Capital Product Partners L.P. (NASDAQ:CPLP) Q1 2024 Earnings Conference Call April 1, 2024 9:00 AM ET

Company Participants

Jerry Kalogiratos - Chief Executive Officer
Spyros Leoussis - Chief Commercial Officer

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 2024 Financial Results Conference Call. We have with us today Mr. Jerry Kalogiratos, Chief Executive Officer; Mr. Spyros Leoussis; and Mr. Nikos Kalapotharakos, Chief Financial Officer of the company. At this time all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session [Operator Instructions] I must advise you this conference is being recorded today, April 30, 2024.

The statements in today's conference call that are not historical facts, including our expectations regarding acquisition transactions and their expected effect on us, cash generation, equity returns and future debt levels, our ability to pursue growth opportunities, our expectations or objectives regarding future distribution amounts or unit buyback 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 re-delivery dates and charter rates, may also be forward-looking statements as such 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 are 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 expectation to conform to actual results or otherwise. We make no prediction or statement about the performance of our common units.

I would now like to turn the call over to your speaker today, Mr. Kalogiratos. Please go ahead, Sir.

Jerry Kalogiratos

Thank you, Paul. And thank you all for joining us today. As a reminder, we'll be referring to the supporting slides available on our website as we go through today's presentation. In the first quarter of 2024, we did delivery of the LNG Carrier Axios II, the second delivery under our agreement acquire 11 latest generation two-stroke LNG carriers.

Moreover, we concluded the sale of two container vessels, recognizing a gain on sale of $16.4 million. Furthermore, we announced a sale of three 10,000 new containers and two Panamax container vessels. Turning to the partnership's financial performance, net income for the first quarter of 2024 was $33.9 million or $17.5 million, excluding the gain on sale of vessels.