View Filing Data

Print Document View Excel Document

Document And Entity Information	12 Months Ended
Document And Entity Information	Dec. 31, 2018
Document and Entity Information
Document Type	6-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Entity Registrant Name	Capital Product Partners L.P.
Entity Central Index Key	0001392326
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 21,203	$ 53,297
Trade accounts receivable	16,126	4,772
Prepayments and other assets	2,017	2,275
Inventories	1,516	2,498
Assets held for sale (Note 5)		29,027
Current assets from discontinued operations (Note 3)	23,698	13,588
Total current assets	64,560	105,457
Fixed assets
Vessels, net (Note 5)	586,100	657,668
Total fixed assets	586,100	657,668
Other non-current assets
Above market acquired charters (Note 6)	60,655	75,035
Deferred charges, net	0	700
Restricted cash (Note 7)	16,996	18,000
Prepayments and other assets	2,466	1,009
Non-current assets from discontinued operations (Note 3)	654,468	608,347
Total non-current assets	1,320,685	1,360,759
Total assets	1,385,245	1,466,216
Current liabilities
Current portion of long-term debt, net (Note 7)	37,479	34,706
Trade accounts payable	14,348	9,631
Due to related parties (Note 4)	17,742	14,234
Accrued liabilities (Note 9)	16,740	15,111
Deferred revenue, current (Note 4)	7,315	11,550
Liability associated with vessel held for sale (Notes 5, 7)		14,781
Current liabilities from discontinued operations (Note 3)	21,535	23,058
Total current liabilities	115,159	123,071
Long-term liabilities
Long-term debt, net (Note 7)	253,932	295,860
Deferred revenue	96	5,920
Long-term liabilities from discontinued operations (Note 3)	134,744	107,960
Total long-term liabilities	388,772	409,740
Total liabilities	503,931	532,811
Commitments and contingencies (Note 15)
Partners' capital
General Partner	15,436	16,427
Limited Partners - Common (18,178,100 units issued and outstanding at December 31, 2018 and 2017 (adjusted for the March 2019 Reverse Split))	755,372	806,472
Limited Partners - Preferred (12,983,333 Class B units issued and outstanding at December 31, 2018 and 2017)	110,506	110,506
Total partners' capital	881,314	933,405
Total liabilities and partners' capital	$ 1,385,245	$ 1,466,216

Consolidated Balance Sheets (Parentheticals) - shares	Dec. 31, 2018	Dec. 31, 2017
Consolidated Balance Sheets [Abstract]
Limited Partners - Common Units Issued (adjusted for the March 2019 Reverse Split)	18,178,100	18,178,100
Limited Partners - Common Units Outstanding (adjusted for the March 2019 Reverse Split)	18,178,100	18,178,100
Limited Partners - Preferred Units Issued	12,983,333	12,983,333
Limited Partners - Preferred Units Outstanding	12,983,333	12,983,333

Consolidated Statements of Comprehensive (Loss) / Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue:
Revenues	$ 116,894	$ 106,696	$ 104,337
Revenues - related party (Note 4)	701	9,976	9,344
Total revenues	117,595	116,672	113,681
Expenses:
Voyage expenses (Note 10)	9,113	4,667	3,352
Vessel operating expenses (Note 10)	26,427	27,398	28,311
Vessel operating expenses - related party (Notes 4, 10)	4,221	4,466	4,330
General and administrative expenses (Note 4)	5,713	6,236	6,253
Vessel depreciation and amortization (Note 5)	32,813	35,979	35,082
Impairment of vessels (Notes 5, 8)	28,805	3,282	0
Operating income	10,503	34,644	36,353
Other income / (expense), net:
Interest expense and finance cost (Note 7)	(18,964)	(19,963)	(18,589)
Other income	850	1,114	986
Total other expense, net	(18,114)	(18,849)	(17,603)
Partnership's net (loss) / income from continuing operations	(7,611)	15,795	18,750
Preferred unit holders' interest in Partnership's net income from continuing operations	11,101	11,101	11,101
General Partner's interest in Partnership's net (loss) / income from continuing operations	(352)	86	150
Common unit holders' interest in Partnership's net (loss) / income from continuing operations	(18,360)	4,608	7,499
Partnership's net income from discontinued operations (Note 3)	7,507	22,688	33,739
Total Partnership's comprehensive (loss) / income:	$ (104)	$ 38,483	$ 52,489
Net (loss) / income from continuing operations per (Note 14):
Common unit, basic and diluted (adjusted for the March 2019 Reverse Split)	$ (1.01)	$ 0.26	$ 0.44
Net income from discontinued operations per
Common unit, basic and diluted (adjusted for the March 2019 Reverse Split)	0.41	1.25	1.91
Net (loss) / income from operations per
Common unit, basic and diluted (adjusted for the March 2019 Reverse Split)	$ (0.6)	$ 1.51	$ 2.35
Weighted-average units outstanding:
Common units, basic and diluted (adjusted for the March 2019 Reverse Split)	18,100,455	17,692,192	17,114,761

Consolidated Statements of Changes in Partners' Capital - USD ($) $ in Thousands	Total	General Partner	Common Unitholders	Preferred Unitholders
Balance at Dec. 31, 2015	$ 937,820	$ 16,998	$ 810,239	$ 110,583
Distributions declared and paid (distributions of $3.22 in 2016, $2.24 in 2017 and $2.24 in 2018 per common unit (adjusted for the March 2019 Reverse Split) and $0.86 in 2016, $0.86 in 2017 and $0.86 in 2018 per preferred unit)	(68,193)	(1,131)	(55,884)	(11,178)
Partnership’s net (loss)/income	52,489	818	40,570	11,101
Issuance of Partnership's units (Note 12)	4,567		4,567
Equity compensation expense (Note 13)	1,074		1,074
Balance at Dec. 31, 2016	927,757	16,685	800,566	110,506
Distributions declared and paid (distributions of $3.22 in 2016, $2.24 in 2017 and $2.24 in 2018 per common unit (adjusted for the March 2019 Reverse Split) and $0.86 in 2016, $0.86 in 2017 and $0.86 in 2018 per preferred unit)	(51,630)	(780)	(39,749)	(11,101)
Partnership’s net (loss)/income	38,483	522	26,860	11,101
Issuance of Partnership's units (Note 12)	17,639		17,639
Equity compensation expense (Note 13)	1,156		1,156
Balance at Dec. 31, 2017	933,405	16,427	806,472	110,506
Distributions declared and paid (distributions of $3.22 in 2016, $2.24 in 2017 and $2.24 in 2018 per common unit (adjusted for the March 2019 Reverse Split) and $0.86 in 2016, $0.86 in 2017 and $0.86 in 2018 per preferred unit)	(52,600)	(780)	(40,719)	(11,101)
Partnership’s net (loss)/income	(104)	(211)	(10,994)	11,101
Equity compensation expense (Note 13)	613		613
Balance at Dec. 31, 2018	$ 881,314	$ 15,436	$ 755,372	$ 110,506

Consolidated Statements of Changes in Partners' Capital (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Limited Partners Common
Distributions declared and paid (adjusted for the March 2019 Reverse Split)	$ 2.24	$ 2.24	$ 3.22
Limited Partners Preferred
Distributions declared and paid (adjusted for the March 2019 Reverse Split)	$ 0.86	$ 0.86	$ 0.86

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities of continuing operations:
Net (loss) / income from continuing operations	$ (7,611)	$ 15,795	$ 18,750
Adjustments to reconcile net (loss) / income to net cash provided by operating activities of continuing operations:
Vessel depreciation and amortization (Note 5)	32,813	35,979	35,082
Amortization and write off of deferred financing costs	1,359	961	1,009
Amortization of above market acquired charters (Note 6)	14,380	14,380	14,309
Equity compensation expense (Note 13)	613	1,156	1,074
Impairment of vessel (Notes 5, 8)	28,805	3,282	0
Changes in operating assets and liabilities:
Trade accounts receivable	(11,354)	(2,275)	183
Prepayments and other assets	855	710	(831)
Inventories	1,147	(438)	(153)
Trade accounts payable	4,074	2,766	(595)
Due to related parties	3,508	(1,861)	(6,059)
Accrued liabilities	1,648	7,624	662
Deferred revenue	(10,059)	(11,542)	24,976
Dry docking costs paid		(609)	(1,479)
Net cash provided by operating activities of continuing operations	60,178	65,928	86,928
Cash flows from investing activities of continuing operations:
Vessel acquisitions and improvements including time charter agreements (Note 5)	(2,428)	(1,679)	(74,502)
Net proceeds from sale of vessels	39,789	0	0
Net cash provided by / (used in) investing activities of continuing operations	37,361	(1,679)	(74,502)
Cash flows from financing activities of continuing operations:
Proceeds from issuance of Partnership units (Note 12)	0	17,815	4,546
Expenses paid for issuance of Partnership units	0	(247)	(784)
Proceeds from issuance of long-term debt (Note 7)	0	0	26,661
Payments of long-term debt (Note 7)	(55,283)	(98,464)	(13,219)
Deferred financing costs paid	(72)	(3,803)	(24)
Dividends paid (Note 12)	(52,600)	(51,630)	(68,193)
Net cash used in financing activities of continuing operations	(107,955)	(136,329)	(51,013)
Net decrease in cash, cash equivalents and restricted cash from continuing operations	(10,416)	(72,080)	(38,587)
Cash flows from discontinued operations
Operating activities	37,712	61,046	68,158
Investing activities	(41,837)	(359)	(16,280)
Financing activities	(18,557)	(31,988)	4,197
Net (decrease) / increase in cash, cash equivalents and restricted cash from discontinued operations	(22,682)	28,699	56,075
Net (decrease) / increase in cash, cash equivalents and restricted cash	(33,098)	(43,381)	17,488
Cash, cash equivalents and restricted cash at the beginning of the year	71,297	114,678	97,190
Cash, cash equivalents and restricted cash at the end of the year	38,199	71,297	114,678
Supplemental cash flow information
Cash paid for interest	24,952	19,646	23,763
Non-Cash Investing and Financing Activities
Capital expenditures included in liabilities	547	312	1,383
Offering expenses included in liabilities	0	35	106
Deferred financing costs included in liabilities	0	79	0
Capitalized dry docking costs included in liabilities	480	11	1,141
Assumption of loans regarding the acquisition of the shares of the companies owning the M/T Aristaios, the M/T Anikitos and the M/T Amor included in discontinued operations	43,958	0	15,750
Units issued to acquire the shares of the company owning M/T Amor included in discontinued operations	0	0	911
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	21,203	53,297	96,678
Restricted cash - Non-current assets	16,996	18,000	18,000
Cash, cash equivalents and restricted cash at the end of the year	$ 38,199	$ 71,297	$ 114,678

