Capital Product News

New York-listed shipowner Capital Product Partners L.P. (CPLP) has closed the umbrella agreement from November 2023, moving forward with the $3.1 billion acquisition of 11 newbuild LNG carrier vessels.CPLP entered into umbrella agreement with Capital Maritime & Trading Corp. and Capital GP on November 13, providing for the acquisition of 11 newbuild liquefied LNG carriers.Upon the closing of the umbrella agreement on Thursday, CPLP entered into 11 share purchase agreements to acquire 100% of the equity interests in each vessel-owning company.Each Vessel will have a capacity of 174…

The Greek oceangoing vessel operator Capital Ship Management Corp. (CSMC) took successful delivery of the newbuilding vessel M/T ‘Aitolos’.The 115,000 dwt, eco-type crude oil tanker is built by Daehan Shipbuilding Co., Ltd, S.Korea, said a press note from the ship management services provider.M/T ‘Aitolos’ is the first of two sister ships to be delivered in 2020.Capital Group currently operates a fleet of 78 vessels including 48 tankers (10 VLCCs, 4 Suezmaxes, 7 Aframaxes, 26 MR/Handy product tankers and 1 small tanker), 5 modern bulk carriers, 18 container carriers and 7 LNG Carriers with a total dwt of 8.5 million tons approx.The fleet under management includes vessels of Nasdaq-listed Capital Product Partners L.P. and NYSE-listed Diamond S Shipping Inc.

Capital Product Partners (CPLP), a Greek shipping company engaged in the seaborne transportation, has agreed to acquire three 10,000 TEU sister container ships for USD 162.6 million from Capital Maritime & Trading Corp.The ships, M/V Athos, the M/V Aristomenis and the M/V Athenian, were built in 2011 at Samsung Heavy Industries S. Korea.The vessels are under long-term time charters with Hapag-Lloyd which will expire in April 2024, said a press note from the shipping company.The gross charter rate for each vessel currently amounts to $27,000 per day, increasing to $28,000 per day for the M/V Aristomenis from October 2020, and from July 2021 onwards for the M/V Athos and the M/V Athenian.

Capital Product Partners (CPLP), a Greek shipping company engaged in the seaborne transportation of a wide range of cargoes, including dry cargo and containerized goods, said that it is planning to install exhaust gas cleaning systems (scrubber) in six more vessels.Jerry Kalogiratos, Chief Executive Officer of our General Partner, said: “We are pleased to have concluded the first scrubber retrofit on the M/V Agamemnon and to see the vessel subsequently deliver under its new long-term charter until 2024. The scrubber retrofit combined with passing of the special survey of the vessel and the associated off hire, as well as certain additional…

Greek shipping company Capital Product Partners L.P. (CPLP) announced that its vessel, M/V ‘Agamemnon’ commenced new long-term time charter with Mediterranean Shipping Company Co. S.A.The 108,892 dwt / 8,266 TEU container carrier Agamemnon was built in built 2007 in Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea, said a press note from the shipping company engaged in the seaborne transportation of a wide range of cargoes, including dry cargo and containerized goods.The vessel is successfully completed the installation of a SOx scrubber system and ballast water treatment system and passing of its special survey.The charter is set to expire at the earliest in February 2024.CPLP currently owns 11 vessels…

Capital Product Partners (CPP), the Greek shipping company engaged in the seaborne transportation, has agreed new long-term time charters with Mediterranean Shipping Company (MSC) for the M/V 'Agamemnon' and the M/V 'Archimidis'.The charter for the M/V ‘Agamemnon’ (108,892 dwt / 8,266 TEU, container carrier built 2007, Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea) is expected to commence in the third quarter of 2019 upon completion of its previously announced scrubber installation and passing of special survey.The M/V ‘Archimidis’ (108,892 dwt / 8,266 TEU, container carrier built 2006, Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea) is expected to commence its new time charter at the end of the fourth quarter of 2019 upon completion of its previously ann

Neo-Panamax container vessels experienced increased activity during the first quarter of 2019, compared to the fourth quarter of 2018, said  Capital Product Partners.While charter rates for feeder and panamax vessels remained relatively flat due to, among other things, the overhang of idle tonnage, charter rates for Neo-panamax vessels, especially 8,000 TEU designs or larger, saw marked increases, with 12-month charters being contracted at average daily gross rates of approximately $24,000, pointed out the Greece-based shipping company.At the end of the first quarter of 2019, the idle container fleet was estimated to represent approximately 3.2% of the current worldwide fleet…

Greek shipping company Capital Product Partners (CPLP) has completed its merger of crude and product tanker business with businesses owned by tanker owner and operator DSS Holdings.A new company named Diamond S Shipping Inc has been formed which could be the third largest publicly traded MR and product fleet in the world, and one of the world’s largest public mixed product and crude fleet operators.Common stock of Diamond S Shipping  has begun regular-way trading on the New York Stock Exchange yesterday, March 28.CPLP further announced that it has completed its 1-for-7 reverse unit split. CPLP common units will continue to trade on a split-adjusted basis on NASDAQ under the same ticker symbol “CPLP”.Jerry Kalogiratos…

US-based tanker owner Diamond S Shipping Inc. said it has appointed Kevin M. Kilcullen as its new Chief Financial Officer.Kilcullen comes to Diamond S from Oslo-listed chemical and product tanker owner/operator Team Tankers International Ltd., where he served as CFO for three years. Prior to that, he was CFO at Principal Maritime LLC, a private equity backed owner of crude and chemical tankers.Diamond S Shipping Inc. expects to become an NYSE-listed company with the closing of its combination with the crude and product tanker business of Capital Product Partners L.P. later this month. The firm will own 16 crude and 52 refined product tankers.“The company is listing in the public market at a cyclically opportune time and is well positioned for future industry consolidation,” Kilcullen said.

The product tanker market registered a robust recovery in the fourth quarter of 2018, partially reversing the downward trend observed in the first nine months of the year, said Capital Product Partners.The Marshall Islands' tanker company said in a stock exchange annoucement that the beginning of the quarter was weak in line with the previous quarters, as rates hovered close to historically low levels, but the market gained momentum from early November onwards.In the West, the product tanker market experienced strong gains as earnings for MR product tankers on the benchmark transatlantic trade and from the U.S. Gulf reached three-year highs.

Greek shipping company Capital Product Partners has agreed to spin off its crude and product tanker business and merge it with the tanker businesses owned by DSS Holdings.The $1.65 billion transaction involving 68 tankers is expected to create the third largest publicly traded MR and product fleet in the world, and one of the world’s largest public mixed product and crude fleet operatorsThe new company, to be called Diamond S Shipping Inc., will be a market leader in the crude and product tanker markets, benefitting from a balanced and large-scale portfolio of vessels, strong management leadership and a cost-efficient commercial platform.DSS…

Capital Product Partners L.P. has announced that it has completed the previously announced acquisition of the M/T Anikitos, an eco-type MR product tanker (50,082 dwt IMO II/III Chemical Product Tanker built 2016, Samsung Heavy Industries (Ningbo) Co., Ltd.) for a total consideration of $31.5 million from Capital Maritime & Trading Corp.The Partnership funded the acquisition of the M/T Anikitos with the net proceeds received from the sale of the M/T Aristotelis, available cash and the assumption of a term loan under a credit facility with ING Bank NV of approximately $15.6 million. The term loan is non-amortizing for a period of two years from the anniversary of the dropdown with an expected final maturity date in June 2023 and bears interest at LIBOR plus a margin of 2.50%.

Greece-based international diversified shipping partnership Capital Product Partners announced the completed acquisition of the M/T ‘Aristaios’, as well as the sale of the M/T ‘Aristotelis’ and the acquisition of the M/T ‘Anikitos’. On January 17, 2018, the Partnership acquired the eco-type crude tanker ‘Aristaios’ (113,689 dwt, Ice Class 1C, built 2017, Daehan Shipbuilding Co. Ltd., South Korea) for a total consideration of $52.5 million from the Partnership’s sponsor, Capital Maritime & Trading. The M/T ‘Aristaios’ is currently employed under a time charter to Tesoro Far East Maritime Company at a gross daily rate of $26,400. The Tesoro charter commenced in January 2017 with duration of five years +/- 45 days.

