Capital Product Partners L.P. Announces Strong Second Quarter Financial Results

ATHENS, Greece, July 31, 2008 (PRIME NEWSWIRE) -- Capital Product Partners L.P.
(Nasdaq:CPLP), an international owner of modern double-hull tankers, today
released its financial results for the second quarter ended June 30, 2008.

Net income for the quarter was $12.6 million. The reported results reflect the
consolidation of M/T Aristofanis, which was acquired on April 30, 2008 for the
full quarter, as the transaction was between two entities under common control.

If M/T Aristofanis had not been consolidated for the period it was not owned by
the Partnership, net income would have been $12.9 million. This translates to
earnings of $0.50 per limited partnership unit, which is 43% higher than the
$0.35 in the first quarter of 2008 and 2.3 times higher than the $0.22 per unit
in the second quarter of 2007. Both increases were driven by the higher number
of vessels in our fleet and growth in profit sharing revenues.

The Partnership generated an operating surplus for the quarter of $15.7 million,
up 54% both from the first quarter of 2008 as well as the second quarter of
2007. Operating surplus is a non-GAAP financial measure used by certain
investors to measure the financial performance of the Partnership and other
master limited partnerships. (Please see Appendix A for a reconciliation of this
non-GAAP measure to net income.)

Gross revenues for the second quarter were $32.0 million, of which $4.5 million
were profit sharing revenues, reflecting buoyant spot rates in both the MR
product tanker market and the Suezmax crude oil tanker market. Total operating
expenses were $13.7 million, including $6.3 million in fees for the commercial
and technical management of the fleet paid to a subsidiary of Capital Maritime &
Trading Corp. (Capital Maritime), the Partnership's sponsor, $5.9 million in
depreciation expense, and $0.7 million in general and administrative expenses.
Net interest expense and finance cost for the quarter was $5.7 million.

Ioannis Lazaridis, Chief Executive Officer and Chief Financial Officer of
Capital Product Partners' general partner, said, "We are very pleased with the
strong second quarter results, driven by our ongoing fleet expansion as well as
our profit sharing strategy which enabled us to take advantage of the rising
spot markets in the second quarter. In addition, we continue to benefit from our
5-year fixed-rate management agreement with a subsidiary of Capital Maritime."

The clean product market improved significantly in the second quarter compared
to the first quarter supported by a very strong transatlantic market, which was
followed by a substantial re-bound in the Eastern market. The market benefited
from the exports of diesel from the U.S. as demand in Europe increased, as well
as from seasonal increase in U.S. gasoline imports. Further, time charter
activity in the product tanker sector regained momentum, while asset prices
continued to rise. Spot earnings for Suezmax tankers averaged close to a 10-year
record high for the quarter on the back of a tight demand and supply balance of
tonnage.

The Partnership's long-term debt as of June 30, 2008 was $428 million and
partners' equity was $198 million. The balance sheet remains strong, with a
modest debt level relative to the market value of the vessels. On June 17, 2008
the Partnership took delivery of its 17th product tanker, M/T Aristotelis II.
Following the $48 million acquisition, wholly funded by debt, the Partnership's
remaining undrawn capacity under its credit facilities stands at approximately
$292 million. The Partnership also intends to fund with debt the contracted
acquisition of M/T Aris II, scheduled for delivery in August 2008.

The Board of Directors of the Partnership has declared a cash distribution for
the second quarter of $0.41 per unit, an increase from the previous cash
distribution of $0.40 per unit, and 9 percent higher than the Partnership's
minimum quarterly distribution. The cash distribution will be paid on August 15,
2008, to unit holders of record on August 6, 2008.

Capital Maritime currently owns a large number of modern tankers of different
sizes. The Partnership has a right of first refusal on six MR product tankers
from Capital Maritime if medium- to long-term charters are arranged for them.

Mr. Lazaridis concluded, "So far this year, Capital Product Partners has made
excellent strategic progress. In 2008, we have taken delivery of two newbuilding
MR tankers contracted prior to our offering and have completed the acquisition
of two additional tankers from our sponsor, Capital Maritime, that are expected
to add approximately $0.08 per unit to our annual operating surplus. In
addition, we secured earlier in 2008 a new $350 million 5-year non-amortizing
credit facility, which will enable us to continue to fund accretive transactions
over the coming years. With our modern, high-quality fleet and unique
relationship with our sponsor, Capital Product Partners is well-positioned to
capitalize on the tanker industry's long-term growth dynamics and to deliver
continued steady growth in cash distributions to our unit holders."

On July 25, 2008 the Partnership held its first Annual General Meeting at which
Robert P. Curt was re-elected as a Class I Director until the 2011 Annual
Meeting of Limited Partners. No other action was taken at the meeting.

Capital Product Partners will host a conference call to discuss its results
today at 10:00 a.m. Eastern Time. The public is invited to listen to the
conference call by dialing +1 718-354-1388 (U.S. and Canada), or +1 888-935-4577
(international); reference number 9262240. Participants should dial in 10
minutes prior to the start of the call. The slide presentation accompanying the
conference call will be available on the Partnership's website at
http://www.capitalpplp.com. An audio webcast of the conference call will also be
accessible on the website. The relevant links will be found in the Investor
Relations section of the website.

About Capital Product Partners L.P.

Capital Product Partners L.P. (Nasdaq:CPLP), a Marshall Islands master limited
partnership, is an international owner of modern double-hull tankers. Capital
Product Partners L.P. owns 17 vessels, including 14 modern MR tankers, two small
product tankers and one Suezmax crude oil tanker and intends to purchase one
additional product tanker from Capital Maritime & Trading Corp. in August. All
18 vessels are under medium to long-term charters to BP Shipping Limited, Morgan
Stanley Capital Group Inc., Overseas Shipholding Group, Shell International
Trading & Shipping Company Ltd., and Trafigura Beheer B.V.

Forward Looking Statement:

The statements in this press release that are not historical facts, including
statements regarding expected delivery of vessels and funding of newbuildings
and the estimated accretion of the dropdowns, may be forward-looking statements
(as such term is defined in Section 21E of the Securities Exchange Act of 1934,
as amended). These forward-looking statements involve risks and uncertainties
that could cause the stated or forecasted results to be materially different
from those anticipated. Unless required by law, we expressly disclaim any
obligation to update or revise any of these forward-looking statements, whether
because of future events, new information, a change in our views or
expectations, to conform them to actual results or otherwise. We assume no
responsibility for the accuracy and completeness of the forward-looking
statements. We make no prediction or statement about the performance of our
common units.

CPLP-F

Capital Product Partners L.P.
Unaudited Condensed Consolidated and Predecessor Combined Statements
of Income
(Notes 1-4)
(In thousands of United States dollars, except number of units and
earnings per unit)
---------------------------------------------------------------------

For the For the
three month period six month period
ended June 30, ended June 30,
2008 2007 2008 2007
---------------------------------------------------------------------

---------------------------------------------------------------------
Revenues 32,036 18,500 59,257 33,460
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Expenses:
Voyage expenses 273 278 563 472
Vessel operating
expenses - related
party 6,259 2,936 11,590 3,566
Vessel operating
expenses 540 1,050 3,560 3,833
General and
administrative expenses 721 428 1,401 428
Depreciation 5,922 3,092 11,684 5,503
---------------------------------------------------------------------
Operating income 18,321 10,716 30,459 19,658
---------------------------------------------------------------------
Other income /
(expense), net:
Interest expense and
finance cost (5,933) (1,464) (11,515) (4,512)
Loss on interest rate
agreements -- (3,763) -- (3,763)
Interest income 203 141 466 162
Foreign currency gain/
(loss), net 1 (14) (57) (18)
---------------------------------------------------------------------
Total other (expense),
net (5,729) (5,100) (11,106) (8,131)
---------------------------------------------------------------------
Net income 12,592 5,616 19,353 11,527
---------------------------------------------------------------------
Less:
Net (income)/loss
attributable to
predecessor operations
Initial vessels net
income -- (182) -- (5,328)
M/T Attikos net income -- (73) -- (479)
M/T Amore Mio II net
income -- -- (1,525) --
M/T Aristofanis net
(income)/loss 293 (424) 3,029 (783)
---------------------------------------------------------------------
Partnership's net
income $ 12,885 $ 4,937 $ 20,857 $ 4,937
=====================================================================
General Partner's
interest in
Partnership's net
income $ 631 $ 99 $ 434 $ 99
Limited Partners'
interest in
Partnership's net
income 12,254 4,838 20,423 4,838
Net income per:
- Common units
(basic and
diluted) $ 0.50 $ 0.36 $ 0.87 $ 0.36
- Subordinated
units (basic
and diluted) 0.50 -- 0.87 --
- Total units
(basic and
diluted) 0.50 0.22 0.87 0.22
---------------------------------------------------------------------
Weighted-average units
outstanding:
- Common units
(basic and
diluted) 15,855,067 13,512,500 14,739,845 13,512,500
- Subordinated
units (basic
and diluted) 8,805,522 8,805,522 8,805,522 8,805,522
- Total units
(basic and
diluted) 24,660,589 22,318,022 23,545,367 22,318,022

