Sep 24, 2007

Capital Product Partners L.P. Completes Acquisition of Product Tanker M/T Attikos

ATHENS, Greece, Sep 24, 2007 (PrimeNewswire via COMTEX News Network) -- Capital Product Partners L.P. (Nasdaq:CPLP) announced today that it has completed the acquisition of the 12,000 dwt double-hull product tanker M/T Attikos, built in 2005, for an aggregate purchase price of $23 million from Capital Maritime & Trading Corp., the owner of its general partner. M/T Attikos is chartered to Trafigura Beheer B.V., a large commodities trader based in The Netherlands, with a remaining charter term of approximately 24 to 26 months at a gross rate of $13,850 per day (net rate $13,503). The vessel's operating expenses are fixed for the next 5 years at a daily rate of $5,500, which includes the special survey/dry docking of the vessel due in 2010. Capital Product Partners expects the annual contribution associated with the acquisition of M/T Attikos to the distributable cash flow to be approximately 4 cents per unit. The acquisition was funded by borrowing $20.5 million under the Partnership's existing revolving credit facility and the remaining $2.5 million were contributed from available cash. The debt has been fixed at an interest rate of 5.675% until June 2012. The transaction has been approved by the board of directors of the Partnership following approval by the conflicts committee of independent directors.

"We are pleased that the Partnership has completed its first accretive acquisition 6 months after its initial public offering," said Ioannis Lazaridis, Chief Executive Officer and Chief Financial Officer of Capital Product Partners' general partner. "As previously stated, we are excited about the acquisition of M/T Attikos as it establishes the Partnership's presence in the 'small product tanker' segment, which we believe to be well supported by favorable industry fundamentals. The Partnership is well positioned to grow further in this segment, as Capital Maritime & Trading Corp. currently owns an additional 18 small product tankers, one of which is already in the water and 17 are under construction and expected to be delivered from 2008 to 2010." Capital Maritime recently contracted six IMO II 25,000 dwt chemical/product tankers at Samho Shipyard Co. Ltd in Korea for delivery in 2010.

Vessel and Charter Details

 -------   ---------  ----------   ----------  ----------
 Name      Dead-      Built        Charterer   Net Daily
           weight                              Charter
 -------   ---------  ----------   ----------  ----------
 M/T       12,000     Baima        Trafigura   $13,503
 Attikos   MT         Shipyard,    Beheer
                      China        B.V.
 -------   ---------  ----------   ----------  ----------

 -------   ---------  ----------   ----------  ----------
 Name      OPEX       Profit       Earliest    Latest
                      Sharing      Redelivery  Redelivery
                                   under       under
                                   Charter     Charter
 -------   ---------   ----------  ---------   ----------
 M/T       $5,500      No          9/12/2009   11/12/2009
 Attikos   per day
           fixed for
           5 years
 -------   ---------   ----------  ---------   ----------

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 acquisition of the M/T Attikos and the delivery of the Ice Class 1A MR tanker "Anemos I" on September 28, 2007, 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.

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.


This news release was distributed by PrimeNewswire,

SOURCE: Capital Product Partners L.P.

RF Binder Partners Inc.
          Robert Ferris
          (212) 994-7505

          Capital GP L.L.C.
          Ioannis Lazaridis, Chief Executive Officer and Chief 
           Financial Officer
          +30 (210) 4584 950

          Capital Maritime & Trading Corp.
          Jerry Kalogiratos, Commercial Officer
          +30 (210) 4584 950

(C) Copyright 2007 PrimeNewswire, Inc. All rights reserved.

News Provided by COMTEX