Capital Product Partners
L.P. (Nasdaq:CPLP) announced that it took successful delivery of its thirteenth product tanker, M/T Anemos I, from Hyundai Mipo Dockyard Ltd., A Korean shipyard, on September 28, 2007.
M/T Anemos I, an ice strengthened vessel (Ice Class 1A), has a carrying capacity of 47,823 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 additional revenues equally when spot rates are higher than the base rate. The vessel's purchase price of $56m was fully funded through a drawdown on the existing revolving credit facility.
The M/T Anemos I is the fourth out of seven additional medium-range 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 and August 2008, all of which will be under bareboat charters commencing at the time of delivery.