upgrades to the M/V Athos, the M/V Athenian and the M/V Aristomenis, improving the overall efficiency and carbon footprint of our fleet. Finally, we have agreed to sell the dry cargo M/V Cape
Agamemnon, a non-core asset for the Partnership, continuing to execute on the strategic renewal of our fleet..
Unit Repurchase Program
On January 25, 2021,
the Board of Directors of the Partnership (the Board) approved a unit repurchase program, providing the Partnership with authorization to repurchase up to $30.0 million of the Partnerships common units, which was effective for
a period of two years through January 2023.
On January 26, 2023, the Board approved a new unit repurchase program, providing the Partnership with
authorization to repurchase up to $30.0 million of the Partnerships common units, effective for a period of two years through January 2025. During the quarter ended June 30, 2023, the Partnership repurchased 156,560 common units at an
average cost of $13.30 per unit.
The Partnership has repurchased a total of 1,058,030 common units since the launching of the first unit repurchase plan
on February 19, 2021, at an average cost of $13.44 per unit.
Quarterly Common Unit Cash Distribution
On July 20, 2023, the Board declared a cash distribution of $0.15 per common unit for the second quarter of 2023 payable on August 8, 2023, to common
unit holders of record on August 2, 2023.
Market Commentary Update
LNG market
Despite the seasonal softening of spot
and term rates from the highs of the fourth quarter of 2022, demand for LNG/Cs remains strong. As of July 2023, the 174k cbm 1-year Time Charter rate stands at $140,000/day. Overall, analysts expect the term
market to tighten as we approach the winter period, particularly for modern vessels, in view of increased commodity demand.
Trade patterns remain
consistent, with the bulk of U.S. LNG heading to Europe, maintaining last years import levels. Expected LNG trade growth stands at 4.4% for 2023, and 4.2% for 2024, reaching 432.9 million tonnes per annum. Corresponding tonne-mile trade
growth is estimated at 4.5% for 2023 and 5.1% for 2024.
Container market
Container market conditions in the first half of 2023 were relatively soft due to weaker trade volumes and reduced port congestion. Freight rates have been
fluctuating in recent months but have generally returned to levels closer to historical averages, while vessel charter rates exhibited divergent trends during this period. Rates for larger-sized vessels
experienced an increase in the past two months, while rates for feeder vessels followed a more downward trajectory.
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