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Sunday, September 25, 2016

M/T Apostolos Delivered

September 24, 2007

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. (CPLP) has agreed to purchase from Capital Maritime & Trading Corp.


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