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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


USS Jason Dunham Enters U.S. 6th Fleet

The Arleigh-Burke-class guided-missile Destroyer USS Jason Dunham (DDG 109) At sea. (U.S. Navy photo by Mass Communication Specialist 3rd Class Weston JonesReleased)

  The Arleigh Burke-class guided-missile destroyer USS Jason Dunham (DDG 109) entered U.S. 6th Fleet’s area of operations in support of U.S. national security interests in Europe March 3, 2015. While on deployment, Jason Dunham will interact with allied and partner nations


Kvichak, Vigor Announce Merger

Vigor CEO and owner Frank Foti

Merger positions combined company to play a dominant role in recapitalization of North Pacific fishing fleet and emerging Arctic oil gas operations. Kvichak Marine Industries and Vigor Industrial today announced the companies are merging to unite their strengths in the design and fabrication of


G&D Launches US Subsidiary

Image courtesy of G&D

German KVM company Guntermann & Drunck GmbH (G&D) announced it will distribute its equipment from new U.S. subsidiary G&D North America Inc. in Miami, Fla.      With the founding of its new subsidiary, G&D said it aims to increase its presence in the North American


INTERSCHALT Expands Africa, Asia Service Networks

INTERSCHALT maritime systems AG, the provider of maritime software, services and supplier of Voyage Data Recorders (VDR 4G[e] and s-VDR) has expanded its network of service partners in Africa and Asia with the addition of two new distributors in Nigeria and Korea.  


Danelec Marine Expands in Latin America

Voyage Data Recorder (VDR) supplier Danelec Marine today announced it is adding two new distributors in Brazil and Mexico to expand its distribution in Latin America. Telnav Telecomuniçacões Navais, in Rio de Janeiro, Brazil, and Indumar, based in Veracruz, Mexico


Australia Outlines Submarine Acquisition Strategy

The Australian government announced its acquisition strategy for the Future Submarine Program, setting out further details of the competitive evaluation process to be undertaken by the nation’s Department of Defense.    The government said it seeks the best possible capability


USCG, Alaska State Investigate Spill near Auke Bay

Coast Guard personnel from Sector Juneau lay absorbent pads into the water to absorb spilled petroleum products at Auke Bay Harbor in Auke Bay, Alaska, Feb. 23, 2015. Coast Guard and Alaska Department of Environmental Conse

  Coast Guard Sector Juneau and the Alaska Department of Environmental Conservation personnel are investigating the spill of approximately of 50-100 gallons of petroleum products at the Auke Bay Harbor, Monday. Southeast Alaska Lighterage has been contracted to contain and mitigate the


BP Exported Super-Light Texas Crude

BP Plc exported nearly 670,000 barrels of minimally processed super-light crude oil from the Houston Ship Channel more than a week ago, according to ClipperData, an industry firm that tracks crude movements. The 667,638-barrel cargo left Enterprise Products Partners' ship channel docks - part


SpeedCast Acquires Geolink Satellite Services

SpeedCast International Limited announced the acquisition of Geolink Satellite Services, part of the CETel Group. The closing of the transaction is subject to regulatory approval.   The acquisition follows SpeedCast’s acquisitions of two satellite industry players


Enterprise: Clients Must Pay for Dock Work

Enterprise Products Partners LP said on Wednesday that companies using its crude oil storage facility in the Houston Ship Channel must pay extra for dock services, brushing off complaints from client BP Plc .   "We believe if you want a service, you pay for it


NMM lines up Box Buy

Courtesy of Navios Maritime Partners

  Navios Maritime Partners L.P. (NMM) an international owner and operator of container and drybulk vessels, announced today that it has secured, for no consideration, an option to acquire a 2012 South Korean-built container vessel of 13,100 TEU from an unrelated third party


GasLog Post 4Q 2014 Results

GasLog

  GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31, 2014. Highlights •         Agreement to acquire two


Elcome Enters Sales, Service Deal with JRC

Image: JRC

Elcome International has signed a distribution agreement with Japan Radio Company (JRC) and its technology partner Alphatron Marine.   Under the agreement, the Dubai-based company will take on responsibility for sales and service of JRC and Alphatron Marine products in the Middle East


Ferguson Appoints Partner OPS-OES

Simon de Koning (Photo: Ferguson Group)

Ferguson Group Singapore, a specialist in the provision of DNV 2.7-1 / EN12079 offshore containers, reefers, tanks, waste skips, baskets, accommodation and engineering workspace modules has announced the appointment of OPS Oilfield Equipment and Services Ltd (OPS-OES) as the group’s new


Shipping Industry Faces Shake Up

Photo: Aurelie Moulin

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry.   Private equity invested tens of billions in global shipping after the 2008 financial






 
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