Capital Product Partners L.P. Stock

Capital Product Partners L.P. operates as an international owner of ocean-going vessels. Capital GP L.L.C. serves as the company's general partner.

The company owned 22 vessels including, 11 Neo-Panamax container carrier vessels (1.1 million DWT and total (Twenty-foot Equivalent Unit) TEU capacity of 90,889) with a deadweight (DWT) weighted average age as at March 31, 2023, of approximately 7.8 years; three Panamax container carrier vessels (0.2 million DWT and total TEU capacity of 15,267) with a DWT weighted average age as at March 31, 2023, of approximately 14.9 years; one Capesize bulk carrier vessel (0.2 million DWT) with an age as at March 31, 2023, of approximately 12.7 years; and seven liquefied natural gas (LNG) carrier vessels (0.6 million DWT and total capacity of 1.2 million (cubic meters) CBM) with an DWT weighted average age as at March 31, 2023, of approximately 1.6 years. This excludes one Neo-Panamax container carrier that the company has agreed to acquire and is expected to be delivered in the second quarter of 2023.

All of the company's container carrier vessels are chartered under medium- to long-term charters (with remaining revenue-weighted charter of approximately 5.9 years as of March 31, 2023, based on earliest expiration) to reputable charterers, such as CMA CGM S.A. (CMA CGM), Hyundai Merchant Marine Co Ltd. (HMM), and Hapag-Lloyd Aktiengesellschaft (Hapag-Lloyd).

All of the company's LNG carrier vessels are chartered under medium- to long-term charters (with remaining revenue-weighted charter of approximately 6.4 years as of March 31, 2023, based on earliest expiration) to reputable charters, such as BP Gas Marketing Limited (BP), Cheniere Marketing International LLP (Cheniere), Engie Energy Marketing Singapore Pte Ltd (Engie), and Hartree Partners Power & Gas Company (UK) Limited (Hartree).

The company's fleet is managed by Capital-Executive, Capital Ship Management, and Capital Gas (collectively the Managers), which are private companies.

All of the vessels in the company's fleet are or were designed, constructed, inspected and tested in accordance with the rules and regulations of Lloyd's Register of Shipping (Lloyd's), Bureau Veritas (BV), DNV GL, Korean Register (KR) or the American Bureau of Shipping (ABS).

Strategy

The key elements of the company's strategy are to maintain medium- to long-term fixed charters; expand its fleet through accretive acquisitions; and maintain and build on its ability to meet rigorous industry and regulatory safety standards.

Customers

The company provides marine transportation services under medium- to long-term time charters with a range of counterparties, including Hyundai Merchant Marine Co. Ltd, Hapag Lloyd- Aktiengesellschaft, BP Gas Marketing Limited, Cheniere Marketing International LLP, Engie Energy Marketing Singapore Pte Ltd., Hartree Partners Power & Gas Company (UK) Limited, and CMA CGM S.A.

Charters

The company's vessels were chartered with remaining revenue-weighted charter duration of approximately 6.2 years as of March 31, 2023.

Regulation

The company's operations and its status as an operator and manager of ships are extensively regulated by international conventions, National Maritime Regulations of Country of Registry; Classification Rules and Regulations; IACS (International Association of Classification Societies) Quality Standards; and the U.S. federal, state and local, as well as non-U.S. health, safety and environmental protection laws and regulations, including the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA); the U.S. Ports and Waterways Safety Act of 1972; the Act to Prevent Pollution from Ships; the U.S. Clean Air Act (Clean Air Act); the U.S. Water Pollution Control Act (Clean Water Act); Japanese Marine traffic safety laws; and Australian Marine Orders regarding stevedores safety, as well as regulations adopted by the IMO (International Maritime Organization) and the European Union (EU), State air emission requirements, IMO/the United States Coast Guard (USCG)/Environmental Protection Agency (EPA) pollution regulations and various SOLAS (Safety of Life at Sea) amendments, International Labour Organization (ILO) regulations, and International Telecommunications Union (ITU) regulations, as well as insurance requirements and other regulations.

In addition to inspections by the company, its vessels are subject to both scheduled and unscheduled inspections by a variety of governmental and private entities, each of which may have unique requirements. These entities include the local port authorities (such as USCG, harbor master or equivalent), classification societies, flag state administration, Protection and Indemnity (P&I) Clubs, Port State Control (PSC) officers, ILO (International Labour Organization) inspectors, charterers, and particularly terminal operators, which conduct frequent vessel inspections.

The company's existing vessels meet relevant Annex VI (Annex VI of the Protocol of 1997 to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto) requirements. All of the company's ocean-going vessels are ISM certified. The company's ship manager holds a document of compliance under the International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time) (ISM code) for operation of Gas Carriers.

History

Capital Product Partners L.P. was founded in 2007. The company was incorporated under the laws of the Marshall Islands in 2007.