CPLP - Capital Product Partners: Positive Momentum Set To Continue

• Capital Product Partners has very low debt (Net Debt to Capitalization below 30%) and a plain vanilla capital structure that can be enhanced to fuel growth initiatives.
• In addition, the partnership has substantial liquidity aided by the sale of 2 containership vessels for almost $200 million, fetching near-record prices.
• Taking some chips off the table by selling these vessels in the red hot containership market was prudent, as capital can be recycled in better ways.
• There are many dropdown candidates, all chartered out to world-class counterparties (BP, Cheniere, etc.) with an average charter duration significantly higher than the 3.9 years remaining on the existing fleet.
• This provides a great opportunity to reactivate a new growth cycle for the partnership that relies on a healthy model based on retained internally generated cash flow versus the old MLP model which relied on high payouts and constant equity raises.

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