Capital Product Partners has announced that its Board of Directors has approved the acquisition of the eco-type crude tanker ‘Aristaios' (112,800 dwt, Ice Class 1C, built 2017, Daehan Shipbuilding, S. Korea) for a total consideration of $52.5 million from the Partnership's sponsor, Capital Maritime & Trading. The M/T ‘Aristaios' is currently employed under a time charter to Tesoro Far East Maritime Company (‘Tesoro') at a gross daily rate of $26,400. The Tesoro charter commenced in January 2017 with duration of five years +/- 45 days. The Partnership intends to fund the acquisition through available cash in the amount of $24.2 million…

Capital Product Partners, an international diversified shipping company, announced that it has secured new time charter employment for three Medium Range (MR) Product Tankers. The M/T 'Amadeus' (50,108 dwt, IMO II/III Eco Chemical/Product Tanker built 2015, Samsung Heavy Industries (Nigbo) secured employment with Repsol Trading for one year (+/- 30 days) at a gross daily rate of $14,500. The charterer has the option to extend the time charter for an additional year (+/-30 days) at a gross daily rate of $14,750. The new charter will commence in October 2017. The M/T 'Aktoras' (36,759 IMO II/III Chemical Product Tanker built 2006 Hyundai Mipo Dockyard…

Capital Product Partners  entered into a firm offer letter for a senior secured term loan facility of up to $460.0 million with HSH Nordbank AG and ING Bank as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece S.A. as arrangers. The lenders also include Alpha Bank S.A., Piraeus Bank S.A. and Skandinaviska Enskilda Banken AB (Publ). The closing of the credit facility is subject to finalization of the long form loan documentation. "We intend to use the net proceeds of the loans under the New Facility, together with available cash of approximately $120.6 million, to refinance, four out of five of our existing credit facilities amounting to $580.6 million in total," says a statement from the company.

Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended December 31, 2015. The fourth quarter common unit cash distribution will be paid on February 12, 2016, to unit holders of record on February 5, 2016. All vessels of Capital Product Partners are under period charters to BP Shipping Limited, Cargill International S.A., CMA-CGM S.A., Cosco Bulk Carrier Co. Ltd., CSSA S.A. (Total S.A.), Hyundai Merchant Marine Co.

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,' each at increased day rates. The Akadimos (9,288 teu) was delivered to CPP from the Romania’s Daewoo-Mangalia Heavy Industries shipyard on June 10 and will begin its timecharter to CMA CGM for $39,250 daily.

Gerasimos (Jerry) Kalogiratos, the Partnership's current Chief Operating Officer and a director of the Partnership, will be appointed as the CEO and CFO effective June 30. Capital Product Partners has announced that Petros Christodoulou, who held the role of CEO and CFO, will leave the company as of the same day. Ioannis Lazaridis, Chairman of the Board of the Partnership, stated: "We thank Petros Christodoulou for his service to the Partnership and we wish him well in his future endeavors. We welcome Jerry Kalogiratos to lead the Partnership to its next phase. The Board and I have worked successfully with Jerry over the past eight years. Jerry has been involved in the day-to-day operations of the Partnership and in all its asset and financing transactions since the Partnership's 2007 IPO.

International diversified shipping company Capital Product Partners L.P. announced that it has secured time charter employment for the M/T Aias and M/T Arionas. The M/T Aias (150,393 dwt, Crude Oil Carrier, built 2008, Universal Shipyard, Japan) will be employed with Repsol Trading S.A. (Repsol) for three years (+/- 30 days) at a gross daily rate of $26,500. Previously the vessel was employed under a time charter to Capital Maritime & Trading Corp. (CMTC) at a gross rate of $24,000 per day. The new charter will commence in February 2015 and marks the opening of a new time charter relationship for the Partnership with Repsol. The M/T Arionas (36…

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.

Mexican conglomerate Alfa He is interested in participating in association with the state oil company Pemex Exploration Projects in fields on earth, aunque también hacerlo the rule in shallow waters, dijo el viernes el director de Energía the company, Raul Millares. Pemex announced last week that he will seek partners in three mature onshore fields that together contain 2P reserves (proven and probable) for about 250 million barrels of oil equivalent (MMboe). The state said it will too for extra heavy oil fields in shallow waters Ayatsil-Tekel-Utsil in the southern Gulf of Mexico, with 2P reserves of 747 MMboe. "We have more preference or vocation to be more exploration in land…

Capital Product Partners L.P. (CPLP) announced the appointment of Petros Christodoulou as Chief Executive Officer and Chief Financial Officer. His appointment will be effective beginning September 1, 2014. Christodoulou will succeed Ioannis Lazaridis, who has served as the Chief Executive Officer and Chief Financial Officer since the Partnership’s formation in January 2007 and as Chief Financial Officer of Capital Maritime & Trading Corp. (Capital Maritime), since 2004. Lazaridis will remain a member of the Board of Directors. The appointment of Christodoulou was approved by the Partnership’s Board of Directors.