Basis of Presentation and General Information

12 Months Ended

Dec. 31, 2018

Basis of Presentation and General Information [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, 2018, its fleet of thirty-six high specification vessels consisted of three Suezmax crude oil tankers, twenty-one modern Medium range tankers, all of which are classed as IMO II/III chemical/product carriers, one Aframax crude-oil tanker, (the “Crude and Product tanker business”), ten Neo-Panamax container carrier vessels and one Capesize bulk carrier. Its vessels are capable of carrying a wide range of cargoes, including crude oil, refined oil products (such as gasoline, diesel, fuel oil and jet fuel), edible oils and certain chemicals, such as ethanol, as well as dry cargo and containerized goods under short-term voyage charters and medium to long-term time and bareboat 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 14). 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”)
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		—
Shipping Rider Co. (4)	09/16/2003	M/T Atlantas II	36,760	04/04/2007		04/26/2006
Canvey Shipmanagement Co. (4)	03/18/2004	M/T Assos	47,872	08/16/2010 04/04/2007		05/17/2006
Centurion Navigation Limited (4)	08/27/2003	M/T Aktoras	36,759	04/04/2007		07/12/2006
Polarwind Maritime S.A. (4)	10/10/2003	M/T Agisilaos	36,760	04/04/2007		08/16/2006
Carnation Shipping Company (4)	11/10/2003	M/T Arionas	36,725	04/04/2007		11/02/2006
Apollonas Shipping Company (4)	02/10/2004	M/T Avax	47,834	04/04/2007		01/12/2007
Tempest Maritime Inc. (4)	09/12/2003	M/T Aiolos	36,725	04/04/2007		03/02/2007
Iraklitos Shipping Company (4)	02/10/2004	M/T Axios	47,872	04/04/2007		02/28/2007
Epicurus Shipping Company (4)	02/11/2004	M/T Atrotos	47,786	03/01/2010 05/08/2007		05/08/2007
Laredo Maritime Inc. (4)	02/03/2004	M/T Akeraios	47,781	07/13/2007		07/13/2007
Lorenzo Shipmanagement Inc. (4)	05/26/2004	M/T Apostolos	47,782	09/20/2007		09/20/2007
Splendor Shipholding S.A. (4)	07/08/2004	M/T Anemos I	47,782	09/28/2007		09/28/2007
Ross Shipmanagement Co.	12/29/2003	M/T Attikos (1)	12,000	09/24/2007		01/20/2005
Sorrel Shipmanagement Inc. (4)	02/07/2006	M/T Alexandros II	51,258	01/29/2008		01/29/2008
Baymont Enterprises Incorporated	05/29/2007	M/T Amore Mio II (2)	159,982	03/27/2008		07/31/2007
Forbes Maritime Co.	02/03/2004	M/T Aristofanis (1)	12,000	04/30/2008		06/02/2005
Wind Dancer Shipping Inc. (4)	02/07/2006	M/T Aristotelis II	51,226	06/17/2008		06/17/2008
Belerion Maritime Co. (4)	01/24/2006	M/T Aris II	51,218	08/20/2008		08/20/2008
Mango Finance Corp.	07/14/2006	M/T Agamemnon II (1)	51,238	04/07/2009		11/24/2008
Navarro International S.A. (4)	07/14/2006	M/T Ayrton II	51,260	04/13/2009		04/10/2009
Adrian Shipholding Inc. (4)	06/22/2004	M/T Alkiviadis	36,721	06/30/2010		03/29/2006
Patroklos Marine Corp.	06/17/2008	M/V Cape Agamemnon	179,221	06/09/2011		01/25/2011
Cooper Consultants Co. renamed to Miltiadis M II Carriers Corp. (4)	04/06/2006	M/T Miltiadis M II	162,397	09/30/2011		04/26/2006
Amoureux Carriers Corp. (4)	04/14/2010	M/T Amoureux	149,993		09/30/2011		—
Aias Carriers Corp. (4)	04/14/2010	M/T Aias	150,393	09/30/2011		—
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
Aenaos Product Carrier S.A.	10/16/2013	M/T Aristotelis (2)	51,604	11/28/2013		—
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
Miltiadis M II Corp.	08/28/2012	—	—	—		—
Dias Container Carrier S.A.	05/16/2013	M/V CMA CGM Amazon	115,534	06/10/2015		06/10/2015
Poseidon Container Carrier S.A.	05/16/2013	M/V CMA CGM Uruguay	115,639	09/18/2015		09/18/2015
Isiodos Product Carrier S.A. (4)	05/31/2013	M/T Active	50,136	03/31/2015		03/31/2015
Titanas Product Carrier S.A. (4)	05/31/2013	M/T Amadeus	50,108	06/30/2015		06/30/2015
Atrotos Container Carrier S.A.	10/25/2013	M/V CMA CGM Magdalena	115,639	02/26/2016		02/26/2016
Filonikis Product Carrier S.A. (4)	05/31/2013	M/T Amor	49,999	10/24/2016		09/30/2015
Asterias Crude Carrier S.A. (4)	07/13/2015	M/T Aristaios	113,689	01/17/2018		01/10/2017
Iason Product Carrier S.A. (4)	08/28/2013	M/T Anikitos	50,082	05/04/2018		06/21/2016
Athena SpinCo Inc.(3,4)	11/14/2018	—	—	—		—
Athena MergerCo 1 Inc.(3,4)	11/14/2018	—	—	—		—
Athena MergerCo 2 Inc.(3,4)	11/14/2018	—	—	—		—
Athena MergerCo 3 LLC.(3,4)	11/14/2018	—	—	—		—
Athena MergerCo 4 LLC (3,4)	11/14/2018	—	—	—		—

(1)	Vessels were disposed in the previous years.
(2)	Vessels were disposed in 2018 (Note 5).
(3)	Companies established for the purpose of the agreement between the Partnership and DSS.
(4)	Companies part of the Crude and Product tanker business which were spun-off on March 27, 2019.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Significant 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 charters, bareboat charters or voyage charters.

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. Some of the Partnership’s time charters may also contain profit sharing provisions, under which the Partnership can realize additional revenues in the event that spot rates are higher than the base rates in these time charters. A bareboat charter is a contract in which the vessel owner provides the vessel to the charterer for a fixed period of time at a specified daily rate, which is generally payable in advance, and the charterer generally assumes all risk and costs of operation during the bareboat charter period. Time and bareboat charters are considered operating leases and therefore do not fall under the scope of Accounting Standards Codification (“ASC”) 606 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 and bareboat charters are recognized ratably on a straight line basis over the period of the respective charter. Revenues from profit sharing arrangements in time charters are recognized in the period earned. Under time and bareboat 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 for by the Partnership under time charter agreements.

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. 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.

Deferred revenue represents cash received for undelivered performance obligations and deferred revenue resulting from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long-term liability.

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 manager, Capital Ship Management Corp. (the “Manager” or “CSM”) under a type of Management agreement (Note 4); 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 income in the consolidated statements of comprehensive (loss) / income.

(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, 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. As of December 31, 2018 and 2017 there were no write offs.

(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 and any material expenses incurred upon 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). Vessels acquired through acquisition of businesses are recorded at their acquisition date fair values. 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, 2018 and 2017, 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 and the estimated remaining useful life of the vessels. 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, 2018 and 2017.

(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.

(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 14). 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 (loss) / income. 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 13).

(q)Recent Accounting Pronouncements: In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2017-01 Business Combinations to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Under prior implementation guidance the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This update was effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those years. The amendments of this ASU should be applied prospectively on or after the effective date. Early adoption was permitted, including adoption in an interim period 1) for transactions for which the acquisition date occurs before the issuance date or effective date of the ASU, only when the transaction has not been reported in financial statements that have been issued or made available for issuance and 2) for transactions in which a subsidiary is deconsolidated or a group of assets is derecognized that occur before the issuance date or effective date of the amendments, only when the transaction has not been reported in financial statements that have been issued or made available for issuance. During 2018, the Partnership adopted this ASU. The implementation of this ASU resulted in acquisitions of vessel owning companies being treated as asset acquisitions while under the old standard they may have been treated as acquisitions of a business. However, there is no impact on the financial statements of the Partnership as in both cases the transaction price was allocated to the vessel and the attached time charter.

In November 2016, the FASB issued ASU 2016-18 – Restricted cash. This ASU requires that a statement of cash flows explains the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. This update was effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those years and is required to be applied retrospectively. Early adoption was permitted, including adoption in an interim period. The implementation of this update on January 1, 2018, affected the presentation in the statement of cash flows relating to changes in restricted cash which are presented as part of cash, whereas previously the Partnership presented these within investing activities. The implementation had no impact on the Partnership’s balance sheet and statement of comprehensive (loss) / income.

In August 2016, the FASB issued ASU 2016-15 – classification of certain cash payments and cash receipts. This ASU addresses certain cash flow issues with the objective of reducing the existing diversity in practice. This update was effective for public entities with reporting periods beginning after December 15, 2017, including interim periods within those years. Early adoption was permitted, including adoption in an interim period. There was no impact from the adoption of this update as the Partnership’s classification of the related cash payments and cash receipts has always been reported as described in the ASU.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The main provision of this ASU is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The requirements of this standard include an increase in required disclosures. The Partnership expects that its time charter arrangements will be subject to the requirements of the new leases standard, as the Partnership will be regarded as the lessor. The new leases standard requires a modified retrospective transition approach for all leases existing at, or entered into after the date of initial application, amended subsequently with ASU 2018-11 below adding an option to use certain transition relief. This standard is effective for public entities with reporting periods beginning after December 15, 2018, including interim periods within those years. Early adoption is permitted.

In July 2018, the FASB issued ASU 2018-11 to provide entities with relief from the costs of implementing certain aspects of the new leases standard, ASU 2016-02 (codified as ASC 842). Specifically, under the amendments in ASU 2018-11:

(a) Entities may elect not to recast the comparative periods presented when transitioning to ASC 842; and

(b) Lessors may elect not to separate lease and non-lease components when the following criteria are met: Criterion A — the timing and pattern of transfer for the lease component is the same as those for the non-lease component associated with that lease component and Criterion B — the lease component, if accounted for separately, would be classified as an operating lease.

The transition relief amendments in the ASU apply to entities that have not yet adopted ASC 842. The effective date and transition requirements for the amendments in this update for entities that have not adopted Topic 842 before the issuance of this update are the same as the effective date and transition requirements in Update 2016-02.

