Capital Product Partners L.P. (NASDAQ:CPLP) Q1 2023 Results Conference Call May 5, 2023 10:00 AM ET

Company Participants

Jerry Kalogiratos - CEO

Conference Call Participants

Omar Nokta - Jefferies

Ben Nolan - Stifel

Liam Burke - B. Riley Securities

Operator

Thank you for standing by, and welcome to the Capital Product Partners' First Quarter 2023 Financial Results Conference Call. We have with us Mr. Jerry Kalogiratos, Chief Executive Officer of the company. At this time, all participants are in a listen-only mode. [Operator Instructions] I must advise you this conference is being recorded today.

The statements made in today's conference call that are not historical facts, including our expectations regarding cash generation, equity returns and future debt levels, our ability to pursue growth opportunities, our expectations or objectives regarding future distribution amounts, capital reserve amounts, distribution coverage, future earnings, capital allocation as well as our expectations regarding market fundamentals and the employment of our vessels, including redelivery dates and charter rates, may be forward-looking statements as such as 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 to actual results or otherwise. We assume no responsibility for the accuracy and the completeness of forward-looking statements. We make no prediction or statement about the performance of our common units.

I would now like to hand the call over to your speaker today, Mr. Kalogiratos, please go ahead.

Jerry Kalogiratos

Thank you, and thank you all for joining us today. As a reminder, we will be referring to the supporting slides available on our website as we go through today's presentation.

Since the end of the fourth quarter of 2022, we have completed a number of significant transactions for the partnership, including the delivery of 13,000 TEU newbuilding eco container vessel and one latest generation LNG carrier, both with long-term employment in place. In addition, we secured new employment for one of our container vessels from approximately 2 years, which is expected to add $34.4 million of gross revenue to our backlog. With this fixture, our next period charter expiration does not come before the first quarter of 2025. Furthermore, we were paid in full one of our leasing agreements, which now leaves us with a total of 10 vessels unencumbered.