Capital Product Partners L.P.
Unaudited Condensed Consolidated and Predecessor Combined Balance
Sheets
(Notes 1-4)
(In thousands of United States dollars, except number of units)
---------------------------------------------------------------------

June 30, Dec. 31,
2008 2007
---------------------------------------------------------------------
Assets
Current assets
Cash and cash equivalents $ 2,658 $ 19,919
Short term investment (Note 4) 21,250 --
Trade accounts receivable 3,052 2,600
Due from related parties -- 4,262
Prepayments and other assets 255 410
Inventories -- 320
Derivative instruments 1,320 --
---------------------------------------------------------------------
Total current assets 28,535 27,511
---------------------------------------------------------------------
Fixed assets
Vessels, net 608,369 525,199
---------------------------------------------------------------------
Total fixed assets 608,369 525,199
---------------------------------------------------------------------
Other non-current assets
Deferred finance charges, net 2,650 1,031
Restricted investment /cash 4,250 3,250
---------------------------------------------------------------------
Total non-current assets 615,269 529,480
---------------------------------------------------------------------
Total assets $643,804 $556,991
---------------------------------------------------------------------

Liabilities and Partners' / Stockholders' Equity
Current liabilities
Current portion of long-term debt $ -- $ 768
Current portion of related party long-term debt -- 5,933
Trade accounts payable 112 1,271
Due to related parties 178 65
Accrued liabilities 770 763
Deferred revenue 632 3,473
---------------------------------------------------------------------
Total current liabilities 1,692 12,273
---------------------------------------------------------------------
Long-term liabilities
Long-term debt 428,000 281,812
Long-term related party debt -- 62,984
Deferred revenue 933 690
Derivative instruments 15,223 14,051
---------------------------------------------------------------------
Total long-term liabilities 444,156 359,537
---------------------------------------------------------------------
Total liabilities 445,848 371,810
---------------------------------------------------------------------
Commitments and contingencies -- --
Stockholders' Equity
Common stock -- --
Additional paid in capital - Predecessor -- 18,060
Retained earnings - Predecessor -- 5,182
Partners' Equity
General Partner interest 4,162 3,444
Limited Partners
- Common 124,809 102,130
- Subordinated 79,125 66,653
Accumulated other comprehensive loss (10,140) (10,288)
---------------------------------------------------------------------
Total partners' / stockholders' equity 197,956 185,181
---------------------------------------------------------------------
Total liabilities and partners' /
stockholders' equity $643,804 $556,991
---------------------------------------------------------------------

Capital Product Partners L.P.
Unaudited Condensed Consolidated and Predecessor Combined Statements
of Cash Flows
(Notes 1-4)
(In thousands of United States dollars)
---------------------------------------------------------------------