In December 2018, the FASB issued ASU 2018-20 to provide narrow scope improvements for lessors. The amendments in this update related to sales taxes and other similar taxes collected from lessees affect all lessors that elect the accounting policy election. In addition, amendments in this update related to lessor costs affect all lessor entities that have lease contracts that either require lessees to pay lessor costs directly to a third party or require lessees to reimburse lessors for costs paid by lessors directly to third parties. Finally, the amendments in this update related to recognition of variable payments for contracts with lease and non-lease components affect all lessor entities with variable payments that relate to both lease and non-lease components. The effective date and transition requirements for the amendments in this update for entities that have not adopted Topic 842 before the issuance of this update are the same as the effective date and transition requirements in ASU 2016-02. The Partnership adopted this standard for the reporting period commencing on January 1, 2019 and elected the practical expedient under 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.

In May 2014, the FASB issued ASU No 2014-09 Revenue from Contracts with Customers. ASU 2014-09, as amended, outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The standard was effective for annual periods beginning after December 15, 2017, and interim periods therein, and is applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. Under ASC 606, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations of the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfied a performance obligation. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. The Partnership adopted the provisions of ASC 606 on January 1, 2018 using the modified retrospective approach for contracts that are not completed at the date of initial application. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. The effect of the implementation of this update was insignificant as most of the Partnership’s vessels were operated under time charter arrangements as of December 31, 2017 and as a result no adjustment was posted in the Partnership’s opening retained earnings as of January 1, 2018. Time charter contracts are considered operating leases and therefore do not fall under the scope of ASC 606 because (i) the vessel is an identifiable asset (ii) the Company 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. Since the Partnership’s performance obligation under each voyage contract is met evenly as the voyage progresses, the revenue is recognized on a straight-line basis over the voyage days from the date the vessel is ready to load the cargo to completion of its discharge and is not related to the timing of payment received from the customer.

Payment terms under voyage charters are disclosed in the relevant voyage charter agreements. Prior to the adoption of this standard, revenues generated under voyage charter agreements were recognized on a pro-rata basis over the period of the voyage which was deemed to commence upon the later of the completion of discharge of the vessel’s previous cargo or upon vessel’s arrival at the agreed upon port, and deemed to end upon the completion of discharge of the delivered cargo.

Further, the adoption of ASC 606 impacted the accounts receivable, the prepayments and other assets and the current liabilities on our balance sheet as of December 31, 2018. Under ASC 606, receivables represent an entity’s unconditional right to consideration, whether billed or unbilled. As of December 31, 2018 prepayments and other assets include bunker expenses of $397 incurred between the contract date and the date of the vessel’s arrival to the load port. As of January 1, 2018 there was no balance relating to contract fulfillment costs. As of December 31, 2018 and 2017 the unearned revenue related to undelivered performance obligations amounted to $371 and $0 respectively. The Partnership will recognize this revenue in the first quarter of 2019 as the performance obligations are met.

The following table shows the revenues earned from time and bareboat charters and voyage charters from continuing operations for the year ended December 31, 2018:

	For the year ended December 31, 2018
Time and bareboat charters (operating leases)	$	107,923
Voyage charters (accounted for under ASC 606)		9,672
Total	$	117,595

The following table presents the impact of the adoption of ASU 2014-09 on our balance sheet at December 31, 2018:

	As at December 31, 2018
	As reported		Balances without adoption of ASU 2014-09		Effect of change
Assets
Current Assets
Trade accounts receivable	$	16,126	$	17,526	$	(1,400	)
Prepayments and other assets		2,017		1,620		397
Liabilities
Current liabilities		115,159		115,194		35

The following table presents the impact of the adoption of ASU 2014-09 on our statement of comprehensive (loss) / income:

	For the year ended December 31, 2018
	As reported		Balances without adoption of ASU 2014-09		Effect of change
Partnership’s net income from discontinued operations		7,507		8,475		(968	)
Partnership’s net (loss) / income from operations		(104)		864		(968)

Net income from discontinued operations per common unit basic and diluted (adjusted for the March 2019 Reverse Split)		0.41		0.46		(0.05	)

Net loss from operations per common unit basic and diluted (adjusted for the March 2019 Reverse Split)		(0.60)		(0.55)		(0.05	)

The adoption of ASC 606 had no impact on net cash provided by operating activities, investing activities and financing activities for the year ended December 31, 2018.

Discontinued Operations

12 Months Ended

Dec. 31, 2018

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, 2018, 2017 and 2016 were as follows:

Major items constituting income from discontinued operations	For the years ended December 31,
	2018	2017	2016
Revenues	161,659	132,443	127,939
Expenses
Voyage expenses	37,202	10,498	6,928
Vessel operating expenses	68,406	54,281	44,862
Vessel depreciation and amortization	40,276	38,014	36,815
Interest expense and finance cost	8,433	6,642	5,713
Other (income) / expenses	(165)	320	(118)
Net income from discontinued operations	7,507	22,688	33,739

Summarized selected balance sheet information of the Partnership’s discontinued operations as of December 31, 2018 and 2017 was as follows:

Carrying amounts of major classes of assets included as part of discontinued operations	As of December 31, 2018	As of December 31, 2017
Cash	10,000	10,000
Inventories	7,183	2,817
Prepayments and other assets	6,515	771
Total major classes of current assets of discontinued operations	23,698	13,588
Vessels	643,682	607,528
Deferred charges, net	2,220	819
Above market acquired charters	7,531	-
Prepayments and other assets	1,035	-
Total major classes of non-current assets of discontinued operations	654,468	608,347
Total major classes of assets of discontinued operations	678,166	621,935
Carrying amounts of major classes of liabilities included as part of discontinued operations
Current portion of long-term debt, net	14,869	15,808
Deferred revenue	1,611	7,250
Trade accounts payables and accrued liabilities	5,055	-
Total major classes of current liabilities of discontinued operations	21,535	23,058
Long-term debt, net	134,744	107,960
Total major classes of long term liabilities of discontinued operations	134,744	107,960
Total major classes of liabilities of the discontinued operations	156,279	131,018

During 2018, the Partnership acquired the M/T Aristaios and the M/T Anikitos and their attached time charter contracts. As the time charters daily rates of these contracts were above the market rates as of the transactions’ completion dates, the Partnership recognized the time charter contracts in its financial statements as above market acquired charters. The Partnership allocated the total consideration for these acquisitions to the vessels in the amount of $73,959 and to the above market acquired charters in the amount of $10,041. The M/T Aristaios and M/T Anikitos are part of the Crude and Product Tanker business that the Partnership spun-off in connection with the DSS Transaction.

During 2018 and 2017, certain of the Partnership’s vessels that are part of the Crude and Product tanker business underwent improvements. The costs of these improvements amounted to $1,091 and $143 respectively and were capitalized as part of the vessels’ cost.

During 2018 and 2017, the Partnership paid advances relating to the construction of exhaust gas cleaning systems and ballast water treatment systems that will be installed to certain of its vessels that are part of Crude and Product tanker business, of $1,035 and $0 respectively.

During 2016, the Partnership acquired the M/T Amor and the attached time charter contract. As the time charter daily rate of this contract was above the market rates as of the transaction completion date, the Partnership recognized in its financial statements as above market acquired charter. The Partnership allocated the total consideration for these acquisitions to the vessel in the amount of $31,600, and to the above market acquired charter in the amount of $1,061.

During 2016, certain of the Partnership’s vessels that are part of the Crude and Product tanker business underwent improvements during their scheduled special survey respectively. The costs of these improvements amounted to $511.

Transactions with Related Parties

12 Months Ended

Dec. 31, 2018

Transactions with Related Parties [Abstract]

Transactions with Related Parties

4. Transactions with Related Parties

The Partnership and its subsidiaries have entered into related party transactions (including vessels acquisitions) with CMTC which is a related party unit holder. The Partnership and its subsidiaries have also related party transactions with the Manager and its general partner, Capital GP L.L.C. (“CGP”) arising from the following management agreements.

1. Floating fee management agreement: On June 9, 2011, the Partnership entered into an agreement with its Manager based on actual expenses per managed vessel. Under the terms of this agreement, the Partnership compensates its Manager 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 Manager. The Partnership also pays its Manager 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, 2018, 2017 and 2016 management fees under the floating fee management agreement amounted to $4,221, $4,466 and $4,330, respectively, and are included in “Vessel operating expenses – related party” in the consolidated statements of comprehensive (loss) / income.

2. Administrative and service agreements: On April 4, 2007, the Partnership entered into an administrative services agreement with the Manager, pursuant to which the Manager 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 the Manager and CGP for reasonable costs and expenses incurred in connection with the provision of these services, after the Manager 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 (loss) / income. In 2015, the Partnership entered into an executive services agreement with CGP, which was amended in 2016, 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, 2018, 2017 and 2016 such fees amounted to $1,688 for each year and are included in “General and administrative expenses” in the consolidated statements of comprehensive (loss) / income.

Balances and transactions with related parties consisted of the following:

Consolidated Balance Sheets	As of December 31, 2018		As of December 31, 2017
Liabilities:
CSM – payments on behalf of the Partnership (a)	$	16,638	$	13,218
Management fee payable to CSM (b)		1,104		1,016
Due to related parties	$	17,742	$	14,234
Deferred revenue – current (e)		—		—
Total liabilities	$	17,742	$	14,234

Consolidated Statements of (Loss)/Income	For the years ended December 31,
Consolidated Statements of (Loss)/Income	2018		2017		2016
Revenues (c)	$	701	$	9,976	$	9,344
Vessel operating expenses		4,221		4,466		4,330
General and administrative expenses (d)		1,922		1,983		2,076

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

(b) Management fee payable to CSM: The amount outstanding as of December 31, 2018 and 2017 represents the management fee payable to CSM under the management agreements between the Partnership and the Manager.

(c) Revenues: 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 and 2017.

Vessel Name

Time

Charter (TC)

in years

Commencement of

Charter

Termination or

earliest expected

redelivery

Gross (Net) Daily

Hire Rate

M/T Amore Mio II

0.9

08/2016

09/2017

$21.0 ($20.7)

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.

(e) Deferred Revenue: As of December 31, 2017, the Partnership had received cash in advance from CMTC for charter hire relating to revenue earned in a subsequent period.

