0001193125-21-133880 | 20-F | XBRL Viewer | Capital Product Partners LP

Cover - shares	12 Months Ended
Cover - shares	Dec. 31, 2020	Dec. 31, 2019
Document Information [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2020
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	1-33373
Entity Registrant Name	CAPITAL PRODUCT PARTNERS L.P.
Entity Central Index Key	0001392326
Entity Incorporation, State or Country Code	1T
Entity Address, Address Line One	3 Iassonos Street
Entity Address, City or Town	Piraeus
Entity Address, Country	GR
Entity Address, Postal Zip Code	18537
Title of 12(b) Security	Common units representing limited partnership interests
Trading Symbol	CPLP
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	18,623,100
General Partners' Capital Account, Units Outstanding	348,570	348,570
ICFR Auditor Attestation Flag	true
Business Contact [Member]
Document Information [Line Items]
Entity Address, Address Line One	3 Iassonos Street
Entity Address, City or Town	Piraeus
Entity Address, Country	GR
Entity Address, Postal Zip Code	18537
City Area Code	+30
Local Phone Number	210 458 4950
Contact Personnel Name	Gerasimos (Jerry) Kalogiratos

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 47,336	$ 57,964
Trade accounts receivable	2,855	2,690
Prepayments and other assets	3,314	2,736
Inventories	3,528	1,471
Claims	746	1,085
Total current assets	57,779	65,946
Fixed assets
Vessels, net (Note 6)	712,197	576,891
Total fixed assets	712,197	576,891
Other non-current assets
Above market acquired charters (Note 7)	34,579	46,275
Deferred charges, net	6,001	3,563
Restricted cash (Note 8)	7,000	5,500
Prepayments and other assets	4,642	5,287
Total non-current assets	764,419	637,516
Total assets	822,198	703,462
Current liabilities
Current portion of long-term debt, net (Note 8)	35,810	26,997
Trade accounts payable	9,029	12,501
Due to related parties (Note 5)	3,257	5,256
Accrued liabilities (Note 10)	10,689	16,156
Deferred revenue, current	2,821	3,826
Total current liabilities	61,606	64,736
Long-term liabilities
Long-term debt, net (Note 8)	338,514	231,989
Total long-term liabilities	338,514	231,989
Total liabilities	400,120	296,725
Commitments and contingencies (Note 16)	0	0
Partners’ capital
General Partner	8,816	8,572
Limited Partners - Common (18,623,100 and 18,178,100 units issued and outstanding at December 31, 2020 and 2019)	413,262	398,165
Total partners’ capital	422,078	406,737
Total liabilities and partners’ capital	$ 822,198	$ 703,462

Consolidated Balance Sheets (Parenthetical) - shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Limited Partners - Common units issued	18,623,100	18,178,100
Limited Partners - Common units outstanding	18,623,100	18,178,100

Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues (Note 4)	$ 140,865	$ 108,374	$ 116,894
Revenues – related party (Notes 4, 5)	0	0	701
Total Revenues	140,865	108,374	117,595
Expenses:
Voyage expenses (Note 11)	6,301	2,930	9,113
Vessel operating expenses (Note 11)	33,745	26,632	26,427
Vessel operating expenses - related parties (Notes 5, 11)	4,976	3,917	4,221
General and administrative expenses (Notes 5, 14)	7,195	5,502	5,713
Vessel depreciation and amortization (Note 6)	41,405	29,261	32,813
Impairment of vessel	0	0	28,805
Operating income	47,243	40,132	10,503
Other income / (expense), net:
Interest expense and finance cost (Note 8)	(16,741)	(17,036)	(18,964)
Other (expense) / income	(135)	1,325	850
Total other expense, net	(16,876)	(15,711)	(18,114)
Partnership’s net income / (loss) from continuing operations attributable to:	30,367	24,421	(7,611)
Preferred unit holders’ interest in Partnership’s net income from continuing operations (Notes 13, 15)	0	2,652	11,101
Deemed dividend to preferred unit holders’ (Note 13)	0	9,119	0
General Partner’s interest in Partnership’s net income / (loss) from continuing operations (Note 15)	558	236	(352)
Common unit holders’ interest in Partnership’s net income / (loss) from continuing operations (Note 15)	29,809	12,414	(18,360)
Partnership’s net (loss) / income from discontinued operations (Note 3)	0	(146,876)	7,507
Total Partnership’s comprehensive income / (loss)	$ 30,367	$ (122,455)	$ (104)
Net income / (loss) from continuing operations per (Note 15):
• Common unit, basic and diluted (adjusted for the March 2019 Reverse Split)	$ 1.60	$ 0.68	$ (1.01)
• Common units, basic and diluted (adjusted for the March 2019 Reverse Split)	18,194,186	18,178,144	18,100,455
Net (loss) / income from discontinued operations per:
• Common unit, basic and diluted (adjusted for the March 2019 Reverse Split)	$ 0	$ (7.93)	$ 0.41
Net income / (loss) from operations per:
• Common unit, basic and diluted (adjusted for the March 2019 Reverse Split)	$ 1.60	$ (7.25)	$ (0.60)

Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands	General Partner [Member]	Common Unitholders [Member]	Preferred Partner [Member]	Total
Beginning balance, value at Dec. 31, 2017	$ 16,427	$ 806,472	$ 110,506	$ 933,405
Distributions declared and paid (distributions of $2.24 (adjusted for the March 2019 Reverse Split), $1.26 (adjusted for the March 2019 Reverse Split) and $0.90 per common unit in 2018, 2019 and 2020, respectively and $0.86 and $0.42 per preferred unit in 2018 and 2019, respectively)	(780)	(40,719)	(11,101)	(52,600)
Partnership’s net income	(211)	(10,994)	11,101	(104)
Equity compensation expense (Note 14)	0	613	0	613
Ending balance, value at Dec. 31, 2018	15,436	755,372	110,506	881,314
Distributions declared and paid (distributions of $2.24 (adjusted for the March 2019 Reverse Split), $1.26 (adjusted for the March 2019 Reverse Split) and $0.90 per common unit in 2018, 2019 and 2020, respectively and $0.86 and $0.42 per preferred unit in 2018 and 2019, respectively)	(440)	(22,904)	(5,427)	(28,771)
Partnership’s net income	(2,339)	(122,768)	2,652	(122,455)
Deemed dividend to preferred unit holders’ (Note 13)	(171)	(8,948)	9,119	0
Distribution of Diamond S Shipping Inc. stock to Partnership’s unitholders (Note 1)	(3,914)	(203,494)	0	(207,408)
Redemption of Class B Convertible Preferred Units (Notes 1, 13)	0	0	(116,850)	(116,850)
Equity compensation expense (Note 14)	0	907	0	907
Ending balance, value at Dec. 31, 2019	8,572	398,165		406,737
Distributions declared and paid (distributions of $2.24 (adjusted for the March 2019 Reverse Split), $1.26 (adjusted for the March 2019 Reverse Split) and $0.90 per common unit in 2018, 2019 and 2020, respectively and $0.86 and $0.42 per preferred unit in 2018 and 2019, respectively)	(314)	(16,761)	0	(17,075)
Partnership’s net income	558	29,809	0	30,367
Equity compensation expense (Note 14)	0	2,049	0	2,049
Ending balance, value at Dec. 31, 2020	$ 8,816	$ 413,262		$ 422,078

Consolidated Statements of Changes in Partners' Capital (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Limited Partner [Member]
Distributions declared and paid	$ 0.90	$ 1.26	$ 2.24
Preferred Partner [Member]
Distributions declared and paid		$ 0.42	$ 0.86

Consolidated Statements of Cash flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities of continuing operations:
Net income / (loss) from continuing operations	$ 30,367	$ 24,421	$ (7,611)
Adjustments to reconcile net income / (loss) to net cash provided by operating activities of continuing operations:
Vessel depreciation and amortization (Note 6)	41,405	29,261	32,813
Amortization and write off of deferred financing costs	3,047	1,096	1,359
Amortization of above market acquired charters (Note 7)	11,696	14,380	14,380
Equity compensation expense (Note 14)	2,049	907	613
Impairment of vessel	0	0	28,805
Changes in operating assets and liabilities:
Trade accounts receivable	(165)	13,436	(11,354)
Prepayments and other assets	(1,384)	(1,195)	855
Inventories	(2,057)	45	1,147
Claims	339	(1,085)	0
Trade accounts payable	3,779	(9,406)	4,074
Due to related parties	(1,999)	(12,486)	3,508
Accrued liabilities	684	(9,558)	1,648
Deferred revenue	(1,005)	(3,585)	(10,059)
Dry docking costs paid	(6,074)	(954)
Net cash provided by operating activities of continuing operations	80,682	45,277	60,178
Cash flows from investing activities of continuing operations:
Vessel acquisitions and improvements including time charter agreements (Note 6)	(185,247)	(6,519)	(2,428)
Net proceeds from sale of vessels			39,789
Net cash (used in) / provided by investing activities of continuing operations	(185,247)	(6,519)	37,361
Cash flows from financing activities of continuing operations:
Proceeds from long-term debt (Note 8)	270,850	0	0
Payments of long-term debt (Note 8)	(153,573)	(32,733)	(55,283)
Deferred financing costs paid	(4,765)	(788)	(72)
Redemption of Class B unit holders (Note 13)	0	(116,850)	0
Dividends paid (Note 13)	(17,075)	(28,771)	(52,600)
Net cash provided by / (used in) financing activities of continuing operations	95,437	(179,142)	(107,955)
Net decrease in cash, cash equivalents and restricted cash from continuing operations	(9,128)	(140,384)	(10,416)
Cash flows from discontinued operations
Operating activities	0	8,905	37,712
Investing activities	0	(1,484)	(41,837)
Financing activities	0	158,228	(18,557)
Net increase / (decrease) in cash, cash equivalents and restricted cash from discontinued operations	0	165,649	(22,682)
Net (decrease) / increase in cash, cash equivalents and restricted cash	(9,128)	25,265	(33,098)
Cash, cash equivalents and restricted cash at the beginning of the year	63,464	38,199	71,297
Cash, cash equivalents and restricted cash at the end of the year	54,336	63,464	38,199
Supplemental cash flow information
Cash paid for interest	15,347	20,138	24,952
Non-Cash Investing and Financing Activities
Capital expenditures included in liabilities	2,507	15,004	547
Capitalized dry docking costs included in liabilities	1,649	2,560	480
Deferred financing costs included in liabilities	6	0	0
Assumption of loans regarding the acquisition of the shares of the companies owning the M/T Aristaios and the M/T Anikitos included in discontinued operations	0	0	43,958
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	47,336	57,964	21,203
Restricted cash - Non-current assets	7,000	5,500	16,996
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 54,336	$ 63,464	$ 38,199

Basis of Presentation and General Information

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and General Information

1. Basis of Presentation and General Information

Capital Product Partners, L.P. was formed on January 16, 2007, under the laws of the Marshall Islands. Capital Product Partners, L.P. and its fully owned subsidiaries (collectively the “Partnership”) is an international shipping company. As of December 31, 2020, its fleet of fourteen high specification vessels consisted of thirteen Neo-Panamax container carrier vessels and one Cape-size bulk carrier. Its vessels are capable of carrying a wide range of dry cargoes, as well as containerized goods under short-term voyage charters and medium to long-term time charters.

The DSS Transaction

On November 27, 2018, the Partnership entered into a definitive transaction agreement (the “Transaction Agreement”) with DSS Holdings L.P. (“DSS”), a privately held third party company, pursuant to which the Partnership agreed to spin off its Crude and Product tanker business into a separate publicly listed company which would combine with DSS’s businesses and operations in a share-to-share transaction (the “DSS Transaction”). Pursuant to the Transaction Agreement:

(a) the Partnership agreed to establish a number of entities for the implementation of the DSS Transaction, including Athena SpinCo Inc. (“Athena”);

(b) the Partnership agreed to contribute to Athena the Crude and Product tanker business, associated inventories, $10,000 in cash plus prorated charter hire and net payments received from February 20, 2019 onwards with specific arrangements relating to the funding of working capital;

(c) the Partnership agreed to distribute all 12,725,000 shares of common stock of Athena (renamed Diamond S Shipping Inc. or “Diamond S”) that it owned by way of a pro rata distribution to holders of the Partnership’s common and general partner units (the “distribution”);

(d) Immediately following the distribution, there was a series of mergers as a result of which Diamond S would acquire the business and operations of DSS (the “combination”). In the combination, Diamond S issued additional shares of Diamond S common stock to DSS in such amount as to reflect the relative net asset values of the respective businesses and the agreed implied premium on the net asset value of the Crude and Product tanker business; and

(e) DSS entered into several firm commitments for a syndicated five year term loan and revolving credit facility of up to $360,000 with a syndicate of global shipping banks, and agreed to turn over net proceeds in such amount to partially prepay a portion of the loans outstanding under the Partnership’s existing credit facilities, redeem the Partnership’s Class B Units and fund transaction expenses.

The DSS Transaction was completed on March 27, 2019. Results of operations and cash flows of the Crude and Product tanker business and assets and liabilities that were part of the DSS Transaction are reported as discontinued operations for all periods presented (Note 3).

Effective March 27, 2019, the Partnership effected a one for seven reverse unit split of its issued and outstanding common and general partner units (the “March 2019 Reverse Split”) (Note 13). All units and per units amounts disclosed in the financial statements give effect to this reverse stock split retroactively, for all periods presented.

The consolidated financial statements include Capital Product Partners, L.P. and the following wholly owned subsidiaries which were all incorporated or formed under the laws of the Marshall Islands and Liberia.

