ATHENS, Greece, Sept. 21, 2007 (PRIME NEWSWIRE) -- Capital Product Partners L.P. (Nasdaq:CPLP) announced today that it took successful delivery of its eleventh medium range (MR) product tanker, M/T "Apostolos", from Hyundai Mipo Dockyard Ltd., a Korean shipyard, on September 20, 2007.
M/T "Apostolos", an ice strengthened vessel (Ice Class 1A), has a carrying capacity of 47,782 dwt and is capable of carrying a range of refined oil products, chemicals (including ethanol and biodiesel feedstock), and crude oil worldwide. The vessel has been fixed under a time charter with Morgan Stanley Capital Group Inc. for three years at a base rate of $20,000 per day, subject to a profit sharing arrangement which allows each party to share, at a 50/50 percentage, additional revenues when spot rates are higher than the base rate. The vessel's purchase price of $56 million was fully funded through a drawdown on the existing revolving credit facility.
The M/T "Apostolos" is the third out of seven additional MR product tankers that Capital Product Partners L.P. has agreed to purchase from Capital Maritime & Trading Corp. As recently announced, the fourth, M/T "Anemos I", is also expected to be delivered ahead of schedule, on September 28, 2007. The remaining three product tankers will be 51,000 dwt MR chemical/product tanker sister vessels that are scheduled for delivery in January, June and August 2008, all of which will be under bareboat charters commencing at the time of delivery.
About Capital Product Partners L.P.
Capital Product Partners L.P. (Nasdaq:CPLP), a Marshall Islands master limited partnership, is an international owner of medium-range product tankers. Following the acquisition of MT "Anemos I" due for delivery on September 28 and the recently announced intended acquisition of M/T "Attikos", Capital Product Partners L.P. will own thirteen product tankers, including twelve Ice Class 1A MR tankers, and has an agreement to purchase three additional product tankers from Capital Maritime & Trading Corp. All sixteen vessels are under medium to long-term charters to BP Shipping Limited, Morgan Stanley, Overseas Shipholding Group and Trafigura Beheer B.V.
Forward-Looking Statements
The statements in this press release that are not historical facts 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 outcome to be materially different. Capital Product Partners L.P. expressly disclaims 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, or otherwise. We make no prediction or statement about the performance of our common units.
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