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Sunday, January 21, 2018

Product Partners News

Capital Product Partners Buys Aframax

Photo: Capital Product Partners L.P.

Capital Product Partners has announced that its Board of Directors has approved the acquisition of the eco-type crude tanker ‘Aristaios' (112,800 dwt, Ice Class 1C, built 2017, Daehan Shipbuilding, S. Korea) for a total consideration of $52.5 million from the Partnership's sponsor, Capital Maritime & Trading. The M/T ‘Aristaios' is currently employed under a time charter to Tesoro Far East Maritime Company (‘Tesoro') at a gross daily rate of $26,400. The Tesoro charter commenced in January 2017 with duration of five years +/- 45 days.

Great Lakes Crude Oil Shipping Feasibility Study

Calumet Specialty Products Partners, L.P. Announces Feasibility Study for Crude Oil Shipping. Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) ("Calumet") announced it will explore the feasibility of building and operating a crude oil loading dock on Lake Superior, near its Superior, WI refinery, designed to load ships with heavy Canadian and light Bakken crude oil for shipment through connecting waterways. "Calumet is currently assessing the viability of the project and gauging interest in the marketplace. We would expect to have this project fully operational during the shipping season of 2015 and are currently in talks with potential customers and partners," said Todd Borgmann, VP of Business Development at Calumet.

L.P. Charters MR Product Tanker M/T Akeraios

Capital Product Partners L.P. (NASDAQ: CPLP) announced that it had chartered the M/T Akeraios with BP Shipping Limited for a period of 12 months (+/- 30 days). The charter commenced today, June 15, 2010. The M/T Akeraios (2007 Hyundai Mipo 47,000dwt ICE Class 1A) was fixed at a net daily charter rate of $12,500 with BP Shipping Limited, and is subject to a profit sharing arrangement, which allows each party to share, at a 50/50 percentage, additional revenues earned for breaching the International Warranty Limits (IWL). Ioannis Lazaridis, Chief Executive and Chief Financial Officer of Capital Product Partners' general partner, said, "We are very happy to further extend our successful relationship with BP Shipping, with 8 of our 19 vessels currently under charter with the oil major.

Capital Product Partners Declare Cash Distribution

Photo Capital Product Partners

Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended December 31, 2015. The fourth quarter common unit cash distribution will be paid on February 12, 2016, to unit holders of record on February 5, 2016. All vessels of Capital Product Partners are under period charters to BP Shipping Limited, Cargill International S.A., CMA-CGM S.A., Cosco Bulk Carrier Co.

Capital Product to Buy Tankers

Capital Product Partners LP has signed a nonbinding letter of intent to buy two vessels from Capital Maritime & Trading Corp., for total of $118m. The deal is expected to be completed by April. The first vessel, valued at $95m, is a 2001-built, 159,982 deadweight ton double hull tanker. The vessel is chartered to BP Shipping Ltd. under a charter at a gross rate of $36,456 per day. The charter has a term through at least January 2011, and includes a profit-sharing arrangement that calls for BP and Capital Product to equally split any additional revenue. The second, worth $23 million, is a 12,000 deadweight ton double hull product tanker built in 2005. The tanker is chartered to Shell International Trading & Shipping Company Ltd.

M/T Apostolos Delivered

Capital ProductPartners L.P. September 20, 2007. feedstock), and crude oil worldwide. time charter with Morgan Stanley Capital Group Inc. revenues when spot rates are higher than the base rate. the existing revolving credit facility. tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp.

Greek Owners CPP Charter Out Three Tankships

MT Avax: Image courtesy of CPP

Capital Product Partners L.P. (CPP) an international diversified shipping company, says it has secured time charter employment for the M/T ‘Avax’, M/T ‘Agisilaos’ and M/T ‘Alkiviadis’. M/T ‘Alkiviadis’ (36,760 dwt, IMO II/III Chemical/ Product Tanker built 2006 Hyundai Mipo Dockyard, South Korea) was employed with CSSA S.A., a fully owned subsidiary of Total S.A., for one year (+/‐ 30 days) at a gross daily rate of $14,125. CSSA S.A. has the option to extend the charter for an additional year (+/‐ 30 days) at $15,125 gross per day.

CPP Awaits Two New Tankers

Capital Product Partners L.P. September 20 and September 28, 2007, respectively. respectively. and crude oil worldwide. been fixed under time charters with Morgan Stanley Capital Group Inc. base rate. credit facility. seven additional MR product tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp. commencing at the time of delivery.

Successful Delivery of M/T Anemos I Announced

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.

Capital Product Bags 3 MR Charters

Photo: Capital Product Partners L.P.

