Capital Product Partners Adds MR Product Tanker

Greek shipping company Capital Product Partners has purchased the 50,000 dwt eco-type MR product tanker Amor from its sponsor, Capital Maritime & Trading Corp. (Capital Maritime).

The 2015-built tanker, constructed by South Korea’s Samsung Heavy Industries, was acquired for a total consideration of USD 32.8 million on October 24.

Featuring a length of 183 meters and a width of 32.2 meters, Amor is employed under a time charter by Cargill at a gross daily rate of USD 17,500. The Cargill charter started in October 2015 with duration of two years.

Capital Product Partners said that the aggregate consideration for this acquisition consisted of the assumption of a USD 15.8 million term loan under a new credit facility with ING Bank N.V., USD 16 million in cash and an issuance of new common units to Capital Maritime.

The term loan is non-amortizing for a period of two years from the anniversary of the dropdown of Amor with an expected final maturity date in November 2022.

During the third quarter ended September 30, 2016, Capital Product Partners’ net income decreased to USD 11.8 million from USD 13.8 million seen in the same quarter a year earlier.

Total revenues for the third quarter reached USD 60.3 million, a rise of 5% compared to USD 57.6 million during the third quarter of 2015, as a result of the increase in the size of the Partnership’s fleet.

The company also managed to secure time charter contracts for its chemical product tankers Atlantas II and Alkiviadis, which commenced on October 17 and early August, respectively.

Atlantas II was employed on a time charter to Capital Maritime for twelve months at a gross daily rate of USD 13,000. The vessel was previously employed under a bareboat charter to BP Shipping Limited at a gross daily rate of USD 7,250.

Alkiviadis’ time charter with CSSA S.A. (Total S.A.) was extended for an additional 12 months at a gross daily rate of USD 13,300 per day. The earliest charter expiration is in July 2017. The vessel was previously earning a gross daily rate of USD 15,125 per day.

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