Subsidiary Date of Incorporation Name of Vessel Owned by Subsidiary Deadweight “DWT” Date acquired by the Partnership Date acquired by Capital Maritime & Trading Corp. (“CMTC”)

Continuing Operations

Capital Product Operating LLC 01/16/2007 — —   —   —

Crude Carriers Corp. 10/29/2009 — —   09/30/2011 —

Crude Carriers Operating Corp. 01/21/2010 — —   09/30/2011 —

Patroklos Marine Corp. 06/17/2008 M/V Cape Agamemnon 179,221 06/09/2011 01/25/2011

Agamemnon Container Carrier Corp. 04/19/2012 M/V Agamemnon 108,892 12/22/2012 06/28/2012

Archimidis Container Carrier Corp. 04/19/2012 M/V Archimidis 108,892 12/22/2012 06/22/2012

Anax Container Carrier S.A. 04/08/2011 M/V Hyundai Prestige 63,010 09/11/2013 02/19/2013

Hercules Container Carrier S.A. 04/08/2011 M/V Hyundai Premium 63,010 03/20/2013 03/11/2013

Iason Container Carrier S.A. 04/08/2011 M/V Hyundai Paramount 63,010 03/27/2013 03/27/2013

Thiseas Container Carrier S.A. 04/08/2011 M/V Hyundai Privilege 63,010 09/11/2013 05/31/2013

Cronus Container Carrier S.A. 07/19/2011 M/V Hyundai Platinum 63,010 09/11/2013 06/14/2013

Dias Container Carrier S.A. 05/16/2013 M/V Akadimos (ex CMA CGM Amazon) 115,534 06/10/2015 06/10/2015

Poseidon Container Carrier S.A. 05/16/2013 M/V Adonis (ex CMA CGM Uruguay) 115,639 09/18/2015 09/18/2015

Atrotos Container Carrier S.A. 10/25/2013 M/V CMA CGM Magdalena 115,639 02/26/2016 02/26/2016

Deka Container Carrier S.A. 03/28/2017 M/V Athenian 118,835 01/22/2020 04/28/2017

Jupiter Container Carrier S.A. 03/28/2017 M/V Athos 118,888 01/23/2020 05/19/2017

Nikitis Container Carrier S.A. 03/28/2017 M/V Aristomenis 118,712 01/23/2020 06/27/2017

Aenaos Product Carrier S.A. 10/16/2013 M/T Aristotelis ⁽¹⁾ 51,604 11/28/2013 —

Baymont Enterprises Incorporated 05/29/2007 M/T Amore Mio ⁽¹⁾ 159,982 03/27/2008 07/31/2007

Ross Shipmanagement Co. 12/29/2003 M/T Attikos ⁽²⁾ 12,000 09/24/2007 01/20/2005

Forbes Maritime Co. 02/03/2004 M/T Aristofanis ⁽²⁾ 12,000 04/30/2008 06/02/2005

Mango Finance Corp. 07/14/2006 M/T Agamemnon II ⁽²⁾ 51,238 04/07/2009 11/24/2008

Miltiadis M II Corp. 08/28/2012 — —   —   —

(1) Vessels were disposed in 2018.

(2) Vessels were disposed prior to 2018.

Subsidiary	Date of Incorporation	Name of Vessel Owned by Subsidiary	Deadweight “DWT”	Date acquired by the Partnership	Date acquired by Capital Maritime & Trading Corp. (“CMTC”)
Discontinued Operations (Companies part of the Crude and Product tanker business which were spun-off on March 27, 2019)
Shipping Rider Co.	09/16/2003	M/T Atlantas II	36,760	04/04/2007	04/26/2006
Canvey Shipmanagement Co.	03/18/2004	M/T Assos	47,872	08/16/2010 04/04/2007	05/17/2006
Centurion Navigation Limited	08/27/2003	M/T Aktoras	36,759	04/04/2007	07/12/2006
Polarwind Maritime S.A.	10/10/2003	M/T Agisilaos	36,760	04/04/2007	08/16/2006
Carnation Shipping Company	11/10/2003	M/T Arionas	36,725	04/04/2007	11/02/2006
Apollonas Shipping Company	02/10/2004	M/T Avax	47,834	04/04/2007	01/12/2007
Tempest Maritime Inc.	09/12/2003	M/T Aiolos	36,725	04/04/2007	03/02/2007
Iraklitos Shipping Company	02/10/2004	M/T Axios	47,872	04/04/2007	02/28/2007
Epicurus Shipping Company	02/11/2004	M/T Atrotos	47,786	03/01/2010 05/08/2007	05/08/2007
Laredo Maritime Inc.	02/03/2004	M/T Akeraios	47,781	07/13/2007	07/13/2007
Lorenzo Shipmanagement Inc.	05/26/2004	M/T Apostolos	47,782	09/20/2007	09/20/2007
Splendor Shipholding S.A.	07/08/2004	M/T Anemos I	47,782	09/28/2007	09/28/2007
Sorrel Shipmanagement Inc.	02/07/2006	M/T Alexandros II	51,258	01/29/2008	01/29/2008
Wind Dancer Shipping Inc.	02/07/2006	M/T Aristotelis II	51,226	06/17/2008	06/17/2008
Belerion Maritime Co.	01/24/2006	M/T Aris II	51,218	08/20/2008	08/20/2008
Navarro International S.A.	07/14/2006	M/T Ayrton II	51,260	04/13/2009	04/10/2009
Adrian Shipholding Inc.	06/22/2004	M/T Alkiviadis	36,721	06/30/2010	03/29/2006
Cooper Consultants Co. renamed to Miltiadis M II Carriers Corp.	04/06/2006	M/T Miltiadis M II	162,397	09/30/2011	04/26/2006
Amoureux Carriers Corp.	04/14/2010	M/T Amoureux	149,993	09/30/2011	—
Aias Carriers Corp.	04/14/2010	M/T Aias	150,393	09/30/2011	—
Isiodos Product Carrier S.A.	05/31/2013	M/T Active	50,136	03/31/2015	03/31/2015
Titanas Product Carrier S.A.	05/31/2013	M/T Amadeus	50,108	06/30/2015	06/30/2015
Filonikis Product Carrier S.A.	05/31/2013	M/T Amor	49,999	10/24/2016	09/30/2015
Asterias Crude Carrier S.A.	07/13/2015	M/T Aristaios	113,689	01/17/2018	01/10/2017
Iason Product Carrier S.A.	08/28/2013	M/T Anikitos	50,082	05/04/2018	06/21/2016
Athena SpinCo Inc.*	11/14/2018	—	—	__	__
Athena MergerCo 1 Inc. *	11/14/2018	—	—	__	__
Athena MergerCo 2 Inc. *	11/14/2018	—	—	__	__
Athena MergerCo 3 LLC. *	11/14/2018	—	—	__	__
Athena MergerCo 4 LLC *	11/14/2018	—	—	__	__

* Companies established for the purpose of the agreement between the Partnership and DSS.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

(a) Principles of Consolidation: The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the accounts of the legal entities comprising the Partnership as discussed in Note 1. Intra-group balances and transactions have been eliminated upon consolidation.

(b) Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognized during the reporting period. Actual results could differ from those estimates.

(c) Accounting for Revenue, Voyage and Operating Expenses: The Partnership generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered on time or voyage charters. The time charter contracts are considered operating leases and therefore fall under the scope of Accounting Standard Codification (“ASC”) 842 and the voyage charter contracts fall under the scope of ASC 606.

Time charters contracts

A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. The time charter contracts are considered operating leases because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Revenues from time charters are recognized ratably on a straight line basis over the period of the respective charter. Under time charter agreements, all voyages expenses, except commissions are assumed by the charterer. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid by the Partnership under time charter agreements.

The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Partnership elected to not separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The daily hire rate represents the hire rate for a time charter as well as the compensation for expenses for operating and maintaining the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants. Both the lease and non-lease components are earned by passage of time. The Partnership adopted ASC 842 for the reporting period commencing on January 1, 2019 using the modified retrospective method and elected the practical expedients under Accounting Standards Update (“ASU”) 2018-11 for the vessels under time charter agreements. Furthermore, the Partnership applied the transition provisions of ASU 2016-02 at its adoption date, rather than the earliest comparative period presented in the financial statements, as permitted by ASU 2018-11. The nature of the lease component and non-lease component that were combined as a result of applying the practical expedient are the contract for the hire of a vessel and the fees for operating and maintaining the vessel respectively. The lease component is the predominant component and the Partnership accounts for the combined component as an operating lease in accordance with Topic 842. The Partnership applied topic 842 with no significant impact on its financial statements and as a result no adjustment was posted in the Partnership’s opening retained earnings as of January 1, 2019.

Voyage charters contracts

A voyage charter is a contract in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge port basis, subject to various cargo handling terms. The Partnership accounts for a voyage charter when all the following criteria are met: (1) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (2) the Partnership can identify each party’s rights regarding the services to be transferred, (3) the Partnership can identify the payment terms for the services to be transferred, (4) the charter agreement has commercial substance (that is, the risk, timing, or amount of the Partnership’s future cash flows is expected to change as a result of the contract) and (5) it is probable that the Partnership will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Partnership determined that its voyage charters consist of a single performance obligation which is met evenly as the voyage progresses and begin to be satisfied once the vessel is ready to load the cargo. The voyage charter party agreement generally has a demurrage clause according to which the charterer reimburses the vessel owner for any potential delays exceeding the allowed lay-time as per the charter party clause at the ports visited which is recorded as demurrage revenue. Demurrage revenues are recognized starting from the point that is determined that the amount can be estimated and its collection is probable and on a straight line basis until the end of the voyage. Revenues from voyage charters are recognized on a straight line basis over the voyage duration which commences once the vessel is ready to load the cargo and terminates upon the completion of the discharge of the cargo.

In voyage charters, vessel operating and voyage expenses are paid for by the Partnership. The voyage charters are considered service contracts which fall under the provisions of ASC 606 because the Partnership retains control over the operations of the vessels such as the routes taken or the vessels’ speed.

Payment terms under voyage charters are disclosed in the relevant voyage charter agreements and generally have standard payment terms of 90% to 95% of the freight which is paid within three days after the completion of the vessel’s loading.

Under ASC 606, receivables represent an entity’s unconditional right to consideration, whether billed or unbilled.

Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Partnership and are expensed over the related charter period. All other voyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Partnership satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘prepayments and other assets’ in the consolidated balance sheets. Vessel operating expenses presented in the consolidated financial statements mainly consist of management fees payable to the Partnership’s managers and crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred.

(d) Foreign Currency Transactions: The functional currency of the Partnership is the U.S. Dollar because the Partnership’s vessels operate in international shipping markets that utilize the U.S. Dollar as the functional currency. The accounting records of the Partnership are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in currencies other than the U.S. Dollar, are translated into the functional currency using the exchange rate at those dates. Gains or losses resulting from foreign currency transactions are included in “Other (expense) / income” in the consolidated statements of comprehensive income / (loss).

(e) Cash and Cash Equivalents: The Partnership considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.

(f) Restricted cash: For the Partnership to comply with debt covenants under its credit facilities and financing arrangements, it must maintain minimum cash deposits. Such deposits are considered by the Partnership to be restricted cash.

(g) Trade Accounts Receivable: The amount shown as trade accounts receivable primarily consists of earned revenue that has not been billed yet or that has been billed but not yet collected. At each balance sheet date all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate write off. For the year ended December 31, 2020 and 2019 the respective write off amounted to $174 and $6, respectively.

(h) Inventories: Inventories consist of consumable bunkers, lubricants, spares and stores and are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling prices less reasonably predictable costs of disposal and transportation. The cost is determined by the first-in, first-out method.

(i) Vessels Held for Sale: The Partnership classifies vessels as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. These vessels are not depreciated once they meet the criteria to be classified as held for sale.

If a plan to sell a vessel is cancelled, the Partnership reclassifies the vessel as held for use and re-measures it at the lower of (i) its carrying amount before the vessel was classified as held for sale, adjusted for any depreciation expense that would have been recognized if the vessel had been continuously classified as held and used and (ii) its fair value at the date of the subsequent decision not to sell.

(j) Fixed Assets: Fixed assets consist of vessels, which are stated at cost, less accumulated depreciation. Vessel cost consists of the contract price for the vessel, any material expenses incurred during their construction (improvements and delivery expenses, on-site supervision costs incurred during the construction periods, as well as capitalized interest expense during the construction period). Certain subsequent expenditures for major improvements and regulatory requirements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Vessels acquired through acquisition of businesses are recorded at their acquisition date fair values. Vessels acquired through asset acquisitions are recorded at cost. The cost of each of the Partnership’s vessels is depreciated, beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Management estimates the scrap value of the Partnership’s vessels to be $0.2 per light weight ton (LWT) and useful life to be 25 years.

(k) Impairment of Long-lived Assets: An impairment loss on long-lived assets is recognized when indicators of impairment are present and the carrying amount of the long-lived asset is greater than its fair value and not believed to be recoverable. In determining future benefits derived from use of long-lived assets, the Partnership performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the asset, including any related intangible assets and liabilities, exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value. Various factors including future charter rates and vessel operating costs are included in this analysis.

In recent years, changing market conditions resulted in a decrease in charter rates and values of assets. The Partnership considered these market developments as indicators of potential impairment of the carrying amount of its long-lived assets. The Partnership has performed an undiscounted cash flow test based on U.S. GAAP as of December 31, 2020 and 2019, determining undiscounted projected net operating cash flows for the vessels and comparing them to the carrying values of the vessels, and any related intangible assets and liabilities. In developing estimates of future cash flows, the Partnership made assumptions about future charter rates, utilization rates, vessel operating expenses, future dry docking costs, the estimated remaining useful life of the vessels and their estimated residual value. These assumptions are based on historical trends as well as future expectations that are in line with the Partnership’s historical performance and expectations for the vessels’ utilization under the current deployment strategy. Based on these assumptions, the Partnership determined that the vessels held for use and their related intangible assets and liabilities were not impaired as of December 31, 2020 and 2019.

(l) Deferred charges, net: Deferred charges, net are comprised mainly of dry docking costs. The Partnership’s vessels are required to be dry docked every thirty to sixty months for major repairs and maintenance that cannot be performed while the vessels are under operation. The Partnership has adopted the deferral method of accounting for dry docking activities whereby costs incurred are deferred and amortized on a straight line basis over the period until the next scheduled dry docking activity.

(m) Intangible assets: The Partnership records all identified tangible and intangible assets or any liabilities associated with the acquisition of a business or an asset at fair value. When a vessel or a business that owns a vessel is acquired with an existing charter agreement, the Partnership considers whether any value should be assigned to the attached charter agreement acquired. The value to be assigned to the charter agreement is based on the difference of the contractual charter rate of the agreement acquired and the prevailing market rate for a charter of equivalent duration at the time of the acquisition, determined by independent appraisers as at that date. The resulting above-market (assets) or below-market (liabilities) charters are amortized using the straight line method as a reduction or increase, respectively, to revenues over the remaining term of the charters (Note 7).

(n) Net Income Per Limited Partner Unit: Basic net income per limited partner unit is calculated by dividing the Partnership’s net income less net income allocable to preferred unit holders, general partner’s interest in net income (including incentive distribution rights (“IDR”)) and net income allocable to unvested units, by the weighted-average number of common units outstanding during the period (Note 15). Diluted net income per limited partner unit reflects the potential dilution that could occur if securities or other contracts to issue limited partner units were exercised.

(o) Segment Reporting: The Partnership reports financial information and evaluates its operations by charter revenues and not by the length, type of vessel or type of ship employment for its customers, i.e. time or bareboat charters. The Partnership does not use discrete financial information to evaluate the operating results for each such type of charter or vessel. Although revenue can be identified for these types of charters or vessels, management cannot and does not identify expenses, profitability or other financial information for these various types of charters or vessels. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Partnership has determined that it operates as one reportable segment. Furthermore, when the Partnership charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.

