Capital Product Partners has first refusal on more MR tanker newbuildings

Capital Product Partners (CPP) has been granted the right of first refusal on a pair of MR product tanker newbuildings by its sponsor company, Capital Maritime & Trading Corp, and has fixed a suezmax tanker on timecharter.

The vessels are currently under construction at Samsung Heavy Industries (Ningbo), and are expected to be delivered to Capital Maritime in the first quarter of 2017.

The agreement means the NASDAQ-listed limited partnership now has a right of first refusal to buy a total of eight MR product tanker newbuildings, with deliveries expected from September this year to February 2017.

Separately, Capital Maritime has agreed to prematurely terminate its charter of CPP’s suezmax tanker Amore Mio II (159,982 dwt, built 2001), so that Shell International Trading & Shipping can charter the vessel at a higher rate.

Amore Mio II (159,982 dwt, built 2001) has been fixed on a nine-month timecharter (+/- 30 days) to Shell at a gross rate of $33,000 per day. The contract will commence later this month.

The vessel was earning $27,000 per day during its employment with Capital Maritime, which took the vessel on a 12- to 14-month timecharter back in February.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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