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. has agreed to purchase from Capital Maritime & Trading Corp.
Related News
Building the Next-Gen Maritime Prepositioning Ship & Auxiliary Crane Ship
Panama Canal in Talks with US LNG Producers to Increase Transit
ULA Orders Rocket Transport Ship from Bollinger
Authorities Identify Sixth Bridge Collapse Victim
Cambodia to Cut Shipping Through Vietnam by 70% With New China-funded Canal