Capital Product Partners L.P. Announces Successful Delivery of M/T 'Anemos I'
ATHENS, Greece, Sep 28, 2007 (PrimeNewswire via COMTEX News Network) -- Capital Product Partners L.P. (Nasdaq:CPLP) announced today 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. The vessel's purchase price of $56 million was fully funded through a drawdown on the existing revolving credit facility.
The M/T "Anemos I" is the fourth out of seven additional medium-range 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 product tankers. Following the acquisition of M/T "Anemos I" and the recent acquisition of M/T "Attikos", Capital Product Partners L.P. owns thirteen product tankers, including twelve Ice Class 1A medium-range tankers, and has an agreement to purchase three additional MR 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 email@example.com Tom Pratt +1 (212) 994-7563 firstname.lastname@example.org Capital Maritime & Trading Corp. Jerry Kalogiratos, Commercial Officer +30 (210) 4584 950 email@example.com
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