v3.25.2
Unaudited Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating revenues:        
Loss of hire insurance recoveries (Note 5) $ 607 $ 78 $ 607 $ 78
Other income 533 554 1,105 1,109
Total revenues 87,060 74,420 171,089 151,052
Gain from disposals of assets     1,342  
Operating expenses:        
Vessel operating expenses 33,005 26,952 63,614 52,861
Voyage expenses and commission 944 584 1,711 2,219
Depreciation 29,372 27,748 58,135 55,490
Impairment 0 16,384   16,384
General and administrative expenses 1,555 1,426 3,351 3,063
Total operating expenses 64,876 73,094 126,811 130,017
Operating income (loss) 22,184 1,326 45,620 21,035
Finance income (expense):        
Interest income 903 897 1,651 1,725
Interest expense (Note 6) (15,316) (16,863) (30,218) (34,328)
Other finance income (expense) (Note 6) (199) 177 (351) (92)
Realized and unrealized gain (loss) on derivative instruments (Note 7) (370) 1,797 (1,714) 6,799
Net gain (loss) on foreign currency transactions (267) 28 107 (198)
Total finance expense (15,249) (13,964) (30,525) (26,094)
Income (loss) before income taxes 6,935 (12,638) 15,095 (5,059)
Income tax benefit (expense) (125) (213) (704) (354)
Net income (loss) 6,810 (12,851) 14,391 [1] (5,413) [1]
Series A Preferred unitholders' interest in net income (loss) 1,700 1,700 3,400 3,400
General Partner's interest in net income (loss) 95 (269) 203 (163)
Limited Partners' interest in net income (loss) $ 5,015 $ (14,282) $ 10,788 $ (8,650)
Earnings per unit (Basic):        
General Partner unit (basic) (in dollars per share) $ 0.15 $ (0.42) $ 0.32 $ (0.25)
Earnings per unit (Diluted):        
General Partner unit (basic) (in dollars per share) 0.15 (0.42) 0.32 (0.25)
Common units        
Earnings per unit (Basic):        
Common unit (basic) (in dollars per share) 0.15 (0.42) 0.32 (0.25)
Earnings per unit (Diluted):        
Common unit (diluted) (in dollars per share) $ 0.15 $ (0.42) $ 0.32 $ (0.25)
Time charter and bareboat revenues        
Operating revenues:        
Revenue from contract with customers $ 85,920 $ 73,437 $ 168,911 $ 146,799
Voyage revenues        
Operating revenues:        
Revenue from contract with customers   $ 351 $ 466 $ 3,066
[1] Included in net income (loss) is interest paid amounting to $29.5 million and $33.6 million for the six months ended June 30, 2025 and 2024, respectively.