Thank you for standing by, and welcome to the Capital Product Partners' Second Quarter 2020 Financial Results Conference Call. We have with us Mr. Jerry Kalogiratos, Chief Executive Officer of the Company. [Operator Instructions] I must advise you, this conference is being recorded today, the 31 of July 2020.
The statements in today's conference call that are not historical facts, including our expectations regarding cash generation and future debt levels, our ability to pursue growth opportunities, our expectations or objectives regarding future distribution amounts, capital reserve amounts, distribution coverage, future earnings, capital allocation as well as our expectations regarding market fundamentals and the employment of our vessels, including redelivery dates and charter rates may be forward-looking statements as such as defined in Section 21E of the Securities Exchange Act of 1934 as amended. These forward-looking statements involve risks and uncertainties that could cause stated or forecasted results to be materially different from those anticipated. Unless required by law, we expressly disclaim any obligation to update or revise any of these forward-looking statements whether because of future events, new information, a change in our views or expectations to conform to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward-looking statements. We make no prediction or statement about the performance of our common units.
I'd now like to hand over to your speaker today, Mr. Kalogiratos. Please go ahead, sir.
Thank you. And thank you all for joining us today. As a reminder, we will be referring to the supporting slides available on our website as we go through today's presentation.
As previously announced, we concluded on March 27, 2019, the spin-off of the partnership's tanker fleet and subsequent merger with DSS Holdings, forming Diamond S Shipping. Accordingly, we present our financial results for the comparative periods on a continuing operations basis except where reference is made to discontinued operations.
The partnership's net income from continuing operations for the second quarter was $8.7 million compared with net income from continuing operations of $8 million for the second quarter of 2019. Our Board of Directors has declared a cash distribution of $0.10 per common unit for the second quarter of 2020 and has set a new annual distribution guidance of $0.40. The second quarter cash distribution will be paid on August 14 to common unitholders of record on August 9.
As previously announced, we successfully concluded the refinancing with ICBC Financial Leasing for the sale and leaseback of three of our vessels, generating $38.8 million of additional liquidity. Also, during the quarter, we extended the time charters for our three 10,000 TEU vessels for two additional years through April 2026. And most recently, we secured deployment [Phonetic] for either the Akadimos or the Adonis in the partnership's option of up to 2.5 years. As a result, the partnership's charter coverage for the remainder of 2020 and for 2021 stands at 89% and 80%, respectively. Correspondingly, the partnership's remaining charter durations stood at the end of the second
Chief Executive Officer and Director
We are pleased that you like our content! Sign Up now to access premium content for free, a very limited time offer.
Welcome! Create your account
You are successfully registered!
An activation link has been sent to your mail. Please activate and login.