Greece: Capital Product Partners Announces Employment for Two Vessels

Capital Product Partners L.P. today announced that it secured employment for the M/T ‘Miltiadis M II’ and for the M/T ‘Amore Mio II’ and that it has sold the M/T ‘Attikos.’

In particular, the M/T ‘Miltiadis M II’ (162,397 dwt built 2006 by Daewoo Shipbuilding and Marine Engineering Co., Ltd., South Korea), was fixed at a gross daily charter rate of $18,250 to Capital Maritime for 12 months (+/- 30 days). The charter is expected to commence in March 2012.

The Conflicts Committee of the Partnership unanimously approved the charter.

Also, the M/T ‘Amore Mio II’ (159,982 dwt, built 2001 by Daewoo Shipbuilding and Marine Engineering Co., Ltd., South Korea) has been chartered to BP Singapore Pte Ltd. (BP Singapore) for a minimum charter term of one year (+/- 30 days) and a maximum charter term of up to 2 years (+/- 30 days) commencing on March 5, 2012. The vessel had been under charter with Capital Maritime & Trading Corp. (Capital Maritime) as of December 2011 for 11-14 months at a net daily charter rate of $18,022. The vessel’s actual earnings under the new charter will be $18,325 net per day until December 2012, as the new net daily charter rate includes a compensation that Capital Maritime will pay to the Partnership for the vessel’s early redelivery in accordance with the terms of the charter party agreement with Capital Maritime. BP Singapore has the option to extend the charter for a second year.

Vessel Sale

The Partnership also announced today that it has sold the M/T ‘Attikos’ (12,000 dwt, built 2005 Baima Shipyard, PRC) to an unrelated third party. The proceeds from the sale were used to repay bank debt.

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Source: Capital Product Partners L.P., March 22, 2012