Vessels, net and assets held for sale

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Vessels, net and assets held for sale

5. Vessels, net and assets held for sale

The following table presents an analysis of vessels:

	Vessel Cost	Accumulated depreciation	Net book value
Balance as at January 1, 2017	$855,497	$(131,591)	$723,906

Improvements	824	—	824
Depreciation for the period	—	(34,918)	(34,918)
Impairment of vessels	(9,279)	5,997	(3,282)
Classification as asset held for sale	(28,862)	—	(28,862)

Balance as at December 31, 2017	$818,180	$(160,512)	$ 657,668

Improvements	277	—	277
Depreciation for the period	—	(32,113)	(32,113)
Impairment of vessel	(78,607)	49,802	(28,805)
Disposals	(10,927)	—	(10,927)

Balance as at December 31, 2018	$ 728,923	$ (142,823)	$ 586,100

All of the Partnership’s vessels as of December 31, 2018 have been provided as collateral to secure the Partnership’s credit facilities.

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) / income 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.

On December 22, 2017 the Partnership entered into an MOA with an unrelated party for the disposal of the M/T Aristotelis at a price of $29,400. Upon entering into the agreement, the Partnership determined that M/T Aristotelis met the criteria to be classified as held for sale 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 $3,282 in the consolidated statement of comprehensive (loss) / income for the year ended December 31, 2017, reducing the vessel’s carrying value to $28,862. As of January 1, 2018 the amount of $29,027 represented the vessel’s fair value less cost to sell of $28,862 and inventories of $165. Under this agreement, as amended, the vessel was delivered to its Buyer on April 25, 2018.

During 2018 and 2017, certain of the Partnership’s vessels underwent improvements. The costs of these improvements amounted to $277 and $824 respectively and were capitalized as part of the vessels’ cost.

During 2018, the Partnership paid advances of $2,055 relating to the construction of exhaust gas cleaning systems that will be installed to certain of its vessels, which are included in “Prepayments and other assets” in the Partnership’s consolidated balance sheets. During 2017, the Partnership did not pay any advances relating to the construction of exhaust gas cleaning systems.

Above market acquired charters

12 Months Ended

Dec. 31, 2018

Above market acquired charters [Abstract]

Above market acquired charters

6. Above market acquired charters

For the years ended December 31, 2018, 2017 and 2016 revenues were reduced by $14,380, $14,380 and $14,309, 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	Book Value
Carrying amount as at January 1, 2017	$89,415

Amortization	$(14,380)

Carrying amount as at December 31, 2017	$75,035

Amortization	$(14,380)

Carrying amount as at December 31, 2018	$60,655

As of December 31, 2018, the remaining carrying amount of unamortized above market acquired time charters was $60,655 and will be amortized in future years as follows:

For the year ending December 31,	Amount
2019	$14,380
2020	$11,696
2021	$8,416
2022	$8,371
2023	$8,371
Thereafter	$9,421

Total	$60,655

Long-Term Debt

12 Months Ended

Dec. 31, 2018

Long-Term Debt [Abstract]

Long-Term Debt

7. Long-Term Debt

Long-term debt consists of the following:

	Bank loans	As of December 31, 2018	As of December 31, 2017	Margin
(i)	Issued in September 2017 maturing in October 2023 (the “2017 credit facility”)	295,118	350,401	3.25%

	Total long-term debt	$295,118	$350,401

	Less: Deferred loan issuance costs	3,707	5,054
	Less: loan associated with vessel held for sale	-	14,781

	Total long-term debt, net	$291,411	$330,566
	Less: Current portion of long-term debt	38,494	35,882
	Add: Current portion of deferred loan issuance costs	1,015	1,176
	Long-term debt, net	$253,932	$295,860

The Partnership presents associated amounts of long-term debt outstanding as of December 31, 2018 and 2017 and interest expense and amortization of deferred loan issuance costs for all the periods presented relating to the Crude and Product tanker business contributed to the DSS Transaction, within discontinued operations (Note 3). The allocation of the amounts of long term debt not directly relating to vessels that were part of the DSS Transaction, and associated interest expense and amortization and write-off of deferred loan issuance costs were included in discontinued operations based on the amounts required to be paid as a result of the completion of the DSS Transaction.

Changes in long-term debt that took place during the years ended December 31, 2017 and 2018 are set out below.

During 2018, the Partnership repaid the amount of $34,984, in line with the amortization schedule of its 2017 credit facility.

On September 6, 2017, the Partnership entered into a new senior secured term loan facility for an aggregate principal amount of up to $460,000 with a syndicate of lenders led by Hamburg Commercial Bank AG (previously known as HSH Nordbank AG) and ING Bank N.V. The Partnership included the amount of $350,401 in long term debt from continuing operations and the amount of $109,599 in long term debt from discontinued operations. In October 2017 the Partnership repaid the amount of $88,550 of its then outstanding credit facilities and the 2017 credit facility replaced its then remaining outstanding credit facilities. The 2017 credit facility’s part relating to continuing operations, is comprised of two tranches. Tranche A was required to be repaid in 24 equal quarterly installments of $3,681 in addition to a balloon installment of $108,935, which would be payable together with the final quarterly installment in the fourth quarter of 2023. Tranche B was required to be repaid fully in 24 equal quarterly installments of $6,380. The Partnership started paying quarterly installments under both tranches A and B on January 4, 2018. The loans drawn under the 2017 credit facility bear interest at LIBOR plus a margin of 3.25%. In 2018, upon the prepayment of $14,383 and $5,916 due to the disposal of the M/T Aristotelis and the M/T Amore Mio II respectively (Note 5), the repayment schedule of the 2017 credit facility was amended. The required quarterly installments under the Tranche A were reduced to $3,469, the balloon installment was reduced to $102,651 and the required quarterly installments under the Tranche B were reduced to $6,154.

In addition, during 2017, before entering into the 2017 credit facility, the Partnership repaid the amount of $9,914 in line with the amortization schedule of its then outstanding credit facilities.

During 2017, the Partnership classified the M/T Aristotelis as vessel held for sale (Note 5). As of December 31, 2017, the portion of the Tranche A 2017 credit facility which was associated with this vessel amounted to $14,781 and was presented as “Liability associated with vessel held for sale” in the consolidated balance sheet.

The Partnership’s credit facility contains 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 2017 credit facility also contains a collateral maintenance requirement under which the aggregate fair market value of the collateral vessels should not be less than 125% of the outstanding loans under the credit facility. 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, 2018 and 2017 the Partnership was in compliance with all financial covenants.

The credit facility includes a general assignment of the earnings, insurances and requisition compensation of the respective collateral vessel or vessels. It also requires additional security, such as pledge and charge on current accounts and mortgage interest insurance.

As of December 31, 2018, there were no undrawn amounts under the Partnership’s credit facility.

For the years ended December 31, 2018, 2017 and 2016, the Partnership recorded interest expense from continuing operations of $17,422 , $18,441 and $17,203 respectively, which is included in “Interest expense and finance cost” in the consolidated statements of comprehensive (loss) / income. For the years ended December 31, 2018 and 2017, the weighted average interest rate of the Partnership’s loan facilities was 5.4% and 4.3% respectively.

The required annual loan payments to be made subsequent to December 31, 2018 are as follows:

For the year ending December 31,	Amount
2019	$38,494
2020	$38,494
2021	$38,494
2022	$38,494
2023	$141,142

Total	$ 295,118

Financial Instruments

12 Months Ended

Dec. 31, 2018

Financial Instruments [Abstract]

Financial Instruments

8. 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 loan 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 loan are similar to those that could be procured as of December 31, 2018. 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.

The following table summarizes the valuation of the Partnership’s assets measured at fair value on a non-recurring basis as of December 31, 2017:

Items Measured at Fair Value on a Nonrecurring Basis - Fair Value Measurements
	Quoted prices in active markets for identical assets	Significant other observable inputs	Unobservable Inputs
Non – Recurring Measurements:	Level 1	Level 2	Level 3	Loss
Long-lived assets classified as held for sale (Note 5)	$—	$29,400	$—	$3,282

The M/T Aristotelis was classified as held for sale as of December 31, 2017 and was recognized at its fair value of $29,400 less costs to sell of $538. The fair value of the M/T Aristotelis was based on the transaction price: as the sale price was agreed with an unaffiliated third party, accordingly it is considered level 2 (Note 5).

As of December 31, 2018, none of the Partnership’s vessels was classified as asset held for sale.

(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. For the year ended December 31, 2018, Hyundai Merchant Marine Co Ltd (“HMM”) and CMA CGM accounted for 38% and 36% of the Partnership’s total revenue from continuing operations, respectively. For the year ended December 31, 2017 HMM and CMA CGM accounted for 38% and 36% of the Partnership’s total revenue from continuing operations, respectively. For the year ended December 31, 2016 HMM and CMA CGM accounted for 40% and 35% of the Partnership’s total revenue from continuing operations, respectively.

Accrued Liabilities

12 Months Ended

Dec. 31, 2018

Accrued Liabilities [Abstract]

Accrued Liabilities

9. Accrued Liabilities

Accrued liabilities consist of the following:

	As of December 31,
	2018	2017
Accrued loan interest and loan fees	$ 5,701	$ 5,221
Accrued operating expenses	5,519	5,199
Accrued voyage expenses and commissions	4,320	3,521
Accrued general and administrative expenses	1,200	1,170

Total	$16,740	$15,111

Voyage Expenses and Vessel Operating Expenses

12 Months Ended

Dec. 31, 2018

Voyage Expenses and Vessel Operating Expenses [Abstract]

Voyage Expenses and Vessel Operating Expenses

10. Voyage Expenses and Vessel Operating Expenses

Voyage expenses and vessel operating expenses consist of the following

	For the years ended December 31,
	2018	2017	2016
Voyage expenses:
Commissions	$2,171	$1,977	$2,227
Bunkers	4,360	1,384	903
Port expenses	2,217	1,053	-
Other	365	253	222

Total	$9,113	$4,667	$3,352

Vessel operating expenses:
Crew costs and related costs	$ 14,794	$15,558	$14,845
Insurance expense	2,112	2,436	2,935
Spares, repairs, maintenance and other expenses	4,396	4,412	5,294
Stores and lubricants	3,451	3,500	3,871
Management fees (Note 4)	4,221	4,466	4,330
Other operating expenses	1,674	1,492	1,366

Total	$ 30,648	$31,864	$32,641

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2018
Income Taxes [Abstract]
Income Taxes	11. 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 (loss) / income. 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, time, bareboat 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, 2018, 2017 and 2016 and the vessel-owning subsidiaries are exempt from United States federal income taxation with respect to U.S.-source shipping income.

