Capital Adds Third Dropdown Newbuilding

Capital Adds Third Dropdown Newbuilding

first_imgzoom Nasdaq-listed diversified shipping company Capital Product Partners L.P. (Capital) has acquired the 2015-built chemical/product tanker M/T Amadeus, the third of five dropdown vessels the company had agreed to buy from its sponsor, Capital Maritime & Trading Corp.The 50,000 dwt M/T Amadeus was built at Samsung Heavy Industries’s yard in Ningbo, China.Capital signed the vessel acquisition agreement with Capital Maritime on July 24, 2014.The USD 33.5 million purchase price for the M/T Amadeus was funded through a drawdown under Capital’s senior secured credit facility with ING Bank N.V., and available cash, including the proceeds of previously completed equity offerings.The M/T Amadeus is chartered to Capital Maritime for a minimum charter term of 24 months at a gross daily charter rate of USD 17,000, plus a 50/50 profit share on actual earnings settled every six months.Capital expects to acquire from Capital Maritime two newbuild 9,288 TEU, eco-flex, wide beam container ships under construction at Daewoo’s Romanian outpost in Mangalia, with expected deliveries in August and November 2015.The two container ships are scheduled to enter into five-year time charter employment with the French container line CMA-CGM S.A.The purchase of the remaining two dropdown vessels will be funded from the proceeds of previously completed equity offerings, drawdowns under the ING Facility and Capital’s  cash balances.In addition, Capital has a right of first refusal over six newbuilding eco medium range product tankers built by Samsung Heavy Industries (Nigbo) Co. Ltd.Capital took delivery of the first dropdown vessel – the 50,000 dwt chemical/product tanker M/T Active in April. The second dropdown vessel, delivered to Capital in June, was the  9,288 TEU container ship M/V Akadimos.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *