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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


CaroTrans Adds Direct Montreal-Le Havre Service

Canada to Northern Europe connection sails May 22   Global non-vessel operating common carrier (NVOCC) and ocean freight consolidator CaroTrans today announced a new weekly less than container load (LCL) service from Montreal to Le Havre, France. This direct service has a 14 day transit.


MVS USA Appointed as Inmarsat GX VAR

Logo

  Inmarsat today announced the appointment of MVS USA, a leader in mobile satellite communications and a founding Inmarsat Distribution Partner, as a Global Xpress (GX) Value Added Reseller (VAR) for the Maritime market, selling FleetBroadband Xtra and Fleet Xpress.


Long Beach's Cement Terminal Project Approved

The terminal receives imported cement and cement-like materials via bulk cargo ships.

  The Long Beach Board of Harbor Commissioners approved the Mitsubishi Cement Facility Modification Project this week, greenlighting the addition of 40,000 metric tons of additional storage capacity consisting of storage and loading silos on vacant Port property adjacent to


Mercury Marine Begins HQ Expansion

EDP groundbreaking (Photo courtesy of Mercury Marine)

Mercury Marine announces 45,000 square foot EDP parts expansion to Fond du Lac global headquarters   Mercury Marine will add a 45,000 square foot expansion to its electro-deposition paint (EDP) system that will double its current processing capabilities


Garlock Expands ABS Type Approval for Expansion Joints

Image courtesy of W&O

W&O, a global supplier to the marine offshore and marine markets for pipe, valves and fittings, valve automation and engineered solutions, announced today that OEM partner Garlock Sealing Technologies LLC has received fire rating for its ABS type approval certificate for GARFLEX 8100 and Style


Onomichi Marine Tech Center to Be Established

Photo courtesy of EMP

Teramoto Iron Works and Eco Marine Power to establish Marine Technology Test Facility   Eco Marine Power (EMP) in cooperation with its strategic partner, Teramoto Iron Works Co. Ltd., have agreed to establish a development and test facility in Onomichi, Hiroshima


Thuraya Debuts Most Advanced Satellite Phone

The Thuraya XT-PRO builds on the success of the highly popular Thuraya XT and introduces new features and functionality for an enhanced user experience.

  Thuraya Telecommunications Company today launched the industry's most advanced satellite phone, the Thuraya XT-PRO. Targeted at professional users across a range of market sectors including government, energy, media and NGOs, the Thuraya XT-PRO is the only satellite phone to feature


VLCC Tanker a Booming Market

Maersk Nautilus: Maersk Line

 The booming VLCC tanker market has started to be reflected on the companies’ earnings and is “firing on all cylinders” and it is set to continue Poten & Partners say in their weekly report.   The boom is evident by the rather impressive first quarter results by


Martek Launches On-board ECDIS Training

U.K.-based ECDIS manufacturer Martek Marine Ltd. has partnered with German ECDIS training supplier Safebridge GmbH and the ECDIS Training Consortium to deliver ‘Type Specific’ ECDIS training for crew members on-board vessels without internet access


Cabela's Names Navico Vendor of the Year

Marine Electronics Leader Honored for Innovation and Strategic Partnership for the Second Year in a Row In the General Outdoors Division

  Navico, the world’s largest manufacturer of marine electronics and parent company to the Lowrance, Simrad, B&G and GoFree brands — has been named Cabela’s® 2014 Vendor of the Year for the General Outdoors Division.


Heidmar Enters Dry Bulk with TBS Ocean

Image by TBS Group of Companies

 Heidmar and TBS Ocean are joining forces to form a dry bulk pool alliance. New alliance with TBS Ocean plan to combine two players’ operating strengths in geared bulker JV.   TBS will continue as manager of a series of dry bulk pools, while Heidmar will provide its pool expertise


Liebherr Sells Knuckle Boom Cranes to China

Photo: Liebherr

Liebherr offshore crane division has recently signed a contract with long-time partner DALIAN SHIPYARD (DSIC Offshore) for two state-of-the-art ram luffing knuckle boom cranes of the type RL-K 4200-100 LIT to be delivered for the new high-level semi-submersible BT 4000.  


Carnival to Pilot Wärtsilä Optimization Systems

Björn Rosengren, President and CEO of Wärtsilä Corporation, with Micky Arison, Chairman of the Board of Carnival Corporation & plc (Photo: Wärtsilä)

Björn Rosengren, President and CEO of Wärtsilä Corporation and Micky Arison, Chairman of the Board of Carnival Corporation & plc are pleased about deepening the cooperation to support sustainable and environmentally friendly cruises.  


Cummins: New Environmental Sustainability Goals

Cummins Inc. announced two new environmental sustainability goals for its products in-use and the logistics of the company's managed freight.   These new goals are part of a broader effort for Cummins to reduce its environmental footprint, the company said


Rolls-Royce Builds on Decade of Marine Research Collaboration

Photo: Rolls-Royce

Ten years ago, Rolls-Royce partnered with the Norwegian University of Science and Technology (NTNU) and the Marintek Research Centre to create a unique research centre in Norway. The partners have renewed their agreement in Trondheim, Norway






 
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