Capital Product Partners L.P. reported strong fourth quarter 2008 results with net income of $14.3 million and operating surplus of $17.4 million. They announced a non-recurring exceptional cash distribution of $1.05 per unit, returning profit sharing revenues earned in 2008. Despite a weak shipping market outlook, the company has long-term contracts with reputable counterparties and adequate financial reserves to weather uncertain market conditions.
49. R. Villano “Das Fotos. Vol. 1”, Übersicht über eine Auswahl von über 200 Original-Fotografien und unveröffentlichten (vom Autor in mehr als 30 Jahren), die durch Reflexionen und eindrucksvollen Themen Soundtracks bereichert. (83,5 Mb; 6 Dateien, 226 Dias) - Chiron dpt Ph@rma, Rom, Juni 2015);
R. Villano - Thesaurus Pharmacologicus: antiche ricette p.te 8Raimondo Villano
Abs. da: 23. R. Villano “Thesaurus Pharmacologicus: medicamenti, rimedi, segreti, strumenti e pratiche speziali” cd rom multimediale a colori dell’omonimo libro (sotto l’Alto Patrocinio di: Pontificia Accademia Tiberina; Accademia di Storia dell’Arte Sanitaria; Nobile Collegio Chimico Farmaceutico; Accademia Europea per le Relazioni Economiche e Culturali; con presentazione di: Presidente Federazione Ordini Farmacisti Italiani); (57,8 Mb; 17 files, 1 colonna sonora) Ed. Chiron dpt Ph@rma, Torre Annunziata, dic 2009.
49. R. Villano “Das Fotos. Vol. 1”, Übersicht über eine Auswahl von über 200 Original-Fotografien und unveröffentlichten (vom Autor in mehr als 30 Jahren), die durch Reflexionen und eindrucksvollen Themen Soundtracks bereichert. (83,5 Mb; 6 Dateien, 226 Dias) - Chiron dpt Ph@rma, Rom, Juni 2015);
R. Villano - Thesaurus Pharmacologicus: antiche ricette p.te 8Raimondo Villano
Abs. da: 23. R. Villano “Thesaurus Pharmacologicus: medicamenti, rimedi, segreti, strumenti e pratiche speziali” cd rom multimediale a colori dell’omonimo libro (sotto l’Alto Patrocinio di: Pontificia Accademia Tiberina; Accademia di Storia dell’Arte Sanitaria; Nobile Collegio Chimico Farmaceutico; Accademia Europea per le Relazioni Economiche e Culturali; con presentazione di: Presidente Federazione Ordini Farmacisti Italiani); (57,8 Mb; 17 files, 1 colonna sonora) Ed. Chiron dpt Ph@rma, Torre Annunziata, dic 2009.
46. R. Villano “The Photos. Vol. One”, overview of a selection of about 200 original photographs and unpublished (made by the author in more than 30 years), enriched by reflections theme and evocative soundtracks. (83,5 Mb; 6 files, 226 slides, 5 soundtrack), Chiron dpt Ph@rma, Roma, February 2015);
Abs. dal libro: R. Villano “Influenza A/H1N1”, sotto l’Alto Patrocinio dell’International Commettee on VirusPhere del Wabt - Unesco, Parigi; con presentazione del MD, PhD Giulio Tarro, Presidente della Commissione sulle Biotecnologie della Virosfera,WABT (UNESCO, Parigi) e Professore aggiunto del Dipartimento di Biologia alla Temple University di Filadelfia (USA), Chiron Foundation, Praxys dpt, ISBN 9788890423550, pp. 124, settembre 2009).
