Capital ProductPartners L.P. (Nasdaq:CPLP) took delivery of its eleventh medium range (MR) product tanker, M/T
Apostolos, from Hyundai Mipo Dockyard Ltd., a Korean shipyard, on
September 20, 2007.
M/T Apostolos, an ice strengthened vessel (Ice Class 1A), has a
carrying capacity of 47,782 dwt and is capable of carrying a range of
refined oil products, chemicals (including ethanol and biodiesel
feedstock), and crude oil worldwide. The vessel has been fixed under a
time charter 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 vessel's
purchase price of $56 million was fully funded through a drawdown on
the existing revolving credit facility.
The M/T "Apostolos" is the third out of seven additional MR product
tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp.