Capital Product Orders Big

Capital Product Orders BigCapital Product Partners L.P. has entered into a Master Vessel Acquisition Agreement with its sponsor Capital Maritime for three newbuild Daewoo 9,160 TEU eco-flex containerships at USD 81.5m for each vessel, and two newbuild Samsung eco medium range product tankers at USD 33.5m each.

 

The three containerships and two product tankers are expected to be delivered to Capital Maritime between March 2015 and November 2015.

The Master Vessel Acquisition Agreement also provides that Capital Maritime will, subject to the terms of that agreement, grant Capital Product Partners a right of first refusal over six additional newbuild Samsung eco medium range product tankers, expected to be delivered to Capital Maritime between September 2015 and December 2016.

The three containerships to be acquired are chartered to CMA CGM for a minimum charter term of 60 months.

The the two medium range product tankers to be acquired will at a minimum be chartered to Capital Maritime for a charter term of 24 months at a gross daily charter rate of USD 17,000, plus a 50/50 profit share on actual earnings settled every 6 months.

 [mappress]
Press Release, July 25, 2014

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