Capital Product Partners, an international diversified shipping company, announced that it has secured new time charter employment for three Medium Range (MR) Product Tankers. The M/T 'Amadeus' (50,108 dwt, IMO II/III Eco Chemical/Product Tanker built 2015, Samsung Heavy Industries (Nigbo) secured employment with Repsol Trading for one year (+/- 30 days) at a gross daily rate of $14,500. The charterer has the option to extend the time charter for an additional year (+/-30 days) at a gross daily rate of $14,750. The new charter will commence in October 2017.

Pride International Appoints Robert G. Phillips to Board

Pride International, Inc. (NYSE:PDE) announced the appointment of Robert G. Phillips to the company's board of directors. Over the past 26 years, Mr. Phillips has served in numerous senior management positions in the oil and gas industry, most recently until June 2007 as president and chief executive officer and a director of the general partner of Enterprise Oil Products Partners L.P. (Enterprise). Mr. Phillips also served as chief executive officer of the general partner of GulfTerra Energy Partners, L.P. from 1999 to 2004 prior to its acquisition by Enterprise, and held numerous management positions with El Paso Corporation and its affiliated companies, including president of El Paso Field Services Company from 1996 to 2004. From 1981 to 1995, Mr.

Capital Product Partners Announces Intention to Acquire Tankers

Capital Product Partners announced that it has entered into a non-binding letter of intent to acquire the 2001-built, 159,982 dwt double hull tanker M/T Amore Mio II and the 2005-built, 12,000 dwt double hull product tanker M/T Aristofanis from Capital Maritime & Trading Corp., the owner of its general partner. The proposed purchase prices are $95 million for the M/T Amore Mio II and $23 million for the M/T Aristofanis, and the transaction is expected to be completed by the end of April 2008. The M/T Amore Mio II is chartered to BP Shipping Limited under a charter expected to expire at the earliest in January 2011 at a base gross rate of $36…

Enterprise To Build Ethane Export Terminal On Houston Channel

Port of Houston

Enterprise Products Partners will build an ethane export facility on the Houston Ship Channel, signing a long-term agreement with the Port of Houston Authority for use of its facilities adjacent to Enterprise's existing terminal at Morgan's Point. "The agreement is exciting for the port and the entire region in terms of creating jobs and fostering positive economic impact," noted Janiece Longoria, Chairman of the Port Commission of the Port of Houston Authority. The 30-year agreement…

CAPITAL PRODUCT PARTNERS L.P. ANNOUNCES THE SUCCESSFUL CHARTERING OF THE M/T AXIOS TO PETROBRAS FOR 12 MONTHS

ATHENS, Greece, March 8, 2011 -- Capital Product Partners L.P. (the "Partnership") (Nasdaq: CPLP), an international owner of modern double-hull tankers, today announced the successful chartering of the M/T Axios to Petroleo Brasileiro S.A. (Petrobras). The M/T Axios (2007 Build, Hyundai Mipo 47,823 DWT, Ice Class 1A) was fixed at a gross daily charter rate of $13,500 to Petrobras for 12 months (+/- 30 days). The charter commenced on March 4th 2011, and the earliest expected redelivery is February 2012. The vessel was previously fixed with Capital Maritime & Trading Corp, our Sponsor, for a period of 12 months, which terminated on March 2nd 2011. Mr.

US$44-million Houston Ship Channel Expansion Planned

Houston-based Oiltanking Partners LP to expand its terminal on the Houston Ship Channel to meet demand to export liquefied petroleum gas. Expansion plans include a new vessel dock and upgrades to existing ones and should be completed by the end of 2014. The expansion will take the loading capacity from its current rate of four million barrels per month to about 7.5 million barrels per month, reports Houston Business Journal. Oiltanking will provide import and export services from the expansion exclusively to Houston-based Enterprise Products Partners LP. Expansion plans include a new vessel dock and upgrades to existing ones and should be completed by the end of 2014.

Capital Product Partners Recharters M/T Arionas

Capital Product Partners L.P. (NASDAQ: CPLP) announced that it had reached agreement with Capital Maritime & Trading Corp. to recharter the M/T Arionas for a period of 12 months (+/- 30 days) from the expected expiration of its current charter in June 2010. The M/T Arionas (2006, MR product tanker, Hyundai MIPO Dockyard, 37,000dwt ICE Class 1A) was fixed at a gross rate of $12,000 per day ($11,850 net) with a subsidiary of Capital Maritime & Trading Corp., the Partnership's Sponsor. The charter is subject to a profit sharing arrangement which allows each party to share, at a 50/50 percentage, additional revenues earned for breaching the International Warranty Limits.

