Operating surplus for 1Q14 was $31.2 mill, which was $2 mill higher than the $29.2 mill from 4Q13 and $8.6 mill higher than the $22.6 mill of 1Q13.
Revenues for 1Q14 were $47.4 mill, compared to $40 mill in 1Q13; the increase was mainly a result of CPP's increased fleet size and improving employment day rates for certain of its vessels.
Total expenses for 1Q14 were $31.6 mill, compared to $28.9 mill in 1Q13. The increase was mainly a result of the increased fleet size.Vessel operating expenses amounted to $14.8 mill for the commercial and technical management of the fleet under the terms of the management agreements, compared to $12.6 mill in 1Q13.
The total expenses for the first quarter also included $14.4 mill in depreciation and amortisation, compared to $11.9 mill in 1Q13, with the difference principally the result of the increased fleet size.
As of 31st March, 2014, CPP’s capital amounted to $767.7 mill, which was $13.7 mill lower than the the capital as of 31st December, 2013, which amounted to $781.4 mill. This decrease primarily reflected the payment of $25 mill in distributions since the end of last year.
As at the end of March, CPP’s total debt had decreased by $1.4 mill to $581.9 mill, compared to total debt of $583.3 mill as of 31st December, 2013, as a result of the loan amortisation in one of the credit facilities.
Ioannis Lazaridis, CEO and CFO aof the Partnership's General Partner, said: "We are very pleased to see the improved operating surplus of the Partnership for the first quarter 2014, which is primarily the result of the steps we have taken during 2013 to grow the Partnership by increasing our fleet size by a total of five container vessels, each with long term period coverage.
"The product tanker period market continued to be robust throughout the first quarter 2014 with solid period fixture activity, thus allowing the Partnership to employ a number of its product tankers at attractive period rates.
"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 and distribution coverage. We believe that the improved distribution coverage, the better tanker market fundamentals and potential growth opportunities provide a solid base for a potential upward revision of our annual distribution guidance in the future," he concluded.