(p) Omnibus Incentive Compensation Plan: Equity compensation expense represents vested and unvested units granted to employees and to non-employee directors, for their services as directors, as well as to non-employees and are included in general and administrative expenses in the consolidated statements of comprehensive income / (loss). These units are measured at their fair value equal to the market value of the Partnership’s common units on the grant date. The units that contain a time-based service vesting condition are considered unvested units on the grant date and the total fair value of such units is recognized on a straight-line basis over the requisite service period (Note 14).

(q) Recent Accounting Pronouncements: In March 2020, the Financial Standard Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”)”. ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. The Partnership is currently evaluating the impact of this adoption in its consolidated financial statements and related disclosures.

Discontinued Operations

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. Discontinued Operations

The Partnership’s discontinued operations relate to the operations of Diamond S, as following the spin-off, the Partnership has no continuing involvement in this business (Note 1).

Summarized selected operating results of the Partnership’s discontinued operations for the years ended December 31, 2019 and 2018 were as follows:

Discontinued operations (Table)

Major items constituting net (loss) / income from discontinued operations

2019* 2018

Revenues $ 46,172 * $ 161,659

Expenses

Voyage expenses 12,655 * 37,202

Vessel operating expenses 15,506 * 68,406

General and administrative expenses 2,564 * —

Vessel depreciation and amortization 9,630 * 40,276

Impairment of vessels 149,578 * —

Interest expense and finance cost 3,174 * 8,433

Other (income) / expenses (59) * (165)

Net (loss) / income from discontinued operations $ (146,876) * $ 7,507

represents activity for the period from January 1, 2019 to the date of the completion of the DSS Transaction on March 27, 2019.

As the Partnership spun-off its Tanker Business on March 27, 2019, assets and liabilities contributed to the DSS Transaction are no longer included in the consolidated balance sheet as of December 31, 2019.

During 2019 the Partnership paid advances relating to the purchase of exhaust gas cleaning systems and ballast water treatment systems that would be installed to certain of its vessels that are part of Crude and Product tanker business, of $1,110.

Revenues from continuing operations

12 Months Ended

Dec. 31, 2020

Revenues From Continuing Operations

Revenues from continuing operations

4. Revenues from continuing operations

The following table shows the revenues from continuing operations earned from time and voyage charters contracts for the years ended December 31, 2020, 2019 and 2018:

	For the years ended December 31,
	2020	2019	2018
Time charters (operating leases)	$ 137,893	$ 108,374	$ 107,923
Voyage charters	$ 2,972	$ —	$ 9,672
Total	$ 140,865	$ 108,374	$ 117,595

As of December 31, 2020, 13 of the Partnership’s vessels were employed under time charter agreements with remaining tenor ranging between 0.4 and 5.3 years. Four of these time charter agreements include extensions in charterers ’option that range between 0.6 to 2.0 years.

As of December 31, 2020 and 2019 prepayments and other assets include bunker expenses of $80 and $0, respectively, incurred between the contract date and the date of the vessel’s arrival to the load port. As of December 31, 2020 and 2019 there was no unearned revenue related to undelivered performance obligations.

Transactions with Related Parties

12 Months Ended

Dec. 31, 2020

Transactions with Related Parties

5. Transactions with Related Parties

In November 2020 and August 2019 the Partnership completed the process of changing the manager of its Capesize bulk carrier, one M/V Cape Agamemnon and its then ten container vessels respectively, from Capital Ship Management Corp. (“CSM”) to Capital-Executive Ship Management Corp. (“Capital-Executive”), a privately held company ultimately controlled by Mr. Miltiadis Marinakis the son of Mr. Evangelos M. Marinakis who is the chairman of the Partnership’s sponsor, Capital Maritime & Trading Corp. (“CMTC”). The agreement with Capital-Executive has the same terms and conditions of our floating fee management agreement with CSM. In January, 2020 the Partnership acquired from CMTC the shares of the companies owning the M/V Athenian, the M/V Athos and the M/V Aristomenis (Note 6). Each of these three owing companies entered into a floating fee management agreement with Capital-Executive.

In connection with the DSS transaction (Note 1) in March 2019 the Partnership and CSM agreed to terminate the commercial and technical management agreement, dated as of March 17, 2010, between them as all vessels covered by this agreement were spun off as part of Diamond S; and agreed to amend the floating rate management agreement, dated June 10, 2011, between them to reflect that all tankers vessels owned by the Partnership, were part of its Tanker Business which spun off would no longer be managed under this agreement.

The Partnership and its subsidiaries have related party transactions with CSM, Capital-Executive (collectively the “Managers”) and the Partnership’s general partner, Capital GP L.L.C. (“CGP”) arising from certain terms of the following management and administrative services agreements.

1. Floating fee management agreements: Under the terms of these agreements the Partnership compensates its Managers for expenses and liabilities incurred on the Partnership’s behalf while providing the agreed services, including, but not limited to, crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating costs. Costs and expenses associated with a managed vessel’s next scheduled dry docking are borne by the Partnership and not by the Managers. The Partnership also pays its Managers a daily technical management fee per managed vessel that is revised annually based on the United States Consumer Price Index. For the years ended December 31, 2020, 2019 and 2018 management fees under the management agreements amounted to $4,976, $3,917 and $4,221, respectively, and are included in “Vessel operating expenses – related parties” in the consolidated statements of comprehensive income / (loss).

2. Administrative and service agreements: On April 4, 2007, the Partnership entered into an administrative services agreement with CSM, pursuant to which CSM has agreed to provide certain administrative management services to the Partnership such as accounting, auditing, legal, insurance, IT and clerical services. In addition, the Partnership reimburses CSM and CGP for reasonable costs and expenses incurred in connection with the provision of these services, after CSM submits to the Partnership an invoice for such costs and expenses together with any supporting detail that may be reasonably required. These expenses are included in “General and administrative expenses” in the consolidated statements of comprehensive income / (loss). In 2015, the Partnership entered into an executive services agreement with CGP, which was amended in 2016 and 2019, according to which CGP provides certain executive officers services for the management of the Partnership’s business as well as investor relation and corporate support services to the Partnership. For the years ended December 31, 2020, 2019 and 2018 such fees amounted to $1,880, $1,880 and $1,688, respectively, and are included in “General and administrative expenses” in the consolidated statements of comprehensive income / (loss).

Balances and transactions with related parties consisted of the following:

Consolidated Balance Sheets		As of December 31, 2020		As of December 31, 2019
Liabilities:
CSM – payments on behalf of the Partnership (a)	$	1,040	$	3,151
Management fee payable to CSM (b)		25		55
Capital-Executive – payments on behalf of the Partnership (a)		1,765		1,745
Management fee payable to Capital-Executive (b)		427		305
Due to related parties	$	3,257	$	5,256

Consolidated Statements of Comprehensive Income / (Loss)	For the years ended December 31,
	2020		2019		2018
Revenues (c)	$	—	$	—	$	701
Vessel operating expenses		4,976		3,917		4,221
General and administrative expenses (d)		2,049		2,146		1,922

(a) Managers - Payments on Behalf of the Partnership: This line item represents the amount outstanding for payments for operating and voyage expenses made by the Managers on behalf of the Partnership and its subsidiaries.

(b) Management fee payable to Managers: The amount outstanding as of December 31, 2020 and 2019 represents the management fee payable to the Managers under the management agreements between the Partnership and the Managers.

(c) Revenues: During 2020 and 2019 no charter agreement with CMTC and its subsidiaries existed. The following table includes information regarding the charter agreements included in continuing operations that were in place between the Partnership and CMTC and its subsidiaries during 2018.

Vessel Name

Time

Charter (TC)

in years

Commencement of

Charter
Termination
Gross (Net) Daily

Hire Rate

M/T Aristotelis 1.0 01/2017 03/2018 $13.8 ($13.6)

(d) General and administrative expenses: This line item mainly includes fees relating to internal audit, investor relations and consultancy fees.

Vessels, net

12 Months Ended

Dec. 31, 2020

Vessels Net

Vessels, net

6. Vessels, net

The following table presents an analysis of vessels, net:

Vessels, net (Table)

	Vessel Cost	Accumulated depreciation	Net book value
Balance as at January 1, 2019	$ 728,923	$(142,823)	$ 586,100

Improvements	19,896	—	19,896
Depreciation for the year	—	(29,105)	(29,105)

Balance as at December 31, 2019	$ 748,819	$(171,928)	$ 576,891

Vessel acquisitions	162,600	—	162,600
Improvements	11,601	—	11,601
Depreciation for the year	—	(38,895)	(38,895)

Balance as at December 31, 2020	$ 923,020	(210,823)	712,197

All of the Partnership’s vessels as of December 31, 2020 have been provided as collateral to secure the Partnership’s credit facilities and financing arrangements (Note 8).

Vessel acquisitions

In January 2020, the Partnership entered into three separate Shares Purchase Agreements (“SPA”) with CMTC for the acquisition of the shares of the companies owning the M/V Athenian, the M/V Athos and the M/V Aristomenis for a total consideration of $162,600. The Partnership accounted for these acquisitions as acquisition of assets. The Partnership considered whether any value should be assigned to the attached charter party agreements acquired and concluded that the contracted daily charter rates were equal to the market rates on the acquisition date and therefore the total consideration was allocated to the vessels’ cost.

Improvements

Cost for improvements during the years ended December 31, 2020 and 2019 include $10,906 and $19,297, respectively, relating to the installation of exhaust gas cleaning and ballast water treatment systems.

Vessel disposal

On September 11, 2018 the Partnership entered into a Memorandum of Agreement (“MOA”) with an unrelated party for the disposal of the M/T Amore Mio II at a price of $11,150. Upon entering into the agreement the Partnership determined that the M/T Amore Mio II met the criteria to be classified as held for sale as described in note 2(i) and measured the vessel at the lower of its carrying amount and fair value less the cost associated with the sale. In this respect, the Partnership recognized an impairment charge of $28,805 in the consolidated statement of comprehensive loss for the year ended December 31, 2018, reducing the vessel’s carrying value to $10,927. The vessel was delivered to its buyer on October 15, 2018.

Above market acquired charters

12 Months Ended

Dec. 31, 2020

Above Market Acquired Charters

Above market acquired charters

7. Above market acquired charters

For the years ended December 31, 2020, 2019 and 2018 revenues were reduced by $11,696, $14,380 and $14,380 respectively, corresponding to the amortization of the above market acquired charters.

The following table presents an analysis of above market acquired charters:

Above market acquired charters (Table)

Above market acquired charters	Book Value
Carrying amount as at January 1, 2019	$ 60,655

Amortization	$(14,380)

Carrying amount as at December 31, 2019	$ 46,275

Amortization	(11,696)

Carrying amount as at December 31, 2020	$ 34,579

As of December 31, 2020, the remaining carrying amount of unamortized above market acquired time charters was $34,579 and will be amortized in future years as follows:

For the year ending

December 31,
Amount

2021 8,417

2022 8,371

2023 8,371

2024 8,326

2025 1,094

Total $ 34,579

Long-Term Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt

8. Long-Term Debt

Long-term debt consists of the following credit facilities and sale and lease back agreements (the “financing arrangements”):

Long-Term Debt - Bank Loans (Table)


	Bank loans and Financing arrangements	As of December 31, 2020		As of December 31, 2019		Margin
(i)	Issued in September 2017 maturing in October 2023 (the “2017 credit facility”)		122,324		262,385	3.25%
(ii)	Issued in January 2020 maturing in January 2025 (the “2020 credit facility”)		35,920		-	2.55%
(iii)	Issued in January 2020 maturing in January 2025 (the “CMBFL financing arrangement”)		36,100		-	2.55%
(iv)	Issued in January 2020 maturing in January 2025 (the “CMBFL financing arrangement”)		36,100		-	2.55%
(v)	Issued in May 2020 maturing in May 2027 (the “ICBCFL financing arrangement”)		49,324		-	2.60%
(vi)	Issued in May 2020 maturing in May 2027 (the “ICBCFL financing arrangement”)		50,570		-	2.60%
(vii)	Issued in May 2020 maturing in May 2027 (the “ICBCFL financing arrangement”)		49,324		-	2.60%
	Total long-term debt	$	379,662	$	262,385
	Less: Deferred loans and financing arrangements issuance costs		5,338		3,399
	Total long-term debt, net	$	374,324	$	258,986
	Less: Current portion of long-term debt		37,210		29,145
	Add: Current portion of deferred loans and financing arrangements issuance costs		1,400		2,148
	Long-term debt, net	$	338,514	$	231,989

On January 17, 2020 the Partnership entered into a new term loan facility (ii) of up to $38,500, for the purpose of partially financing the acquisition of the shares of the company owning the M/V Athenian (Note 6). The full amount of the facility was drawn on January 22, 2020 and is payable in 20 consecutive quarterly installments of $860 beginning three months after the drawdown date plus a balloon payment of $21,300 payable together with the last quarterly installment due in January 2025. The loan facility bears interest at Libor plus a margin of 2.55%.

On January 20, 2020, the Partnership entered into two separate agreements (iii) and (iv), for the sale and lease back of the vessels M/V Athos and M/V Aristomenis (Note 6) with CMB Financial Leasing Co., Ltd, (“CMBFL”) for up to $38,500 each. The lease agreements have a duration of five years, bear an interest at Libor plus a margin of 2.55% and include a purchase option for the Partnership to acquire each vessel on expiration of the lease at the predetermined price of $22,500 or pay the amount of $7,500 to CMBFL, if the option is not exercised. In addition, the Partnership has various purchase options commencing from the first year anniversary of the lease. The full amounts were drawn down on January 23, 2020. The transaction was classified as a financing arrangement at the commencement of the lease since the existence of various purchase options retained by the Partnership commencing from the first year anniversary, including the option to acquire the vessel at expiration at predetermined price, precludes the transfer of control over the vessel to CMBFL for the transaction to qualify as sale.

On May 27, 2020 the Partnership drew down the total amount of $155,350 pursuant to three separate agreements entered into in May 2020 with ICBC Financial Leasing Co., Ltd. (“ICBCFL”) (v), (vi) and (vii), for the sale and lease back of three vessels previously under the 2017 credit facility (the “Re-financing”), namely the M/V Akadimos, the CMA CGM Uruguay and the CMA CGM Magdalena, and fully repaid the then outstanding balance relating to these three vessels under the 2017 credit facility amounting to $116,515. The leases have a duration of seven years, bear interest at Libor plus a margin of 2.60% and include mandatory purchase obligation for the Partnership to repurchase the vessels on expiration at the predetermined price of $77,700 in total. The current portion of long-term debt, as of December 31, 2019 presented in the above table, has been adjusted to include the effect of the Re-financing with ICBFL. The transaction was classified as a financing arrangement at the commencement of the lease since it includes the obligation to acquire the vessel at expiration at predetermined price which precludes the transfer of control over the vessel to ICBCFL for the transaction to qualify as sale.

