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Fixed Assets and Assets Held for Sale | 6 Months Ended
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Jun. 30, 2024
Fixed Assets And Assets Held For Sale |
Fixed Assets and Assets Held for Sale | 5. Fixed Assets and Assets Held for Sale Fixed assets
| a. | Vessels, net
The following table presents an analysis of vessels, net: Fixed Assets and Assets Held for Sale - Vessels, net (Table)
| Vessel cost | Accumulated depreciation | Net book value
Balance as at January 1, 2024 | $ | 2,769,298 | $ | (277,382) | $ | 2,491,916
Vessel acquisitions |  | 1,150,782 |  | — |  | 1,150,782
Vessel disposals |  | (311,021) |  | 73,607 |  | (237,414)
Improvements |  | 247 |  | — |  | 247
Depreciation for the year |  | — |  | (45,760) |  | (45,760)
Balance as at June 30, 2024 | $ | 3,609,306 |  | (249,535) |  | 3,359,771
Five vessels with an aggregate net book value of $1,012,393 as of June 30, 2024, have been provided as collateral under the terms of the Partnership’s credit facilities (Note 7). In addition, there are 10 vessels financed through sale and lease back agreements, for which the title of ownership is held by the relevant lender, with an aggregate net book value of $2,172,997 and five unencumbered vessels with an aggregate net book value of $174,381 (Note 7) as of June 30, 2024. Vessel acquisitions Pursuant to the Umbrella Agreement during the six-month period ended June 30, 2024, the Partnership acquired from CMTC the shares of the vessel-owning companies of the below vessels: Fixed Assets And Assets Held for Sale - Vessel acquisitions (Table)
Vessel | Delivery Date |  | Consideration |  | Debt (Note 7) |  | Umbrella Seller’s Credit (Note 7) |  | Advances paid to CMTC in December 2023 |  | Cash paid to CMTC on the delivery date
Axios II | January 2, 2024 | $ | 314,000 | $ | 190,000 | $ | 92,600 | $ | 31,400 | $ | —
Assos | May 31, 2024 |  | 277,000 |  | 240,000 |  | — |  | 27,700 |  | 9,300
Aktoras | June 5, 2024 |  | 311,000 |  | 240,000 |  | 39,900 |  | 31,100 |  | —
Apostolos | June 28, 2024 |  | 302,000 |  | 192,000 |  | 2,264 |  | 30,200 |  | 77,536
Total |  | $ | 1,204,000 | $ | 862,000 | $ | 134,764 | $ | 120,400 | $ | 86,836
The Partnership accounted for these acquisitions as acquisitions of assets since the fair value of the vessels and the time and bareboat charters attached are concentrated in a single identifiable asset. The Partnership considered whether any value should be assigned to the attached charter party agreements acquired and concluded that the contracted daily charter rate was above the market rate on the acquisition date and therefore the total consideration was allocated to the vessel’s cost and the above market acquired charter for the LNG/C Axios II, the LNG/C Apostolos and the LNG/C Aktoras and for the LNG/C Assos the contracted daily charter rate was below the market rate on the acquisition date and therefore the total consideration was allocated to the vessel’s cost and the below market acquired charter (Note 6). The Partnership allocated the cost of the vessels and the time and bareboat charters acquired on the basis of their relative fair values. The vessels were recorded in the Partnership’s financial statements at a total value of $1,150,782, reflecting a net decrease of $53,218 from the acquisition cost of $1,204,000 due to the value of the charters that were attached to the vessels at the time of the respective acquisitions (Note 6). 5. Fixed Assets and Assets Held for Sale – Continued Fixed assets – Continued
| a. | Vessels, net - Continued
Improvements During the six-month periods ended June 30, 2024, and 2023, certain of the Partnership’s vessels underwent improvements. The costs of these improvements amounted to $247 and $16,665 respectively and were capitalized as part of the vessels’ cost. Vessel disposals During the six-month period ended June 30, 2024, the Partnership entered into six memoranda of agreement (“MOA”) with third parties for the sale of the below vessels. The Partnership entered into these MOAs based on its strategic decision to focus on the energy transition while at the same time taking advantage of the attractive vessel valuations. The six vessels met the criteria to be classified as held for sale. As of the MOAs dates the vessels’ fair values less estimated costs to sell exceeded their carrying amount, so no impairment charges were recognised in the Partnership’s unaudited condensed consolidated statement of comprehensive income for the six-month period ended June 30, 2024. Fixed Assets and Assets Held for Sale - Disposals (Table)
