Photo: Illustration only; Courtesy of Capital Gas

Capital Product Partners takes delivery of Aristidis I LNG carrier

Shipping company Capital Product Partners (CPLP) has taken delivery of LNG carrier Aristidis I from the Korean shipyard Hyundai Heavy Industries.

Capital Product Partners takes delivery of Aristidis I LNG carrier
Illustration only; Courtesy of Capital Gas

The Aristidis I is the latest generation X-DF LNG carrier. It has a capacity of 174,000 cubic metres. Hyundai Heavy Industries constructed the ship this year.

In September, the company agreed to buy three of these latest generation X-DF LNG carriers from CGC Operating Corp for a total of $599.5 million. The three LNG carriers in question are Aristos I from 2020, and Aristarchos and Aristidis I from 2021.

In addition, this is the last vessel of the six LNGCs acquisition program. $82.0 million cash at hand and the assumption of $123.0 million of debt financed the acquisition.

The Aristidis I is under a long-term time charter with BP Gas Marketing.

Also, Capital Product Partners said that the M/V Adonis went to its new owners on 13 December 2021. This way, the company generated gross proceeds from the sale of approximately $49.3 million after repaying outstanding debt.

This vessel is a 115,145 dwt / 9,288 TEU, Eco-Flex, wide bam containership. Daewoo-Mangalia Heavy Industries built it in 2015.

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Jerry Kalogiratos, CEO of CPLC, said: “We are very pleased to have completed this substantial investment, amounting to more than $1.2 billion, in six latest generation LNGCs with long-term employment in place. We believe that this transaction (…) positions us firmly in the LNG market.

He also stressed that LNG will play a key role in the energy transition to net-zero. As such, he is happy the company is growing in this segment at an opportune moment.