Photo: Illustration only; Courtesy of Capital Gas

CPLP extends charter of two LNG carriers

New York-based shipping company Capital Product Partners (CPLP) has extended charter agreements for two LNG carriers and increased their day rate.

CPLP extends charter of two LNG carriers with Cheniere
Illustration only; Courtesy of Capital Gas

On 29 August, CPLP announced the increase of the day rate for two of its LNG carriers, Aristarchos and Asklipios, as well as the extension of the firm period by approximately 6.4 years to June and September 2031, respectively.

In addition, the charter, U.S. LNG exporter Cheniere, was granted two options per vessel, each one for two years.

As a result of the extension and the higher day rate, the firm contracted revenues under the two charters increased from approximately $118.4 million to $485.7 million.

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The increased day rate will apply from 1 September 2022. The remaining charter duration for CPLP’s fleet is now extended to seven years from 6.2 as of 30 June 2022.

CPLP currently owns 21 vessels. These include six LNG carriers, eleven Neo-Panamax container vessels, three Panamax container vessels, and one Capesize bulk carrier. The seventh LNGC is set to be delivered from Hyundai Heavy Industries in January 2023.