Capital Product Partners L.P. Files 20-F for Fiscal Year Ended December 31, 2023

TL;DR

<b>Capital Product Partners L.P. filed its 20-F annual report detailing its 2023 operations in deep sea freight transportation.</b>

AI Summary

Capital Product Partners L.P. (CCEC) filed a Foreign Annual Report (20-F) with the SEC on April 23, 2024. Capital Product Partners L.P. filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business is the deep sea foreign transportation of freight. The filing includes information on various vessel types, including Neo Panamax Container Carrier Vessels and XDF Liquefied Natural Gas Carriers. Key dates related to vessel sale and purchase agreements (SPAs) are noted, including agreements dated November 13, 2023, and December 21, 2023.

Why It Matters

For investors and stakeholders tracking Capital Product Partners L.P., this filing contains several important signals. This 20-F filing provides a comprehensive overview of Capital Product Partners L.P.'s financial and operational performance for the fiscal year 2023, which is crucial for investors to assess the company's standing and future prospects in the maritime transportation sector. The detailed information on vessel types and agreements, such as SPAs for LNG carriers, offers insights into the company's fleet strategy and potential growth areas, impacting investment decisions.

Risk Assessment

Risk Level: low — Capital Product Partners L.P. shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant new risks or material adverse events beyond typical disclosures for a company in the shipping industry.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand Capital Product Partners L.P.'s performance and strategic direction for 2023.

Key Numbers

• 2023-12-31 — Reporting Period End Date (Fiscal year end for the 20-F filing)
• 2024-04-23 — Filing Date (Date the 20-F was filed with the SEC)
• 106 — Public Document Count (Number of public documents in the filing)
• 2023-11-13 — Vessel SPA Date (Specific date for a vessel sale and purchase agreement)
• 2023-12-21 — Vessel SPA Date (Specific date for a vessel sale and purchase agreement)

Key Players & Entities

• Capital Product Partners L.P. (company) — Filer of the 20-F
• 2024-04-23 (date) — Filing date of the 20-F
• 2023-12-31 (date) — End of the reporting period
• 2023-01-01 (date) — Beginning of the reporting period
• PIRAEUS (location) — Business and mailing address city
• 0001392326 (company) — Central Index Key for Capital Product Partners L.P.
• 4412 (industry) — Standard Industrial Classification for Deep Sea Foreign Transportation of Freight
• 2023-11-13 (date) — Date of a Vessel SPA

FAQ

Key Dates

• 2024-04-23: Form 20-F Filing — Annual report filed for the fiscal year ended December 31, 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period covered by the 20-F.
• 2023-11-13: Vessel SPA Execution — Date of a specific vessel sale and purchase agreement.

Filing Documents

• d782178d20f.htm (20-F) — 2669KB
• d782178dex21.htm (EX-2.1) — 103KB
• d782178dex415.htm (EX-4.15) — 93KB
• d782178dex81.htm (EX-8.1) — 28KB
• d782178dex121.htm (EX-12.1) — 11KB
• d782178dex122.htm (EX-12.2) — 10KB
• d782178dex131.htm (EX-13.1) — 5KB
• d782178dex132.htm (EX-13.2) — 5KB
• d782178dex971.htm (EX-97.1) — 28KB
• 0001193125-24-106923.txt (&nbsp;) — 11614KB
• cplp-20231231.xsd (EX-101.SCH) — 143KB
• cplp-20231231_cal.xml (EX-101.CAL) — 87KB
• cplp-20231231_def.xml (EX-101.DEF) — 389KB
• cplp-20231231_lab.xml (EX-101.LAB) — 717KB
• cplp-20231231_pre.xml (EX-101.PRE) — 520KB
• d782178d20f_htm.xml (XML) — 1717KB

ITEM 18

ITEM 17 ITEM 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES NO CAPITAL PRODUCT PARTNERS L.P. TABLE OF CONTENTS PART I 5

