Three Capital Product Partners tankers get timecharters

Three tankers owned by Greece’s Capital Product Partners have won new timecharter employment, according to the NASDAQ-listed company’s third-quarter results.

Miltiadis M II (162,397 dwt, built 2006) has been chartered to CPP’s parent company Capital Maritime for six to eight months at $35,000 per day. The LR3 vessel began an 11-month charter to Subtec (part of Pemex) in May for $33,000 daily, but this charter was terminated early in order to allow Capital Maritime to take over.

CPP’s two MR chemical/product tankers Atrotos and Apostolos (both 47,800 dwt, built 2007) have both been fixed to Petrobras for three years at a gross daily rate of $17,750, commencing in the fourth quarter 2015.

The two are currently employed by Capital Maritime gross daily rates of $15,250 and $15,600 respectively. Atrotos’ charter was due to expire in April next year and Apostolos’ charter was set to finish in June 2016, but the company has agreed to redeliver the vessels early.

Capital Maritime has also extended its current charter of the MR chemical/product tanker Agisilaos (36,760 dwt, built 2006) for an additional 11 to 13 months at a gross daily rate of $14,500, which is an increase of $250 per day on the previous charter period.

“The tanker charter market, where the majority of our fleet operates and where we have the bulk of our charter renewals in the next couple of years, enjoys multi-year highs on the back of the strong industry fundamentals and the lower oil price environment that boosts global oil demand,” said Jerry Kalogiratos, chief executive and CFO of the partnership’s general gartner.

“We are pleased to see a number of our vessels being re-chartered at higher daily rates. The employment of two of our product tankers to Petrobras for three years is yet another important step in securing cash flow visibility at increased rates and further underpins our distribution growth objective.”

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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