In connection with the DSS Transaction (Note 1), the Partnership during 2019 prepaid an amount of $89,298 under the 2017 credit facility and fully repaid all amounts outstanding under the 2015 credit facility and the Aristaios credit facility. The aggregate amounts repaid were $146,517 plus accrued interest and breakage costs. The Partnership presents interest expense and amortization of deferred loan issuance costs for the years ended December 31, 2019 and 2018 relating to the Tanker Business contributed in the DSS Transaction within discontinued operations (Note 3).

In March 2019, in connection with the DSS Transaction (Note 1), the Partnership entered into a Deed of Amendment and Restatement agreement with its 2017 credit facility lenders. According to this agreement, the amended 2017 credit facility was payable in 19 equal quarterly installments of $7,703 beginning in April 2019 in addition to a balloon installment of $139,130, payable together with the final quarterly installment in the fourth quarter of 2023. Following the repayment and the Re-financing with ICBFL in May 2020, as described above, the 2017 credit facility is payable in 14 equal quarterly installments of $4,069 starting in July 2020 in addition to a balloon installment of $73,493 payable together with the final quarterly installment in the fourth quarter of 2023. All other terms and conditions remained unchanged.

During the year ended December 31, 2020 and 2019 the Partnership repaid the amount of $37,058 and $32,733, respectively, in line with the amortization schedule of its credit facilities and financing arrangements.

The Partnership’s credit facilities and financing arrangements contain customary ship finance covenants, including restrictions on changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness and the mortgaging of vessels and requirements such as that the ratio of EBITDA to net interest expenses to be no less than 2:1, a minimum cash requirement of $500 per vessel, that the ratio of net total indebtedness to the total assets of the Partnership adjusted for the market value of the fleet not to exceed 0.75:1. The Partnership’s credit facilities and financing arrangements also contain a collateral maintenance requirement under which the aggregate fair market value of the collateral vessels should not be less than 125% of the outstanding amounts under the 2017 credit facility, the ICBCFL financing arrangement and the 2020 credit facility, and 120% of the outstanding amount under the CMBFL financing arrangements. Also the vessel-owning companies may pay dividends or make distributions only when no event of default has occurred and the payment of such dividend or distribution has not resulted in a breach of any of the financial covenants. As of December 31, 2020 and 2019 the Partnership was in compliance with all financial covenants.

The credit facilities and financing arrangements include a general assignment of the earnings, insurances and requisition compensation of the respective collateral vessel or vessels. They also require additional security, such as pledge and charge on current accounts and mortgage interest insurance.

As of December 31, 2020, there were no undrawn amounts under the Partnership’s credit facilities and financing arrangements.

For the years ended December 31, 2020, 2019 and 2018, the Partnership recorded interest expense from continuing operations of $13,761, $15,836 and $17,422 respectively, which is included in “Interest expense and finance cost” in the consolidated statements of comprehensive income / (loss). For the years ended December 31, 2020, 2019 and 2018 the weighted average interest on the Partnership’s long term debt was 3.6%, 5.7% and 5.4% respectively.

The required annual payments to be made subsequently to December 31, 2020 are as follows:

For the year ending December 31,	Amount
2021	37,210
2022	37,210
2023	110,703
2024	20,933
2025	79,853
Thereafter	93,753

Total	379,662

Financial Instruments

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

9. Financial Instruments

(a) Fair value of financial instruments

The Partnership follows the accounting guidance for financial instruments that establishes a framework for measuring fair value under generally accepted accounting principles, and expands disclosure about fair value measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The statement requires that assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1: Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date;

Level 2: Inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3: Inputs are unobservable inputs for the asset or liability.

The carrying value of cash and cash equivalents and restricted cash, which are considered Level 1 items as they represent liquid assets with short-term maturities, trade receivables, amounts due to related parties, trade accounts payable and accrued liabilities approximates their fair value. The fair value of long-term variable rate bank loans approximates the recorded value, due to its variable interest being the LIBOR and due to the fact the lenders have the ability to pass on their funding cost to the Partnership under certain circumstances, which reflects their current assessed risk. We believe the terms of our loans are similar to those that could be procured as of December 31, 2020. LIBOR rates are observable at commonly quoted intervals for the full term of the loans and hence bank loans are considered Level 2 items in accordance with the fair value hierarchy.

(b) Concentration of credit risk

Financial instruments which potentially subject the Partnership to significant concentrations of credit risk consist principally of cash and cash equivalents and trade accounts receivable. The Partnership places its cash and cash equivalents, consisting mostly of deposits, with a limited number creditworthy financial institutions rated by qualified rating agencies. Most of the Partnership’s revenues were derived from a few charterers.

Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Liabilities

10. Accrued Liabilities

Accrued liabilities consist of the following: Accrued liabilities (Table)


	As of December 31,
	2020	2019
Accrued loan interest and loan fees	$ 1,817	$ 3,403
Accrued operating expenses	4,953	5,339
Accrued capitalized expenses	1,350	4,263
Accrued voyage expenses and commissions	1,577	1,356
Accrued general and administrative expenses	992	1,795

Total	$ 10,689	$ 16,156

Voyage Expenses and Vessel Operating Expenses

12 Months Ended

Dec. 31, 2020

Voyage Expenses And Vessel Operating Expenses

Voyage Expenses and Vessel Operating Expenses

11. Voyage Expenses and Vessel Operating Expenses

Voyage expenses and vessel operating expenses consist of the following:


	For the years ended December 31,
	2020	2019	2018
Voyage expenses:
Commissions	$ 2,809	$ 1,952	$ 2,171
Bunkers	1,349	89	4,360
Port expenses	624	4	2,217
Other	1,519	885	365

Total	$ 6,301	$ 2,930	$ 9,113

Vessel operating expenses:
Crew costs and related costs	$ 16,624	$ 13,375	$ 14,794
Insurance expense	2,388	1,796	2,112
Spares, repairs, maintenance and other expenses	8,836	5,001	4,396
Stores and lubricants	4,593	3,251	3,451
Management fees (Note 5)	4,976	3,917	4,221
Other operating expenses	1,304	3,209	1,674

Total	$ 38,721	$ 30,549	$ 30,648

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

Under the laws of the Marshall Islands and Liberia, the countries in which the vessel-owning subsidiaries were incorporated, these companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes in the country in which the vessels are registered and managed from, and such taxes have been included in “Vessel operating expenses” in the consolidated statements of comprehensive income / (loss).

Pursuant to Section 883 of the United States Internal Revenue Code (the “Code”) and the regulations thereunder, a foreign corporation engaged in the international operation of ships is generally exempt from U.S. federal income tax on its U.S.-source shipping income if the foreign corporation meets both of the following requirements: (a) the foreign corporation is organized in a foreign country that grants an “equivalent exemption” to corporations organized in the United States for the types of shipping income (e.g., voyage and time charter) earned by the foreign corporation and (b) more than 50% of the voting power and value of the foreign corporation’s stock is “primarily and regularly traded on an established securities market” in the United States and certain other requirements are satisfied (the “Publicly-Traded Test”).

Each of the jurisdictions where the Partnership’s vessel-owning subsidiaries are incorporated grants an “equivalent exemption” to United States corporations with respect to each type of shipping income earned by the Partnership’s vessel-owning subsidiaries. Additionally, our units are only traded on the Nasdaq Global Market, which is considered to be established securities market. The Partnership has satisfied the Publicly-Traded Test for the years ended December 31, 2020, 2019 and 2018 and the vessel-owning subsidiaries are exempt from United States federal income taxation with respect to U.S.-source shipping income.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Partners’ Capital

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Partners’ Capital

13. Partners’ Capital

General: The Partnership’s Limited Partnership Agreement (the “Partnership Agreement”) requires that within 45 days after the end of each quarter, beginning with the quarter ending June 30, 2007, all of the Partnership’s available cash be distributed to unit holders.

Definition of Available Cash: Available Cash, for each fiscal quarter, consists of all cash on hand at the end of the quarter:

•

less the amount of cash reserves established by our board of directors to:

•

provide for the proper conduct of the Partnership’s business (including reserves for future capital expenditures and for our anticipated credit needs);

•

comply with applicable law, any of the Partnership’s debt instruments, or other agreements; or

•

provide funds for distributions to the Partnership’s unit holders and to the general partner for any one or more of the next four quarters;

•

plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Working capital borrowings are generally borrowings that are made under our credit agreements and in all cases are used solely for working capital purposes or to pay distributions to partners subject to certain exceptions set forth in the Partnership Agreement.

General Partner Interest and IDRs: The general partner has a 1.84% interest in the Partnership and holds the IDRs. In accordance with Section 5.2(b) of the Partnership Agreement, upon the issuance of additional units by the Partnership, the general partner may elect to make a contribution to the Partnership to maintain its general partner interest.

IDRs represent the right to receive an increasing percentage of quarterly distributions of available cash from operating surplus after the minimum quarterly distribution and the target distribution levels have been achieved. According to the Partnership Agreement, as amended in 2014, the following table illustrates the percentage allocations of the additional available cash from operating surplus among the unit holders and general partner up to the various target distribution levels. The amounts set forth under “Marginal Percentage Interest in Distributions” are the percentage interests of the unit holders and general partner in any available cash from operating surplus that is being distributed up to and including the corresponding amount in the column “Total Quarterly Distribution Target Amount per Unit,” until available cash from operating surplus the Partnership distributes reaches the next target distribution level, if any. The percentage interests shown for the unit holders and general partner for the minimum quarterly distribution are also applicable to quarterly distribution amounts that are less than the minimum quarterly distribution. The percentage interests shown below assume that the Partnership’s general partner maintains a 2% general partner interest and that it has not transferred its IDR.


	Total Quarterly	Marginal Percentage Interest in Distributions
	Distribution Target Amount per Unit	Unitholders	General Partner
Minimum Quarterly Distribution	$1.6275	98 %	2 %
First Target Distribution	up to $1.6975	98 %	2 %
Second Target Distribution	above $1.6975 up to $1.8725	85 %	15 %
Third Target Distribution	above $1.8725 up to $2.0475	75 %	25 %
Thereafter	above $2.0475	65 %	35 %

Following the 2014’s annual general meeting, CGP unilaterally notified the Partnership that it has decided to waive its rights to receive quarterly incentive distributions between $1.6975 and $1.75. This waiver effectively increases the First Target Distribution and the lower band of the Second Target Distribution (as referenced in the table above) from $1.6975 to $1.75.

Distributions of Available Cash from Operating Surplus: Our Partnership Agreement requires that we make distributions of available cash from operating surplus for any quarter after the subordination period in the following manner assuming that the Partnership’s general partner maintains a 2% general partner interest:

• first, 98% to all unit holders, pro rata, and 2% to our general partner, until we distribute for each outstanding unit an amount equal to the minimum quarterly distribution for that quarter; and

• thereafter, in the manner described in the above table.

Class B Convertible Preferred Units

During 2012 and 2013 the Partnership issued in total 24,655,554 Class B Convertible Preferred Units to a group of investors including CMTC according to two separate Class B Convertible Preferred Unit Subscription Agreements (the “Subscription Agreements”). The holders of the Class B Convertible Preferred Units had the right to convert all or a portion of such Class B Convertible Preferred Units at any time into Common Units at the conversion price of $9 per Class B Convertible Preferred Unit and a conversion rate of one Common Unit per one Class B Convertible Preferred Unit. The Conversion Ratio and the Conversion Price should be adjusted upon the occurrence of certain events described in the Partnership Agreement. Commencing on May 23, 2015, in the event the 30-day volume-weighted average trading price (“VWAP”) and the daily VWAP of the Common Units on the National Securities Exchange on which the Common Units are listed or admitted to trading exceeds 130% of the then applicable Conversion Price for at least 20 Trading Days out of the 30 consecutive Trading Day period used to calculate the 30-day VWAP (the “Partnership Mandatory Conversion Event”) the Partnership acting pursuant to direction and approval of the Conflicts Committee (following consultation with the full board of directors), should have the right to convert the Class B Convertible Preferred Units then outstanding in whole or in part into Common Units at the then-applicable Conversion Ratio. The holders of the outstanding Class B Convertible Preferred Units as of an applicable record date should be entitled to receive, in cash, when, as and if authorized by the Partnership’s board of directors or any duly authorized committee, out of legally available funds for such purpose, (a) first, the minimum quarterly Class B Convertible Preferred Unit Distribution Rate on each Class B Convertible Preferred Unit and (b) second, any cumulative Class B Convertible Preferred Unit Arrearage then outstanding, prior to any other distributions made in respect of any other Partnership Interests pursuant to the Subscription Agreements. The minimum quarterly Class B Convertible Preferred Unit Distribution Rate should be payable quarterly which is generally expected to be February 10, May 10, August 10 and November 10, or, if any such date is not a business day, the next succeeding business day. No distribution on the Class B Convertible Preferred Units should be authorized by the board of directors or declared or paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its indebtedness, prohibits such authorization, declaration, payment or setting apart for payment or provides that such authorization, declaration, payment or setting apart for payment would constitute a breach thereof, or a default thereunder, or if such authorization, declaration, payment or setting apart for payment shall be restricted or prohibited by law. The foregoing distributions with respect to the Class B Convertible Preferred Units shall accumulate as of the Class B Convertible Preferred Unit distribution payment date on which they first became payable whether or not any of the foregoing restrictions exist, whether or not there was sufficient Available Cash for the payment thereof and whether or not such distributions are authorized. A cumulative Class B Convertible Preferred Unit arrearage should not bear interest and holders of the Class B Convertible Preferred Units shall not be entitled to any distributions, whether payable in cash, property or Partnership Interests, in excess of the then cumulative Class B Convertible Preferred Unit arrearage plus the minimum quarterly Class B Convertible Preferred Unit distribution rate for such quarter. With respect to Class B Convertible Preferred Units that were converted into Common Units, the holder thereof should not be entitled to a Class B Convertible Preferred Unit distribution and a Common Unit distribution with respect to the same period, but should be entitled only to the distribution to be paid based upon the class of Units held as of the close of business on the record date for the distribution in respect of such period; provided, however, that the holder of a converted Class B Convertible Preferred Unit should remain entitled to receive any accrued but unpaid distributions due with respect to such Unit on or as of the prior Class B Convertible Preferred Unit distribution payment date; and provided, further, that if the Partnership exercises the Partnership Mandatory Conversion Right to convert the Class B Convertible Preferred Units pursuant to Subscription Agreements then the holders’ rights with respect to the distribution for the Quarter in which the Partnership Mandatory Conversion Notice was received was as set forth in the Partnership Agreement.

On March 27, 2019, in connection with the DSS Transaction, the Partnership redeemed and retired all outstanding Class B Convertible Preferred Units at 100% of par value, translating into a redemption price of $116,850, and paid to Class B Convertible Preferred Units holders the pro-rata dividends for the period from January 1, 2019 to March 27, 2019, which amounted to $2,652. The difference between the carrying amount of Class B Convertible Preferred Units at the time of their redemption and their redemption price amounted to $9,119. The difference was considered as deemed dividends to preferred unit holders and was presented as income attributable to preferred unit holders in the Partnership’s consolidated financial statements.

Common Units

During 2020, the Partnership issued the 445,000 units awarded in 2019 under its Omnibus Incentive Compensation Plan (Note 14).

On March 3, 2019 the board of directors of the Partnership approved a one for seven reverse unit split. Pursuant to the reverse split, every seven common units issued and outstanding as of March 27, 2019, the date of the reverse split, was converted into one common unit. The Partnership’s common units, immediately after the reverse split became effective, started trading on a split-adjusted basis on the Nasdaq Global Select Market.

The reverse split reduced the number of common units issued and outstanding from 127,246,692 to 18,178,100 common units and the number of general partner units issued and outstanding from 2,439,989 to 348,570 general partner units.

As of December 31, 2020 and 2019 our partners’ capital included the following units:

As of December 31,
2020 As of December 31,
2019

Common units 18,623,100 18,178,100

General partner units 348,570 348,570

Total partnership units 18,971,670 18,526,670

Omnibus Incentive Compensation Plan

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Omnibus Incentive Compensation Plan

14. Omnibus Incentive Compensation Plan

On April 29, 2008, the board of directors approved the Partnership’s omnibus incentive compensation plan (the “Plan”) according to which the Partnership may issue a limited number of awards, not to exceed 71,429 units. The Plan was amended on July 22, 2010 to increase the aggregate number of restricted units issuable under the Plan to 114,286 and then on August 21, 2014, to increase such amount to 235,714 common units, at the annual general meeting of the Partnership’s unit holders. The Plan is administered by the general partner as authorized by the board of directors. The persons eligible to receive awards under the Plan were officers, directors, and executive, managerial, administrative and professional employees of CSM, or CMTC, or other eligible persons (collectively, “key persons”) as the general partner, in its sole discretion, shall select based upon such factors as it deems relevant. Members of the board of directors and officers of the general partner were considered to be employees of the Partnership (“Employees”) for the purposes of recognition of equity compensation expense, while employees of CSM, CMTC and other eligible persons under the plan were not considered to be employees of the Partnership (“Non-Employees”). Awards may be made under the Plan in the form of incentive stock options, non-qualified stock options, stock appreciation rights, dividend equivalent rights, restricted stock, unrestricted stock, restricted stock units and performance shares. Under the Plan if any award granted is forfeited then these units shall again become available to be delivered.

On December 23, 2015, the Partnership awarded 34,286 and 87,143 unvested units to Employees and Non-Employees, respectively. Awards granted to certain Employees and Non Employees vested in three annual installments. These awards fully vested on December 31, 2018.

All unvested units were conditional upon the grantee’s continued service as Employee and/or Non-Employee until the applicable vesting date.

The unvested units accrue distributions as declared and paid, which distributions are retained by the custodian of the Plan until the vesting date at which time they are payable to the grantee. As unvested unit grantees accrue distributions on awards that are expected to vest, such distributions are charged to Partners’ capital.

On July 23, 2019, the board of directors adopted an amended and restated Plan (“the 2019 amended plan”), so as to reserve for issuance a maximum number of 740,000 restricted common units. On July 23, 2019, the Partnership awarded 445,000 unvested units to Employees and Non-Employees with a grant-date fair value of $11.23 per unit. Awards granted to certain Employees and Non Employees will vest in three equal installments. The remaining awards will vest on December 31, 2021.

Based on the adoption of the ASU 2018-07 and its amendments and the provisions of ASC 718, the Partnership recognized the cost of the 2019 amended plan based on its estimated fair value on the grant date for both the Employees and Non-Employees awards.

There were no forfeitures of awards during the year ended December 31, 2020 and 2019. The Partnership estimates the forfeitures of unvested units to be immaterial. The Partnership will, however, re-evaluate the reasonableness of its assumption at each reporting period. As of December 31, 2020 the unvested units accrued $372 of distributions.

For the years ended December 31, 2020, 2019 and 2018 the equity compensation expense included in “General and administrative expenses” in the consolidated statements of comprehensive income / (loss) was $2,049, $907 and $613, respectively. As of December 31, 2020 the total compensation cost related to non-vested awards was $2,043 and is expected to be recognized over the next year. As of December 31, 2020 the fair value of the vested common units was $261 based on a price of $8.12 per common unit. The Partnership uses the straight-line method to recognize the cost of the awards.

The following table contains details of our plan:

	Equity compensation plan
Unvested Units	Units	Amount
Unvested on January 1, 2019	-	$ -
Granted	445,000	$ 4,997
Vested	(16,042)	(180)
Unvested on December 31, 2019	428,958	$ 4,817
Vested	(16,042)	(180)
Unvested on December 31, 2020	412,916	$ 4,637

Net Income / (Loss) from continuing operations Per Unit

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Income / (Loss) from continuing operations Per Unit

15. Net Income / (Loss) from continuing operations Per Unit

The general partner’s and common unit holders’ interests in net income are calculated as if all net income for periods subsequent to April 4, 2007, were distributed according to the terms of the Partnership Agreement, regardless of whether those earnings would or could be distributed. The Partnership Agreement does not provide for the distribution of net income; rather, it provides for the distribution of available cash (Note 13), which is a contractually-defined term that generally means all cash on hand at the end of each quarter after establishment of cash reserves determined by the Partnership’s board of directors to provide for the proper resources for the Partnership’s business. Unlike available cash, net income is affected by non-cash items. The Partnership follows the guidance relating to the Application of the Two-Class Method and its application to Master Limited Partnerships, which considers whether the incentive distributions of a master limited partnership represent a participating security when considered in the calculation of earnings per unit under the Two-Class Method.

The Partnership also considers whether the Partnership Agreement contains any contractual limitations concerning distributions to the IDRs that would impact the amount of earnings to allocate to the IDRs for each reporting period.

Under the Partnership Agreement, the holder of the IDRs in the Partnership, which is currently CGP, assuming that there are no cumulative arrearages on common unit distributions, has the right to receive an increasing percentage of cash distributions (Note 13). The Partnership excluded the effect of the 12,983,333 Class B Convertible Preferred Units in calculating dilutive EPU for the years ended December 31, 2019, 2018, as they were anti-dilutive.

For the years ended December 31, 2020 and 2019, the Partnership excluded the effect of 412,916 and 428,958, respectively, unvested units under the omnibus incentive compensation plan in calculating dilutive EPU for its common unit holders as they were anti-dilutive. For the year ended December 31, 2018 the Partnership excluded the effect of 77,857 units under the omnibus incentive compensation plan which vested in December 2018 (Note 14) in calculating dilutive EPU for its common unit holders as they were anti-dilutive. The non-vested units are participating securities because they received distributions from the Partnership and these distributions do not have to be returned to the Partnership if the non-vested units are forfeited by the grantee.

Excluding the non-cash vessel’s impairment charge, as this was not distributed to the Partnership’s unit holders for the year ended December 31, 2018, the Partnership’s net income for the years ended December 31, 2020, 2019 and 2018 did not exceed the First Target Distribution Level, and as a result, the assumed distribution of net income did not result in the use of increasing percentages to calculate CGP’s interest in net income.

The two class method used to calculate EPU from continuing operations is as follows:

BASIC AND DILUTED 2020 2019 2018

Numerators

Partnership’s net income / (loss) from continuing operations $            30,367 $           24,421 $ (7,611)

Less:

Preferred unit holders’ interest in Partnership’s net income from continuing operations - 2,652 11,101

Deemed dividend to preferred unit holders’ (Note 13) - 9,119 -

General Partner’s interest in Partnership’s net income / (loss) from continuing operations 558 236 (352)

Partnership’s net income / (loss) from continuing operations allocable to unvested units 685 130 (103)

Common unit holders’ interest in Partnership’s net income / (loss) from continuing operations $           29,124 $           12,284 $ (18,257)

Denominators

Weighted average number of common units outstanding, basic and diluted 18,194,186 18,178,144 18,100,455

Net income /(loss) from continuing operations per common unit:

Basic and Diluted $                 1.60 $               0.68 $ (1.01)

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16. Commitments and Contingencies

Contingencies

Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Partnership’s vessels.

The Partnership accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.

An estimated loss from a contingency should be accrued by a charge to expense and a liability recorded only if all of the following conditions are met:

•

Information available prior to the issuance of the financial statement indicates that it is probable that a liability has been incurred at the date of the financial statements.

•

The amount of the loss can be reasonably estimated.

Currently, the Partnership is not aware of any such claims or contingent liabilities which should be disclosed or for which a provision should be established in the consolidated financial statements other than the case disclosed below.

Akadimos (ex CMA CGM Amazon) settlement

On 4 September 2019, one of the Partnership’s subsidiaries reached a settlement with the U.S. Department of Justice (“DOJ”) regarding the M/V Akadimos for unknown and unreported failure of shipboard staff to maintain an accurate Oil Record Book.

Under the terms of the agreement, the subsidiary pled guilty to the unknown and unreported failure of shipboard staff to maintain an accurate Oil Record Book with respect to the M/V Akadimos. The subsidiary paid a fine of $500 and was placed on probation for 30 months. If, during the term of probation, the subsidiary fails to adhere to the terms of the plea agreement, the DOJ may withdraw from the plea agreement and would be free to prosecute the subsidiary on all charges arising out of its investigation, including any charges dismissed pursuant to the terms of the plea agreement, as well as potentially other charges. In accordance with the terms of the agreement, the subsidiary has implemented an environmental compliance plan and has strictly adhered to the terms of the agreement. The Probation period will come to an end in March 2022.

Commitments

(a) Lease Commitments: Future minimum charter hire receipts, excluding any profit share revenue that may arise, based on non-cancellable long-term time charter contracts, as of December 31, 2020 were:

Year ending December 31,

Amount

2021 129,629

2022 113,766

2023 108,807

2024 93,330

2025 37,765

Thereafter 7,357

Total 490,654

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

(a) Dividends: On January 21, 2021, the board of directors of the Partnership declared a cash distribution of $0.10 per common unit for the fourth quarter of 2020. The fourth quarter common unit cash distribution paid on February 10, 2021, to unit holders of record on February 2, 2021.

(b) Vessels acquisitions : On February 25, 2021, the Partnership acquired from CMTC three 5,089 TEU sister container vessels, namely the M/V Seattle Express, M/V Long Beach Express and M/V Fos Express, all built in 2008 at Hanjin Heavy Industries S. Korea, for a total consideration of $40,500. The vessels are employed under five year charters to HAPAG at a gross charter rate for $12,300 per day. The Partnership accounted for these acquisitions as acquisition of assets as the fair values of the vessels and the time charters attached are concentrated in a single identifiable asset. The Partnership funded the acquisition of the three vessels through a sale and lease back transaction with CMBFL for an amount of $30,030 and the remaining amount through available cash. The lease has duration of five years and will be repaid in 20 equal consecutive quarterly installments of $826 including a purchase option for the Partnership to acquire each vessel on expiration of the lease at the predetermined price of $4,505. In addition, the Partnership has various purchase options commencing from the first year anniversary of the lease. The sale and lease back arrangement bears interest at a rate of LIBOR plus 2.85%. Furthermore the Partnership entered into a sellers’ credit agreement with CMTC to defer $6,000 of the repayment of up to 5 years purchase price for up to five years from the delivery of the vessels (the “Sellers’ Credit”). The Sellers’ Credit bears interest at a fixed rate of 5.0% per year.

(c) Repurchase agreement: On January 25, 2021, the Partnership’s Board of Directors approved a unit repurchase program, providing the Partnership with authorization to repurchase up to $30,000 of the Partnership’s common units, effective for a period of two years. The Partnership may repurchase these units in the open market or in privately negotiated transactions, at times and prices that are considered to be appropriate by the Partnership.

(d) Vessel disposals: On April 7, 2021, the Partnership entered into a memorandum of agreement for the sale of the M/V CMA CGM Magdalena and the M/V Adonis to an unaffiliated third party for a total consideration of $195,000. Delivery of the M/V 'CMA CGM Magdalena' and the M/V Adonis to their buyer is expected in May and July/August 2021, respectively.

