Capital Product Partners LP, a shipping company which provides seaborne transportation of oil, refined oil products and chemicals, has reported a net loss of $35.01 million, or $0.55 loss per share, for the fourth quarter ended December 31, 2012, compared to a net income of $1.04 million, or $0.02 per share, for the fourth quarter ended December 31, 2011.
Total revenues for the fourth quarter ended December 31, 2012 were $38.31 million, compared to $43.95 million for the fourth quarter ended December 31, 2011.
Net loss for the year ended December 31, 2012 was $21.19 million, or $0.46 loss per share, compared to a net income of $87.12 million, or $1.78 per share, for the year ended December 31, 2011.
Total revenues for the year ended December 31, 2012 were $153.95 million, compared to $130.32 million for the year ended December 31, 2011.
Ioannis Lazaridis, CEO and CFO of the Company's General Partner, said: "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."