Capital comes up short

Capital Product Partners has disappointed the market with a smaller than expected second quarter profit.

Nasdaq-listed Capital recorded a gain of $7.8m for the three months to the end of June.

This marked a fall from $39.32m a year ago when the owner booked a one off gain from the sale of its charter claims against OSG.

Earnings per share of $0.04 hit the tape at less than half the $0.10 per share projected on Wall Street.

Capital saw revenue climb from $41.8m to $47.4m helped by a larger fleet and higher rates on some ships.

Ioannis Lazaridis, chief executive and chief financial officer, said: “The prospects for the product tanker market remain overall positive for 2014, as there is solid activity in the period market with rates having declined only modestly despite weaker spot rates in the first half of 2014.

“Demand for product tankers is expected to remain robust due to the continuous growth of US exports of refined products and refinery capacity dislocation.”