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Product Partners

CPP Awaits Two New Tankers

Capital Product Partners L.P. announced that the deliveries of its eleventh and twelfth medium range (MR) product tankers, M/T "Apostolos" and M/T "Anemos I", from Hyundai Mipo Dockyard Ltd., a Korean shipyard, have been confirmed, ahead of the anticipated time of delivery, for September 20 and September 28, 2007, respectively. M/T "Apostolos" and M/T "Anemos I" are ice strengthened vessels (Ice Class 1A) and have carrying capacities of 47,782 dwt and 47,823 dwt, respectively. Both vessels are capable of carrying a range of refined oil products, chemicals (including ethanol and biodiesel feedstock), and crude oil worldwide. Both M/T "Apostolos" and M/T "Anemos I" have been fixed under time charters with Morgan Stanley Capital Group Inc. for three years at a base rate of $20,000 per day, subject to a profit sharing arrangement which allows each party to share, at a 50/50 percentage, additional revenues when spot rates are higher than the base rate. The purchase price for the two vessels of $56 million each will be fully funded through a drawdown on the existing revolving credit facility. The M/T "Apostolos" and M/T "Anemos I" are the third and fourth out of seven additional MR product tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp. The remaining three product tankers will be 51,000 dwt MR chemical/product tanker sister vessels that are scheduled for delivery in January, June


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.


Greek Shipowners CPLP Justify Q4 2012 Net Loss

Capital Product Partners L.P. (CPLP) attribute fourth quarter 2012 net loss to a US$43.2-million impairment charge. CPLP an international owner of modern tanker, dry bulk and container vessels has released its financial results for the fourth quarter ended December 31, 2012. The Partnership's net loss for the quarter ended December 31, 2012, was $35.0 million, including an impairment charge of $43.2 million, which is a non cash item


Houston LPG Terminal Capacity to be Expanded

Houston Ship Channel: Photo CCL

Oiltanking Partners, L.P. says it has expanded its terminal agreement with Enterprise Products Partners, L.P. to further increase exports of liquefied petroleum gas (LPG) at the Partnership's terminal on the Houston Ship Channel.  With an expected completion date of year-end 2015, the expanded LPG export terminal will have total loading capacity in excess of 16 million barrels per month of low-ethane propane and/or butane.


U.S. Firm sells Condensate to Mitsubishi

A U.S. energy company has found a second buyer in Japan for its condensate, an ultra-light oil, paving the way for more excess barrels from the United States to head to Asia to meet growing demand. Enterprise Product Partners has signed a short-term contract to sell condensate to Japanese trading company Mitsubishi Corp, less than two weeks after it sold its first cargo to Japanese firm Mitsui Corp, four Asia-based sources said.


Capital Product Taps Christodoulou as CEO, CFO

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


NASSCO Begins Construction of Product Carrier

General Dynamics NASSCO began construction of the second ship of its new class of product carriers. The shipyard is scheduled to lay the ship’s keel in June and deliver the ship to U.S. Shipping Partners in the second quarter of 2009. In August 2006, NASSCO received a $1b contract from U.S. Shipping Partners to build nine ships. The ships will be double-hulled, 600.4 ft. in length and displace 49,000 dead weight tons


Telespazio VEGA UK to Distribute Thuraya Solutions Globally

Abu Dhabi - To further meet the requirements of global vertical markets, Thuraya has recently signed a Service Partner agreement with Telespazio VEGA United Kingdom, a subsidiary of Telespazio SpA, a Finmeccanica-Thales company. Through this partnership, Telespazio VEGA will distribute Thuraya’s integrated portfolio of satellite communications products, which includes Thuraya IP, a compact satellite broadband solution supporting 384 streaming


LNG-fuelled Ultra-Large Container Ships of the Future

Joint 14,000 teu boxship LNG as fuel project will be ‘cornerstone’ of a broad sustainability strategy supported by LR Capital Ship Management Corporation is prioritizing a business strategy inspired by, and applying, the key principles and goals of the International Maritime Organization’s (IMO’s) Strategy for Sustainable Maritime Transport Systems. Capital is incorporating key 'imperatives' and 'goals'


Feds Query Energy Firms Ahead of Export Rulings

The U.S. Commerce Department has taken a small step toward resolving some two-dozen pending requests to export lightly processed oil this summer, asking energy companies to fill out a one-page questionnaire about their plans, sources familiar with the document told Reuters. The nine questions may help the department map out a further easing of the four-decade old ban on crude exports. In August, the Commerce Department's Bureau of Industry and Security (BIS) sent a standard set of nine


DNV GL Works with Industry Leaders to Develop a New LPG Carrier

The LPGreen project partners from HHI, Wärtsilä, MAN Diesel & Turbo, CMM and DNV GL in Athens. Photo: DNV GL

 DNV GL has initiated a joint industry project for the design of a state-of-the-art next generation LPG carrier.    LPGreen aims is to develop a more energy efficient, environmentally friendly, and safer vessel for the transportation of LPG products


ISS Launches new Partner Solution Initiative

ISS Vice President, Peter B. Nielsen, Partner Solutions Photo ISS

Inchcape Shipping Services (ISS), the world's leading maritime and logistics service provider, is introducing a new Partner Solutions initiative to develop and deliver added value for customers across the globe. ISS Partner Solutions will focus on the company acting as a sub-contractor to new


Merger: Survitec Joins Forces with WMS

 Survitec Group announced a transformational deal with the Marine Safety business of Wilhelmsen Maritime Services AS (WMS), in which WMS will transfer into Survitec all related safety products and services, including Wilhelmsen Technical Solutions


Orca Energy ESS to Power Fish Farm Support Vessel

All Electric Fish Farm Support Vessel Photo Orca Energy

Grovfjord Mek. Verksted AS (GMV) has selected Corvus Energy as the supplier of the lithium ion based energy storage system (ESS) for a fish farm support vessel called GMV ZERO. GMV will utilize Corvus’ next generation Orca Energy ESS to support the vessel’s entire energy requirements


NASSCO Christens Jones Act ECO Tanker

Garden State (Photo: General Dynamics NASSCO)

U.S. shipbuilder General Dynamics NASSCO launched and christened Garden State, another ECO Class tanker due to join the Jones Act fleet.   Launched and christened on Saturday, May 7, the new ship, will join the ranks as one of the most fuel-efficient and environmentally friendly product


Hydro Strengthens APAC Presence

(L-R) Doug Whyte, Hydro Group managing director and Steve Ang, Hydro Group Asia technical sales manager. Photo Hydro Group

Aberdeen-headquarted subsea cable and connector specialist Hydro Group plc announces multiple Asia Pacific Business Partner agreements as the firm continues strategic growth in the region.   As part of international expansion plans in 2013 the firm formed its Singapore based division


Carriers Joining Forces in New Alliance?

Courtest Yang Ming

Mitsui O.S.K. Lines, Nippon Yusen Kaisha, “K” Line, Hanjin, Hapag-Lloyd and Yang Ming to create a new partnership “THE Alliance” Tokyo, May 13, 2016 - Mitsui O.S.K. Lines (MOL, President & CEO: Junichiro Ikeda), Nippon Yusen Kaisha, “K” Line, Hanjin


Portable Container Weighing Solution Launched

Hy-Dynamix officially launched the Hy-Weigh at Multimodal, at the Birmingham NEC, on Wednesday, May 11. Pictured left to right: Graeme Parkins, Managing Director, Glen Quickfall, Sales Director. (Photo: Hy-Dynamix)

Hy-Dynamix has launched a new mobile container weighing solution called Hy-Weigh, which gives digital read outs within 10 minutes at point of packing.   The system can weigh containers up to 35 metric tons and uses four corner hydraulic elevation jacks


USNS Mercy Arrives in 7th Fleet for Pacific Partnership

Photo:  U.S. NAVY

 Hospital ship USNS Mercy (T-AH 19) arrived in the U.S. 7th Fleet area of operations May 24 in support of Pacific Partnership 2016. Now in its 11th year, Pacific Partnership is a multilateral, disaster relief preparedness mission conducted in the Indo-Asia-Pacific Region.   


NASSCO Lays Keel for Jones Act Tanker Liberty

Photo: General Dynamics NASSCO

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a construction contract with SEA-Vista LLC, a partnership between SEACOR Holdings, Inc. and Avista Capital Partners.   


SRH Marine and Setel Powerline Pact for Greek Market

Photo: SRH Marine Electronics

 SRH Marine Electronics SA and SETEL PowerLine Ltd have entered a Reseller and Installation Partner Agreement.    Through this cooperation SRH is able to offer a complete and holistic approach to e-Navigation concept through Setel PowerLine specializing in the design and


Strike In France: Implications for Tanker Demand

Graph: Poten & Partners

 After the oil industry suffered from a severe drought in Venezuela, forest fires in Canada and rebel attacks on oil installations in Nigeria, it is now facing the consequences of a national strike in France, where members of the trade union CGT have organized strikes at the country’s


Danelec Wins VDR Orders in China and Taiwan

 Capturing 32 orders for its new-generation DM100 Voyage Data Recorders (VDRs), Danelec Marine’s recent orders were taken by its distributors in China and Taiwan and include 15 new pure car and truck carriers under construction at Yangfan shipyard and 17 retrofits for Yang Ming


Damen Starts Building Two Transshipment Crane Barges

DAMEN Transshipment Crane Barge for Agribulk handling Photo Damen

Damen has commenced construction of two identical Crane Barge 6324 vessels. Designed as a particularly cost effective transshipment platform, the barges are being built on a speculative basis in response to client demands to ensure short delivery times.


DP World Wins New $1bln Port Project in Ecuador

Photo: La Asociación Peruana de Agentes Marítimos (APAM)

 DP World has won a 50 year concession for the development of a greenfield multi-purpose port project at Posorja, Ecuador, 65 kilometres from the country’s main business city of Guayaquil.   The $500 million initial investment (Phase 1) will include the purchase of land






 
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