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Financial Instruments | 6 Months Ended
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Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Financial Instruments | 9. Financial Instruments (a) Fair value of financial instruments Cash and cash equivalents, restricted cash and other assets and liabilities. 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 and due from related parties, trade accounts payable and accrued liabilities approximate their fair value. 9. Financial Instruments – Continued (a) Fair value of financial instruments – Continued Long-term debt The fair value of variable rate long-term debt (Note 7) approximates the recorded value, due to its variable interest being based on the SOFR rates and due to the fact that 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, 2024. 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), (ii), (xvii), (xviii) and (xxi))) as of June 30, 2024, was approximately $237,769 (carrying value: $256,172) and was determined by using Level 2 inputs being the discounted expected cash flows of the outstanding amount. The 2022 Bonds and the 2021 Bonds (Note 7 ((xxii) and (xxiii))) have a fixed rate, and their estimated fair values as of June 30, 2024, 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 $256,841 (carrying value: $267,408). Derivative instruments As of June 30, 2024: 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, 2024 |  | 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 | $ | 3,226 | $ | — | $ | 3,226 | $ | —
Cross Currency SWAP (120,000) – liability position |  | (9,742) |  | — |  | (9,742) |  | —
Cross Currency SWAP (30,000) – liability position |  | (2,481) |  | — |  | (2,481) |  | —
Total | $ | (8,997) | $ | — | $ | (8,997) | $ | —
The fair value (Level 2) of cross-currency swap derivative 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 asset” and “Derivative liabilities” in the unaudited condensed consolidated balance sheets. There were no Level 3 items. (b) 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, net. The Partnership places its cash and cash equivalents, consisting mostly of deposits, with a limited number of creditworthy financial institutions rated by qualified rating agencies. 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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