Vessel | MOA date |  | MOA Price | Delivery Date
M/V Akadimos | January 31, 2024 | $ | 80,000 | March 8, 2024
M/V Seattle Express | February 14, 2024 |  | 13,200 | April 26, 2024
M/V Fos Express | February 14, 2024 |  | 13,200 | May 3, 2024
M/V Athenian | March 1, 2024 |  | 51,000 | April 22, 2024
M/V Athos | March 1, 2024 |  | 51,000 | April 22, 2024
M/V Aristomenis | March 1, 2024 |  | 51,000 | May 3, 2024
Total |  | $ | 259,400 |
For the six-month period ended June 30, 2024, the Partnership recognized a gain on sale of vessels analysed as follows: Fixed Assets and Assets Held for Sale - Gain on Sale of vessels (Table)
Vessel |  | Sale price |  | Carrying value on sale |  | Other sale expenses |  | Gain on sale
M/V Akadimos | $ | 80,000 | $ | (62,030) | $ | (1,560) | $ | 16,410
M/V Seattle Express | 13,200 |  | (12,939) |  | (269) |  | (8)
M/V Fos Express |  | 13,200 |  | (12,931) |  | (284) |  | (15)
M/V Athenian |  | 51,000 |  | (44,833) |  | (1,029) |  | 5,138
M/V Athos |  | 51,000 |  | (44,760) |  | (1,029) |  | 5,211
M/V Aristomenis |  | 51,000 |  | (45,105) |  | (1,029) |  | 4,866
Total | $ | 259,400 | $ | (222,598) | $ | (5,200) | $ | 31,602
5. Fixed Assets and Assets Held for Sale – Continued Fixed assets – Continued
| b. | Vessels under construction
The following table presents an analysis of vessels under construction: Fixed Assets and Assets Held for Sale - vessels under construction cost (Table)
| Vessels under construction cost
Balance as at January 1, 2024 | $ | 140,369
Advances for vessels under construction |  | 184,409
Balance as at June 30, 2024 | $ | 324,778
During the six-month period ended June 30, 2024, the Partnership paid advances of $74,654 (Note 4) in relation to the Gas Vessels and $101,100 in relation to the LNG/C Alcaios I, the LNG/C Antaios I, the LNG/C Athlos and the LNG/C Archon (the “Newbuild Vessels”). During the six-month period ended June 30, 2024, the Partnership recognized initial expenses of $8,655, as part of vessels under construction cost.
| c. | Advances for vessels under construction-related party
Pursuant to the Umbrella Agreement in December 2023 the Partnership paid to CMTC a deposit of $174,400, or 10% of the aggregate acquisition price of the LNG/C Axios II, the LNG/C Assos, the LNG/C Apostolos, the LNG/C Aktoras, the LNG/C Archimidis and the LNG/C Agamemnon. During the six-month period ended June 30, 2024, upon the LNG/C Axios II, the LNG/C Assos, the LNG/C Apostolos and the LNG/C Aktoras delivery from the shipyard, the Partnership acquired from CMTC the vessel-owning companies of these four LNG/Cs (Note 5a). The following table presents an analysis of advances for vessels under construction-related party: Fixed Assets and Assets Held for Sale - Advances for vessels under construction - related party (Table)
| Advances for vessels under construction-related party
Balance as at January 1, 2024 | $ | 174,400
Transfer to vessels, net |  | (120,400)
Balance as at June 30, 2024 | $ | 54,000
| d. | Assets held for sale
An analysis of assets held for sale is as follows: Fixed Assets and Assets Held for Sale - Assets held for sale (Table)
| Assets held for sale
Balance as at January 1, 2024 | $ | 14,394
Disposal of vessel |  | (14,394)
Balance as at June 30, 2024 | $ | —
On December 15, 2023, the Partnership agreed to sell to an unaffiliated party the M/V Long Beach Express along with its time charter attached (Note 6), at a price of $13,050, considered that the vessel met the criteria to be classified as held for sale, measured the vessel at the lower of its carrying amount along with the time charter attached and fair value less the cost associated with the sale, and recognized an impairment charge of $340 in its consolidated statement of comprehensive income for the year ended December 31, 2023. The vessel was delivered to the new owner on February 26, 2024.

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- Definition The entire disclosure of vessels that are used in the normal conduct of business and not intended for resale. The disclosure may include, but not limited to, vessel additions, disposals, impairment and depreciation. + References No definition available. + Details
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