Capital Takes Fourth Dropdown Boxship

Capital Takes Fourth Dropdown Boxship

Marshall Islands-incorporated tanker, dry bulk and container ship owner and operator Capital Product Partners L.P. has added the fourth out of five ”dropdown” 9,288 TEU newbuildings the company had agreed to buy from its sponsor – Capital Maritime & Trading Corp.

The M/V CMA CGM Uruguay is a 115,145 dwt, Eco-Flex, wide beam container ship built by Daewoo-Mangalia Heavy Industries in 2015.

The USD 81.5 million purchase price for the CMA CGM Uruguay was funded through a drawdown under Capital Product Partners’ senior secured credit facility with ING Bank N.V. and available cash.

The vessel is chartered to French container line CMA-CGM S.A. for 5 years (+90/- 30 days) at a gross daily charter rate of USD 39,250.

The fifth 9,288 TEU newbuilding is currently under construction at Daewoo-Mangalia, with expected delivery in January 2016.

The last dropdown boxship is scheduled to enter into a five-year time charter employment to CMA-CGM as well.

In addition, Capital Product Partners has a right of first refusal over eight newbuilding eco medium range product tankers built by Samsung Heavy Industries (Ningbo).

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