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Principles of Consolidation	*(a)* Principles of Consolidation: The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), and include the accounts of the legal entities comprising the Partnership as discussed in Note 1. Intra-group balances and transactions have been eliminated upon consolidation.
Use of Estimates	*(b)* *Use of Estimates:* The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognized during the reporting period. Actual results could differ from those estimates.
Accounting for Revenue, Voyage and Operating Expenses	*(c) Accounting for Revenue, Voyage and Operating Expenses:* The Partnership generates its revenues from charterers for the charter hire of its vessels. Vessels are chartered on time or voyage charters. The time charter contracts are considered operating leases and therefore fall under the scope of Accounting Standard Codification (“ASC”) 842 and the voyage charter contracts fall under the scope of ASC 606. Time charters contracts A time charter is a contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable in advance. A time charter generally provides typical warranties and owner protective restrictions. The performance obligations in a time charter are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to the owner of the vessel. The time charter contracts are considered operating leases because (i) the vessel is an identifiable asset (ii) the owner of the vessel does not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Revenues from time charters are recognized ratably on a straight line basis over the period of the respective charter. Under time charter agreements, all voyages expenses, except commissions are assumed by the charterer. Operating costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants are paid by the Partnership under time charter agreements. The transition guidance associated with ASC 842 allows for certain practical expedients to the lessors. The Partnership elected to not separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same and the lease component, if accounted for separately, would be classified as an operating lease. The daily hire rate represents the hire rate for a time charter as well as the compensation for expenses for operating and maintaining the vessel such as crew costs, vessel insurance, repairs and maintenance and lubricants. Both the lease and non-lease components are earned by passage of time. The Partnership adopted ASC 842 for the reporting period commencing on January 1, 2019 using the modified retrospective method and elected the practical expedients under Accounting Standards Update (“ASU”) 2018-11 for the vessels under time charter agreements. Furthermore, the Partnership applied the transition provisions of ASU 2016-02 at its adoption date, rather than the earliest comparative period presented in the financial statements, as permitted by ASU 2018-11. The nature of the lease component and non-lease component that were combined as a result of applying the practical expedient are the contract for the hire of a vessel and the fees for operating and maintaining the vessel respectively. The lease component is the predominant component and the Partnership accounts for the combined component as an operating lease in accordance with Topic 842. The Partnership applied topic 842 with no significant impact on its financial statements and as a result no adjustment was posted in the Partnership’s opening retained earnings as of January 1, 2019. Voyage charters contracts A voyage charter is a contract in which the vessel owner undertakes to transport a specific amount and type of cargo on a load port-to-discharge port basis, subject to various cargo handling terms. The Partnership accounts for a voyage charter when all the following criteria are met: (1) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (2) the Partnership can identify each party’s rights regarding the services to be transferred, (3) the Partnership can identify the payment terms for the services to be transferred, (4) the charter agreement has commercial substance (that is, the risk, timing, or amount of the Partnership’s future cash flows is expected to change as a result of the contract) and (5) it is probable that the Partnership will collect substantially all of the consideration to which it will be entitled in exchange for the services that will be transferred to the charterer. The Partnership determined that its voyage charters consist of a single performance obligation which is met evenly as the voyage progresses and begin to be satisfied once the vessel is ready to load the cargo. The voyage charter party agreement generally has a demurrage clause according to which the charterer reimburses the vessel owner for any potential delays exceeding the allowed lay-time as per the charter party clause at the ports visited which is recorded as demurrage revenue. Demurrage revenues are recognized starting from the point that is determined that the amount can be estimated and its collection is probable and on a straight line basis until the end of the voyage. Revenues from voyage charters are recognized on a straight line basis over the voyage duration which commences once the vessel is ready to load the cargo and terminates upon the completion of the discharge of the cargo. In voyage charters, vessel operating and voyage expenses are paid for by the Partnership. The voyage charters are considered service contracts which fall under the provisions of ASC 606 because the Partnership retains control over the operations of the vessels such as the routes taken or the vessels’ speed. Payment terms under voyage charters are disclosed in the relevant voyage charter agreements and generally have standard payment terms of 90% to 95% of the freight which is paid within three days after the completion of the vessel’s loading. Under ASC 606, receivables represent an entity’s unconditional right to consideration, whether billed or unbilled. Vessel voyage expenses are direct expenses to voyage revenues and primarily consist of brokerage commissions, port expenses, canal dues and bunkers. Brokerage commissions are paid to shipbrokers for their time and efforts for negotiating and arranging charter party agreements on behalf of the Partnership and are expensed over the related charter period. All other voyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as the Partnership satisfies the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered ‘contract fulfillment costs’ and are included in ‘prepayments and other assets’ in the consolidated balance sheets. Vessel operating expenses presented in the consolidated financial statements mainly consist of management fees payable to the Partnership’s managers and crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating expenses. Vessel operating expenses are expensed as incurred.
Foreign Currency Transactions	*(d) Foreign Currency Transactions:* The functional currency of the Partnership is the U.S. Dollar because the Partnership’s vessels operate in international shipping markets that utilize the U.S. Dollar as the functional currency. The accounting records of the Partnership are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in currencies other than the U.S. Dollar, are translated into the functional currency using the exchange rate at those dates. Gains or losses resulting from foreign currency transactions are included in “Other (expense) / income” in the consolidated statements of comprehensive income / (loss).
Cash and Cash Equivalents	*(e) Cash and Cash Equivalents*: The Partnership considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.
Restricted cash	*(f) Restricted cash:* For the Partnership to comply with debt covenants under its credit facilities and financing arrangements, it must maintain minimum cash deposits. Such deposits are considered by the Partnership to be restricted cash.
Trade Accounts Receivable	*(g) Trade Accounts Receivable:* The amount shown as trade accounts receivable primarily consists of earned revenue that has not been billed yet or that has been billed but not yet collected. At each balance sheet date all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate write off. For the year ended December 31, 2020 and 2019 the respective write off amounted to $174 and $6, respectively.
Inventories	*(h) Inventories:* Inventories consist of consumable bunkers, lubricants, spares and stores and are stated at the lower of cost and net realizable value. Net realizable value is the estimated selling prices less reasonably predictable costs of disposal and transportation. The cost is determined by the first-in, first-out method.
Vessels Held for Sale	*(i) Vessels Held for Sale:* The Partnership classifies vessels as being held for sale when the following criteria are met: (i) management is committed to sell the asset; (ii) the asset is available for immediate sale in its present condition; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. These vessels are not depreciated once they meet the criteria to be classified as held for sale. If a plan to sell a vessel is cancelled, the Partnership reclassifies the vessel as held for use and re-measures it at the lower of (i) its carrying amount before the vessel was classified as held for sale, adjusted for any depreciation expense that would have been recognized if the vessel had been continuously classified as held and used and (ii) its fair value at the date of the subsequent decision not to sell.
Fixed Assets	*(j) Fixed Assets:* Fixed assets consist of vessels, which are stated at cost, less accumulated depreciation. Vessel cost consists of the contract price for the vessel, any material expenses incurred during their construction (improvements and delivery expenses, on-site supervision costs incurred during the construction periods, as well as capitalized interest expense during the construction period). Certain subsequent expenditures for major improvements and regulatory requirements are also capitalized if it is determined that they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Vessels acquired through acquisition of businesses are recorded at their acquisition date fair values. Vessels acquired through asset acquisitions are recorded at cost. The cost of each of the Partnership’s vessels is depreciated, beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel’s remaining economic useful life, after considering the estimated residual value. Management estimates the scrap value of the Partnership’s vessels to be $0.2 per light weight ton (LWT) and useful life to be 25 years.
Impairment of Long-lived Assets	*(k) Impairment of Long-lived Assets:* An impairment loss on long-lived assets is recognized when indicators of impairment are present and the carrying amount of the long-lived asset is greater than its fair value and not believed to be recoverable. In determining future benefits derived from use of long-lived assets, the Partnership performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the asset, including any related intangible assets and liabilities, exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value. Various factors including future charter rates and vessel operating costs are included in this analysis. In recent years, changing market conditions resulted in a decrease in charter rates and values of assets. The Partnership considered these market developments as indicators of potential impairment of the carrying amount of its long-lived assets. The Partnership has performed an undiscounted cash flow test based on U.S. GAAP as of December 31, 2020 and 2019, determining undiscounted projected net operating cash flows for the vessels and comparing them to the carrying values of the vessels, and any related intangible assets and liabilities. In developing estimates of future cash flows, the Partnership made assumptions about future charter rates, utilization rates, vessel operating expenses, future dry docking costs, the estimated remaining useful life of the vessels and their estimated residual value. These assumptions are based on historical trends as well as future expectations that are in line with the Partnership’s historical performance and expectations for the vessels’ utilization under the current deployment strategy. Based on these assumptions, the Partnership determined that the vessels held for use and their related intangible assets and liabilities were not impaired as of December 31, 2020 and 2019.
Deferred charges, net	*(l) Deferred charges, net:* Deferred charges, net are comprised mainly of dry docking costs. The Partnership’s vessels are required to be dry docked every thirty to sixty months for major repairs and maintenance that cannot be performed while the vessels are under operation. The Partnership has adopted the deferral method of accounting for dry docking activities whereby costs incurred are deferred and amortized on a straight line basis over the period until the next scheduled dry docking activity.
Intangible assets	*(m) Intangible assets:* The Partnership records all identified tangible and intangible assets or any liabilities associated with the acquisition of a business or an asset at fair value. When a vessel or a business that owns a vessel is acquired with an existing charter agreement, the Partnership considers whether any value should be assigned to the attached charter agreement acquired. The value to be assigned to the charter agreement is based on the difference of the contractual charter rate of the agreement acquired and the prevailing market rate for a charter of equivalent duration at the time of the acquisition, determined by independent appraisers as at that date. The resulting above-market (assets) or below-market (liabilities) charters are amortized using the straight line method as a reduction or increase, respectively, to revenues over the remaining term of the charters (Note 7).
Net Income Per Limited Partner Unit	*(n) Net Income Per Limited Partner Unit:* Basic net income per limited partner unit is calculated by dividing the Partnership’s net income less net income allocable to preferred unit holders, general partner’s interest in net income (including incentive distribution rights (“IDR”)) and net income allocable to unvested units, by the weighted-average number of common units outstanding during the period (Note 15). Diluted net income per limited partner unit reflects the potential dilution that could occur if securities or other contracts to issue limited partner units were exercised.
Segment Reporting	*(o) Segment Reporting:* The Partnership reports financial information and evaluates its operations by charter revenues and not by the length, type of vessel or type of ship employment for its customers, i.e. time or bareboat charters. The Partnership does not use discrete financial information to evaluate the operating results for each such type of charter or vessel. Although revenue can be identified for these types of charters or vessels, management cannot and does not identify expenses, profitability or other financial information for these various types of charters or vessels. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus the Partnership has determined that it operates as one reportable segment. Furthermore, when the Partnership charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.
Omnibus Incentive Compensation Plan	*(p) Omnibus Incentive Compensation Plan:* Equity compensation expense represents vested and unvested units granted to employees and to non-employee directors, for their services as directors, as well as to non-employees and are included in general and administrative expenses in the consolidated statements of comprehensive income / (loss). These units are measured at their fair value equal to the market value of the Partnership’s common units on the grant date. The units that contain a time-based service vesting condition are considered unvested units on the grant date and the total fair value of such units is recognized on a straight-line basis over the requisite service period (Note 14).
Recent Accounting Pronouncements	*(q) Recent Accounting Pronouncements:* In March 2020, the Financial Standard Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”)”. ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. The Partnership is currently evaluating the impact of this adoption in its consolidated financial statements and related disclosures.

Basis of Presentation and General Information (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and General Information - List of Subsidiaries (Table)

Subsidiary	Date of Incorporation	Name of Vessel Owned by Subsidiary	Deadweight “DWT”	Date acquired by the Partnership	Date acquired by Capital Maritime & Trading Corp. (“CMTC”)
Discontinued Operations (Companies part of the Crude and Product tanker business which were spun-off on March 27, 2019)
Shipping Rider Co.	09/16/2003	M/T Atlantas II	36,760	04/04/2007	04/26/2006
Canvey Shipmanagement Co.	03/18/2004	M/T Assos	47,872	08/16/2010 04/04/2007	05/17/2006
Centurion Navigation Limited	08/27/2003	M/T Aktoras	36,759	04/04/2007	07/12/2006
Polarwind Maritime S.A.	10/10/2003	M/T Agisilaos	36,760	04/04/2007	08/16/2006
Carnation Shipping Company	11/10/2003	M/T Arionas	36,725	04/04/2007	11/02/2006
Apollonas Shipping Company	02/10/2004	M/T Avax	47,834	04/04/2007	01/12/2007
Tempest Maritime Inc.	09/12/2003	M/T Aiolos	36,725	04/04/2007	03/02/2007
Iraklitos Shipping Company	02/10/2004	M/T Axios	47,872	04/04/2007	02/28/2007
Epicurus Shipping Company	02/11/2004	M/T Atrotos	47,786	03/01/2010 05/08/2007	05/08/2007
Laredo Maritime Inc.	02/03/2004	M/T Akeraios	47,781	07/13/2007	07/13/2007
Lorenzo Shipmanagement Inc.	05/26/2004	M/T Apostolos	47,782	09/20/2007	09/20/2007
Splendor Shipholding S.A.	07/08/2004	M/T Anemos I	47,782	09/28/2007	09/28/2007
Sorrel Shipmanagement Inc.	02/07/2006	M/T Alexandros II	51,258	01/29/2008	01/29/2008
Wind Dancer Shipping Inc.	02/07/2006	M/T Aristotelis II	51,226	06/17/2008	06/17/2008
Belerion Maritime Co.	01/24/2006	M/T Aris II	51,218	08/20/2008	08/20/2008
Navarro International S.A.	07/14/2006	M/T Ayrton II	51,260	04/13/2009	04/10/2009
Adrian Shipholding Inc.	06/22/2004	M/T Alkiviadis	36,721	06/30/2010	03/29/2006
Cooper Consultants Co. renamed to Miltiadis M II Carriers Corp.	04/06/2006	M/T Miltiadis M II	162,397	09/30/2011	04/26/2006
Amoureux Carriers Corp.	04/14/2010	M/T Amoureux	149,993	09/30/2011	—
Aias Carriers Corp.	04/14/2010	M/T Aias	150,393	09/30/2011	—
Isiodos Product Carrier S.A.	05/31/2013	M/T Active	50,136	03/31/2015	03/31/2015
Titanas Product Carrier S.A.	05/31/2013	M/T Amadeus	50,108	06/30/2015	06/30/2015
Filonikis Product Carrier S.A.	05/31/2013	M/T Amor	49,999	10/24/2016	09/30/2015
Asterias Crude Carrier S.A.	07/13/2015	M/T Aristaios	113,689	01/17/2018	01/10/2017
Iason Product Carrier S.A.	08/28/2013	M/T Anikitos	50,082	05/04/2018	06/21/2016
Athena SpinCo Inc.*	11/14/2018	—	—	__	__
Athena MergerCo 1 Inc. *	11/14/2018	—	—	__	__
Athena MergerCo 2 Inc. *	11/14/2018	—	—	__	__
Athena MergerCo 3 LLC. *	11/14/2018	—	—	__	__
Athena MergerCo 4 LLC *	11/14/2018	—	—	__	__

* Companies established for the purpose of the agreement between the Partnership and DSS.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Discontinued operations (Table)

represents activity for the period from January 1, 2019 to the date of the completion of the DSS Transaction on March 27, 2019.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Revenues from continuing operations (Tables)

12 Months Ended

Dec. 31, 2020

Revenues From Continuing Operations

Revenues from continuing operations - Disaggregation of revenue (Table)

The following table shows the revenues from continuing operations earned from time and voyage charters contracts for the years ended December 31, 2020, 2019 and 2018:

	For the years ended December 31,
	2020	2019	2018
Time charters (operating leases)	$ 137,893	$ 108,374	$ 107,923
Voyage charters	$ 2,972	$ —	$ 9,672
Total	$ 140,865	$ 108,374	$ 117,595

Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2020

Transactions with Related Parties - Consolidated Balance Sheets (Table)

Consolidated Balance Sheets		As of December 31, 2020		As of December 31, 2019
Liabilities:
CSM – payments on behalf of the Partnership (a)	$	1,040	$	3,151
Management fee payable to CSM (b)		25		55
Capital-Executive – payments on behalf of the Partnership (a)		1,765		1,745
Management fee payable to Capital-Executive (b)		427		305
Due to related parties	$	3,257	$	5,256

Transactions with Related Parties - Consolidated Statements of Comprehensive Income / (Loss) (Table)

Consolidated Statements of Comprehensive Income / (Loss)	For the years ended December 31,
	2020		2019		2018
Revenues (c)	$	—	$	—	$	701
Vessel operating expenses		4,976		3,917		4,221
General and administrative expenses (d)		2,049		2,146		1,922

Transactions with Related Parties - Charter Agreements (Table)

