ATHENS, GREECE — (Marketwired) — 09/16/14 — Capital Product Partners L.P. (NASDAQ: CPLP) (the ‘Partnership’) an international diversified shipping company, announced today that it has secured time charter employment for the M/T ‘Avax’, M/T ‘Agisilaos’ and M/T ‘Alkiviadis’.
In particular, the M/T ‘Alkiviadis’ (36,760 dwt, IMO II/III Chemical/ Product Tanker built 2006 Hyundai Mipo Dockyard, South Korea) was employed with CSSA S.A., a fully owned subsidiary of Total S.A., for one year (+/- 30 days) at a gross daily rate of $14,125. CSSA S.A. has the option to extend the charter for an additional year (+/- 30 days) at $15,125 gross per day. Previously the vessel was employed under a time charter to Capital Maritime & Trading Corp. (‘CMTC’) at a gross rate of $14,250 per day. The new charter commenced in September 2014. This marks the opening of a new time charter relationship of CPLP with CSSA S.A. (Total S.A.).
The M/T ‘Avax’ (47,834 dwt, IMO II/III Chemical Product Tanker built 2007 Hyundai Mipo Dockyard, South Korea) was chartered to our sponsor, CMTC, for one year (+/- 30 days) at a gross daily rate of $14,750. CMTC has the option to extend the charter for an additional 12 months (+/- 30 days) at a gross day rate of $15,250. The charter is expected to commence in September 2014. Previously the vessel was employed under a time charter to BP Shipping Ltd. at a gross rate of $14,700 per day.
Finally, the M/T ‘Agisilaos’ (36,760 dwt, IMO II/III Chemical/ Product Tanker built 2006 Hyundai Mipo Dockyard, South Korea) entered into a new charter with CMTC for one year (+/- 30 days) at a gross daily rate of $14,250 including an optional year (+/- 30 days) at a gross daily rate of $14,500. The charter is expected to commence in October 2014. Previously the vessel was employed under a time charter to CMTC at a gross rate of $14,250 per day.
As a result of the above employments, the Partnership’s total weighted average remaining charter duration is 8.6 years.
