Capital Product Partners MR tankers win timecharters and extensions

Capital Product Partners MR tankers win timecharters and extensions

Athens: One MR chemical/product tanker belonging to Capital Product Partners (CPP) has won a timecharter from Cargill, and another two have had their charters to Capital Maritime extended.

CPP’s new tanker Active (50,000 dwt, built 2015) has been fixed on a two-year timecharter to Cargill for $17,700 daily.

The NASDAQ-listed company bought the vessel in April from its sponsor Capital Maritime & Trading Corp for $33.5m.

Active‘s previous charter to Capital Maritime was due to expire in 2017 but was terminated early so that Cargill could commence its contract in early June. Capital Maritime was paying a gross rate of $17,000 per day for the vessel, plus a 50/50 profit share.

Capital Maritime has extended its existing timecharter of CPP’s tanker Anemos I (47,782 dwt, built 2007) by another year at a gross rate of $17,250 per day. This is an increase on the gross $14,850 per day fixed in the current charter, which expires in mid-June.

CPP’s sister company Capital Maritime has also extended its timecharter of the MR tanker Atrotos (47,786 dwt, built 2007) for another year at a gross daily rate of $15,250, which is $500 per day more than the current rate. The new charter expires in April next year.

As a result of these fixtures, the partnership says its charter coverage for 2015 and 2016 has increased to 95% and 72%, respectively.

Last week, it was announced that Petros Christodoulou, CPP’s current CEO and CFO, will leave the company on June 30.

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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