For the
six month period
ended June 30,
2008 2007
Cash flows from operating activities:
Net income $ 19,353 $ 11,527
Adjustments to reconcile net income to net
cash provided by operating activities:
Vessel depreciation 11,684 5,503
Amortization of deferred charges 249 34
Loss on interest rate swap agreement -- 3,763
Changes in operating assets and liabilities:
Trade accounts receivable (1,489) (2,994)
Insurance claims -- 4
Due from related parties (235) (4,785)
Prepayments and other assets (198) (288)
Inventories 177 (128)
Trade accounts payable 754 786
Due to related parties 1,307 (1,374)
Accrued liabilities 425 (972)
Deferred revenue (2,598) 4,733
Dry docking expenses paid (251) (15)
---------------------------------------------------------------------
Net cash provided by operating activities 29,178 15,794
---------------------------------------------------------------------
Cash flows from investing activities:
Vessel acquisitions (154,354) (115,065)
Increase of restricted investment / cash (1,000) (2,250)
Purchase of short term investment (Note 4) (21,250) --
---------------------------------------------------------------------
Net cash used in investing activities (176,604) (117,315)
---------------------------------------------------------------------
Cash flows from financing activities:
Proceeds from issuance of long-term debt 153,500 116,551
Due to related party 60,543 39,311
Payments of long-term debt (8,080) (9,333)
Payments of related party debt/financing (52,463) (893)
Loan issuance costs (1,868) (1,020)
Excess of purchase price over book value of
vessels acquired from entity under common
control (2,340) (18,489)
Dividends paid (19,125) (25,000)
Cash balance that was distributed to the
previous owner (2) (2,251)
Capital contributions by predecessor -- 13,679
---------------------------------------------------------------------
Net cash provided by financing activities 130,165 112,555
---------------------------------------------------------------------

Net increase/(decrease) in cash and cash
equivalents (17,261) 11,034
Cash and cash equivalents at beginning of period 19,919 1,239
---------------------------------------------------------------------
Cash and cash equivalents at end of period $ 2,658 $ 12,273
---------------------------------------------------------------------

Supplemental Cash Flow information
Cash paid for interest $ 8,437 $ 5,933
Units issued to acquire vessel owning company
of M/T Amore Mio II $ 37,739
Units issued to acquire vessel owning company
of M/T Aristofanis $ 10,066
Notes

(1) The unaudited condensed consolidated and predecessor combined statements of
income and cash flows for the six month period ended June 30, 2008 include the
results of operations of M/T Amore Mio II and M/T Aristofanis which were
acquired from an entity under common control on March 27, 2008, and April 30,
2008, respectively, as though the transfers had occurred at the beginning of the
earliest period presented. The unaudited condensed consolidated and predecessor
combined statements of income and cash flows for the six month period ended June
30, 2007 include the results of operations of M/T Attikos and M/T Aristofanis
which were acquired from an entity under common control on September 24, 2007
and April 30, 2008 respectively as though the transfer had occurred at the
beginning of the earliest period presented. The unaudited condensed consolidated
and predecessor combined balance sheet as of December 31, 2007 has been
retroactively adjusted to include M/T Amore Mio II and M/T Aristofanis assets,
liabilities and owners equity.

(2) On January 29, 2008 and June 17, 2008 the Partnership acquired from Capital
Maritime the shares of the vessel owning company of M/T Alexandros II, and M/T
Aristotelis II for a total purchase price of $48,000 each. The vessels have been
recorded in the Partnership's financial statements at the amount of $46,954 and
$46,706, respectively, which were reflected in Capital Maritime's consolidated
financial statements, which differ from the acquisition price by $1,046 and
$1,294, respectively. The amount of the purchase price in excess of Capital
Maritime's basis of the assets of $2,340 was recognized as a reduction of
partners' equity and is presented as a financing activity in the statement of
cash flows. M/T Alexandros II and M/T Aristotelis II were delivered to Capital
Maritime from the shipyard on January 29, 2008 and June 17, 2008 respectively
and on the same date the Partnership acquired the shares of these two vessel
owning companies. Both vessel owning companies did not have an operating
history, as such, there is no information to retroactively adjust that should be
considered. Accordingly the M/T Alexandros II and the M/T Aristotelis II were
transferred to the Partnership at historical cost at the dates of transfer to
the Partnership. All assets, liabilities and equity other than the relevant
vessels, related charter agreements and related permits, which the shipowning
companies of the M/T Alexandros II and the M/T Aristotelis had at the time of
the transfer, were retained by Capital Maritime.