Partners' Capital

12 Months Ended

Dec. 31, 2018

Partners' Capital [Abstract]

Partners' Capital

12. 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 1.71% 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. The Partnership’s general partner as of December 31, 2018, 2017 and 2016 holds the IDRs. 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 (adjusted for the March 2019 Reverse Split) 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, CMTC unilaterally notified the Partnership that it has decided to waive its rights to receive quarterly incentive distributions between $1.6975 and $1.75 (adjusted for the March 2019 Reverse Split). 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 (adjusted for the March 2019 Reverse Split).

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 2.0% 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 have 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 shall 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), shall 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 shall 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 shall 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 shall 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 become payable whether or not any of the foregoing restrictions exist, whether or not there is sufficient Available Cash for the payment thereof and whether or not such distributions are authorized. A cumulative Class B Convertible Preferred Unit arrearage shall 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 are converted into Common Units, the holder thereof shall not be entitled to a Class B Convertible Preferred Unit distribution and a Common Unit distribution with respect to the same period, but shall 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 shall 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 is received is 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.

Common Units

In September 2016, the Partnership entered into an equity distribution agreement with UBS Securities LLC (“UBS”) under which the Partnership may sell, from time to time, through UBS, as its sales agent, new common units having an aggregate offering amount of up to $50,000 (the “ATM offering”). The equity distribution agreement provides that UBS, when it is acting as the Partnership’s sales agent, will be entitled to compensation of up to 2% of the gross sales price of the common units sold through UBS from time to time. During 2018, the Partnership did not issue any units under the ATM offering. During 2017, the Partnership issued 736,008 new common units under the ATM offering (adjusted for the March 2019 Reverse Split) resulting in net proceeds of $17,815 after the payment of commission to the sales agent, but before offering expenses. For the year ended December 31, 2017, the Partnership recognized offering expenses of $176 in connection with the ATM offering. From the launch of the ATM offering until December 31, 2016, the Partnership issued 200,212 new common units (adjusted for the March 2019 Reverse Split) resulting in net proceeds of $4,546 after the payment of commission to the sales agent, but before offering expenses. For the year ended December 31, 2016, the Partnership recognized offering expenses of $890 in connection with the ATM offering.

As of December 31, 2018 and 2017 our partners’ capital included the following units (adjusted for the March 2019 Reverse Split):

	As of December 31, 2018	As of December 31, 2017
Common units	18,178,100	18,178,100
General partner units	348,570	348,570
Preferred units	12,983,333	12,983,333

Total partnership units	31,510,003	31,510,003

Omnibus Incentive Compensation Plan

12 Months Ended

Dec. 31, 2018

Omnibus Incentive Compensation Plan [Abstract]

Omnibus Incentive Compensation Plan

13. 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 (adjusted for the March 2019 Reverse Split). 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 (in each case such amount is adjusted for the March 2019 Reverse Split), 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 the Manager, 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 the Manager, 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.

On December 23, 2015, the Partnership awarded 34,286 and 87,143 unvested units to Employees and Non-Employees (both adjusted for the March 2019 Reverse Split), respectively. Awards granted to certain Employees and Non Employees vested in three annual installments. The 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 accrued distributions as declared and paid, which distributions were retained by the custodian of the Plan until the vesting date at which time they were payable to the grantee. As unvested unit grantees accrued distributions on awards that were expected to vest, such distributions were charged to Partners’ capital.

The following table contains details of our plan (adjusted for the March 2019 Reverse Split):

	Employee equity compensation		Non-Employee equity compensation
Unvested Units	Units	Grant-date fair value	Units	Award- date fair value
Unvested on January 1, 2017	29,524	$7,987	70,357	$20,951
Vested	5,238	1,414	16,786	2,765

Unvested on December 31, 2017	24,286	$6,573	53,571	$18,186

Vested	24,286	$6,573	53,571	$18,186

Unvested on December 31, 2018	-	$ -	-	$ -

For the years ended December 31, 2018, 2017, and 2016 the equity compensation expense that has been charged in the consolidated statements of comprehensive (loss) / income was $438, $438 and $439 for the Employee awards and $175, $718 and $635 for the Non-Employee awards, respectively. This expense has been included in “General and administrative expenses” in the consolidated statements of comprehensive (loss) / income for each respective year.

The Partnership used the straight-line method to recognize the cost of the awards.

Net (Loss) / Income from continuing operations Per Unit

12 Months Ended

Dec. 31, 2018

Net (Loss) / Income from continuing operations Per Unit [Abstract]

Net (Loss) / Income from continuing operations Per Unit

14. Net (Loss) / Income 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 12), 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 12). The Partnership excluded the effect of the 12,983,333 Class B Convertible Preferred Units in calculating dilutive EPU as of December 31, 2018, 2017 and 2016, for each year as they were anti-dilutive.

For the year ended December 31, 2018 the Partnership excluded the effect of 77,857 units (adjusted for the March 2019 Reverse Split) under the omnibus incentive compensation plan which vested in December 2018 (Note 13) in calculating dilutive EPU for its common unit holders as they were anti-dilutive. As of December 31, 2017 and 2016, the Partnership excluded the effect of 77,857 and 99,881, respectively, non-vested unit awards (both adjusted for the March 2019 Reverse Split) 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 vessels’ 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, 2018, 2017 and 2016 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

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.

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

BASIC AND DILUTED	2018	2017	2016
Numerators
Partnership’s net (loss) / income from continuing operations	$ (7,611)	$15,795	$18,750
Less:
Preferred unit holders’ interest in Partnership’s net income from continuing operations	11,101	11,101	11,101
General Partner’s interest in Partnership’s net (loss) / income from continuing operations	(352)	86	150
Partnership’s net (loss) / income from continuing operations allocable to unvested units	(103)	13	52
Common unit holders’ interest in Partnership’s net (loss) / income from continuing operations	$ (18,257)	$4,595	$7,447
Denominators
Weighted average number of common units outstanding, basic and diluted	18,100,455	17,692,192	17,114,761
Net (loss) / income from continuing operations per common unit:
Basic and Diluted	$ (1.01)	$0.26	$0.44

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies [Abstract]

Commitments and Contingencies

15. Commitments and 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 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.

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. 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.

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.

(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, 2018 were:

Year ending December 31,	Amount
2019	$108,890
2020	89,543
2021	54,584
2022	53,564
2023	51,216
Thereafter	60,432

Total	$418,229

(b) Vessel’s Equipment Commitments: As of December 31, 2018 the Partnership has outstanding commitments for certain of its vessels relating to the construction of exhaust gas cleaning systems which are payable as follows:

Year ending December 31,	Amount
2019	$ 9,794
2020	8,699

Total	$ 18,493

Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

(a)Dividends: On January 22, 2019, the board of directors of the Partnership declared a cash distribution of $0.315 per common unit (adjusted for the March 2019 Reverse Split) for the fourth quarter of 2018. The fourth quarter common unit cash distribution was paid on February 14, 2019, to unit holders of record on February 5, 2019.

(b)Dividends: On January 22, 2019, the board of directors of the Partnership declared a cash distribution of $0.21375 per Class B Convertible Preferred Unit for the fourth quarter of 2018. The cash distribution was paid on February 8, 2019, to Class B unit holders of record on February 1, 2019.

The DSS Transaction was completed on March 27, 2019.

In connection with the DSS Transaction, among other things:

•

the Partnership spun off Diamond S, holding all of its 25 crude and product tankers, by way of pro rata distribution of the outstanding shares of common stock of Diamond S to the holders of the Partnership’s common and general partner units;

•

DSS paid to the Partnership, or at its direction, a total amount of $319,651;

•

the Partnership redeemed and retired all outstanding Class B Units at 100% of par value, translating into a total redemption price of $119,502;

•

the Partnership amended and 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; and

•

the Partnership effected a reverse split of its common and general partner units, reducing 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.

Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2018

Significant Accounting Policies [Abstract]

Principles of Consolidation:

Use of Estimates:

Accounting for Revenue, Voyage and Operating Expenses:

Vessel operating expenses presented in the consolidated financial statements mainly consist of:

	•		Management fees payable to the Partnership’s manager, Capital Ship Management Corp. (the “Manager” or “CSM”) under a type of Management agreement (Note 4); and
•		Crew, repairs and maintenance, insurance, stores, spares, lubricants and other operating expenses.

Vessel operating expenses are expensed as incurred.

Foreign Currency Transactions:

Cash and Cash Equivalents:

Restricted Cash:

Trade Accounts Receivable:

Inventories:

Vessels Held for Sale:

Fixed Assets:

Impairment of Long-Lived Assets:

Deferred charges, net:

Intangible assets:

Net Income Per Limited Partner Unit:

Segment Reporting:

Omnibus Incentive Compensation Plan:

Recent Accounting Pronouncements:

(a) Entities may elect not to recast the comparative periods presented when transitioning to ASC 842; and

The following table shows the revenues earned from time and bareboat charters and voyage charters from continuing operations for the year ended December 31, 2018:

	For the year ended December 31, 2018
Time and bareboat charters (operating leases)	$	107,923
Voyage charters (accounted for under ASC 606)		9,672
Total	$	117,595

The following table presents the impact of the adoption of ASU 2014-09 on our balance sheet at December 31, 2018:

	As at December 31, 2018
	As reported		Balances without adoption of ASU 2014-09		Effect of change
Assets
Current Assets
Trade accounts receivable	$	16,126	$	17,526	$	(1,400	)
Prepayments and other assets		2,017		1,620		397
Liabilities
Current liabilities		115,159		115,194		35

The following table presents the impact of the adoption of ASU 2014-09 on our statement of comprehensive (loss) / income:

	For the year ended December 31, 2018
	As reported		Balances without adoption of ASU 2014-09		Effect of change
Partnership’s net income from discontinued operations		7,507		8,475		(968	)
Partnership’s net (loss) / income from operations		(104)		864		(968)

Net income from discontinued operations per common unit basic and diluted (adjusted for the March 2019 Reverse Split)		0.41		0.46		(0.05	)

Net loss from operations per common unit basic and diluted (adjusted for the March 2019 Reverse Split)		(0.60)		(0.55)		(0.05	)

The adoption of ASC 606 had no impact on net cash provided by operating activities, investing activities and financing activities for the year ended December 31, 2018.

