Capital Product Partners L.P. Announces Earlier Than Anticipated Delivery Dates For Its Eleventh and Twelfth MR Product Tankers
ATHENS, Greece, Sep 17, 2007 (PrimeNewswire via COMTEX News Network) --
Capital Product Partners L.P. (Nasdaq:CPLP) announced today that the deliveries of its eleventh and twelfth medium range (MR) product tankers, M/T "Apostolos" and M/T "Anemos I", from Hyundai Mipo Dockyard Ltd., a Korean shipyard, have been confirmed, ahead of the anticipated time of delivery, for September 20 and September 28, 2007, respectively.
M/T "Apostolos" and M/T "Anemos I" are ice strengthened vessels (Ice Class 1A) and have carrying capacities of 47,782 dwt and 47,823 dwt, respectively. Both vessels are capable of carrying a range of refined oil products, chemicals (including ethanol and biodiesel feedstock), and crude oil worldwide. Both M/T "Apostolos" and M/T "Anemos I" have been fixed under time charters 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 purchase price for the two vessels of $56 million each will be fully funded through a drawdown on the existing revolving credit facility.
The M/T "Apostolos" and M/T "Anemos I" are the third and fourth out of seven additional MR 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.
About Capital Product Partners L.P.
Capital Product Partners L.P. (Nasdaq:CPLP), a Marshall Islands master limited partnership, is an international owner of medium-range product tankers. Following the acquisitions of M/T "Apostolos" and MT "Anemos I" and the recently announced intended acquisition of M/T "Attikos", Capital Product Partners L.P. will own thirteen product tankers, including twelve Ice Class 1A MR tankers, and has an agreement to purchase three additional product tankers from Capital Maritime & Trading Corp. All sixteen vessels are under medium to long-term charters to BP Shipping Limited, Morgan Stanley, Overseas Shipholding Group and Trafigura Beheer B.V.
The statements in this press release that are not historical facts may be forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended). These forward-looking statements involve risks and uncertainties that could cause the outcome to be materially different. Capital Product Partners L.P. expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common units.
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SOURCE: Capital Product Partners L.P.
RF Binder Partners Inc. Robert Ferris +1 (212) 994-7505 Robert.email@example.com Capital GP L.L.C. Ioannis Lazaridis, Chief Executive Officer and Chief Financial Officer +30 (210) 4584 950 firstname.lastname@example.org Capital Maritime & Trading Corp. Jerry Kalogiratos, Commercial Officer +30 (210) 4584 950 email@example.com
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