May 10, 2007
Capital Product Partners L.P. Announces Successful Delivery of Its Ninth Product Tanker
Capital Product Partners L.P. Announces Successful Delivery of Its Ninth Product Tanker
Capital Product Partners L.P. Announces Successful Delivery of Its Ninth Product TankerATHENS, Greece, May 10 /PRNewswire-FirstCall/ -- Capital Product Partners L.P. (Nasdaq: CPLP - News) announced today that it took successful delivery of its ninth medium range (MR) product tanker, M/T Atrotos, from Hyundai Mipo Dockyard Ltd., a Korean shipyard, on May 8, 2007. M/T Atrotos, an ice strengthened vessel (Ice Class 1A), has a carrying capacity of 47,786 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 M/T Atrotos is the first out of seven additional MR product tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp. The remaining six MR product tankers will be comprised of three Ice Class 1A sister vessels that are scheduled for delivery in 2007 and three MR product tanker sister vessels that are scheduled for delivery in 2008, all of which will be under time or bareboat charters commencing at the time of delivery. The vessel's purchase price of $56 million will be fully funded through a drawdown on the existing revolving credit facility.
About Capital Product Partners L.P.
Capital Product Partners L.P. (Nasdaq: CPLP - News), a Marshall Islands master limited partnership, is an international owner of medium-range product tankers. Following the delivery of the M/T Atrotos on May 8, 2007, Capital Product Partners L.P. owns nine MR Ice Class 1A product tankers and has an agreement to purchase six additional product tankers from Capital Maritime & Trading Corp. All fifteen vessels are under medium to long-term charters to BP Shipping Limited, Morgan Stanley, and Overseas Shipholding Group Inc.
Forward-Looking Statements
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.
Contacts:
The M/T Atrotos is the first out of seven additional MR product tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp. The remaining six MR product tankers will be comprised of three Ice Class 1A sister vessels that are scheduled for delivery in 2007 and three MR product tanker sister vessels that are scheduled for delivery in 2008, all of which will be under time or bareboat charters commencing at the time of delivery. The vessel's purchase price of $56 million will be fully funded through a drawdown on the existing revolving credit facility.
About Capital Product Partners L.P.
Capital Product Partners L.P. (Nasdaq: CPLP - News), a Marshall Islands master limited partnership, is an international owner of medium-range product tankers. Following the delivery of the M/T Atrotos on May 8, 2007, Capital Product Partners L.P. owns nine MR Ice Class 1A product tankers and has an agreement to purchase six additional product tankers from Capital Maritime & Trading Corp. All fifteen vessels are under medium to long-term charters to BP Shipping Limited, Morgan Stanley, and Overseas Shipholding Group Inc.
Forward-Looking Statements
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.
Contacts:
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Robert Ferris
RF|Binder Partners Inc.
+1 (212) 994-7505
Robert.ferris@rfbinder.com
Tom Pratt
RF|Binder Partners Inc.
+1 (212) 994-7563
Tom.pratt@rfbinder.com
Ioannis Lazaridis
Chief Executive Officer and Chief Financial Officer
Capital GP L.L.C.
+30 (210) 4584 950
i.lazaridis@capitalpplp.com
Jerry Kalogiratos
Commercial Officer
Capital Maritime & Trading Corp.
+30 (210) 4584 950
j.kalogiratos@capitalmaritime.com