Vessel Name

Time

Charter (TC)

in years

Commencement of

Charter

Termination

Gross (Net) Daily

Hire Rate

M/T Aristotelis

1.0

01/2017

03/2018

$13.8 ($13.6)

Vessels, net (Tables)

12 Months Ended

Dec. 31, 2020

Vessels Net

Vessels, net (Table)

	Vessel Cost	Accumulated depreciation	Net book value
Balance as at January 1, 2019	$ 728,923	$(142,823)	$ 586,100

Improvements	19,896	—	19,896
Depreciation for the year	—	(29,105)	(29,105)

Balance as at December 31, 2019	$ 748,819	$(171,928)	$ 576,891

Vessel acquisitions	162,600	—	162,600
Improvements	11,601	—	11,601
Depreciation for the year	—	(38,895)	(38,895)

Balance as at December 31, 2020	$ 923,020	(210,823)	712,197

Above market acquired charters (Tables)

12 Months Ended

Dec. 31, 2020

Above Market Acquired Charters

Above market acquired charters (Table)

The following table presents an analysis of above market acquired charters:

Above market acquired charters (Table)

Above market acquired charters	Book Value
Carrying amount as at January 1, 2019	$ 60,655

Amortization	$(14,380)

Carrying amount as at December 31, 2019	$ 46,275

Amortization	(11,696)

Carrying amount as at December 31, 2020	$ 34,579

Above market acquired charters - Future amortization expense (Table)

For the year ending

December 31,
Amount

2021 8,417

2022 8,371

2023 8,371

2024 8,326

2025 1,094

Total $ 34,579

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt - Bank Loans (Table)


	Bank loans and Financing arrangements	As of December 31, 2020		As of December 31, 2019		Margin
(i)	Issued in September 2017 maturing in October 2023 (the “2017 credit facility”)		122,324		262,385	3.25%
(ii)	Issued in January 2020 maturing in January 2025 (the “2020 credit facility”)		35,920		-	2.55%
(iii)	Issued in January 2020 maturing in January 2025 (the “CMBFL financing arrangement”)		36,100		-	2.55%
(iv)	Issued in January 2020 maturing in January 2025 (the “CMBFL financing arrangement”)		36,100		-	2.55%
(v)	Issued in May 2020 maturing in May 2027 (the “ICBCFL financing arrangement”)		49,324		-	2.60%
(vi)	Issued in May 2020 maturing in May 2027 (the “ICBCFL financing arrangement”)		50,570		-	2.60%
(vii)	Issued in May 2020 maturing in May 2027 (the “ICBCFL financing arrangement”)		49,324		-	2.60%
	Total long-term debt	$	379,662	$	262,385
	Less: Deferred loans and financing arrangements issuance costs		5,338		3,399
	Total long-term debt, net	$	374,324	$	258,986
	Less: Current portion of long-term debt		37,210		29,145
	Add: Current portion of deferred loans and financing arrangements issuance costs		1,400		2,148
	Long-term debt, net	$	338,514	$	231,989

Long-Term Debt - Required Annual Loan Payments (Table)

The required annual payments to be made subsequently to December 31, 2020 are as follows:

For the year ending December 31,	Amount
2021	37,210
2022	37,210
2023	110,703
2024	20,933
2025	79,853
Thereafter	93,753

Total	379,662

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued liabilities (Table)

Accrued liabilities consist of the following: Accrued liabilities (Table)


	As of December 31,
	2020	2019
Accrued loan interest and loan fees	$ 1,817	$ 3,403
Accrued operating expenses	4,953	5,339
Accrued capitalized expenses	1,350	4,263
Accrued voyage expenses and commissions	1,577	1,356
Accrued general and administrative expenses	992	1,795

Total	$ 10,689	$ 16,156

Voyage Expenses and Vessel Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Voyage Expenses And Vessel Operating Expenses

Voyage expenses and vessel operating expenses (Table)

Voyage expenses and vessel operating expenses consist of the following:


	For the years ended December 31,
	2020	2019	2018
Voyage expenses:
Commissions	$ 2,809	$ 1,952	$ 2,171
Bunkers	1,349	89	4,360
Port expenses	624	4	2,217
Other	1,519	885	365

Total	$ 6,301	$ 2,930	$ 9,113

Vessel operating expenses:
Crew costs and related costs	$ 16,624	$ 13,375	$ 14,794
Insurance expense	2,388	1,796	2,112
Spares, repairs, maintenance and other expenses	8,836	5,001	4,396
Stores and lubricants	4,593	3,251	3,451
Management fees (Note 5)	4,976	3,917	4,221
Other operating expenses	1,304	3,209	1,674

Total	$ 38,721	$ 30,549	$ 30,648

Partners’ Capital (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Partners’ Capital - Schedule of Incentive Distributions (Table)


	Total Quarterly	Marginal Percentage Interest in Distributions
	Distribution Target Amount per Unit	Unitholders	General Partner
Minimum Quarterly Distribution	$1.6275	98 %	2 %
First Target Distribution	up to $1.6975	98 %	2 %
Second Target Distribution	above $1.6975 up to $1.8725	85 %	15 %
Third Target Distribution	above $1.8725 up to $2.0475	75 %	25 %
Thereafter	above $2.0475	65 %	35 %

Partners’ Capital - Partnership units (Table)

As of December 31, 2020 and 2019 our partners’ capital included the following units:

	As of December 31, 2020	As of December 31, 2019
Common units	18,623,100	18,178,100
General partner units	348,570	348,570

Total partnership units	18,971,670	18,526,670

Omnibus Incentive Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Omnibus Incentive Compensation Plan (Table)

The following table contains details of our plan:

	Equity compensation plan
Unvested Units	Units	Amount
Unvested on January 1, 2019	-	$ -
Granted	445,000	$ 4,997
Vested	(16,042)	(180)
Unvested on December 31, 2019	428,958	$ 4,817
Vested	(16,042)	(180)
Unvested on December 31, 2020	412,916	$ 4,637

Net Income / (Loss) from continuing operations Per Unit (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Income / (Loss) from continuing operations Per Unit - Basic and Diluted (Table)

The two class method used to calculate EPU from continuing operations is as follows:

BASIC AND DILUTED	2020	2019	2018
Numerators
Partnership’s net income / (loss) from continuing operations	$ 30,367	$ 24,421	$ (7,611)
Less:
Preferred unit holders’ interest in Partnership’s net income from continuing operations	-	2,652	11,101
Deemed dividend to preferred unit holders’ (Note 13)	-	9,119	-
General Partner’s interest in Partnership’s net income / (loss) from continuing operations	558	236	(352)
Partnership’s net income / (loss) from continuing operations allocable to unvested units	685	130	(103)
Common unit holders’ interest in Partnership’s net income / (loss) from continuing operations	$ 29,124	$ 12,284	$ (18,257)
Denominators
Weighted average number of common units outstanding, basic and diluted	18,194,186	18,178,144	18,100,455
Net income /(loss) from continuing operations per common unit:
Basic and Diluted	$ 1.60	$ 0.68	$ (1.01)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies - Future minimum rental receipts

Year ending December 31,	Amount
2021	129,629
2022	113,766
2023	108,807
2024	93,330
2025	37,765
Thereafter	7,357

Total	490,654

Basis of Presentation and General Information - List of Subsidiaries (Table) (Details)

12 Months Ended

Dec. 31, 2020

Basis of Presentation and General Information (Details Narrative)	3 Months Ended	11 Months Ended
	Mar. 27, 2019 USD ($) shares	Nov. 27, 2018	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Number of vessels			14
Reverse unit split, description	one for seven reverse unit split
Transaction agreement with DSS Holdings L.P. [Member]
Property, Plant and Equipment [Line Items]
Date of transaction agreement		November 27, 2018
Closing date of Transaction agreement	March 27, 2019
Transaction agreement with DSS Holdings L.P. [Member] \| DSS Loan [Member]
Property, Plant and Equipment [Line Items]
Expiration period of line of credit	5 years
Credit facility, maximum borrowing capacity	$ 360,000
Transaction agreement with DSS Holdings L.P. [Member] \| Athena renamed to Diamond S [Member]
Property, Plant and Equipment [Line Items]
Partnership contribution of the Crude and Product tanker business	the Partnership agreed to contribute to Athena the Crude and Product tanker business, associated inventories, $10,000 in cash plus prorated charter hire and net payments received from February 20, 2019 onwards with specific arrangements relating to the funding of working capital
Cash received	$ 10,000
Shares to be distributed \| shares	12,725,000
Neo Panamax Container Carrier Vessels [Member]
Property, Plant and Equipment [Line Items]
Number of vessels			13
Capesize Bulk Carrier [Member]
Property, Plant and Equipment [Line Items]
Number of vessels			1

Significant Accounting Policies (Details Narrative)	12 Months Ended
Significant Accounting Policies (Details Narrative)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Property, Plant and Equipment [Line Items]
Maximum original maturity of highly liquid investments, in order to be classified as cash and cash equivalents (in months)	3
Write off of doubtful accounts	$ 174	$ 6
Scrap value per light weight ton (LWT)	0.2
Vessels useful life	25 years
Number of reportable segments	1
Minimum [Member]
Property, Plant and Equipment [Line Items]
Interval between vessel drydocking	30
Maximum [Member]
Property, Plant and Equipment [Line Items]
Interval between vessel drydocking	60

Discontinued Operations (Details Narrative) $ in Thousands	Dec. 31, 2019 USD ($)
Vessels part of the Crude and Product tanker business [Member]
Property, Plant and Equipment [Line Items]
Paid advances relating to the purchase of exhaust gas cleaning systems and ballast water treatment systems	$ 1,110

Revenues from continuing operations (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Unearned revenue	$ 2,821	$ 3,826
Prepaid Expenses and Other Current Assets [Member]
Prepaid Expense and Other Assets, Current	80	0
Accounts Payable and Accrued Liabilities [Member]
Unearned revenue	$ 0	$ 0
Minimum [Member] \| Thirteen Vessels Under Time Charter Agreements [Member]
Remaining tenor of time charter agreements (in years)	0.4
Minimum [Member] \| Four Time Charter Agreements With Extensions In Charterers Option [Member]
Remaining tenor of time charter agreements (in years)	0.6
Maximum [Member] \| Thirteen Vessels Under Time Charter Agreements [Member]
Remaining tenor of time charter agreements (in years)	5.3
Maximum [Member] \| Four Time Charter Agreements With Extensions In Charterers Option [Member]
Remaining tenor of time charter agreements (in years)	2.0

Transactions with Related Parties - Consolidated Balance Sheets (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Liabilities:
Due to related parties	$ 3,257	$ 5,256
CSM - payments on behalf of the Partnership (a) [Member]
Liabilities:
Due to related parties	1,040	3,151
Management fee payable to CSM (b) [Member]
Liabilities:
Due to related parties	25	55
Capital-Executive - payments on behalf of the Partnership (a) [Member]
Liabilities:
Due to related parties	1,765	1,745
Management fee payable to Capital-Executive (b) [Member]
Liabilities:
Due to related parties	$ 427	$ 305

Transactions with Related Parties - Charter Agreements (Table) (Details) - M/T Aristotelis [Member]	12 Months Ended
	Dec. 31, 2020
Lessor, Lease, Description [Line Items]
Time Charter (TC) in years	1.0
Commencement of Charter	01/2017
Termination	03/2018
Gross Daily Hire Rate	$13.8
Net Daily Hire Rate	$13.6

Transactions with Related Parties (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Nov. 30, 2020	Aug. 31, 2019
Related Party Transaction [Line Items]
Vessel operating expenses	$ 4,976	$ 3,917	$ 4,221
General and administrative expenses	7,195	5,502	5,713
Capital Executive and or CSM Managers [Member]
Related Party Transaction [Line Items]
Vessel operating expenses	4,976	3,917	4,221
Capital Executive Ship Management Corp [Member]
Related Party Transaction [Line Items]
Number of vessels change manager				1	10
Administrative And Service Agreements [Member]
Related Party Transaction [Line Items]
General and administrative expenses	$ 1,880	$ 1,880	$ 1,688

Vessels, net (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
Vessels, net (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Balance as at beginning of period	$ 576,891
Balance as at end of period	712,197	$ 576,891
Vessel Cost [Member]
Property, Plant and Equipment [Line Items]
Balance as at beginning of period	748,819	728,923
Vessel acquisitions	162,600
Improvements	11,601	19,896
Balance as at end of period	923,020	748,819
Accumulated depreciation [Member]
Property, Plant and Equipment [Line Items]
Balance as at end of period	(171,928)	(142,823)
Depreciation for the year	(38,895)	(29,105)
Balance as at end of period	(210,823)	(171,928)
Net book value [Member]
Property, Plant and Equipment [Line Items]
Balance as at beginning of period	576,891	586,100
Vessel acquisitions	162,600
Improvements	11,601	19,896
Depreciation for the year	(38,895)	(29,105)
Balance as at end of period	$ 712,197	$ 576,891

Vessels, net (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	8 Months Ended	12 Months Ended
Vessels, net (Details Narrative) - USD ($) $ in Thousands	Jan. 31, 2020	Sep. 11, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Impairment of vessel			$ 0	$ 0	$ 28,805
M/V Athenian, M/V Athos and M/V Aristomenis [Member]
Property, Plant and Equipment [Line Items]
Vessels acquisition	$ 162,600
Vessels' Improvements [Member]
Property, Plant and Equipment [Line Items]
Vessel improvement costs capitalized			$ 10,906	$ 19,297
Amore Mio II [Member]
Property, Plant and Equipment [Line Items]
Sale price agreed in Memorandum of Agreement		$ 11,150
Impairment of vessel					28,805
Classification as asset held for sale					$ 10,927
Disposal Date		Oct. 15, 2018

Above market acquired charters - Future amortization expense (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Above Market Acquired Charters
2021	$ 8,417
2022	8,371
2023	8,371
2024	8,326
2025	1,094
Total	$ 34,579	$ 46,275	$ 60,655

Long-Term Debt - Bank Loans (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total long-term debt	$ 379,662	$ 262,385
Less: Deferred loans and financing arrangements issuance costs	5,338	3,399
Total long-term debt, net	374,324	258,986
Less: Current portion of long-term debt	37,210	29,145
Add: Current portion of deferred loans and financing arrangements issuance costs	1,400	2,148
Long-term debt, net	338,514	231,989
(i) Issued in September 2017 maturing in October 2023 (the '2017 credit facility') [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 122,324	$ 262,385
Margin	3.25%
(ii) Issued in January 2020 maturing in January 2025 (the '2020 credit facility') [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 35,920
Margin	2.55%
(iii) Issued in January 2020 maturing in January 2025 (the 'CMBFL' financing arrangement) [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 36,100
Margin	2.55%
(iv) Issued in January 2020 maturing in January 2025 (the 'CMBFL' financing arrangement) [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 36,100
Margin	2.55%
(v) Issued in May 2020 maturing in May 2027 (the 'ICBCFL financing arrangement') [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 49,324
Margin	2.60%
(vi) Issued in May 2020 maturing in May 2027 (the 'ICBCFL financing arrangement') [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 50,570
Margin	2.60%
(vii) Issued in May 2020 maturing in May 2027 (the 'ICBCFL financing arrangement') [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 49,324
Margin	2.60%