Identity of Directors, Senior Management and Advisors

Item 1. Identity of Directors, Senior Management and Advisors. 5

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable. 5

Item 3. Key Information

Item 3. Item 3. Key Information. 5

Information on the Partnership

Item 4. Information on the Partnership. 42

Operating and Financial Review and Prospects

Item 5. Operating and Financial Review and Prospects. 66

Directors, Senior Management and Employees

Item 6. Directors, Senior Management and Employees. 66

Major Unitholders and Related-Party Transactions

Item 7. Major Unitholders and Related-Party Transactions. 88

Financial Information

Item 8. Financial Information. 99

The Offer and Listing

Item 9. The Offer and Listing. 106

Additional Information

Item 10. Additional Information. 107

Quantitative and Qualitative Disclosures about Market Risk

Item 11. Quantitative and Qualitative Disclosures about Market Risk. 116

Description of Securities Other than Equity Securities

Item 12. Description of Securities Other than Equity Securities. 116 PART II 117

Defaults, Dividend Arrearages and Delinquencies

Item 13. Defaults, Dividend Arrearages and Delinquencies. 117

Material Modifications to the Rights of Security Holders and Use of Proceeds

Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds. 117

Controls and Procedures

Item 15. Controls and Procedures. 117 Item 16. 118 PART III 122

Financial Statements

Item 17. Financial Statements 122

Financial Statements

Item 18. Financial Statements. 122

Exhibits

Item 19. Exhibits 123 1 Table of Contents ABOUT THIS REPORT This annual report on Form 20-F (this "Annual Report") should be read in conjunction with our audited consolidated balance sheets as of December 31, 2023 and 2022, the related consolidated statements of comprehensive income, changes in partners' capital, and cash flows, for each of the three years in the period ended December 31, 2023, and the related notes included herein (the "Financial Statements"). In this Annual Report, unless the context otherwise requires: the "Partnership", "CPLP", "we", "us" or "our" refer to Capital Product Partners L.P. and, unless the context otherwise requires, its consolidated subsidiaries; "General Partner" refers to Capital GP L.L.C., our general partner; "Capital Maritime" or "CMTC" refer to Capital Maritime & Trading Corp., our sponsor; "Capital Gas" refers to Capital Gas Corp.; "Capital-Executive" refers to Capital-Executive Ship Management Corp.; "Capital Ship Management" refers to Capital Ship Management Corp.; "Capital Gas Management" refers to Capital Gas Ship Management Corp.; the "Managers" refers to our managers, Capital-Executive, Capital Ship Management and Capital Gas Management; "Umbrella Agreement" refers to the umbrella agreement, which we entered into on November 13, 2023 with Capital Maritime and our General Partner; the "Conflicts Committee" refers to the conflicts committee of our board of directors; "CPLP PLC" refers to CPLP Shipping Holdings PLC, a public limited liability company and wholly owned subsidiary of CPLP; "Bonds" refers to 100.0 million and 150.0 million of senior unsecured bonds issued by CPLP PLC and guaranteed by CPLP, which were listed on the Athens Stock Exchange in July 2022 and October 2021, respectively; "financing arrangements" refers to our debt financing arrangements as well as to our sale-leaseback financing arrangements, seller's credit agreements and the Bonds; and "debt" includes indebtedn

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS Our disclosure and analysis in this Annual Report concerning our business, operations, cash flows, and financial position, including, among other things, the likelihood of our success in developing and expanding our business, include "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements include, in particular, statements about our plans, strategies, business prospects, changes and trends in our business, financial condition and the markets in which we operate, and involve risks and uncertainties. In some cases, you can identify forward-looking statements by the use of words such as "may," "might," "could," "should," "would," "expect," "plan," "anticipate," "likely," "intend," "forecast," "believe," "estimate," "project," "predict," "propose," "potential," "continue," "seek" or the negative of these terms or other comparable terminology. Although these statements are based upon assumptions we believe to be reasonable based upon available information, including projections of revenues, operating margins, earnings, cash flows, working capital and capital expenditures, they are subject to risks and uncertainties that are described more fully in this Annual Report in "Item 3. Key Information—D. Risk Factors" below. These forward-looking statements represent our estimates and assumptions only as of the date of this Annual Report and are not intended to give any assurance as to future results. As a result, you are cautioned not to rely on any forward-looking statements. Forward-looking statements appear in a number of places in this Annual Report and include statements with respect to, among other things: expectations regarding our ability to make distributions on our common units; our ability to increase our cash available for distribution over time; expectations regarding global economic outlook and growth; expectations regarding ship

Risk Factors

Risk Factors An investment in our securities involves a high degree of risk. Some of the risks described below relate to the industries and the countries in which we operate as of the date of this Annual Report. Please read "Item 4. Information on the Partnership" for information on the current scope of our operations. We currently own 22 vessels consisting of nine latest generation LNG/C vessels, 11 Neo-Panamax container carrier vessels, three of which we have agreed to sell to an unaffiliated party, and two Panamax container carrier vessels, both of which we have agreed to sell to an unaffiliated party. We expect to deliver each of the container carrier vessels that we have agreed sell to their respective buyers during the second quarter of 2024. In addition, we have agreed to acquire nine additional latest generation LNG/C vessels to be delivered to the Partnership between the second quarter of 2024 and the first quarter of 2027. We may in the future enter into additional markets. If that happens, we will be exposed to additional risks. Furthermore, we are organized as a limited partnership under the laws of the Republic of the Marshall Islands. Although many of the risks relating to our business and operations are comparable to those a corporation engaged in a similar business would face, limited partner interests are inherently different from the capital stock of a corporation and involve additional risks. If any of the following risks actually occurs, our business, financial condition, operating results and cash flow could be materially adversely affected. If that happens, we might not be able to pay distributions on our common units, the trading price of our common units could decline and you could lose all or part of your investment. The risks described below include forward-looking statements and our actual results may differ substantially from those discussed in such forward-looking statements. For more information, please read "Forward Looking St

View Full Filing

View this 20-F filing on SEC EDGAR