Basis of Presentation and General Information (Tables)

12 Months Ended

Dec. 31, 2018

Basis of Presentation and General Information [Abstract]

List of Subsidiaries

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”)
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		—
Shipping Rider Co. (4)	09/16/2003	M/T Atlantas II	36,760	04/04/2007		04/26/2006
Canvey Shipmanagement Co. (4)	03/18/2004	M/T Assos	47,872	08/16/2010 04/04/2007		05/17/2006
Centurion Navigation Limited (4)	08/27/2003	M/T Aktoras	36,759	04/04/2007		07/12/2006
Polarwind Maritime S.A. (4)	10/10/2003	M/T Agisilaos	36,760	04/04/2007		08/16/2006
Carnation Shipping Company (4)	11/10/2003	M/T Arionas	36,725	04/04/2007		11/02/2006
Apollonas Shipping Company (4)	02/10/2004	M/T Avax	47,834	04/04/2007		01/12/2007
Tempest Maritime Inc. (4)	09/12/2003	M/T Aiolos	36,725	04/04/2007		03/02/2007
Iraklitos Shipping Company (4)	02/10/2004	M/T Axios	47,872	04/04/2007		02/28/2007
Epicurus Shipping Company (4)	02/11/2004	M/T Atrotos	47,786	03/01/2010 05/08/2007		05/08/2007
Laredo Maritime Inc. (4)	02/03/2004	M/T Akeraios	47,781	07/13/2007		07/13/2007
Lorenzo Shipmanagement Inc. (4)	05/26/2004	M/T Apostolos	47,782	09/20/2007		09/20/2007
Splendor Shipholding S.A. (4)	07/08/2004	M/T Anemos I	47,782	09/28/2007		09/28/2007
Ross Shipmanagement Co.	12/29/2003	M/T Attikos (1)	12,000	09/24/2007		01/20/2005
Sorrel Shipmanagement Inc. (4)	02/07/2006	M/T Alexandros II	51,258	01/29/2008		01/29/2008
Baymont Enterprises Incorporated	05/29/2007	M/T Amore Mio II (2)	159,982	03/27/2008		07/31/2007
Forbes Maritime Co.	02/03/2004	M/T Aristofanis (1)	12,000	04/30/2008		06/02/2005
Wind Dancer Shipping Inc. (4)	02/07/2006	M/T Aristotelis II	51,226	06/17/2008		06/17/2008
Belerion Maritime Co. (4)	01/24/2006	M/T Aris II	51,218	08/20/2008		08/20/2008
Mango Finance Corp.	07/14/2006	M/T Agamemnon II (1)	51,238	04/07/2009		11/24/2008
Navarro International S.A. (4)	07/14/2006	M/T Ayrton II	51,260	04/13/2009		04/10/2009
Adrian Shipholding Inc. (4)	06/22/2004	M/T Alkiviadis	36,721	06/30/2010		03/29/2006
Patroklos Marine Corp.	06/17/2008	M/V Cape Agamemnon	179,221	06/09/2011		01/25/2011
Cooper Consultants Co. renamed to Miltiadis M II Carriers Corp. (4)	04/06/2006	M/T Miltiadis M II	162,397	09/30/2011		04/26/2006
Amoureux Carriers Corp. (4)	04/14/2010	M/T Amoureux	149,993		09/30/2011		—
Aias Carriers Corp. (4)	04/14/2010	M/T Aias	150,393	09/30/2011		—
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
Aenaos Product Carrier S.A.	10/16/2013	M/T Aristotelis (2)	51,604	11/28/2013		—
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
Miltiadis M II Corp.	08/28/2012	—	—	—		—
Dias Container Carrier S.A.	05/16/2013	M/V CMA CGM Amazon	115,534	06/10/2015		06/10/2015
Poseidon Container Carrier S.A.	05/16/2013	M/V CMA CGM Uruguay	115,639	09/18/2015		09/18/2015
Isiodos Product Carrier S.A. (4)	05/31/2013	M/T Active	50,136	03/31/2015		03/31/2015
Titanas Product Carrier S.A. (4)	05/31/2013	M/T Amadeus	50,108	06/30/2015		06/30/2015
Atrotos Container Carrier S.A.	10/25/2013	M/V CMA CGM Magdalena	115,639	02/26/2016		02/26/2016
Filonikis Product Carrier S.A. (4)	05/31/2013	M/T Amor	49,999	10/24/2016		09/30/2015
Asterias Crude Carrier S.A. (4)	07/13/2015	M/T Aristaios	113,689	01/17/2018		01/10/2017
Iason Product Carrier S.A. (4)	08/28/2013	M/T Anikitos	50,082	05/04/2018		06/21/2016
Athena SpinCo Inc.(3,4)	11/14/2018	—	—	—		—
Athena MergerCo 1 Inc.(3,4)	11/14/2018	—	—	—		—
Athena MergerCo 2 Inc.(3,4)	11/14/2018	—	—	—		—
Athena MergerCo 3 LLC.(3,4)	11/14/2018	—	—	—		—
Athena MergerCo 4 LLC (3,4)	11/14/2018	—	—	—		—

(1)	Vessels were disposed in the previous years.
(2)	Vessels were disposed in 2018 (Note 5).
(3)	Companies established for the purpose of the agreement between the Partnership and DSS.
(4)	Companies part of the Crude and Product tanker business which were spun-off on March 27, 2019.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Under ASC 606

Disaggregation of revenue

	For the year ended December 31, 2018
Time and bareboat charters (operating leases)	$	107,923
Voyage charters (accounted for under ASC 606)		9,672
Total	$	117,595

Balance Sheet Location

Impact of the adoption of ASU 2014-09

	As at December 31, 2018
	As reported		Balances without adoption of ASU 2014-09		Effect of change
Assets
Current Assets
Trade accounts receivable	$	16,126	$	17,526	$	(1,400	)
Prepayments and other assets		2,017		1,620		397
Liabilities
Current liabilities		115,159		115,194		35

Income Statement Location

Impact of the adoption of ASU 2014-09

	For the year ended December 31, 2018
	As reported		Balances without adoption of ASU 2014-09		Effect of change
Partnership’s net income from discontinued operations		7,507		8,475		(968	)
Partnership’s net (loss) / income from operations		(104)		864		(968)

Net income from discontinued operations per common unit basic and diluted (adjusted for the March 2019 Reverse Split)		0.41		0.46		(0.05	)

Net loss from operations per common unit basic and diluted (adjusted for the March 2019 Reverse Split)		(0.60)		(0.55)		(0.05	)

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2018

Income Statement Location

Discontinued Operations

Major items constituting income from discontinued operations	For the years ended December 31,
	2018	2017	2016
Revenues	161,659	132,443	127,939
Expenses
Voyage expenses	37,202	10,498	6,928
Vessel operating expenses	68,406	54,281	44,862
Vessel depreciation and amortization	40,276	38,014	36,815
Interest expense and finance cost	8,433	6,642	5,713
Other (income) / expenses	(165)	320	(118)
Net income from discontinued operations	7,507	22,688	33,739

Balance Sheet Location

Discontinued Operations

Carrying amounts of major classes of assets included as part of discontinued operations	As of December 31, 2018	As of December 31, 2017
Cash	10,000	10,000
Inventories	7,183	2,817
Prepayments and other assets	6,515	771
Total major classes of current assets of discontinued operations	23,698	13,588
Vessels	643,682	607,528
Deferred charges, net	2,220	819
Above market acquired charters	7,531	-
Prepayments and other assets	1,035	-
Total major classes of non-current assets of discontinued operations	654,468	608,347
Total major classes of assets of discontinued operations	678,166	621,935
Carrying amounts of major classes of liabilities included as part of discontinued operations
Current portion of long-term debt, net	14,869	15,808
Deferred revenue	1,611	7,250
Trade accounts payables and accrued liabilities	5,055	-
Total major classes of current liabilities of discontinued operations	21,535	23,058
Long-term debt, net	134,744	107,960
Total major classes of long term liabilities of discontinued operations	134,744	107,960
Total major classes of liabilities of the discontinued operations	156,279	131,018

- 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

Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2018

Transactions with Related Parties [Abstract]

Balances and Transactions with Related Parties

Consolidated Balance Sheets	As of December 31, 2018		As of December 31, 2017
Liabilities:
CSM – payments on behalf of the Partnership (a)	$	16,638	$	13,218
Management fee payable to CSM (b)		1,104		1,016
Due to related parties	$	17,742	$	14,234
Deferred revenue – current (e)		—		—
Total liabilities	$	17,742	$	14,234

Consolidated Statements of (Loss)/Income	For the years ended December 31,
Consolidated Statements of (Loss)/Income	2018		2017		2016
Revenues (c)	$	701	$	9,976	$	9,344
Vessel operating expenses		4,221		4,466		4,330
General and administrative expenses (d)		1,922		1,983		2,076

Charter Agreements

Vessel Name

Time

Charter (TC)

in years

Commencement of

Charter

Termination or

earliest expected

redelivery

Gross (Net) Daily

Hire Rate

M/T Amore Mio II

0.9

08/2016

09/2017

$21.0 ($20.7)

M/T Aristotelis

1.0

01/2017

03/2018

$13.8 ($13.6)

Vessels, net and assets held for sale (Tables)

12 Months Ended

Dec. 31, 2018

Property Plant And Equipment [Abstract]

Vessels, net

	Vessel Cost	Accumulated depreciation	Net book value
Balance as at January 1, 2017	$855,497	$(131,591)	$723,906

Improvements	824	—	824
Depreciation for the period	—	(34,918)	(34,918)
Impairment of vessels	(9,279)	5,997	(3,282)
Classification as asset held for sale	(28,862)	—	(28,862)

Balance as at December 31, 2017	$818,180	$(160,512)	$ 657,668

Improvements	277	—	277
Depreciation for the period	—	(32,113)	(32,113)
Impairment of vessel	(78,607)	49,802	(28,805)
Disposals	(10,927)	—	(10,927)

Balance as at December 31, 2018	$ 728,923	$ (142,823)	$ 586,100

Above market acquired charters (Tables)

12 Months Ended

Dec. 31, 2018

Above market acquired charters [Abstract]

Above market acquired charters

Above market acquired charters	Book Value
Carrying amount as at January 1, 2017	$89,415

Amortization	$(14,380)

Carrying amount as at December 31, 2017	$75,035

Amortization	$(14,380)

Carrying amount as at December 31, 2018	$60,655

Above market acquired charter future amortization expense

For the year ending December 31,	Amount
2019	$14,380
2020	$11,696
2021	$8,416
2022	$8,371
2023	$8,371
Thereafter	$9,421

Total	$60,655

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2018

Long-Term Debt Covenants [Abstract]

Bank Loans

	Bank loans	As of December 31, 2018	As of December 31, 2017	Margin
(i)	Issued in September 2017 maturing in October 2023 (the “2017 credit facility”)	295,118	350,401	3.25%

