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
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
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
and August 2008, all of which will be under bareboat charters
commencing at the time of delivery.