Quarterly Common and Class B Unit Cash Distribution
On January 22, 2013, the Board of Directors of the Partnership declared a cash distribution of $0.2325 per common unit for the fourth quarter of 2012, in line with management's annual guidance. The fourth quarter common unit cash distribution will be paid on February 15, 2013, to unit holders of record on February 8, 2013.
In addition, on January 22, 2013, the Board of Directors of the Partnership declared a cash distribution of $0.21375 per Class B Unit for the fourth quarter of 2012, in line with the Partnership's Second Amended and Restated Partnership Agreement, as amended. The fourth quarter Class B Unit cash distribution will be paid on February 8, 2013, to Class B Unitholders of record on February 1, 2013.
Mr. Ioannis Lazaridis, Chief Executive and Chief Financial Officer of the Partnership's General Partner, commented:
"We are very pleased to have completed a number of very important transactions for the Partnership during 2012, first with the issuance of $140.0 million of Class B Convertible Units leading to the prepayment of a significant part of our debt and the deferral of the Partnership's remaining debt amortization, secondly with the acquisition of the two 8,000TEU container vessels with long term employment to a highly reputable counterparty, Maersk Line, thus exposing the Partnership to a sector with attractive long term fundamentals, and finally by continuing to secure attractive period employment for our fleet. Taking into account these steps, in conjunction with the expected improvement in the fundamentals of the product tanker market going forward, the improved charter coverage of our fleet following our entry in the container market and the decreased exposure to the crude tanker market through the disposal of the two VLCCs, should positively affect the future outlook of our cash flows."
Mr Lazaridis concluded: "After taking into account the recent developments in OSG - one of our charterers - I would like to reiterate our commitment to the $0.93 per unit annual distribution guidance going forward, and to the continued enhancement of our financial flexibility in order to pursue growth opportunities and forge a pathway to distribution growth."
Conference Call and Webcast
Today, Thursday January 31, 2013 at 10:00 a.m. Eastern Time (U.S.), the Partnership will host an interactive conference call.
Conference Call Details:
Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 1-(866) 966-9439 (from the US), 0(871) 700-0345 (from the UK) or +(44) 1452 555 566 (from outside the US). Please quote "Capital Product Partners."
A replay of the conference call will be available until February 7, 2013. The United States replay number is 1(866) 247-4222; from the UK 0(845) 245-5205; the standard international replay number is (+44) 1452 550 000 and the access code required for the replay is: 90459391#
Slides and Audio Webcast:
There will also be a simultaneous live webcast over the Internet, through the Capital Product Partners website, www.capitalpplp.com. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The statements in this press release that are not historical facts, including our expectations regarding employment of our vessels, redelivery dates and charter rates, fleet growth and demand, newbuilding deliveries and slippage, the outcome of the OSG bankruptcy proceedings and the actions of OSG and other parties, as well as market and charter rate expectations and expectations regarding our quarterly distributions, ability to pursue growth opportunities and grow our distributions and annual distribution guidance may be forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the stated or forecasted results to be materially different from those anticipated. Unless required by law, we expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, to conform them to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward-looking statements. We make no prediction or statement about the performance of our units.
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