Eterna Niña
La niña agazapada duerme desnuda sobre mantas celestes
En su mente se dibujan eternos cuentos de finales macabros
Sueños perturbadores que le anudan y violentan la garganta
Oscuros firmamentos en donde pinta cada día azul estrella
Desfallece a cuenta gotas sin recibir el preciado antídoto
No desea despertar de súbito bajo el diluvio de rojas sales
Rudos son los oscuros torrentes que aceleran el afligido pecho
Desde su tétrico cielo sonríe, las amargas gotas a raudales asoman
Gotas de tristeza, inexplicables tristezas recorriéndole la médula
Se muere de a pocos hambrienta, sin sustento, teniéndolo todo
Es la eterna niña murmurando delirantes cantos al cosmos
Es el cadmio sol que intenta fallidamente abrazar los imperiales cielos
Es la luna ocultándose llorosa después de pronunciar un “Te amo”
Es locura emocional, bipolaridad coqueta que seduce, arrastra y asusta
Es la pequeña danzarina, la triste princesa de las muñecas rotas
Es plenitud del placer, imaginación activa, es apuesta y es ganancia
Es la historia de la vida en conjugación con la muerte, es ola encrespada
Es el acto más trágico y sangriento pero a la vez magistral comedia
Es hechizo que como imán atrae y confesión que se oculta
Es arte y es trastorno rompiendo la hipocresía de todo lo establecido
FANNY JEM WONG.
12.02.07
“Lo único sólido y verdadero
es nunca contradecir las certezas del corazón “
JEM
(Jemwong)
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
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Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
Capital Product Partners Fourth Quarter 2008 Earnings
1. Fourth Quarter 2008
Earnings Presentation
January 30th, 2009
Capital Product
Partners L.P.
www.capitalpplp.com
2. Disclosures
This presentation contains forward-looking statements (as defined in Section 21E of the
Securities Exchange Act of 1934, as amended) which reflect management’s current
assumptions and expectations with respect to expected future events and performance.
All statements, other than statements of historical facts, including anticipated expiration
of our charters and charter coverage for 2009 and 2010, foreseeable financial position,
future distribution levels, future levels of profit-sharing revenues, future cash distribution
policy, anticipated required levels of reserves and timing of potential purchases of
vessels and possible effects of the early termination of the subordination and
amendments to the partnership agreement as well as expected oil product demand and
production, are forward-looking statements. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond our control, and undue
reliance should not be placed upon them. Many factors could cause forecasted and actual
results to differ materially from those anticipated or implied in these forward-looking
statements.
For a more comprehensive discussion of the risk factors affecting our business please
see our Annual Report on Form 20-F filed with the U.S. Securities and Exchange
Commission, a copy of which can also be found on our website www.capitalpplp.com.
Stated competitive positions are based on management estimates supported by
information provided by specialized external agencies and industry sources. 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 them to actual results or otherwise. Neither we
nor any other person assumes responsibility for the accuracy and completeness of the
forward-looking statements. We make no prediction or statement about the performance
of our common units.
For more information about the Partnership, please visit our website:
www.capitalpplp.com
i
3. Fourth Quarter 2008 Results Highlights 1
Strong Profit Share and the Full Impact of the Completion of our Contracted
Acquisitions Drove Solid Results:
– Net Income of $14.3 Million - EPU of $0.54.
– Profit Sharing Revenues of $6.1 Million.
– Operating Surplus of $17.4 Million.
Non-Recurring Exceptional Cash Distribution of $1.05 per unit:
– Returning Profit Sharing Revenues Earned During 2008.
– Creating Value for our Unitholders.
– Little Opportunity for Vessel Acquisitions.
– Board believes Reserves Levels are Adequate.
– Reverting to Previously Stated Distribution Policy from Q1 2009 Onwards.
Strong Financial Position To Weather Uncertain Times:
– Long-Term Contracts.
– Reputable Counterparties.
– Remaining Undrawn Debt Capacity of $246 Million.
– Adequate Reserves.
