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Capital Product

Greek Owners CPP Charter Out Three Tankships

MT Avax: Image courtesy of CPP

Capital Product Partners L.P. (CPP) an international diversified shipping company, says it has secured time charter employment for the M/T ‘Avax’, M/T ‘Agisilaos’ and M/T ‘Alkiviadis’. M/T ‘Alkiviadis’ (36,760 dwt, IMO II/III Chemical/ Product Tanker built 2006 Hyundai Mipo Dockyard, South Korea) was employed with CSSA S.A., a fully owned subsidiary of Total S.A., for one year (+/‐ 30 days) at a gross daily rate of $14,125. CSSA S.A. has the option to extend the charter for an additional year (+/‐ 30 days) at $15,125 gross per day. Previously the vessel was employed under a time charter to Capital Maritime & Trading Corp. (‘CMTC’) at a gross rate of $14,250 per day. The new charter commenced in September 2014. This marks the opening of a new time charter relationship of CPLP with CSSA S.A. (Total S.A.). M/T ’Avax’ (47,834 dwt, IMO II/III Chemical Product Tanker built 2007 Hyundai Mipo Dockyard, South Korea) was chartered to our sponsor, CMTC, for one year (+/‐ 30 days) at a gross daily rate of $14,750. CMTC has the option to extend the charter for an additional 12 months (+/‐ 30 days) at a gross day rate of $15,250. The charter is expected to commence in September 2014. Previously the vessel was employed under a time charter to BP Shipping Ltd. at a gross rate of $14,700 per day.


Capital Product Partners L.P. Announces One Year Time Charter

Capital Product Partners L.P. (CPLP) has  announced the chartering of the M/T Avax to BP Shipping. The M/T Avax (47,834 dwt, IMO II/III Chemical Product Tanker built 2007 Hyundai Mipo Dockyard, South Korea) was chartered in October 2013 to BP Shipping for a minimum charter term of one year (+/- 30 days). BP Shipping has the option to extend the charter for an additional 12 months at a gross day rate of $15,600 per day.


CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES THE SUCCESSFUL CHARTERING OF THE M/T AXIOS TO PETROBRAS FOR 12 MONTHS

ATHENS, Greece, March 8, 2011 -- Capital Product Partners L.P. (the "Partnership") (Nasdaq: CPLP), an international owner of modern double-hull tankers, today announced the successful chartering of the M/T Axios to Petroleo Brasileiro S.A. (Petrobras).  The M/T Axios (2007 Build, Hyundai Mipo 47,823 DWT, Ice Class 1A) was fixed at a gross daily charter rate of $13,500 to Petrobras for 12 months (+/- 30 days)


Crude Carriers: Approval of Merger with CPP

Crude Carriers Corp. (NYSE: CRU) announced that, at a special meeting of Crude shareholders held today in Piraeus, Greece, its shareholders have approved the proposal to adopt the merger agreement dated May 5, 2011 providing for the acquisition of Crude by Capital Product Partners L.P. (CPLP) in a unit-for-share transaction with Crude shareholders receiving 1.56 CPLP common units for each Crude share. The consummation of the merger was subject to approval by: (i) the holders of a majority of


CPLP, OSG Reach Conditional Agreement

Capital Product Partners L.P. (the "Partnership" or CPLP) (NASDAQ: CPLP) has reached a conditional agreement with Overseas Shipholding Group Inc. (OSG) and certain of OSG's subsidiaries regarding the long term bareboat charters of three of its product tanker vessels. On November 14, 2012, OSG made a voluntary filing for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware


Capital Product Partners Tankers get Contracts

Image: Capital Product Partners

 Capital Product Partners (CPP) has taken delivery of a new panamax containership, which will commence a five-year timecharter to CMA CGM. It also has won a timecharter from Cargill, and another two have had their charters to Capital Maritime extended.   The NASDAQ-listed company has announced the successful acquisition of the MV 'Akadimos,' as well as new time charter employment for the MT 'Active' and MT 'Anemos I' and a charter extension for the MT 'Atrotos


Bulkship Owners, Baltic Trading, Make Public Stock Offering

Baltic Trading say they intend to use the net proceeds from the offering for future vessel acquisitions or as working capital and for general corporate purposes. Jefferies LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the offering, and DVB Capital Markets LLC is acting as co-manager for the offering. Baltic Trading has filed a registration statement (including a prospectus and related preliminary prospectus supplement for the common stock offering)


Gulf Navigation Cuts Capital, Focus on Turnaround

Gulf Navigation.jpg

United Arab Emirates shipper Gulf Navigation said on Wednesday it had cut its capital by two-thirds and written off accumulated losses worth 1.1 billion dirhams ($300 million), key parts of a turnaround plan designed to solve its debt problems. The company's capital has been reduced to 551 million dirhams from 1.66 billion dirhams, it said in a statement on the Dubai bourse, with the reverse stock split effectively creating one share for every three existing shares.