Capital Product Partners L.P. Announces One Year Time Charter

Capital Product Partners L.P. (CPLP) has  announced the chartering of the M/T Avax to BP Shipping. The M/T Avax (47,834 dwt, IMO II/III Chemical Product Tanker built 2007 Hyundai Mipo Dockyard, South Korea) was chartered in October 2013 to BP Shipping for a minimum charter term of one year (+/- 30 days). BP Shipping has the option to extend the charter for an additional 12 months at a gross day rate of $15,600 per day. The vessel had been under charter with Capital Maritime & Trading Corp., CPLP's sponsor, as of April 2013 for 12 months (+/- 30 days) at a gross daily charter rate of $14,750. The vessel's actual earnings under the new charter are $14…

Capital Product Partners Merger with Crude Carriers

CAPITAL PRODUCT PARTNERS L.P. ATHENS, GREECE, May 5, 2011 -Capital Product Partners L.P. (the "Partnership") (NASDAQ: CPLP), an international owner of modern double-hull tankers, today announces two important transactions, an increase in the investment of our Sponsor, Capital Maritime and Trading Corp. (“Capital Maritime”) in the Partnership and releases its financial results for the first quarter ended March 31, 2011. The Partnership is pleased to announce that on May 5, 2011 it entered into a definitive agreement to merge with Crude Carriers Corp. in a unit for share transaction.

Capital Product Partners Tankers get Contracts

Image: Capital Product Partners

Capital Product Partners (CPP) has taken delivery of a new panamax containership, which will commence a five-year timecharter to CMA CGM. It also has won a timecharter from Cargill, and another two have had their charters to Capital Maritime extended. The NASDAQ-listed company has announced the successful acquisition of the MV 'Akadimos,' as well as new time charter employment for the MT 'Active' and MT 'Anemos I' and a charter extension for the MT 'Atrotos,' each at increased day rates.

Long Term Charter for MT Achilleas

Capital Product Partners L.P. (NASDAQ: CPLP) secured long term fixed rate time charter employment with profit share arrangements for its remaining spot VLCC, the M/T Achilleas. In particular, the M/T Achilleas (297,863 dwt, built 2010 Universal Shipbuilding Corp.) has secured employment with the Partnership's sponsor, Capital Maritime & Trading Corp. ('CMTC') for a maximum charter term of up to 3 years. It will be earning a gross daily charter rate of $28,000 per day plus 50/50 profit share on actual earnings settled every 6 months for the first 12 months of its time charter to CMTC. CMTC has the option to extend the time charter employment for a second year at $34,000 per day and for a third year at $38,000 per day with the same profit share arrangements.

Capital Product Partners Announces Sale of M/T Aristofanis

Athens, Greece - Capital Product Partners L.P. announced the sale of the M/T ‘Aristofanis’ (12,000 dwt, built in 2005 Baima Shipyard, PRC). The vessel was sold to an unrelated third party, and proceeds from the sale were used to repay bank debt. Following the completion of this sale, all of the Partnerships vessels are under period charters with an average remaining term of 5.0 years (as of March 31, 2012). The Partnership’s fleet of 25 vessels has an average age of 4.1 years and is comprised of 6 crude tanker vessels; 18 modern MR tankers, ranging in size from 36,000 to 51,000 dwt;  and one cape-size bulk carrier.  

Tata Steel Secures Deepwater Contract for Gulf of Mexico

Tata Steel will provide 105 miles of line pipe (Photo: Tata Steel).

Tata Steel has been awarded an eight-figure U.S. dollar contract to supply pipe for Enterprise Products Partners L.P.’s new crude oil export pipeline in the Gulf of Mexico’s Keathley Canyon area. The contract will see Tata Steel deliver more than 48,000 metric tons of steel pipe from its 42-inch mill in Hartlepool, England, for the Lucius Development Project, which has the capacity to produce in excess of 80,000 barrels of oil per day. Tata Steel will provide 105 miles (169 kilometres) of 18-inch diameter line pipe.

US: 'Some' Companies Can Export Treated Condensate

The U.S. Department of Commerce said it gave "some" oil companies on Tuesday permission to export a lightly processed crude oil, taking the first action in several months on applications from about 20 energy companies eager to ship the fuel abroad.   The Bureau of Industry and Security (BIS), an office of the Commerce Department, did not say how many so-called commodity classifications it issued. The bureau communicates on the rulings in private letters, which are not open to the public.   Previously the BIS issued permission to export the condensate to Pioneer Natural Resources and Enterprise Products Partners in 2014 and to Peaker Energy in 2013.   (Reporting by Timothy Gardner; Editing by Sandra Maler)

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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