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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


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


Gas Plant Fire Halts US Gulf Coast Platforms

At least two offshore oil platforms halted operations on Tuesday in the U.S. Gulf of Mexico after a fire at a natural gas processing plant in Mississippi shut a crucial pipeline that brings output onshore, several companies said.   The fire at Enterprise Products Partners plant in Pascagoula was brought under control, but officials were still forced to close the 225-mile Destin gas pipeline system that can carry 1.2 billion cubic feet per day from offshore fields to Pascagoula.  


Enterprise to Export First Ethane Cargo from Houston Terminal in August

Enterprise Products Partners on Thursday said the first ship to load ethane for export from its new terminal on the Houston Ship Channel will arrive on Aug. 1, the first such export of the light natural gas liquid from the U.S. Gulf Coast.   Exports from the terminal are expected to ramp up to 1.9 million barrels per month by the end of the year, executives said on Thursday during the company's second quarter earnings call.  


Navios Maritime Charter Restructuring with HMM

MSC Cristina. Photo: Scheepvaartwest

 Navios Maritime Partners has reached an agreement with South Korean shipping company Hyundai Merchant Marine to cut the hire rate of five container vessels chartered out to HMM by 20%.   Pursuant to the charter restructuring documentation executed on July 15, 2016


CMA CGM Launches New EURAF 6 Service

Map: CMA CGM

 CMA CGM Group has launched its new service EURAF 6 by cooperating with a partner under a slot swap agreement.   Effective August 30th, 2016, m/v CMA CGM MILAN TRADER, the new EURAF 6 service deployed on the Europe - West Africa will further strengthen our product and will offer the


Knud E. Hansen To Showcase ShipSpace at SMM

Photo courtesy of KNUD E. HANSEN

The ShipSpace product is a next-generation Virtual Reality (VR) Design Verification Tool that allows designers, engineers and key stakeholders to validate design ideas and communicate effectively about vessel concepts and designs.   The product consists of computer hardware and software on


Damen Now Offfers AEC Scrubbers

(Photo: Damen)

Damen Shipyards Group said it has signed a sales agreement with scrubber producer AEC Maritime, meaning Damen will now be able to offer ship owners exclusive access to efficient, low maintenance and IMO-certified exhaust gas scrubber technologies.  


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


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


Petronas Selects Intellian for FLNG

Photo courtesy of Petronas

A triple installation for the next generation Petronas Floating Liquid Natural Gas (PFLNG) vessel emphasizes increased demand for Intellian’s 2.4m product line in the Offshore Energy and Enterprise market segments.    


Navico Under New Ownership

Leif Ottosson (Photo: Navico)

Navico Holding AS (Navico) is to be Acquired by Goldman Sachs Merchant Banking Division and Altor Fund IV   Navico – a provider of marine electronics and parent company to the Lowrance, Simrad, B&G and GoFree brands – announced that Goldman Sachs Merchant Banking Division


Transocean Ltd. to Acquire Transocean Partners LLC

Disoverer Enterprise Vertical Photo Transocean

Transocean Ltd. and Transocean Partners LLC (NYSE: RIGP) today announced that Transocean has agreed to acquire all of the outstanding common units of Transocean Partners not already owned by Transocean in a share-for-unit merger transaction. In the merger


Specialists Team Up for International BWTS Refit

Solent Refit – aerial shot of Solent Refit at Hythe (Photo: Solent Refit)

U.K.-based Solent Refit and global marine equipment specialists Cathelco have teamed up to help international customers meet new ballast water management regulations.   Solent Refit, at Hythe, on Southampton Water, has built its reputation on maintaining and refitting classic and modern


Braemar Adjusting agrees Strategic Partnership in S. America

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Braemar Adjusting has agreed a strategic partnership with Beckett Liquidadores de Seguros S.A of Chile, to act as its local resource partner in a number of countries in South America. Braemar Adjusting provides Loss Adjusting, Risk Assessment






 
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