Capital Products Partners Feels Some Pain

The recent decision by OSG to buy back the remaining shares of its MLP spin-off, OSG America, highlighted the weak domestic tanker market as well the inability of the partnership to pay the distributions going forward as a result. U.S. Shipping L.P. was also unable to survive the current market as its vessels came off charter and it leveraged itself to meet its fleet replacement needs. And without an interested party, it filed for bankruptcy. These problems raised the question in our mind as to whether the MLP structure is best applied to shipping. Of course, there is no easy

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