Capital Product Partners L.P. Announces Long Term Fixed Rate Period Employment With Profit Share Arrangements for Three of Its Crude Tanker Vessels
In particular, the M/T 'Alexander The Great' (297,958 dwt, built 2010
All three vessels are expected to be delivered to CMTC under their respective time charter employment in the course of October/
Management Commentary
Mr.
"The profit share arrangements we have secured for all three vessels is an important feature of these charters, as it allows the Partnership to benefit from a recovery in the crude tanker spot market going forward and enhance future distribution growth."
"Following the commencement of the announced charters, the Partnership's charter coverage of total fleet days is estimated to stand at 64% for 2012. We have positioned a number of our product tankers to open during the coming 12 months, given the favorable product tanker market fundamentals that we see. The average remaining charter duration of our fleet stands at 5.2 years, assuming that CMTC will exercise its extension options for all three vessels."
Updated Fleet Employment Profile as of
Below is a table displaying our existing vessels, along with their present employment:
---------------------------------------------------------------------------- Profit Charter Share Vessel Name Type(1)& Daily Charter Rate Above Charterer (Year Built / DWT) Expiry of (Gross) Charter (3) Charter(2) Rate ---------------------------------------------------------------------------- 50/50 on Alexander the Great TC / Nov-14 $28,000/ $34,000/ Actual CMTC (2010 / 297,958) $38,000(4) Earnings ---------------------------------------------------------------------------- Achilleas (2010 / 297,863) Voyage - - UNIPEC ---------------------------------------------------------------------------- Miltiadis M II (2006 /162,397) Voyage - - SHELL ----------------------------------------------------------------------------Amore Mio II (2001 / 159,982) TC / Feb-12 $25,316 - CMTC ---------------------------------------------------------------------------- 50/50 on Amoureux TC / Nov-14 $20,000 / $24,000 / Actual CMTC (2008 / 150,393) $28,000(5) Earnings ---------------------------------------------------------------------------- 50/50 on Aias TC / Nov-14 $20,000 / $24,000 / Actual CMTC (2008 /150,096) $28,000(5) Earnings ---------------------------------------------------------------------------- 50/50 For Ayrton II TC / May-12 $22,000 Breaching BP (2009 /51,260) IWL ---------------------------------------------------------------------------- Alexandros II(6)(2008 / BB/ Feb-18 $13,000 - OSG 51,258) ---------------------------------------------------------------------------- 50/50 For Agamemnon II TC / Feb-12 $22,278 Breaching BP (2008 / 51,238) IWL ---------------------------------------------------------------------------- Aristotelis II6 (2008 /51,226) BB / Jul-18 $13,000 - OSG ---------------------------------------------------------------------------- Aris II(6)(2008 / 51,218) BB / Sep-18 $13,000 - OSG ---------------------------------------------------------------------------- 50/50 For Axios TC / Mar-12 $13,500 Breaching PTRB (2007 /47,872) IWL ---------------------------------------------------------------------------- Assos(7)(2006 / 47,872) BB / May-14 $16,825 - ARR ---------------------------------------------------------------------------- 50/50 For Avax TC / Jun-12 $14,000 Breaching CMTC (2007 / 47,834) IWL ---------------------------------------------------------------------------- Atrotos(7)(2007 / 47,786) TC / May-14 $16,825 - ARR ---------------------------------------------------------------------------- Anemos I (2007 /47,782) TC / Oct-13 $14,700 - PTRB ---------------------------------------------------------------------------- 50/50 For Apostolos TC / Nov-12 $14,000 Breaching BP (2007/ 47,782) IWL ---------------------------------------------------------------------------- 50/50 For Akeraios TC / Aug-12 $14,000 Breaching CMTC (2007 / 47,781) IWL ---------------------------------------------------------------------------- Atlantas(8)(2006 / 36,760) BB / May-14 $13,500 - BP ---------------------------------------------------------------------------- 50/50 For Agisilaos TC / Sep-12 $13,500 Breaching CMTC (2006 /36,760) IWL ---------------------------------------------------------------------------- Aktoras(8)(2006 / 36,759) BB / Aug-14 $13,500 - BP ---------------------------------------------------------------------------- Aiolos(8)(2007 / 36,725) BB / Apr-15 $15,190 (9) - BP ---------------------------------------------------------------------------- 50/50 For Arionas TC / Nov-12 $13,800 Breaching CMTC (2006 / 36,725) IWL ---------------------------------------------------------------------------- 50/50 For Alkiviadis TC / Jul-12 $13,000 Breaching CMTC (2006 / 36,721) IWL ---------------------------------------------------------------------------- Attikos (2005 /12,000) Voyage - - TRF ---------------------------------------------------------------------------- Aristofanis (2005 / 12,000) Voyage - - TRF ---------------------------------------------------------------------------- DRY BULK VESSEL ---------------------------------------------------------------------------- Cape Agamemnon COSCO (2010 / 179,221) TC / Jun-20 $53,100(10) - Group ----------------------------------------------------------------------------
FOOTNOTES
(1) TC: Time Charter, BB: Bareboat Charter, Voyage: Vessel is currently trading in the spot market.
(2) Latest redelivery date including charter duration extension options.
(3) BP:
(4)
(5)
(6) For the duration of the BC these vessels have been renamed: Overseas Serifos, Overseas Sifnos and Overseas Kimolos. OSG has an option to purchase each vessel at the end of the eighth, ninth or tenth year of its charter for
(7) For the duration of the TC these vessels have been renamed M/T El Pipila and M/T Insurgentes. ARR has subsequently delivered these vessels to
(8) For the duration of the BC these vessels have been renamed British Ensign, British Envoy and British Emissary, respectively.
(9) From
(10) The gross charter rate is
About
For more information about the Partnership, please visit our website: www.capitalpplp.com.
Forward-Looking Statements:
The statements in this press release that are not historical facts, including our expectations regarding the employment dates, delivery dates, charter duration and gross daily charter rates for our vessels, timing during which we will charter our remaining two crude carrier vessels, expected fleet coverage for 2012 and remaining average charter duration as well as our expectations regarding the result of the profit share arrangements we have entered into and expectations regarding our quarterly distributions, 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 stated or forecasted results to be materially different from those anticipated. Unless required by law, we expressly disclaim 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, to conform them to actual results or otherwise. We assume no responsibility for the accuracy and completeness of the forward-looking statements. We make no prediction or statement about the performance of our common units.
CPLP-F
Contact Details:Capital GP L.L.C. Ioannis Lazaridis CEO and CFO +30 (210) 4584 950 E-mail: i.lazaridis@capitalpplp.comCapital Maritime & Trading Corp. Jerry Kalogiratos Finance Director +30 (210) 4584 950 j.kalogiratos@capitalpplp.com Investor Relations / MediaMatthew Abenante Capital Link, Inc. (New York ) Tel. +1-212-661-7566 E-mail: cplp@capitallink.com
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