4. Strong Fourth Quarter Results 2
Statement of Income
(Dollars in thousands)
For the three-month For the three-month
period ended period ended
December 31, 2008 December 31, 2007
Revenues $36,222 $28,981
Expenses:
Voyage expenses 246 1,125
Vessel operating expenses – related party 7,489 5,264
Vessel operating expenses - 1,264
General and administrative expenses 744 600
Depreciation 6,823 5,461
Operating income 20,920 15,267
Other income (expense), net:
Interest expense and finance cost (7,154) (5,259)
Loss on interest rate agreements - -
Interest income 498 291
Foreign currency gain/(loss), net (4) (12)
Total other expense, net (6,660) (4,980)
14,260 10,287
Net income
Less Net (income)/loss attributable to predecessor
(1,604)
operations
$14,260 $8,683
Partnership’s Net income
5. Non-Recurring Exceptional Cash Distribution of $1.05 3
CPLP earned $17.6mil in profit sharing revenues in 2008. Our distributions are determined
from the base earnings excluding profit sharing revenues.
Returning Value to Unitholders:
– Absence of investment opportunities due to the crisis in equity and credit markets and weak shipping
markets.
– No debt amortization obligations until June 2012 at the earliest.
– Continue to have strong balance sheet with adequate reserves following the exceptional distribution.
– The Partnership owns a young, high specification fleet chartered with reputable counterparties.
– 97% of Charter Revenues fixed for 2009 and 60% for 2010.
From Q1 2009 we expect to return to our previously stated distribution policy subject to
Board approval.
Sponsor Exits Subordination*:
– Payment of exceptional distribution brings total 2008 distributions to $2.27 (50% above annual MQD).
– Subordinated units convert to common following payment of distribution.
– Partnership and Sponsor interests are well aligned – Capital Maritime is the largest single
shareholder (46.6% ownership incl. 2% in GP units).
– The level of the distribution triggers payment of $12.5mil from operating surplus to the General
Partner in Incentive Distribution Rights (IDRs) to be received in four equal quarterly installments with
the first being paid this quarter and subject to the Partnership distributing at least the MQD in each
subsequent quarter.
– Termination of the subordination provides additional flexibility to the Partnership.
* Please read the press release of January 30, 2009 for more details.
6. Operating Surplus 4
Operating Surplus for Calculation of Unit Distribution
(Dollars in thousands, except per unit amounts)
For the three-month For the twelve-month
period ended period ended
December 31, 2008 December 31, 2008
Net income $14,260 $49,263
Adjustments to net income
Depreciation and amortization 6,906 25,424
Deferred revenue 6 602
Amore Mio II and Aristofanis net income in 2008
prior to their contribution to the Partnership - 1,504
Amore Mio II and Aristofanis depreciation and
amortization in 2008 prior to their contribution to
the Partnership - 6,912 (1,329) 26,201
PARTNERSHIP’S NET CASH PROVIDED BY
OPERATING ACTIVITIES 21,172 75,464
Replacement Capital Expenditures (3,814) (13,572)
OPERATING SURPLUS 17,358 61,892
Reduction in recommended reserves* 21,956 8,317
AVAILABLE CASH ** $39,314 $70,209
* Reserves are reduced to pay the non-recurring exceptional distribution and the IDRs
** Available cash includes payment of $12.5m for Incentive Distribution Rights. The GP shall receive these IDRs in four equal quarterly installments, with
the first installment being paid this quarter and subject to the Partnership distributing at least the MQD in each subsequent quarter.
7. Strong Balance Sheet 5
Consolidated Balance Sheet
(Dollars in thousands)
As of As of
December 31, December 31,
2008 2007
Assets
$51,220 $27,511
Total current assets
641,607 525,199
Total fixed assets
7,327 4,281
Other non-current assets
700,154 556,991
Total assets
Liabilities and Stockholders’/Partners’ Equity
4,997 12,273
Total current liabilities
522,982 359,537
Total long-term liabilities
Partners’ Equity
- 18,060
Additional Paid in Capital - Predecessor
- 5,182
Retained Earnings
5,773 3,444
General Partner
Limited Partners
127,259 102,130
Common
82,794 66,653
Subordinated
(43,651) (10,288)
Accumulated Other Comprehensive Income
172,175 185,181
Total Partners’ / Stockholders’ equity
Total liabilities and Partners’/Stockholders’ equity $700,154 $556,991
8. High Utilization of fleet in Q4 but Outlook remains weak 6
Average Clean Product Tanker Earnings 2004-2009
Source: Clarksons Intelligence Network
CPLP average spot earnings:
US$/Day
MR vessels*: $31,284 in Q4-08 vs. 2004 2005 2006 2007 2008 Average CPLP TC Base Rate 2009
$30,763 in Q3-08 $49,000
Suezmax: $66,652 in Q4-08 vs. $44,000
$83,725 in Q3-08
$39,000
Healthy 4Q MR spot market however
outlook uncertain: $34,000
– Lower demand for oil products. $29,000
– High oil inventory levels stateside. $24,000
Resilient Suezmax spot rates during Q4- $19,000
08.