Long-Term Debt - Required Annual Loan Payments (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 37,210
2022	37,210
2023	110,703
2024	20,933
2025	79,853
Thereafter	93,753
Total	$ 379,662	$ 262,385

Long-Term Debt (Details Narrative) $ in Thousands	1 Months Ended				5 Months Ended		12 Months Ended
Long-Term Debt (Details Narrative) $ in Thousands	Jan. 23, 2020 USD ($)	Jan. 22, 2020 USD ($)	Jan. 20, 2020 USD ($)	Jan. 17, 2020 USD ($)	May 31, 2020 USD ($)	May 27, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Repayments of Debt							$ 153,573	$ 32,733	$ 55,283
Interest expense from continuing operations							$ 13,761	$ 15,836	$ 17,422
Weighted average interest rate							3.60%	5.70%	5.40%
M/V Athos Financing Arrangement [Member]
Debt Instrument [Line Items]
Debt variable rate basis			Libor
Margin			2.55%
Sale Leaseback Transaction, Date			January 20, 2020
Sale and leaseback transaction gross cash inflow financing arrangement	$ 38,500
Debt Instrument, Term			5 years
Purchase option to acquire vessel under a financing arrangement			$ 22,500
Amount payable at the expiration of the lease if the option to acquire the vessel is not excercised			$ 7,500
M/V Aristomenis Financing Arrangement [Member]
Debt Instrument [Line Items]
Debt variable rate basis			Libor
Margin			2.55%
Sale Leaseback Transaction, Date			January 20, 2020
Sale and leaseback transaction gross cash inflow financing arrangement	$ 38,500
Debt Instrument, Term			5 years
Purchase option to acquire vessel under a financing arrangement			$ 22,500
Amount payable at the expiration of the lease if the option to acquire the vessel is not excercised			$ 7,500
M/V Athenian Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Issuance Date				Jan. 17, 2020
Amount drawn down		$ 38,500
Maximum borrowing capacity				$ 38,500
Repayment instalments				20
Frequency of payments				quarterly
Repayment amount				$ 860
Ballon payment, payable together with the final quarterly installment				$ 21,300
Debt variable rate basis				Libor
Margin				2.55%
Refinancing of M/V Akadimos, the CMA CGM Uruguay and the CMA CGM Magdalena with ICBCFL [Member]
Debt Instrument [Line Items]
Debt variable rate basis						Libor
Margin						2.60%
Sale and leaseback transaction gross cash inflow financing arrangement						$ 155,350
Debt Instrument, Term						7 years
Repayments of Debt						$ 116,515
Mandatory purchase obligation on sale and leaseback agreement expiration						$ 77,700
Credit Facility II 2017 [Member] \| Transaction agreement with DSS Holdings L.P. [Member]
Debt Instrument [Line Items]
Repayment amount								$ 89,298
Credit Facility 2015, Credit Facility 2017 and Aristaios Credit Facility [Member] \| Transaction agreement with DSS Holdings L.P. [Member]
Debt Instrument [Line Items]
Repayment amount								$ 146,517
Credit Facility 2017 Amendment [Member]
Debt Instrument [Line Items]
Repayment instalments								19
Frequency of payments								quarterly
Repayment amount								$ 7,703
Ballon payment, payable together with the final quarterly installment								139,130
Credit Facility 2017 Amendment [Member] \| Following the repayment and re-financing with ICBFL [Member]
Debt Instrument [Line Items]
Repayment instalments					14
Frequency of payments					quarterly
Repayment amount					$ 4,069
Ballon payment, payable together with the final quarterly installment					$ 73,493
Credit facilities and financing arrangements [Member]
Debt Instrument [Line Items]
Repayments of Debt							$ 37,058	$ 32,733
Covenants [Member]
Debt Instrument [Line Items]
Ratio Of EBITDA To Net Interest Expense							2:1
Net Total Indebtedness to the aggregate Market Value of the Total fleet							0.75:1
Covenants [Member] \| Per Vessel [Member]
Debt Instrument [Line Items]
Restricted Cash and Cash Equivalents							$ 500
Covenants [Member] \| Credit Facility 2017, 'ICBCFL' Financing Arrangement and Credit Facility 2020 [Member]
Debt Instrument [Line Items]
Collateral Maintenance Requirement							125.00%
Covenants [Member] \| 'CMBFL' Financing Arrangement [Member]
Debt Instrument [Line Items]
Collateral Maintenance Requirement							120.00%

Partners’ Capital - Schedule of Incentive Distributions (Table) (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares
Minimum Quarterly Distribution [Member] \| Limited Partner [Member]
Marginal percentage interest in distributions	98.00%
Minimum Quarterly Distribution [Member] \| General Partner [Member]
Marginal percentage interest in distributions	2.00%
First Target Distribution [Member] \| Limited Partner [Member]
Marginal percentage interest in distributions	98.00%
First Target Distribution [Member] \| General Partner [Member]
Marginal percentage interest in distributions	2.00%
Second Target Distribution [Member] \| Limited Partner [Member]
Marginal percentage interest in distributions	85.00%
Second Target Distribution [Member] \| General Partner [Member]
Marginal percentage interest in distributions	15.00%
Third Target Distribution [Member] \| Limited Partner [Member]
Marginal percentage interest in distributions	75.00%
Third Target Distribution [Member] \| General Partner [Member]
Marginal percentage interest in distributions	25.00%
Thereafter Target Distribution [Member] \| Limited Partner [Member]
Marginal percentage interest in distributions	65.00%
Thereafter Target Distribution [Member] \| General Partner [Member]
Marginal percentage interest in distributions	35.00%
Minimum [Member] \| Minimum Quarterly Distribution [Member] \| Total Quarterly Distribution [Member]
Distribution Target Amount per Unit	$ 1.6275
Minimum [Member] \| Second Target Distribution [Member] \| Total Quarterly Distribution [Member]
Distribution Target Amount per Unit	1.6975
Minimum [Member] \| Third Target Distribution [Member] \| Total Quarterly Distribution [Member]
Distribution Target Amount per Unit	1.8725
Minimum [Member] \| Thereafter Target Distribution [Member] \| Total Quarterly Distribution [Member]
Distribution Target Amount per Unit	2.0475
Maximum [Member] \| First Target Distribution [Member] \| Total Quarterly Distribution [Member]
Distribution Target Amount per Unit	1.6975
Maximum [Member] \| Second Target Distribution [Member] \| Total Quarterly Distribution [Member]
Distribution Target Amount per Unit	1.8725
Maximum [Member] \| Third Target Distribution [Member] \| Total Quarterly Distribution [Member]
Distribution Target Amount per Unit	$ 2.0475

Partners’ Capital (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 27, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2013
Distribution Made to Limited Partner [Line Items]
May 23, June 6, 2012 and 2013 Class B Convertible Preferred Units Subscription Agreements Conversion Terms		Commencing on May 23, 2015, in the event the 30-day volume-weighted average trading price (“VWAP”) and the daily VWAP of the Common Units on the National Securities Exchange on which the Common Units are listed or admitted to trading exceeds 130% of the then applicable Conversion Price for at least 20 Trading Days out of the 30 consecutive Trading Day period used to calculate the 30-day VWAP (the “Partnership Mandatory Conversion Event”) the Partnership acting pursuant to direction and approval of the Conflicts Committee (following consultation with the full board of directors), should have the right to convert the Class B Convertible Preferred Units then outstanding in whole or in part into Common Units at the then-applicable Conversion Ratio. The holders of the outstanding Class B Convertible Preferred Units as of an applicable record date should be entitled to receive, in cash, when, as and if authorized by the Partnership’s board of directors or any duly authorized committee, out of legally available funds for such purpose, (a) first, the minimum quarterly Class B Convertible Preferred Unit Distribution Rate on each Class B Convertible Preferred Unit and (b) second, any cumulative Class B Convertible Preferred Unit Arrearage then outstanding, prior to any other distributions made in respect of any other Partnership Interests pursuant to the Subscription Agreements. The minimum quarterly Class B Convertible Preferred Unit Distribution Rate should be payable quarterly which is generally expected to be February 10, May 10, August 10 and November 10, or, if any such date is not a business day, the next succeeding business day.
Redemption price		$ 0	$ 116,850	$ 0
Dividends paid		17,075	28,771	52,600
Difference between carrying amount of Class B Convertible Preferred Units and their redemption price		$ 0	$ 9,119	$ 0
Reverse unit split, description	one for seven reverse unit split
Common units issued		18,623,100	18,178,100
Common units outstanding		18,623,100	18,178,100
General partner units outstanding		348,570	348,570
The 2019 Amended Plan Employees and Non Employees [Member]
Distribution Made to Limited Partner [Line Items]
Units issued		445,000
Convertible Preferred Stock [Member] \| Transaction agreement with DSS Holdings L.P. [Member]
Distribution Made to Limited Partner [Line Items]
Redemption percentage	100.00%
Redemption price	$ 116,850
Dividends paid	2,652
Difference between carrying amount of Class B Convertible Preferred Units and their redemption price	$ 9,119
Unit Distribution [Member]
Distribution Made to Limited Partner [Line Items]
Convertible preferred shares issued					24,655,554
Conversion price of the Preferred units					$ 9
Preferred units conversion rate					1
Before Reverse Unit Split [Member]
Distribution Made to Limited Partner [Line Items]
Common units issued	127,246,692
Common units outstanding	127,246,692
General partner units issued	2,439,989
General partner units outstanding	2,439,989
Adjusted For Reverse Stock Split [Member]
Distribution Made to Limited Partner [Line Items]
Common units issued			18,178,100
Common units outstanding			18,178,100
General partner units issued			348,570
General partner units outstanding			348,570
CGP [Member]
Distribution Made to Limited Partner [Line Items]
Interest in CGP in the Partnership		1.84%
CGP [Member] \| Right Waived [Member] \| Minimum [Member]
Distribution Made to Limited Partner [Line Items]
Distribution target amount per unit		$ 1.6975
CGP [Member] \| Right Waived [Member] \| Maximum [Member]
Distribution Made to Limited Partner [Line Items]
Distribution target amount per unit		$ 1.75

Omnibus Incentive Compensation Plan (Details Narrative) $ / shares in Units, $ in Thousands	7 Months Ended	12 Months Ended
	Jul. 23, 2019 $ / shares shares	Dec. 31, 2020 USD ($) $ / shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Dec. 23, 2015 shares	Aug. 21, 2014 shares	Jul. 22, 2010 shares	Apr. 29, 2008 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted			445,000
Share based compensation \| $		$ 2,049	$ 907	$ 613
Total compensation cost related to non-vested awards \| $		2,043
Unvested Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Partners capital accrued distributions to unvested units \| $		372
Partnerships Omnibus Incentive Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit / Shared authorized						235,714	114,286	71,429
Partnerships Omnibus Incentive Compensation Plan Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted					34,286
Number of annual installments					3
Vesting date of remaining awards					December 31, 2018
Partnerships Omnibus Incentive Compensation Plan Non Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted					87,143
Number of annual installments					3
Vesting date of remaining awards					December 31, 2018
The 2019 Amended Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit / Shared authorized	740,000
The 2019 Amended Plan Employees and Non Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Units granted	445,000
Number of annual installments	3
Vesting date of remaining awards	December 31, 2021
Grant-date fair value \| $ / shares \| $ / shares	$ 11.23
Fair value of the vested common units \| $		$ 261
Price per common unit \| $ / shares		$ 8.12

Commitments and Contingencies - Future minimum rental receipts (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021	$ 129,629
2022	113,766
2023	108,807
2024	93,330
2025	37,765
Thereafter	7,357
Total	$ 490,654

Commitments and Contingencies (Details Narrative) - Akadimos (ex CMA CGM Amazon) settlement [Member]	8 Months Ended
	Sep. 04, 2019 USD ($)
Loss Contingencies [Line Items]
Loss Contingency, Settlement Agreement, Terms	Under the terms of the agreement, the subsidiary pled guilty to the unknown and unreported failure of shipboard staff to maintain an accurate Oil Record Book with respect to the M/V Akadimos. The subsidiary paid a fine of $500 and was placed on probation for 30 months.
Loss Contingency, Damages Paid, Value	$ 500

Subsequent Events (Details Narrative) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	3 Months Ended
	Jan. 25, 2021 USD ($)	Jan. 21, 2021 $ / shares	Feb. 25, 2021 USD ($)	Apr. 07, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Number of vessels					14
Long-term Debt, Gross					$ 379,662	$ 262,385
Unit Repurchase Program [Member]
Unit repurchase program authorized	$ 30,000
Period in force	2 years
CMBFL Sale And Leaseback Transaction [Member]
Sale and leaseback transaction gross cash inflow financing arrangement			$ 30,030
Debt Instrument, Term			5 years
Repayment installments			20
Line of Credit Facility, Frequency of Payments			quarterly
Debt Instrument, Periodic Payment, Principal			$ 826
Purchase option to acquire vessel under a financing arrangement			$ 4,505
Debt Instrument, Description of Variable Rate Basis			LIBOR
Debt Instrument, Basis Spread on Variable Rate			2.85%
M/V Seattle Express,M/V Long Beach Express and M/V Fos Express [Member]
Number of vessels			3
Containership capacity in TEU			5,089
Total consideration			$ 40,500
M/V Seattle Express,M/V Long Beach Express and M/V Fos Express [Member] \| Sellers' Credit [Member]
Long-term Debt, Gross			$ 6,000
Debt Instrument, Description			repayment of up to 5 years
Debt Instrument, Interest Rate, Stated Percentage			5.00%
M/V Seattle Express,M/V Long Beach Express and M/V Fos Express [Member] \| Lease Agreements [Member]
Time Charter (TC) in years			five year
Gross Daily Hire Rate			$12,300
M/V CMA CGM Magdalena and M/V Adonis [Member]
Sale price agreed in Memorandum of Agreement				$ 195,000
M/V CMA CGM Magdalena [Member]
Date of vessel sale				May
M/V Adonis [Member]
Date of vessel sale				July/August 2021
Limited Partner [Member]
Dividends payable, Date declared		Jan. 21, 2021
Dividend declared \| $ / shares \| $ / shares		$ 0.10
Dividends payable, Date of payment		Feb. 10, 2021
Dividends payable, Date of record		Feb. 02, 2021