Capital Products Acquires M/T Anikitos
Capital Product Partners L.P. has announced that it has completed the previously announced acquisition of the M/T Anikitos, an eco-type MR product tanker (50,082 dwt IMO II/III Chemical Product Tanker built 2016, Samsung Heavy Industries (Ningbo) Co., Ltd.) for a total consideration of $31.5 million from Capital Maritime & Trading Corp.The Partnership funded the acquisition of the M/T Anikitos with the net proceeds received from the sale of the M/T Aristotelis, available cash and the assumption of a term loan under a credit facility with ING Bank NV of approximately $15.6 million. The term loan is non-amortizing for a period of two years from the anniversary of the dropdown with an expected final maturity date in June 2023 and bears interest at LIBOR plus a margin of 2.50%.
Capital Product Partners Adds Two Vessels, Sells One
Greece-based international diversified shipping partnership Capital Product Partners announced the completed acquisition of the M/T âAristaiosâ, as well as the sale of the M/T âAristotelisâ and the acquisition of the M/T âAnikitosâ. On January 17, 2018, the Partnership acquired the eco-type crude tanker âAristaiosâ (113,689 dwt, Ice Class 1C, built 2017, Daehan Shipbuilding Co. Ltd., South Korea) for a total consideration of $52.5 million from the Partnershipâs sponsor, Capital Maritime & Trading. The M/T âAristaiosâ is currently employed under a time charter to Tesoro Far East Maritime Company at a gross daily rate of $26,400. The Tesoro charter commenced in January 2017 with duration of five years +/- 45 days.
S. Korean Shipbuilders Rushing to China for Hull Production
According to reports, South Korean shipbuilders are scrambling to move production of ship hulls to China to take advantage of its cheap labor and vast factory sites, industry sources said. Making hull blocks is mainly labor-intensive, so it is cost effective to manufacture hull blocks in China and assemble them back in South Korea, the sources said. Leading the pack is Samsung Heavy Industries Co., the world's third-largest shipbuilder, which has been operating Samsung Heavy Industries Ningbo Co., with an annual capacity of 120,000 tons, since 1997. Samsung Heavy Industries plans to expand the Ningbo factory in southeastern China to raise its capacity to 200,000 tons starting next year.
