Deutsche downgrades CPLP to a Hold from a BUY after initiating coverage on Oct. 9th (less than three weeks ago) with a BUY and $12 price target. Upgraded at $9.17 / downgraded at $9.25.

RJ reiterated their underperform rating expecting a dividend reduction given severity of industry fundamentals affecting company.

UBS believes CPLP may consider cutting the distribution should current market conditions continue into the recontracting period.

CPLP was unable to recontract the Attikos tanker at acceptable rates when its previous contract ended in mid-October.

Analysts went on to say that CPLP has 6 other tankers (representing 1/3 of the fleet) that will come up for recontracting in 1H10, and if current weak market conditions continue into 2010 CPLP will face further difficulties negotiating new contract terms, potentially causing tankers to enter the weak spot mkt and placing significant pressure on cash flow.

IMO, a dividend cut is coming and most likely will be greater than the $1.375 run-rate I was expecting. Given market conditions and outlook, I would not be surprised to see the dividend cut to at least $0.25/qtr beginning Q1'10. Not looking good for 2010.