	Total long-term debt	$295,118	$350,401

	Less: Deferred loan issuance costs	3,707	5,054
	Less: loan associated with vessel held for sale	-	14,781

	Total long-term debt, net	$291,411	$330,566
	Less: Current portion of long-term debt	38,494	35,882
	Add: Current portion of deferred loan issuance costs	1,015	1,176
	Long-term debt, net	$253,932	$295,860

Required Annual Loan Payments

For the year ending December 31,	Amount
2019	$38,494
2020	$38,494
2021	$38,494
2022	$38,494
2023	$141,142

Total	$ 295,118

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Financial Instruments [Abstract]

Fair value measurements on a Nonrecurring Basis

Items Measured at Fair Value on a Nonrecurring Basis - Fair Value Measurements
	Quoted prices in active markets for identical assets	Significant other observable inputs	Unobservable Inputs
Non – Recurring Measurements:	Level 1	Level 2	Level 3	Loss
Long-lived assets classified as held for sale (Note 5)	$—	$29,400	$—	$3,282

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2018

Accrued Liabilities [Abstract]

Accrued Liabilities

	As of December 31,
	2018	2017
Accrued loan interest and loan fees	$ 5,701	$ 5,221
Accrued operating expenses	5,519	5,199
Accrued voyage expenses and commissions	4,320	3,521
Accrued general and administrative expenses	1,200	1,170

Total	$16,740	$15,111

Voyage Expenses and Vessel Operating Expenses (Tables)

12 Months Ended

Dec. 31, 2018

Voyage Expenses and Vessel Operating Expenses [Abstract]

Voyage Expenses and Vessel Operating Expenses

	For the years ended December 31,
	2018	2017	2016
Voyage expenses:
Commissions	$2,171	$1,977	$2,227
Bunkers	4,360	1,384	903
Port expenses	2,217	1,053	-
Other	365	253	222

Total	$9,113	$4,667	$3,352

Vessel operating expenses:
Crew costs and related costs	$ 14,794	$15,558	$14,845
Insurance expense	2,112	2,436	2,935
Spares, repairs, maintenance and other expenses	4,396	4,412	5,294
Stores and lubricants	3,451	3,500	3,871
Management fees (Note 4)	4,221	4,466	4,330
Other operating expenses	1,674	1,492	1,366

Total	$ 30,648	$31,864	$32,641

Partners' Capital (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Incentive Distributions

	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%

Partnership Units

	As of December 31, 2018	As of December 31, 2017
Common units	18,178,100	18,178,100
General partner units	348,570	348,570
Preferred units	12,983,333	12,983,333

Total partnership units	31,510,003	31,510,003

Omnibus Incentive Compensation Plan (Tables)

12 Months Ended

Dec. 31, 2018

Omnibus Incentive Compensation Plan [Abstract]

Omnibus Incentive Compensation Plan

	Employee equity compensation		Non-Employee equity compensation
Unvested Units	Units	Grant-date fair value	Units	Award- date fair value
Unvested on January 1, 2017	29,524	$7,987	70,357	$20,951
Vested	5,238	1,414	16,786	2,765

Unvested on December 31, 2017	24,286	$6,573	53,571	$18,186

Vested	24,286	$6,573	53,571	$18,186

Unvested on December 31, 2018	-	$ -	-	$ -

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

12 Months Ended

Dec. 31, 2018

Net (Loss) / Income from continuing operations Per Unit [Abstract]

Net (Loss) / Income Per Unit Basic and Diluted

BASIC AND DILUTED	2018	2017	2016
Numerators
Partnership’s net (loss) / income from continuing operations	$ (7,611)	$15,795	$18,750
Less:
Preferred unit holders’ interest in Partnership’s net income from continuing operations	11,101	11,101	11,101
General Partner’s interest in Partnership’s net (loss) / income from continuing operations	(352)	86	150
Partnership’s net (loss) / income from continuing operations allocable to unvested units	(103)	13	52
Common unit holders’ interest in Partnership’s net (loss) / income from continuing operations	$ (18,257)	$4,595	$7,447
Denominators
Weighted average number of common units outstanding, basic and diluted	18,100,455	17,692,192	17,114,761
Net (loss) / income from continuing operations per common unit:
Basic and Diluted	$ (1.01)	$0.26	$0.44

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies [Abstract]

Future minimum rental receipts

Year ending December 31,	Amount
2019	$108,890
2020	89,543
2021	54,584
2022	53,564
2023	51,216
Thereafter	60,432

Total	$418,229

Schedule of future minimum payments other

Year ending December 31,	Amount
2019	$ 9,794
2020	8,699

Total	$ 18,493

Basis of Presentation and General Information (Table) (Details)

12 Months Ended

Dec. 31, 2018

M/T Atlantas II

Property Plant And Equipment [Line Items]

DWT

36,760

^[1]

Basis of Presentation and General Information - Additional Information (Details)	Dec. 31, 2018
Property Plant And Equipment
Number of vessels	36
Suezmax Crude Oil Tankers
Property Plant And Equipment
Number of vessels	3
Medium Range Tankers
Property Plant And Equipment
Number of vessels	21
Aframax Crude-Oil Tanker
Property Plant And Equipment
Number of vessels	1
Neo Panamax Container Carrier Vessels
Property Plant And Equipment
Number of vessels	10
Capesize Bulk Carrier
Property Plant And Equipment
Number of vessels	1

Basis of Presentation and General Information - Transaction Agreement DSS (Details) - USD ($) $ in Thousands	3 Months Ended	11 Months Ended
	Mar. 27, 2019	Nov. 27, 2018
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Reverse unit split, description	one for seven reverse unit split
Athena renamed to Diamond S
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Cash received	$ 10,000
Shares to be distributed	12,725,000
Transaction Agreement with DSS
Subsidiary Of Limited Liability Company Or Limited Partnership [Line Items]
Closing date of Transaction Agreement	Mar. 27, 2019
Credit facility, maximum borrowing capacity	$ 360,000
Expiration period of line of credit	5 years
Date Of Transaction Agreement		Nov. 27, 2018

Significant Accounting Policies - Impact of the Adoption of ASU 2014-09 on Balance Sheet (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Current Assets
Trade accounts receivable	$ 16,126	$ 4,772
Prepayments and other assets	2,017	2,275
Liabilities
Current liabilities	115,159	$ 123,071
Balances without adoption of ASU 2014-09
Current Assets
Trade accounts receivable	17,526
Prepayments and other assets	1,620
Liabilities
Current liabilities	115,194
Effect of change
Current Assets
Trade accounts receivable	(1,400)
Prepayments and other assets	397
Liabilities
Current liabilities	$ 35

Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
Significant Accounting Policies (Details) $ in Thousands	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Significant Accounting Policies [Abstract]
Maximum original maturity of highly liquid investments, in order to be classified as cash and cash equivalents	3
Write off of doubtful accounts	$ 0	$ 0
Scrap value per light weight ton (LWT)	$0.2
Vessels useful life	25 years
Number of Reportable Segments	1
Unearned revenue related to undelivered performance obligations	$ 371	$ 0
Minimum
Interval between vessel drydocking	30
Maximum
Interval between vessel drydocking	60

Discontinued Operations - Balance Sheet (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Carrying amounts of major classes of assets included as part of discontinued operations
Cash	$ 10,000	$ 10,000
Inventories	7,183	2,817
Prepayments and other assets	6,515	771
Total major classes of current assets of discontinued operations	23,698	13,588
Vessels	643,682	607,528
Deferred charges, net	2,220	819
Above market acquired charters	7,531	0
Prepayments and other assets	1,035	0
Total major classes of non-current assets of discontinued operations	654,468	608,347
Total major classes of assets of discontinued operations	678,166	621,935
Carrying amounts of major classes of liabilities included as part of discontinued operations
Current portion of long-term debt, net	14,869	15,808
Deferred revenue	1,611	7,250
Trade accounts payables and accrued liabilities	5,055	0
Total major classes of current liabilities of discontinued operations	21,535	23,058
Long-term debt, net	134,744	107,960
Total major classes of long-term liabilities of discontinued operations	134,744	107,960
Total major classes of liabilities of the discontinued operations	$ 156,279	$ 131,018

Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
Discontinued Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property Plant And Equipment [Line Items]
Vessel improvement costs capitalized	$ 277
Paid advances relating to the construction of exhaust gas cleaning systems and ballast water treatment systems	2,055	$ 0
M/T Aristaios and M/T Anikitos
Property Plant And Equipment [Line Items]
Vessels cost	73,959
Above market acquired charters acquisition	10,041
Vessels part of the Crude and Product tanker business
Property Plant And Equipment [Line Items]
Vessel improvement costs capitalized	1,091	143	$ 511
Paid advances relating to the construction of exhaust gas cleaning systems and ballast water treatment systems	$ 1,035	$ 0
M/T Amor
Property Plant And Equipment [Line Items]
Vessels cost			31,600
Above market acquired charters acquisition			$ 1,061

Transactions with Related Parties - Consolidated Balance Sheets (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Liabilities:
Due to related parties	$ 17,742	$ 14,234
Deferred revenue - current (e)	7,315	11,550
CSM – payments on behalf of the Partnership (a)
Liabilities:
Due to related parties	16,638	13,218
Management fee payable to CSM (b)
Liabilities:
Due to related parties	1,104	1,016
Capital Maritime And Trading Corp.
Liabilities:
Deferred revenue - current (e)	0	0
Total liabilities	$ 17,742	$ 14,234

Transactions with Related Parties - Charter Revenues (Table) (Details)	12 Months Ended
	Dec. 31, 2018
M/T Amore Mio II
Related Party Transaction
Time Charter (TC) in years	0.9
Commencement of Charter	08/2016
Termination or earliest expected redelivery	09/2017
Gross Daily Hire Rate	$21.0
Net Daily Hire Rate	$20.7
M/T Aristotelis
Related Party Transaction
Time Charter (TC) in years	1.0
Commencement of Charter	01/2017
Termination or earliest expected redelivery	03/2018
Gross Daily Hire Rate	$13.8
Net Daily Hire Rate	$13.6

