment for the Remaining Vessels |  | 138,100
Part of purchase price of LNG/C Amore Mio I |  | 141,683
Total |  | $ | 454,183
From CMTC to the Partnership |  |  |
Total amount due pursuant to the Standby Purchase Agreement | Netted against the total amount due from the Partnership | $ | 454,183
Cash settlement |  | 39,462
Total |  | $ | 493,645
On December 21, 2023 CMTC issued to the Partnership an unsecured seller’s credit in an amount equal to $220,000 (the “Umbrella Seller’s Credit”) to finance a portion of the purchase price for certain of the Initial and Remaining Vessels. CPLP Shipping Holdings PLC On August 14, 2021, the Partnership established CPLP Shipping Holdings PLC (“CPLP PLC”) a 100% subsidiary of the Partnership. CPLP PLC was established in Cyprus as a public limited liability company in accordance with the provisions of the Companies Law of Cyprus, Chapter 113. On July 22, 2022 and October 20, 2021, the Partnership, through CPLP PLC, issued two unsecured bonds of €100,000,000 (the “2022 Bonds”) and €150,000,000 (the “2021 Bonds”) on the Athens Stock Exchange respectively. The 2022 Bonds and the 2021 Bonds are guaranteed by the Partnership, will mature in July 2029 and October 2026 and have a coupon payable semi-annually of 4.40% and 2.65% respectively (Note 7). 1. Basis of Presentation and General Information - Continued As of December 31, 2023, the consolidated financial statements include Capital Product Partners, L.P. and the following wholly owned significant subsidiaries which were all incorporated or formed under the laws of the Marshall Islands, Liberia or Cyprus. Basis of Presentation and General Information - List of Subsidiaries (Table)
Subsidiary | Date of Incorporation | Name of Vessel Owned by Subsidiary | Deadweight (“DWT”) | Date acquired by the Partnership/ Estimated delivery dates | Date acquired by CMTC or CGC Operating Corp. (“CGC”)
Capital Product Operating LLC | 01/16/2007 | — | — | — | —
CPLP Shipping Holdings PLC | 08/14/2021 | — | — | — | —
CPLP Gas Operating Corp. | 08/24/2021 | — | — | — | —
Patroklos Marine Corp. | 06/17/2008 | M/V Cape Agamemnon (1) | 179,221 | 06/09/2011 | 01/25/2011
Agamemnon Container Carrier Corp. | 04/19/2012 | M/V Agamemnon (2) | 108,892 | 12/22/2012 | 06/28/2012
Archimidis Container Carrier Corp. | 04/19/2012 | M/V Archimidis (2) | 108,892 | 12/22/2012 | 06/22/2012
Anax Container Carrier S.A. | 04/08/2011 | M/V Hyundai Prestige | 63,010 | 09/11/2013 | 02/19/2013
Hercules Container Carrier S.A. | 04/08/2011 | M/V Hyundai Premium | 63,010 | 03/20/2013 | 03/11/2013
Iason Container Carrier S.A. | 04/08/2011 | M/V Hyundai Paramount | 63,010 | 03/27/2013 | 03/27/2013
Thiseas Container Carrier S.A. | 04/08/2011 | M/V Hyundai Privilege | 63,010 | 09/11/2013 | 05/31/2013
Cronus Container Carrier S.A. | 07/19/2011 | M/V Hyundai Platinum | 63,010 | 09/11/2013 | 06/14/2013
Dias Container Carrier S.A. | 05/16/2013 | M/V Akadimos | 115,534 | 06/10/2015 | 06/10/2015
Poseidon Container Carrier S.A. | 05/16/2013 | M/V Adonis (3) | 115,639 | 09/18/2015 | 09/18/2015
Atrotos Container Carrier S.A. | 10/25/2013 | M/V CMA CGM Magdalena (3) | 115,639 | 02/26/2016 | 02/26/2016
Deka Container Carrier S.A. | 03/28/2017 | M/V Athenian (4) | 118,834 | 01/22/2020 | 04/28/2017
Jupiter Container Carrier S.A. | 03/28/2017 | M/V Athos (4) | 118,888 | 01/23/2020 | 05/19/2017
Nikitis Container Carrier S.A. | 03/28/2017 | M/V Aristomenis (4) | 118,712 | 01/23/2020 | 06/27/2017
Neos Container Carriers Corp. | 09/04/2020 | M/V Long Beach Express (5) | 68,618 | 02/25/2021 | 01/07/2021
Maistros Container Carriers Corp. | 09/04/2020 | M/V Seattle Express (4) | 68,411 | 02/25/2021 | 01/07/2021
Filos Container Carriers Corp. | 09/04/2020 | M/V Fos Express (4) | 68,579 | 02/25/2021 | 01/07/2021
Panormos Container Carrier S.A. | 12/17/2020 | M/V Manzanillo Express | 142,411 | 10/12/2022 | 10/12/2022
Ektoras Container Carrier S.A. | 12/17/2020 | M/V Itajai Express | 142,411 | 01/10/2023 | 01/10/2023
Monos Container Carrier S.A. | 02/05/2021 | M/V Buenaventura Express | 142,411 | 06/20/2023 | 06/20/2023
Assos Gas Carrier Corp. | 07/16/2018 | LNG/C Aristos I | 81,978 | 09/03/2021 | 11/12/2020
Dias Gas Carrier Corp. | 07/16/2018 | LNG/C Aristarchos | 81,956 | 09/03/2021 | 06/15/2021
Atrotos Gas Carrier Corp. | 07/16/2018 | LNG/C Aristidis I | 81,898 | 12/16/2021 | 01/04/2021
Poseidon Gas Carrier Corp. | 07/16/2018 | LNG/C Attalos | 81,850 | 11/18/2021 | 08/13/2021
Maximus Gas Carrier Corp. | 04/10/2019 | LNG/C Asklipios | 81,882 | 11/18/2021 | 09/29/2021
Kronos Gas Carrier Corp. | 02/04/2019 | LNG/C Adamastos | 82,095 | 11/29/2021 | 08/23/2021
Hermes Gas Carrier Corp. | 07/05/2019 | LNG/C Asterix I | 81,932 | 02/17/2023 | 02/17/2023
Omega Gas Carriers Corp. | 06/18/2021 | LNG/C Amore Mio I | 82,076 | 12/21/2023 | 10/31/2023
Aqua Gas Carrier Corp. | 01/17/2023 | LNG/C Alcaios I (Hull – 8202) (6) | — | 09/2026 (7) | —
Mare Gas Carrier Corp. | 01/17/2023 | LNG/C Antaios I (Hull – 8203) (6) | — | 11/2026 (7) | —
Polis Gas Carrier Corp. | 03/27/2023 | LNG/C Athlos (Hull – 8206) (6) | — | 02/2027 (7) | —
Elpis Gas Carrier Corp. | 03/27/2023 | LNG/C Archon (Hull – 8207) (6) | — | 03/2027 (7) | —
(1) | Vessel was disposed in 2023
(2) | Vessels were disposed in 2022
(3) | Vessels were disposed in 2021
(4) | Vessels agreed to be disposed in 2024
(5) | Vessel classified as held for sale as of December 31, 2023
(6) | Vessels are under construction
(7) | Estimated delivery dates for newbuild vessels as of December 31, 2023

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480424/946-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480424/946-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//810/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205/tableOfContent + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration