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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.  

CGB to Invest $30 mln in Indiana Port

CGB, investing $30 million at Port of Indiana-Mount Vernon Photo Port of Indiana

Consolidated Grain and Barge Co. (CGB) announced plans today to expand its operations at the Port of Indiana-Mount Vernon, investing more than $31 million to increase its soybean processing capabilities in southwest Indiana. “Indiana is a state known around the world for building things

Marine Biogeographic Assessment of Hawaiian Islands

Marine Biogeographic Assessment of the Main Hawaiian Islands Image BOEM

The Bureau of Ocean Energy Management (BOEM) and the National Oceanic and Atmospheric Administration's (NOAA) National Centers for Coastal Ocean Science (NCCOS) have released a new report and interactive map and data sets that highlight what is known about the marine environment of the main

Damen Hosts 'Workboat Festival' for Clients and Partners

Damen Workboat Festival (Photo: Damen Shipyards)

Damen Shipyards Gorinchem, which is also the headquarters of the Damen Shipyards Group, opened its doors to customers and industry partners alike for the first Damen Workboat Festival. More than 200 guests arrived for the one-day event, taking the opportunity to inspect a wide range of Damen

TorQuest Partners Invests in McKeil Marine

Steve Fletcher (Photo: McKeil)

TorQuest Partners has invested in McKeil Marine, in partnership with existing management and shareholders, the two companies announced. Terms of the investment were not disclosed.   McKeil also announced that Steve Fletcher, President, who has been with McKeil for 17 years

NASSCO Christens LNG-ready Tanker Constitution

(Photo: General Dynamics NASSCO)

On Saturday, August 27, shipbuilders at General Dynamics NASSCO celebrated the christening and launch of the Constitution, the sixth ship in a series of eight eco-friendly tankers constructed or under construction at the company’s San Diego-based shipyard.  

Challenges in Brazil Could Benefit Tanker Markets

Graph:  Poten & Partners

 Brazil stays in the spotlight - Tanker Research & Consulting department at Poten & Partners takes a look at the tanker market in the country.   The Rio Olympics were successfully concluded on August 21. Ten days later, on Wednesday, August 31

Intellian Unveils 60cm Class Antenna at SMM

Photo: Intellian Technologies

Intellian Technologies, a provider of maritime satellite communications and entertainment systems, has unveiled its latest new product at this year’s SMM show in Hamburg, Germany.    The v65, a 60cm class satellite communications system operating in Ku-band

MN100: Patterson Manufacturing, Inc.

(Image: Patterson Manufacturing)

The Company: The Patterson Company provides a full product line for an array of industries – from winches to ratchet turnbuckles to tensors and beyond. Every day, Patterson seeks out new ways to improve its products through innovative teamwork with customers and partners throughout every

Kongsberg, Siemens Partnership to Deliver VFD

From left to right Frode Kaland, VP Procurement, Kongsberg Maritime, and Roar Søvik, Director Marketing  Head of Process Industries and Drives Division, Siemen

SMM 2016, Hamburg, 8 September 2016, Hall B6 Stand 104 – Kongsberg Maritime and Siemens have signed a partnership agreement based on delivery of components on Variable Frequency Drives systems for offshore and maritime vessels. Siemens has been chosen as a partner for Kongsberg Maritime

SES Launches Maritime+ Service

SES maritime diagram simplified V3

SES S.A. (Euronext Paris and Luxembourg Stock Exchange: SESG) today announced the launch of its global SES Maritime+ service that will deliver high-speed connectivity to vessels traversing oceans. SES Maritime+ will enable maritime customers to have easy access to customisable bandwidth and

Shipping Partnerships Create Economic Opportunity in Everett

Courtesy Port of Everett

Every month Eastern Car Liner (ECL) loads aerospace containers for transport back to Japan to be reloaded with new airplane parts. Typically, this is the only cargo loaded on this vessel at the Port of Everett – until recently.  

The Switch Acquires Wärtsilä Drives’ Products

The Switch Marine Photo Yaskawa company

The Switch, a technology specialist of advanced drive trains, announced its acquisition of Wärtsilä’s marine drives business that encompasses specialized megawatt-class power drives targeting marine applications. The Yaskawa-backed investment gives The Switch a stronger foothold in

NASSCO Delivers Fourth Product Tanker to APT

Bay State underway during sea trials in September 2016 (Photo: General Dynamics NASSCO)

General Dynamics NASSCO has delivered Bay State, the fourth of five new Jones Act ECO Class product carriers under contract with American Petroleum Tankers (APT). The vessel was delivered on Monday, September 26 during a signing ceremony at the NASSCO shipyard in San Diego.  

GP Group Expands Antwerp Bunker Operations

(Photo: Gulf Petrochem Group)

UAE based global bunker supplier Gulf Petrochem Group is now offering physical bunker supply in the port of Antwerp, Belgium from its existing office in Rotterdam, the Netherlands with immediate effect.    The new offering will cater to the group’s global customers and provide

Definitive Study On The Impact Of Global Sulphur Regulations


Marine Energy Consulting Ltd. (MECL) and 20|20 Marine Energy, two leading consultancies in this field, today announced that they will collaborate to produce a comprehensive evaluation of the impact of MARPOL Annex VI global sulphur regulations on the shipping industry.

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