Capital Maritime & Trading has bought 459,799 common units in Capital Product Partners LP, and has entered into a trading plan in which it may purchase another 5m units before November 3.
Capital Maritime is the NASDAQ-listed partnership’s sponsor company and general partner and made its initial purchase of units in the open market.
The sponsor company said it will purchase additional units in the limited partnership in open-market transactions that are “subject to pre-determined pricing parameters”, but did not disclose its price range.
CPLP’s stock is trading at $2.56 per unit at the time of writing, which is 250% decline on its price 12 months ago. The values of master limited partnerships have been hit hard by depressed oil prices, which has slowed deal-making in industries that provide services to oil producers and weakened the enthusiasm of investors.