AVEVA Acquires 8over8 Limited

Richard Longdon, CEO, AVEVA

AVEVA has acquired 8over8 Limited, providing the software platform for AVEVA to address the current global need for increased project control, capital discipline, minimizing project overruns and delivering improved efficiency in operations, the company said.   8over8’s flagship product is ProCon, a risk management software platform that connects Owner Operators (OOs) and Engineering Procurement Construction companies (EPCs) throughout the project life cycle


Partnership Targets Waste Conversion Solutions

Terragon Environmental Technologies Inc. has entered into a strategic partnership with Green Marine Capital (GMC) in an effort to enable off grid sustainability by developing and commercializing simple compact and economical products that allow any habitat to convert its waste into useful resources, such as energy and clean water, Terragon said. Terragon’s first commercially available product, the patented Micro Auto Gasification System (MAGS)


Aggressive Superyacht Investment Pan for Blohm+Voss

superyatch.jpg

 Fred van Beers, the newly appointed CEO for Blohm+Voss, unveil details of an aggressive new investment plan in the superyacht sector.    Over the next year, the company is restructuring some independent divisions under the same roof


DPE is New Majority Shareholder in INTERSCHALT

One of the worlds largest containerships, CSCL Globe (19,224 TEU). Efficiently loading and unloading ships of such dimensions presents challenges to ports. With its StowMan[S] software, INTERSCHALT helps liner operators to plan container storage positions, shortening unloading times and increasing the usable shipping volume. As the new majority shareholder, DPE will help INTERSCHALT to implement its growth strategy. (Photo: Hasenpusch Photo)

Deutsche Private Equity GmbH (DPE) is set to become the new majority shareholder in INTERSCHALT maritime systems AG, the maritime software and services provider for navigation and communications equipment for ships as well as manufacturer of a Voyage Data Recorder


Boskalis Wins Portsmouth Channel Expansion Order

Photo by Royal Boskalis Westminster N.V.

  Royal Boskalis Westminster N.V. (Boskalis) has been awarded a contract from the Defence Infrastructure Organisation of the Ministry of Defence for the capital dredging of the approach channel to the port of Portsmouth in the United Kingdom


Maersk: No Issue in Funding Greek Operations

Photo: Maersk Line

Oil and shipping conglomerate A.P. Moller-Maersk said on Tuesday it was experiencing no problems funding operations in Greece or getting paid by Greek customers despite the imposition of capital controls by Athens. Maersk Line, the world's largest container shipping company


SC Ports Projects 7% Container Growth

Photo: SCPA

Following a record-setting month of container volumes achieved in May, the South Carolina Ports Authority (SCPA) board of directors looked ahead to a favorable 2016 fiscal year today with the adoption of a financial plan that includes continued cargo growth


USC Acquires Zvezda

Russias United Shipbuilding Corporation. Image courtesy: TASS

 United Shipbuilding Corporation (USC) has taken on 53.5122% of the voting shares of the long planned Far Eastern Plant Zvezda shipbuilding complex in Russia’s Far East.   Zvezda (a company of the Far Eastern Shipbuilding and Ship Repair Center


Navios to Sell Two VLCCs

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced  that it has agreed to sell the C. Dream, a 2000-built VLCC of 298,570 dwt, and the Nave Celeste, a 2003-built VLCC of 298,717 dwt, to Navios Maritime Midstream Partners L.P


Caterpillar to Power 16 Korean Patrol Boats

Photo courtesy of Caterpillar

Caterpillar Marine has announced Cat power solutions have been selected to power 16 new build Patrol Boats for the Republic of Korea Navy (ROKN). Each Patrol Boat will be equipped with two Cat C32 main propulsion diesel engines and two Cat C9 ship service diesel generators


Gulf LNG Liquefaction Project on the Anvil

The Gulf LNG Liquefaction Project Map by Kinder Morgan

 The Gulf LNG Liquefaction Project proposed by Kinder Morgan and minority partners officially filed Friday for federal approval to add exporting capabilities to an existing liquefied natural gas (LNG) terminal.    The $8 billion LNG export project near Pascagoula


NLNG Eyes $1.5 bln Debut Shipyard in Nigeria

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  Nigeria Liquefied Natural Gas Company (NLNG) is sponsoring the construction of the first major ship yard in Africa's biggest economy at the cost of $1.5 billion, in its attempt to turn the country into a hub for maritime operations on the continent.


Virgin Cruises to Sail Out of Miami in 2020

Richard Branson. Photo: Virgin

 Virgin Cruises will launch its first luxury liner in 2020 from Miami, British tycoon Richard Branson announced, placing his bets on medium-sized "boutique" ships.   The Virgin Group founder said he had signed a binding letter of intent with Italy's Fincantieri to build three


PPG Unveils NOVAGUARD 810

Photo: PPG

Solvent-free product offers a single-coat solution for rapid cure and return to service, suitable for a wide range of oil products and chemical cargoes.  PPG Protective and Marine Coatings has unveiled NOVAGUARD 810, a specialized tank storage coating which provides outstanding resistance


Day of the Seafarer Celebrated in Abu Dhabi

Photo: Abu Dhabi Ports

Abu Dhabi Ports celebrates ‘Day of the Seafarer’ with a 1,000-strong gathering; Maritime education and related career opportunities highlighted at event   Abu Dhabi Ports informs it celebrated the global ‘Day of the Seafarer’ with as many as 1,000 seafarers


Boskalis Secures Dredging Work in Africa

Royal Boskalis Westminster N.V. has been awarded three dredging-related contracts on the African subcontinent with a combined value of approximately EUR 75 million.   In Angola, Boskalis has been awarded a contract by Angola LNG Ltd. for dredging activities related to maintaining the access


Matson Increases Quarterly Dividend

Matson Increases quarterly dividend by 5.9 percent to $0.18 per share    The board of directors of Matson, Inc., a U.S. carrier in the Pacific, today declared a third quarter dividend of $0.18 per common share. The dividend represents a one-cent increase, or 5






 
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