$14,000
Nov
Nov
Jul
Jul
Jan
Jan
Jan
Jun
Jun
Global oil product demand has been
Mar
Mar
Apr
Apr
Feb
Feb
Aug
Aug
Aug
Sep
Sep
Oct
Oct
May
May
Dec
Dec
revised downwards and is expected to
decline by 0.7% in 2009 averaging at
86.6 mbd (EIA). 3 Year MR TC Rate
Source: Clarksons Intelligence Network
EIA expects 2010 oil demand to grow
3 Year MR TC …
1% to 87.6 mbd.
TC Rate ($/day)
Estimated global refinery crude $25,000
throughput has been lowered to 72.3 $24,000
mbd for 1Q09, as a result of weaker
demand, poor economics, and reduced $23,000
plant operation rates. $22,000
OPEC announced 4.2 mbd cut in $21,000
production with effect from January $20,000
2009. $19,000
$18,000
$17,000
$16,000
$15,000
Jan-2005
Nov-2005
Jan-2006
Nov-2006
Jan-2007
Nov-2007
Jan-2008
Nov-2008
Jan-2009
Jul-2005
Jul-2006
Jul-2007
Jul-2008
May-2005
May-2006
May-2007
May-2008
Mar-2005
Mar-2006
Mar-2007
Mar-2008
Sep-2005
Sep-2006
Sep-2007
Sep-2008
* Average calculated for the nine MRs on Time Charter to
BP and Morgan Stanley with profit sharing arrangements.
Note: Clarksons Intelligence Network stopped providing asset
valuation data since October 2008
9. Modern Fleet with Strong Counterparties 7
Profit
Vessel Dwt Built Type Charterer
Share
47,000 2007 TC 50/50
Axios
47,000 2007 TC 50/50
Avax
37,000 2006 TC 50/50
Agisilaos
IPO 37,000 2006 TC 50/50
Arionas
8
Fleet 37,000 2006 BB -
Atlantas
37,000 2006 BB -
Aktoras
37,000 2007 BB -
Aiolos
47,000 2006 TC 50/50
Assos
47,000 2007 TC 50/50
Atrotos
47,000 2007 TC 50/50
Akeraios
5
2007 47,000 2007 TC 50/50
Anemos I
47,000 2007 TC 50/50
Apostolos
12,000 2005 TC -
Attikos
160,000 2001 TC 50/50
Amore Mio II
12,000 2005 TC -
Aristofanis
51,000 2008 BB -
5 Alexandros II
2008
51,000 2008 BB -
Aristotelis II
51,000 2008 BB -
Aris II
Average Remaining Charter Duration: 4.5* Years
* As of 12/31/2008
Average Fleet Age: 2.8* Years
10. High Charter Coverage Medium Term 8
Dec-2008 2010
Aristofanis 03/10
04/08
Amore Mio II 01/11
03/08
Attikos 09/07 09/09
Atlantas 03/14
Avax 05/10
Aktoras 06/14
Agisilaos 03/10
Assos 10/09
Arionas 06/10
Axios 01/10
02/15
Aiolos
04/10
Atrotos 05/07
07/07
Akeraios 06/10
08/10
Anemos I 09/07
09/07
Apostolos 08/10
Alexandros II 01/08 12/17
05/18
Aristotelis II 06/08
Aris II 07/18
08/08
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019