Vessels, net and assets held for sale - Additional Information (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Sep. 11, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 22, 2017	Dec. 31, 2016
Property Plant And Equipment
Vessel improvement costs capitalized		$ 277
Assets held for sale			$ 29,027
Paid advances relating to the construction of exhaust gas cleaning systems		2,055	0
Impairment of vessel		28,805	3,282		$ 0
M/T Aristotelis
Property Plant And Equipment
Sale price agreed in Memorandum of Agreement				$ 29,400
Date of vessel sale				Apr. 25, 2018
Inventories			165
Assets held for sale			29,027
Classification as asset held for sale			28,862
Impairment of vessel			3,282
M/T Amore Mio II
Property Plant And Equipment
Sale price agreed in Memorandum of Agreement	$ 11,150
Date of vessel sale	Oct. 15, 2018
Classification as asset held for sale		10,927
Impairment of vessel		28,805
Vessels' Improvements
Property Plant And Equipment
Vessel improvement costs capitalized		$ 277	$ 824

Above market acquired charters - Amortization Schedule (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
For the year ending December 31,
2019	$ 14,380
2020	11,696
2021	8,416
2022	8,371
2023	8,371
Thereafter	9,421
Total	$ 60,655	$ 75,035	$ 89,415

Long-Term Debt - Total Debt (Table) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument
Total long-term debt	$ 295,118	$ 350,401
Less: Deferred loan issuance costs	3,707	5,054
Less: loan associated with vessel held for sale		14,781
Total long-term debt, net	291,411	330,566
Less: Current portion of long-term debt	38,494	35,882
Add: Current portion of deferred loan issuance costs	1,015	1,176
Long-term debt, net	253,932	295,860
(i) Issued in September 2017 maturing in October 2023 (the “2017 credit facility”)
Debt Instrument
Total long-term debt	$ 295,118	$ 350,401
Margin	3.25%

Long-Term Debt - Annual Loan Payments (Table) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
2019	$ 38,494
2020	38,494
2021	38,494
2022	38,494
2023	141,142
Total	$ 295,118	$ 350,401

Long-Term Debt - Additional Information (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Oct. 04, 2017 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Liability associated with vessel held for sale, part of the Tranche A			$ 14,781
Interest expense		$ 17,422	$ 18,441	$ 17,203
Weighted average interest rate		5.40%	4.30%
Repayment of credit facility		$ 55,283	$ 98,464	$ 13,219
2017 Credit Facility
Debt Instrument [Line Items]
Senior secured term loan facility, arrangement date			Sep. 06, 2017
Line of credit facility, maximum borrowing capacity			$ 460,000
Number of Tranches			2
Repayment amount		34,984
Latest date the outstanding repayments will be repaid			Oct. 04, 2023
Debt variable rate basis			LIBOR
Credit facility margin			3.25%
2017 Credit Facility \| Tranche A
Debt Instrument [Line Items]
Repayment installments			24
Frequency of Payments			quarterly
Repayment amount			$ 3,681
Balloon payment, payable together with the final quarterly instalment			$ 108,935
Starting period of payment installments			Jan. 04, 2018
2017 Credit Facility \| Tranche B
Debt Instrument [Line Items]
Repayment installments			24
Frequency of Payments			quarterly
Repayment amount			$ 6,380
Starting period of payment installments			Jan. 04, 2018
2017 Credit Facility \| Continuing operations
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 350,401
2017 Credit Facility \| Discontinued operations
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			109,599
2017 Credit Facility \| In connection with the sale of M/T Aristotelis
Debt Instrument [Line Items]
Liability associated with vessel held for sale, part of the Tranche A			$ 14,781
Repayment of credit facility		14,383
2017 Credit Facility \| In connection with the sale of M/T Amore Mio II
Debt Instrument [Line Items]
Repayment of credit facility		5,916
Previous Credit Facilities
Debt Instrument [Line Items]
Repayment amount	$ 9,914
Repayment of credit facility	$ 88,550
Amendment of 2017 Credit Facility repayment schedule \| Tranche A
Debt Instrument [Line Items]
Repayment amount		3,469
Balloon payment, payable together with the final quarterly instalment		102,651
Amendment of 2017 Credit Facility repayment schedule \| Tranche B
Debt Instrument [Line Items]
Repayment amount		$ 6,154

Long-Term Debt Covenants Description (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Ratio Of EBITDA To Net Interest Expense	2:1
Debt Instrument Covenant Description	The Partnership’s credit facility contain customary ship finance covenants, including restrictions as to changes in management and ownership of the mortgaged vessels, the incurrence of additional indebtedness and the mortgaging of vessels and requirements such as, the ratio of EBITDA to Net Interest Expenses to be no less than 2:1, a minimum cash requirement of $500 per vessel, 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 for the 2017 credit facility. The credit facility also contains a collateral maintenance requirement under which the aggregate fair market value of the collateral vessels should not be less than 125%. Also the vessel-owning companies may pay dividends or make distributions 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, 2018 and 2017 the Partnership was in compliance with all financial covenants.
2017 Credit Facility
Debt Instrument [Line Items]
Net Total Indebtedness to the aggregate Market Value of the Total fleet	75.00%
Collateral Maintenance Requirement	125.00%
Minimum cash requirement per collateralized vessel
Debt Instrument [Line Items]
Restricted cash	$ 500

Partners' Capital - Distributions to Unitholders (Table) (Details)	12 Months Ended
	Dec. 31, 2018 $ / shares
Minimum Quarterly Distribution \| Common Unitholders
Marginal percentage interest in distributions	98.00%
Minimum Quarterly Distribution \| General Partner
Marginal percentage interest in distributions	2.00%
First Target Distribution \| Common Unitholders
Marginal percentage interest in distributions	98.00%
First Target Distribution \| General Partner
Marginal percentage interest in distributions	2.00%
Second Target Distribution \| Common Unitholders
Marginal percentage interest in distributions	85.00%
Second Target Distribution \| General Partner
Marginal percentage interest in distributions	15.00%
Third Target Distribution \| Common Unitholders
Marginal percentage interest in distributions	75.00%
Third Target Distribution \| General Partner
Marginal percentage interest in distributions	25.00%
Thereafter \| Common Unitholders
Marginal percentage interest in distributions	65.00%
Thereafter \| General Partner
Marginal percentage interest in distributions	35.00%
Maximum \| First Target Distribution \| Total Quarterly Distribution Target Amount per Unit
Distribution target amount per unit (adjusted for the March 2019 Reverse Split)	$ 1.6975
Maximum \| Second Target Distribution \| Total Quarterly Distribution Target Amount per Unit
Distribution target amount per unit (adjusted for the March 2019 Reverse Split)	1.8725
Maximum \| Third Target Distribution \| Total Quarterly Distribution Target Amount per Unit
Distribution target amount per unit (adjusted for the March 2019 Reverse Split)	2.0475
Minimum \| Minimum Quarterly Distribution \| Total Quarterly Distribution Target Amount per Unit
Distribution target amount per unit (adjusted for the March 2019 Reverse Split)	1.6275
Minimum \| Second Target Distribution \| Total Quarterly Distribution Target Amount per Unit
Distribution target amount per unit (adjusted for the March 2019 Reverse Split)	1.6975
Minimum \| Third Target Distribution \| Total Quarterly Distribution Target Amount per Unit
Distribution target amount per unit (adjusted for the March 2019 Reverse Split)	1.8725
Minimum \| Thereafter \| Total Quarterly Distribution Target Amount per Unit
Distribution target amount per unit (adjusted for the March 2019 Reverse Split)	$ 2.0475

Partners' Capital - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended			24 Months Ended
	Sep. 30, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2013
Class B Convertible Preferred Unit Subscription Agreement
Class B convertible preferred unit issued					24,655,554
Conversion price of the Preferred units					$ 9
Preferred units conversion rate					1
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), shall 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 shall be entitled to receive, 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 Agreements in cash. The minimum quarterly Class B Convertible Preferred Unit Distribution Rate shall 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.
CMTC
Interest of CGP in the partnership		1.71%
Minimum \| CMTC \| Right waived
Distribution target amount per unit (adjusted for the March 2019 Reverse Split)		$ 1.6975
Maximum \| CMTC \| Right waived
Distribution target amount per unit (adjusted for the March 2019 Reverse Split)		$ 1.75
The "ATM Offering" \| UBS Securities LLC ("UBS")
Equity offering (adjusted for the March 2019 Reverse Split)			736,008	200,212
Net proceeds from equity offering			$ 17,815	$ 4,546
Maximum proceeds from the issuance of new common units	$ 50,000
Offering expenses			$ 176	$ 890
The "ATM Offering" \| Maximum \| UBS Securities LLC ("UBS")
Commission percentage		2.00%

Commitments and Contingencies - Future Minimum Charter Hire Receipts (Table) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Commitments and Contingencies [Abstract]
2019	$ 108,890
2020	89,543
2021	54,584
2022	53,564
2023	51,216
Thereafter	60,432
Total	$ 418,229

Subsequent Events (Details) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 27, 2019 USD ($)	Dec. 31, 2018 $ / shares shares	Dec. 31, 2017 shares
Subsequent Event [Line Items]
Common Partnership Units Issued		18,178,100	18,178,100
Common Partnership Units Outstanding		18,178,100	18,178,100
General Partner Units Issued		348,570	348,570
General Partner Units Outstanding		348,570	348,570
Common Unitholders
Subsequent Event [Line Items]
Dividends Payable, Date Declared		Jan. 22, 2019
Dividend declared \| $ / shares		$ 0.315
Dividends Payable, Date to be Paid		Feb. 14, 2019
Dividends Payable, Date of Record		Feb. 05, 2019
Preferred Unitholders
Subsequent Event [Line Items]
Dividends Payable, Date Declared		Jan. 22, 2019
Dividend declared \| $ / shares		$ 0.21375
Dividends Payable, Date to be Paid		Feb. 08, 2019
Dividends Payable, Date of Record		Feb. 01, 2019
Transaction Agreement with DSS
Subsequent Event [Line Items]
Number of vessels disposed	25
Proceeds from business spin off \| $	$ 319,651
Closing date of Transaction Agreement	Mar. 27, 2019
Transaction Agreement with DSS \| Class B Preferred Units
Subsequent Event [Line Items]
Total redemption price including dividends \| $	$ 119,502
Redemption percentage	100.00%
Before Reverse Split
Subsequent Event [Line Items]
Common Partnership Units Issued		127,246,692
Common Partnership Units Outstanding		127,246,692
General Partner Units Issued		2,439,989
General Partner Units Outstanding		2,439,989
2017 Credit Facility
Subsequent Event [Line Items]
Debt variable rate basis			LIBOR
Margin			3.25%
2017 Credit Facility \| Transaction Agreement with DSS
Subsequent Event [Line Items]
Repayment amount \| $	$ 89,298
Credit Facility 2015, Credit Facility 2017 and Aristaios Credit Facility \| Transaction Agreement with DSS
Subsequent Event [Line Items]
Repayment amount \| $	$ 146,517