Photo: Capital Product Partners L.P.

Capital Product Partners Adds Two Vessels, Sells One

By Aiswarya Lakshmi!!!

Greece-based international diversified shipping partnership Capital Product Partners announced the completed acquisition of the M/T 'Aristaios', as well as the sale of the M/T 'Aristotelis' and the acquisition of the M/T 'Anikitos'.

On January 17, 2018, the Partnership acquired the eco-type crude tanker 'Aristaios' (113,689 dwt, Ice Class 1C, built 2017, Daehan Shipbuilding Co. Ltd., South Korea) for a total consideration of $52.5 million from the Partnership's sponsor, Capital Maritime & Trading.
The M/T 'Aristaios' is currently employed under a time charter to Tesoro Far East Maritime Company at a gross daily rate of $26,400. The Tesoro charter commenced in January 2017 with duration of five years +/- 45 days.
In addition, the Partnership has agreed to acquire, conditional upon the successful completion of the sale of the M/T 'Aristotelis', the M/T 'Anikitos' an eco-type MR product tanker (50,082 dwt IMO II/III Chemical Product Tanker built 2016, Samsung Heavy Industries (Ningbo) Co., Ltd.) for a total consideration of approximately $31.5 million from Capital Maritime.
The M/T 'Anikitos' is currently employed by Petróleo Brasileiro, at a gross daily rate of $15,300 with earliest charter expiry in June 2020. The charterer has the option to extend the time charter for eighteen months (+/-30 days) at the same gross daily rate.
On December 22, 2017, the Partnership entered into a memorandum of agreement for the sale of the M/T 'Aristotelis' (51,604 dwt IMO II/III Chemical Product Tanker built 2013, Hyundai Mipo Dockyard Ltd., South Korea) to an unaffiliated third party for the amount of $29.4 million.
Upon entering into the sale, the Partnership classified the M/T Aristotelis 'as held for sale' and in this respect recognized an impairment charge of $3.3 million. Delivery of the M/T 'Aristotelis' to its buyer is expected in March 2018, before the vessel's scheduled special survey.
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