(3) On March 27, 2008 and April 30, 2008 the Partnership acquired from Capital
Maritime the shares of the vessel owning companies of M/T Amore Mio II and M/T
Aristofanis for a total consideration of $85,739 and $21,566 respectively. The
acquisition of the shares of the vessel owning company of M/T Amore Mio II was
funded by $2,000 from available cash, $46,000 through a drawn down from the new
credit facility of $350,000, and the remaining amount through the issuance of
2,048,823 common units to Capital Maritime at a price of $18,42 per unit which
represents the closing price of the Partnership's units on March 26, 2008 as
quoted on Nasdaq Stock Exchange. The acquisition of the shares of the vessel
owning company of M/T Aristofanis was funded by $11,500 through a drawn down
from the new credit facility of $350,000, and the remaining amount through the
issuance of 501,308 common units to Capital Maritime at a price of $20.08 per
unit which represents the closing price of the Partnership's units on April 29,
2008 as quoted on Nasdaq Stock Exchange. M/T Amore Mio II and M/T Aristofanis
have been recorded in the Partnership's financial statements at the amount of
$85,146 and $10,831 respectively, reflecting their historical cost in Capital
Maritime's consolidated financial statements, and differ from the acquisition
price by $593 and $10,735 respectively. The amounts of the purchase price in
excess of Capital Maritime's basis of the M/T Amore Mio II and M/T Aristofanis
of $593 and $10,735 respectively were recognized as a reduction of partners'
equity. As required by the provision of Statement of Financial Accounting
Standards No. 141, "Business Combinations" ("SFAS No. 141"), the Partnership
accounted for the acquisition of the vessel owning companies of M/T Amore Mio II
and M/T Aristofanis as a transfer of net assets between entities under common
control at Capital Maritime's carrying amounts (historical cost) of the net
assets contributed. In addition, transfers of net assets between entities under
common control are accounted for as if the transfer occurred at the beginning of
the earliest period presented, and prior years financial statements are
retroactively adjusted to furnish comparative information similar to the
pooling-of-interest method of accounting.

(4) Short term investment consists of cash time deposit with original maturity
of six months.

Capital Product Partners L.P.
Appendix A - Reconciliation of Non-GAAP Financial Measure
(In thousands of U.S. dollars)
Description of Non-GAAP Financial Measure - Operating Surplus

Operating Surplus represents net income adjusted for non cash items such as
depreciation and amortization expense, unearned revenue and unrealized gain and
losses. Replacement capital expenditures represent those capital expenditures
required to maintain over the long term the operating capacity of, or the
revenue generated by, the Partnership's capital assets. Operating Surplus is a
quantitative standard used in the publicly-traded partnership investment
community to assist in evaluating a partnership's ability to make quarterly cash
distributions. Operating Surplus is not required by accounting principles
generally accepted in the United States and should not be considered as an
alternative to net income or any other indicator of the Partnership's
performance required by accounting principles generally accepted in the United
States. The table below reconciles Operating Surplus to net income.

Reconciliation of Non-GAAP Financial Measure -
Operating Surplus For the
three month period
ended June 30, 2008

Net income $ 12,592

Adjustments to reconcile net income to net
cash provided by operating activities

Depreciation and amortization 6,030
Deferred revenue 217
M/T Aristofanis net income from April 1, 2008
to April 29, 2008 293
M/T Aristofanis depreciation and amortization
from April 1, 2008 to April 29, 2008 (53) 6,487
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NET CASH PROVIDED BY OPERATING ACTIVITIES 19,079
---------------------------------------------------------------------

Replacement Capital Expenditures (3,411)
---------------------------------------------------------------------
OPERATING SURPLUS 15,668
---------------------------------------------------------------------

Recommended reserves (5,285)
---------------------------------------------------------------------
AVAILABLE CASH 10,383
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-0-
CONTACT: Capital GP L.L.C.
Ioannis Lazaridis, Chief Executive Officer and
Chief Financial Officer
+30 (210) 4584 950
i.lazaridis@capitalpplp.com

Capital Maritime & Trading Corp.
Merete Serck-Hanssen, SVP Finance
+1 (203) 918-0703
m.serckhanssen@capitalmaritime.com