I am sorry that your ONAV investment isn't working out for you. You should have cut that loose a long time ago like everyone else.
CPLP will have no demise, and I have made no such warning. Unlike ONAV, CPLP's staggered charter program will get them through this terrible product market.
But, much of their fleet is being exposed to current rates which, when combined with bunker prices, are really bad. Their entire dividend is being paid from amortization which begins mid 2012. Then, no more dividend, unless something dramatically changes in the product sector. So in essence, they are borrowing to pay the dividend.
So, all the div chasers that are piling on here are going to be in for a very rude awakening. The massive product sector orderbook tends to suggest that rates aren't going to skyrocket any time soon. Eventually, however, the sector will work its way through the excess tonnage and CPLP will be there to take advantage. They extended that terrible charter for another terrible year knowing full well that a rate recovery is not around the corner.
Anyone that is long here ought to pull up a 2 year chart which will show how quickly these CPLP spikes can reverse and plummet a dollar or three.