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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


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)


Twin Disc Slashing Costs under Market Pressure

Power transmission equipment company Twin Disc, Inc., announced additional restructuring and cost reduction activities aiming to further reduce expenses, as a result of challenging global market conditions within the company's oil and gas, global pleasure craft and Asian commercial marine markets.   Twin Disc said it expects $4.3 million of annual savings from these actions once fully implemented, plus a further $6 million of annual savings announced in the fiscal 2015 fourth quarter.


Hamburg Süd up for Sale

The Santa Teresa, the Santa Rita and the Santa Barbara in the port of Santos. Photo Oetker KG PR

Dr. August Oetker KG announced that after more than 80 years, it is divesting its shipping business and will be selling Hamburg Süd with all activities, subsidiaries and principal assets. Following intensive talks with several interested parties


Oetker Sells Hamburg Süd to Maersk

Photo: Hamburg Süd

 Dr. August Oetker KG announces that, after more than 80 years, it is divesting its shipping business and will be selling Hamburg Süd with all activities, subsidiaries and principal assets.   The world's seventh-biggest container operator, Hamburg Süd


DP World Partially Monetizes Canadian Assets

DP World Jebel Ali. Photo: DP World

DP World will partner with a Canadian pension fund in a $3.7 billion investment vehicle that primarily looks at brownfield projects in investment-graded countries, says Drewry Maritime Equity Research.   The terminal operator will retain operational control of the fund with 55 percent stake


Chevron Unveils 2017 Investment Plan

John S. Watson Chairman and Chief Executive Officer Photo Chevron

Chevron Corporation today announced a $19.8 billion capital and exploratory investment program for 2017. Included in the 2017 program are $4.7 billion of planned affiliate expenditures. "Our spending for 2017 targets shorter-cycle time


Korea Mulls New Ship Financing Company

Photo: Hanjin Shipping Co Ltd

 Reuters report quoting South Korea government sources that the country is planning  to establish a state-backed ship financing company with an initial capital of 1 trillion won ($871.73 million) to help improve the financial health of Korean shipping companies.   


Jones Act Tanker Constitution Completes Sea Trials

Constitution during sea trials (Photo: General Dynamics NASSCO)

The U.S. built tanker ship Constitution returned to the NASSCO shipyard on Wednesday, October 26 following tests and trials off the coast of San Diego, Calif.   The ECO Class vessel is a 610-foot, 50,000 deadweight-ton, and LNG-conversion-ready product tanker with a 330


Seaspan Declares Q3 Results

Photo: Seaspan Corporation

 Seaspan Corporation announced its financial results for the three and nine months ended September 30, 2016. Revenue edged up thanks to new additions to its fleet, including the delivery of one newbuild vessel during the quarter.   


DVB Plans Capital Increase

German shipping bank DVB is preparing a capital increase due to losses taken on bad loans, two sources familiar with the matter said on Wednesday. An announcement by DVB, which is owned by DZ Bank , that it will issue new shares could come on Monday when it reports third-quarter results


NASSCO Delivers Jones Act Tanker to SEA-Vista

Constitution (Photo: General Dynamics NASSCO)

On November 8, 2016, shipbuilder General Dynamics NASSCO delivered the American Jones Act-qualified ECO Class tanker Constitution to SEA-Vista LLC. The ship was delivered during a signing ceremony at the builder’s shipyard in San Diego.   


Fincantieri Offers to buy Rest of Vard Shares

Courtesy VARD Photo Fincantieri Oil & Gas S.p.A.

FINCANTIERI S.p.A. announced that its subsidiary Fincantieri Oil & Gas S.p.A. has launched a voluntary conditional general offer in Singapore for the ordinary shares of Vard Holdings Limited not already held  by Fincantieri O&G and its related corporations.


DVB to Seek Capital Increase

German shipping bank DVB confirmed it will seek a capital increase after saying on Monday it expects an even bigger than forecast net loss in 2016. Reuters reported last week that DVB, which is owned by DZ Bank, was preparing a capital increase due to losses taken on bad loans.


Damen Dredging Equipment Officially Reopened

Kommer Damen (Photo: Damen)

Kommer Damen, Chairman of the Damen Shipyards Group, officially reopened the offices of Damen Dredging Equipment (DDE) in Nijkerk on November 9 following an extensive refit and extension.   Among the facility’s improvements, the building now provides visitors with a complete


Navy Ships out New Zealand Quake Survivors

Official U.S. Navy file photo of USS Sampson (DDG 102).

Hundreds of survivors stranded by a huge earthquake that struck central New Zealand three days ago reached Christchurch by a naval ship early on Thursday, as engineers in the capital Wellington assessed the state of dozens of damaged buildings.  


FORAN Expands User Base in Korea

Hansung Ship Eng. Power station (Photo: FORAN)

These are difficult times for the shipbuilding industry, in particular that of Korea, which faces its worst-ever order drought. Big, medium-sized and small shipbuilders are undergoing deep restructuring as a consequence of the workload downturn


Rigmarine Opens Aberdeen Facility

Photo: Rigmarine

Lifting and marine product specialist Rigmarine has opened its fourth global facility in the rural village of Insch, 30 miles to the northwest of Aberdeen, Scotland. The site, strategically positioned to serve the offshore oil and gas, renewables, construction, break bulk






 
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